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Summary: Planning for an orderly business succession seems to be one of those professional best practices more honored in the breach than the observance, especially among financial advisors. Independent research shows that fewer than 40% of all advisors—including those affiliated advisors who count on their broker-dealers to provide a backup plan—have a succession plan.
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Summary: There is a famous quote by Lewis Carroll that says, “If you don’t know where you are going, any road will get you there.” Having a vision and knowing where you want to go is one of the cornerstones of your business.
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Summary: Whether you’re a solo practitioner or a partner in an ensemble practice (or work for one), I suspect that business is good for you these days. That said, some in our field believe you’re going to be out of business within five years.
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Summary: It's time for financial advisers to start figuring out how to integrate an online advice solution into their businesses because clients will increasingly expect financial services to be delivered this way.
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Summary: Recently, I had a disheartening conversation with a couple friends of an independent advisor who had tragically passed away unexpectedly. The advisor, a large producer with a lucrative book of business, had worked in the industry for decades and was an invaluable member of his firm.
