When evaluating practice management areas, advisors tend to focus on each area as if it were a stand-alone component. Advisors also like to create their practice management list in order of importance or by the percentage of time they spend in each area...Read More »
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Before embarking on a road trip, you need to know a few important facts – not only your point of origin and your desired destination but also a detailed map of the route you want to take. Your prospects go on a similar journey on their way to finding financial services. Their point of origin is the realization that they need sound financial advice from a professional. Their destination is opening an account at your office and transferring their assets to you...Read More »
The success of many of the top-earning financial advisors hinges on their ability to simply get more clients. Although exceptions to this rule exist, the advisors who outlast their peers and are nearing retirement with a big book of business are usually those who did more prospecting (and more effective prospecting) earlier in their career. They are also more likely to have maintained the practice even when other advisors stopped...Read More »
Demand for trust services is on the rise. One in two (57%) financial professionals recently polled in a Wealth Transfer, Estate Planning and Planned Giving Survey cited an increase in demand last year. And, 46% believe there will be a further increase of up to 20% this year...Read More »
We already established that there is life in a post-wirehouse world. Indeed, for most, the post-wirehouse world is the beginning of the better half of their careers. But what does that transition look like? What is involved? Most are unfamiliar with the transition process, so in this second chapter of the Primer for Breakaways, we are going to walk you through the transition process step-by-step. What you will learn is that the most difficult part of the process is overcoming your inhibitions. In a world full of outsourcing solutions, there are plenty of partners to facilitate a relatively straightforward process to establish your own independent RIA and begin the better half of your careers...Read More »
In case you missed the seismic shift in distribution (a.k.a. sales) that has occurred during the past decade let me repeat it -- power has shifted from sellers to buyers. As a consequence selling has become increasingly difficult...Read More »
As business people, we’ve had it drilled into us that we need to strive to be the best. Our firm must outshine all others. Even if we do the same things as other businesses in our space, we must differentiate ourselves by our sheer operational superiority...Read More »
Nary has a day gone by without an article about the burgeoning breakaway trend. And the data supports it whether you look at the shift in assets under management or the headcount of advisors themselves. With that said, I have personally been surprised by the number of wirehouse advisors that concede they know very little about the world of independence. In fact, a survey of breakaway brokers conducted by Fidelity last year concluded that the #1 obstacle to independence was a lack of understanding about how to do it...Read More »
Does this scenario sound familiar? There are particular asset classes you think could benefit your clients and firm—different types of alternative investments, for example—but the harsh reality is that you’re simply not prepared for the torrent of unstructured data that the custodians, asset managers or other keepers of the data for the funds in these categories are about to throw at you...Read More »
January is a great month to adapt your practice to meet the changing needs of today's investors and adjust your approach to a new era of deep client engagement. “What are you going to do differently to grow your business?” asks Sara Gilbert, founder of Strategist in Montreal...Read More »
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