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Summary: Are you an extrovert? The answer is probably yes because according to CareerExplorer.com, financial advisors score highly on extroversion. Successful advisors believe in themselves. Many years ago, when managed money and asset-based pricing was making its debut, I asked an advisor how they answer a prospect’s question: “What do I get for my 1%?” The advisor looked at me and replied: “You get me.” For an established relationship, this makes sense because the client has firsthand experience of what the client does for them. When it’s a new relationship, it might take more convincing to get the prospect to say yes.
Added on March 2023 in Form an RIA
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Summary: You might assume that financial advisors are spread evenly among U.S. cities, but you’d be wrong. A recent report from SmartAsset shows some cities are what the report describes as “financial advisor hot spots,” with far higher ratios of personal financial advisors to adult inhabitants than others.
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Summary: RIAs thrive in challenging times, and that should continue to be the case in 2023, according to Rudy Adolf, CEO of RIA aggregator Focus Financial Partners.
Added on February 2023 in M&A Issues
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Summary: It’s important for a registered investment advisor to hire the right lawyer when selling their firm—but there are little more than a handful in the U.S. who have the specialization. An investment banker may not be necessary to succeed in a transaction—but it’s increasingly far better to have one. And don’t forget to reward support staff through the post-sale integration process—they are, after all, doing all the heavy lifting.
Added on February 2023 in M&A Issues
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Summary: John Furey is the Founder and Managing Partner of Advisor Growth Strategies (AGS), the firm he launched in 2009 to help business owners advance their financial advisory firms. Since the inception of AGS, John has worked with over 300 firms representing $400+ billion in investable assets. AGS has been trusted to help with some of the most important strategic decisions in the lifecycle of advisory including structuring new entities, optimizing business performance, and transaction advisory (M&A).
