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Summary: Throughout SIFMA’s Private Client Conference in New York City Thursday were discussions about the major demographic challenges confronting the financial advisory industry and about how firms are responding. The issues are the same ones that the industry has been facing for some years now, but they are becoming more critical as the populations of advisors and their clients age and American society grows more diverse.
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Summary: It’s not surprising that financial advisors are reluctant to face their own mortality, but you aren’t doing yourself—or your clients—any favors by putting off succession and continuity planning. If you find the idea of planning your retirement (succession) from the business too daunting right now, at the very least, you should get a continuity plan in place this year.
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Summary: “Decisions about paying for higher education can have lasting impact on individuals and our economy,” according to the latest “Homeroom” blog from the U.S. Department of Education noting that “April is National Financial Capability Month.”
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Summary: A power shift is under way in our industry. Baby boomer and next-gen advisers are like seismic plates shifting underground, with one group poised to become more powerful as the other slowly fades. This change may not happen without a volcanic eruption, however.
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Summary: One of the most common traits of successful RIAs is succession planning. Sometimes a robust business continuity plan helps attract new clients while retaining the existing ones.
