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Summary: To help us in that process and discover where we could add value as a firm, we decided to form an advisory board: a group of seasoned professionals who could provide us with strategic counsel and business-planning support.
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Summary: Financial adviser headcount fell by 1.9% in 2013 to 287,119 advisers, according to the most recent data from Cerulli Associates. The research firm estimates about 5,500 advisers left the industry and were not replaced by new recruits, even as assets under management grew by 13% that year to $14 trillion.
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Summary: Many advisors who work with ultra-high-net worth families worry that their clients’ children will go elsewhere for advice as soon as they have the chance. If you share this concern, you’ll be glad to hear that the majority of millennial family clients (ages 18 to 33) who participated in the FOX Client of the Future research study say that this isn’t their intent. That doesn’t mean you can sit back and relax.
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Summary: Advisors know that millennial clients are where the market growth is. But the biggest growth market of all may be one often overlooked by RIAs: millennials with high earnings but who are not yet wealthy.
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Summary: Investors under the age of 40 present a huge opportunity to advisors. The next generation represents a larger population than the Baby Boomer clan who came before them. Studies show they are not satisfied with the financial advice they are receiving. To ensure your firm will remain relevant to these young investors, your attention and ability to adapt to their preferences and expectations are crucial.
