Knowledge and Insight
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Advisors Name New Year's Resolutions
From Financial Advisor
Added on December 2013 in Manage Your Practice
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Summary: Increasing the number of referrals they receive from current clients is the No. 1 goal for 2014 for financial advisors, according to a survey by SEI released Monday. SEI, a global provider of asset management, investment processing and investment operations solutions for institutional and personal wealth management based in Oaks, Pa., found that 85 percent of advisors polled want to increase their referrals next year.
They'd Rather Spend than Save, But Gen Y Is Your Future
From Financial Planning
Added on December 2013 in Manage Your Practice
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Summary: They’ve been called egotistic, impatient and self-entitled -- and they have a notoriously bad reputation when it comes to saving -- but advisors want them. While Generation Y controls a mere fraction of the country’s total net worth, its members are widely considered the future of financial planning. As a result, advisors are paying particular attention these young adults.
46% of Planners Have No Retirement Plan, FPA Finds
From Financial Planning
Added on December 2013 in Plan for the Future
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Summary: When it comes to taking care of their own finances, it turns out that planners aren’t much better than their clients.Almost half (46%) of all the nearly 2,400 planners who participated in a new FPA study this year say they have no retirement plan. Another half say they have not written a business plan for themselves, while 75% have no succession plan for their firm.
An Unromanticized Guide to Merging Advisory Firms
From Think Advisor
Added on December 2013 in M&A Issues
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Summary: Succession planning, like one’s mortality, is something advisors are often reluctant to think about. But just as your clients need to get their affairs in order in case untimely but far-reaching events affect the lives of their loved ones, so too must advisors have a succession plan in place — for solid business reasons in addition to mere contingency planning.
Going Independent? Shed that Wirehouse Mentality
From Financial Advisor IQ
Added on December 2013 in Join an RIA
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Summary: Anyone who has decided to pursue independence after leaving a wirehouse had better be prepared to shed the mentality such institutions foster, experts say. Running a business simply calls for a different set of priorities than those required to thrive within the cozy confines of a megabank.Getting set to manage things — like office overhead, market intelligence, staff development, client care and the technology for pulling it all together — previously supplied by the head office requires constant vigilance and a sound perspective
