Knowledge and Insight
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7 Habits of Highly Successful Advisory Firms
Added on November 2013 in Manage Your Practice
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Summary: Call it the secret sauce, the black box or the hidden magic: What, exactly, do high-performing advisory firms do differently than their less successful peers? Fidelity Investments drew back the curtain last week, offering key insights from the firm’s latest RIA Benchmarking Study to a packed room of advisors attending Fidelity’s annual Inside Track NYC Conference.
Hiring Secrets of Top Advisors
Added on October 2013 in Manage Your Practice
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Summary: The right hires -- made in the right way, and at the right time -- are critical to retaining talent and fueling growth for financial advisory firms.That’s according to three innovative advisors who shared some of their human capital secrets this week at the FPA’s annual conference and via a new white paper.
NAPFA conference yields valuable nuggets of practice- management and marketing advice
Added on October 2013 in Manage Your Practice
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Summary: As the RIA business becomes more competitive, effectively creating and utilizing public relations and marketing techniques to distinguish yourself from the rest of the pack is becoming increasingly important. It is important to establish strong, positive connections with journalists and other media sources. Strong public relations can help to combat the trend in scandals and general distrust that many have with RIAs. Finding a niche is important because that is where the growth of the firm will begin.
How RIAs are becoming as complacent as wirehouses -- and what it'll take to snap out of it
Added on October 2013 in Manage Your Practice
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RIAs have been some of the fastest growing members of the financial industry but are becoming complacent like wirehouses. Super-RIAs are beginning to reshape the landscape of the industry and might possibly knock some of the large players out of the market. RIAs with roots in the wirehouse model tend to have higher sales. Scaleability will become crucial as price pressure increases and greater competition could lead to lower revenues.
How To Identify & Invest In High-Upside Individuals
Added on October 2013 in Manage Your Practice
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Summary: Staffing, developing and investing in people is perhaps the most challenging aspect of any small business – a challenge that is exacerbated considerably if that small business is a Registered Investment Advisor (RIA). The impact of poor decisions is magnified, and the detrimental impact on margins, income and workload can be significant. This case study will examine how Beacon Pointe Advisors identified and overcame the hurdles we faced, on our way to building a $5.6 billion AUM advisory business (AUM as of 12/31/2012)
