From On Wall Street
Added on January 2014 in Form an RIA
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Summary: The first year of an advisors' relationship with a client is the easy part. It's the second, third and fourth years that are much more critical to achieve long-term retention, a new study finds. Other tips from the report: Advisors should also try to work with larger (and older) clients, price their fees wisely; seek out hybrid accounts and try to have more than one account in a household.
From Financial Advisor IQ
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Summary: Advisors who specialize in college-planning issues for affluent clients get a fair share of their business from general-practice advisors who are happy to admit they know only enough about it to be dangerous.
From Think Advisor
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Summary: As high-net-worth investors work with greater numbers of financial professionals and gravitate toward boutique-like service models, such as RIAs, multifamily offices and state-registered trust companies, the pressure is on providers to attract new wealthy clients.
From Financial Advisor IQ
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Summary: When an experienced professional learns from a rookie, the dynamic is sometimes known as reverse mentoring. But many advisors say letting a young protégé teach them a new trick or two is just common sense. In addition to helping the older generation keep abreast of changing technology, younger colleagues can help their older peers to understand and attract the next generations of clients.
From Financial Planning
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Summary: There's one problem that every advisor faces sooner or later: capacity limits. Luckily, it's no secret how to fix this - just balance new client growth with additional advisors, right? Unfortunately, it's not as easy as it sounds. And the strategy you choose can substantially affect your growth and your firm's ultimate success.
