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Summary: RIAs are feeling good and looking to grow, according to a report released at the end of January by TD Ameritrade. The Advisor Index Study found advisors are more optimistic about the economy than they have been in the past five years.
Added on February 2014 in Form an RIA
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Summary: Brokers who break away from wirehouses often do so because they’re tired of handing 60% to 70% of their hard-earned revenues over to their employer. But advisors who have taken the plunge into independence say they generally have to wait quite a while before breaking even, let alone turning a profit. Many face unexpected costs when setting up shop for themselves, and even those who partner with hybrid RIAs make sacrifices in the early days, experts say.
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Summary: To prepare a valuable succession plan that will take their firm into the future, advisors have to begin at the beginning and build a business instead of a practice, according to Charles Farrell and Fred Taylor of Northstar Investment Advisors. Regardless of an advisor’s exit strategy, it won’t work if he can’t detach himself from the firm.
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Summary: Diversity. It’s key to U.S. demographics — and your practice. But what does that really look like when it comes to your marketing and business development? Reaching out to small-business owners of different backgrounds and paying attention to special occasions could be a great way to broaden your client base.
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Summary: The lack of planning is particularly important because advisors over age 60 control $2.3 trillion in assets. According to recent research by Cerulli Associates, a financial industry research firm, nearly one third of advisors in the United States will exit the business in the next decade. The average age of advisors is now 50.9 years and 43 percent are over 55 years of age.
