Knowledge and Insight
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My Move: Morgan Stanley to Independence
From Financial Advisor IQ
Added on May 2014 in Join an RIA
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Summary: Financial advisor Carrie Gallaway left Morgan Stanley in March to join Lebenthal Wealth Advisors, a New York-based RIA with more than $2 billion in assets under management. She and her business partner, Andrew Stern, had been with Morgan Stanley and predecessor firms for more than 15 years and managed about $1.2 billion. Lebenthal uses RBC Wealth Management and Pershing as its main custodians, and investment platforms including Envestnet, FolioDynamix and Fortigent.
Succession Planning: How to Partner With a Younger Advisor
From Financial Planning
Added on May 2014 in Plan for the Future
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Summary: May-December pairings may provoke the occasional snide look — Michael Douglas and Catherine Zeta-Jones, anyone? — but for financial advisors trying to plan for retirement, they can be a romantic ideal. For older advisors, bringing on new talent helps pave the way for a succession plan that protects existing clients while creating a payout for the founding partner.
Office of the Future' Puts Advisor Technology on Display
From Think Advisor
Added on May 2014 in Thought Leadership
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Summary: Fidelity Institutional announced Wednesday that is has opened an intriguingly named “Office of the Future” on its Smithfield, R.I., campus. The office was designed with input from the Fidelity Center of Applied Technology to address macro technology trends that have the biggest impact on advisors in the near future: mobile, pervasive video, evolving interfaces, cloud computing, social media, big data and gamification.
Be prepared to justify your fees
From InvestmentNews
Added on May 2014 in Thought Leadership
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Summary: A financial adviser should never get caught off guard — or show surprise or resentment — when a client raises a question about fees. After all, surveys have shown that financial advisory fees are widely misunderstood. A 2011 study by Cerulli Associates Inc. found that 33% of investors did not know how they paid for investment advice, and 31% said they thought the advice they got was free.
6 Entrepreneurship Tips for RIAs
From Financial Planning
Added on May 2014 in Form an RIA
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Summary: Some RIAs are intentional entrepreneurs and some are accidental ones, as one Los Angeles financial advisor puts it. But both types may need help developing the skills required to build a growing firm. Jonathan Foster, founder of Angeles Wealth Management, calls himself one of the former: He started out in the wirehouse sector, shifted to a series of roles at eTrade, Carson Wealth Management and other RIAs before founding his practice in late 2011.
