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Summary: Liz Davidson, the founder and CEO of financial wellness company Financial Finesse, says more than 50% of the advisors who take the firm’s financial planning test, which is required in order to be hired, fail. That may not seem so unbelievable if it weren't for the fact that only certified financial planners with at least 10 years’ experience are eligible to take the test..
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Summary: Does your financial practice ignore the Baby Boomer generation? According to Annalect, a marketing data agency, the 78 million boomers born between 1946 and 1964 are the largest U.S. consumer demographic, with a total spending power of $12 trillion worldwide.
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Summary: In the case of Darrell Reese and Paul Kink, the fact that they were both Raymond James advisors was an important factor in Reese’s quick and seamless purchase of Kink’s Montana advisory firm. But they say they were lucky in their timing, and that they share the same values, thereby making the transition that much smoother.
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Summary: Despite many independent advisers’ desire to appoint an internal successor, many don’t have one lined up.A study released Thursday by Fidelity Investments found that 59% of advisory-firm executives prefer an internal succession but only 27% of firms have next-generation owners in place.
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Summary: Does the old adage, actions speak louder than words, hold true for advisors? In a recent survey, over a third of registered investment advisory firm owners say they are planning to retire in the next 10 years, but many have not put into place the steps necessary to get ready for that reality.
