Knowledge and Insight
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Create value with a strategic alliance
Added on March 2014 in Manage Your Practice
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Summary: Would you like to have a steady source of referral business without ever asking for a referral? Then you need to build a strategic alliance. Before I get into the “how-tos,” let me review the philosophy. In order to build and lead an alliance, you need to have a full-service mindset, which is different than a transactional or product-driven mentality. I'm not judging, just pointing out that a strategic alliance led by an adviser must be from a full-service orientation.
'Robo Advisors'? How to Fight Back
Added on March 2014 in Manage Your Practice
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Summary: My vision for the months and years to come tells me that a number of well-funded, low-cost online portfolio management services - what many in our industry dismissively call "robo advisors" - are going to disrupt the lives of planners who have the grave disadvantage of being made out of flesh and blood. Before long, online asset management firms like Wealthfront and Betterment are going to pour their venture capital dollars into widespread advertising campaigns. Smart advisors will compete head-to-head by anchoring their value to clients on their advice, rather than their portfolio management.
How Old Is Too Old to Leave Merrill or Morgan Stanley?
Added on March 2014 in Form an RIA
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Summary: Bob Fragasso was 50 years old in 1996, when he walked away from a six-figure deferred-compensation plan at Smith Barney and founded an independent firm. But could he muster the energy to break away today, at age 68? “Absolutely,” says Fragasso. Though experts agree age isn’t the main thing keeping older wirehouse advisors from going independent, industry estimates suggest that the prime age range for breakaways is between 40 and 50.
Recruiting Firm Launches CFP Scholarship
Added on March 2014 in Join an RIA
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Summary: Earning a CFP designation, while not a necessity, seems a commonplace task for students graduating with a financial planning degree. Yet the cost of the exam can be prohibitive for many. To help, New Planner Recruiting is introducing a new scholarship program could give a few more students the opportunity achieve this goal.
Vonnegut: Pieces of an Advisory Dream Team
Added on March 2014 in Plan for the Future
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Summary: You're on a team of financial advisers. You're successful. You know what it takes to find clients and manage their money in a careful, respectful way. In the world of private wealth management--where everything works and nothing works--you repeat your go-to moves over and over again. Yet, you ask yourself: "Do we need a new partner?" Norb Vonnegut describes a few roles that people play on successful teams.
