Knowledge and Insight
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Creating clear career path critical to attracting NextGen advisers
From InvestmentNews
Added on March 2014 in Join an RIA
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Summary: Adviser John R. Augenblick learned the hard way that you have to offer a clear career path to the next generation. As the financial crisis hit, one of his junior employees was poached by a competitor who was willing to offer the young professional a client-facing position immediately, he said. We didn't have those kind of formal expectations laid out for him," Mr. Augenblick, 35, said Tuesday on a panel at Fidelity Inside Track, a practice management conference in Washington D.C. "He didn't get clarity from us."
Want Sustainable Advisory Firm Growth? Automation Is Key
From Think Advisor
Added on March 2014 in Manage Your Practice
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Summary: A white paper released by SEI Advisor Network and ActiFi Inc. in March challenged advisors to integrate technology and automation more efficiently in order to run a more successful practice. Far too often, knowledge about client relationships and key processes resides in the heads of one or two people. The business risks are high, especially for growing firms, as balls get dropped, client service suffers and onboarding new employees is virtually impossible,” says the paper, authored by SEI’s Raef Lee and John Anderson, and ActiFi’s Spenser Segal.
The Alliance for Registered Investment Advisors (aRIA) Releases Final Two Case Studies on Member Advisory Firms, of a Six Part Series
From Yahoo Finance
Added on March 2014 in Thought Leadership
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Summary: The Alliance for Registered Investment Advisors (aRIA), a think-tank comprised of six elite RIA firms that collectively manage more than $20 billion in client assets, today released the final two case studies of a six part series on their member RIA firms. Entitled "The Grass Is Only Greener If They See It: Helping Wirehouse Firms To View Your Firm As A Destination" and "Turning Your Practice Into A Business: Creating Profitable, Manageable & Sustainable Enterprise Value".
The adviser industry is shrinking (and why that's a good thing)
From InvestmentNews
Added on March 2014 in Plan for the Future
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Summary: Much has been made of the crisis facing the financial adviser industry as aging advisers exit and the industry searches for younger advisers to step in. According to the latest from Cerulli Associates Inc., over 100,000 advisers are projected to leave in the next ten years — a full third of the industry. Just like in every industry, there is a natural evolution of growth, maturity and then a disruption or tipping point, often caused by technology, that transforms it to take on a different shape and direction.
Voices: Dave Polstra, on Realizing the Limits of Your Expertise
From Wall Street Journal Online
Added on March 2014 in Manage Your Practice
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Summary:One of the most useful lessons I've learned during my time as an adviser to corporate executives is the importance of developing an area of expertise. It's one of the founding principles that my partners and I operate on as a firm and it's a good concept for us to remind ourselves of as advisers: You cannot be all things to all people.
