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Summary: Back when I was starting out as an advisor, my goal was to be an expert in all areas of finance: investments, accounting, estate planning - you name it. I wanted to be the one person my clients would need. Around that time, I met a hugely respected CPA. I'll never forget walking into his office and seeing a giant stack of accounting books and journals on his desk. "That's the reading material that I need to catch up on to stay current," he sighed. That sentence quickly changed my plans: Instead of trying to be the expert in all things, I decided to work with a team of expert professionals who could help me bring the right expertise to my clients.
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Summary: This is a period of uncertainty for fee-based independent financial advisors. On the one hand, ‘robo advisors’ are seeing some success in attracting assets with their consumer friendly interfaces, readily accessible data and low-cost approach. On the other hand, aging Baby Boomers are increasingly turning to advisors for long-term care (LTC) planning and elder care information, advice that requires specialized expertise.
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Summary: Despite seeing the highest assets under management and compensation levels since 2007, many financial advisors appear to be falling behind when it comes to positioning themselves for future success, according to a new Fidelity study. Almost all advisors (95%) expanded their books of business in the last 12 months, with average AUM at $62 million and average compensation at $240,000, the Fidelity Advisor Insights study found.
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Summary: Mr. Clark, a passionate home chef, has discovered that cooking meals for his clients provides a unique way to educate them about financial planning and deepen the client relationship. Mr. Clark usually cooks once or twice a month for new clients, and often their friends or family. But the meal is never just about the food.
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Summary: Based on my past life as a financial advisor and my current role in which financial advisors are my clients, I have seen a lot of best practices by advisors — and witnessed their biggest mistakes. Here are five things that advisors do wrong, so you can get them right.
