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Summary: According to CEG Worldwide research, 70% of top financial advisors (those earning $1M or more annually) focus on a particular niche. Why does focusing on a target market improve an advisor’s chances of success? Here are some reasons.
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Summary: A majority of employees at advisory firms — both professional and nonprofessional — now receive a combination of base salary and incentive pay, industry studies find. But firms don’t seem to be satisfied with their pay packages and, at my consulting firm, the most highly requested engagement is for designing (or, more commonly, redesigning) incentive compensation.
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Summary: Over the past five years, the wealth management industry has been impacted by extraordinary forces simultaneously: demographic, technological and regulatory. The magnitude and pace of change in the delivery of financial advice is fueling a once-in-a-generation move toward higher standards of professionalism and innovation. Our industry can accelerate and facilitate this movement by providing better career starts for the next generation of professionals.
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Summary: Identifying a niche market can set a practice apart in the advisory world, so that instead of scrambling for highly sought-after clients, they seek out the firm.
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Summary: Among the most complicated aspects of an enduring business is people; specifically, recruitment, retention and development of talent. Yet this area seems to get short shrift in most advisory firms.
