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Summary: Financial advisers sometimes ask how they can serve clients with relatively little to invest and still make a profit. Scott Hanson has an answer. His wealth-management firm in Sacramento, Calif., decided to expand "downstream" in 2009, when it lowered its minimum account size to $50,000 from $250,000. In the years since, it has added around $100 million in assets under management from almost 800 clients who wouldn't have met the previous minimum.
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Summary: I talked with a prospective client the other day, who asked me an unusual—and excellent—question: “Have you ever had any failed client relationships?” My answer was: “Yes, we have had some clients who haven’t worked out. Not many, but it happens.” The keys to successfully growing an advisory business are different at every growth stage: and the most successful firm owners realize that they will continually have to change the way they run their firms.
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Summary: Two years ago, Savant Capital Management set out to establish “a profitable, Web-based wealth-management service to complement” its in-house services, but it was unsuccessful. So writes Glenn Kautt, a principal of the firm, in Financial Planning magazine.
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Summary: The shifting jobs landscape, with higher-paying positions shrinking and low-wage work growing, is more than just a monthly set of statistics for many financial advisers.Advisers are helping people directly affected by the change make adjustments in their lives and rework their plans for the future.
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Summary: Good bosses have strong organizational skills. Good bosses have solid decision-making skills. Good bosses get important things done. Exceptional bosses do all of the above -- and more. (And we remember them forever.) Sure, they care about their company and customers, their vendors and suppliers. But most importantly, they care to an exceptional degree about the people who work for them.
