Knowledge and Insight
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The Fatal Succession Planning Mistake
Added on November 2013 in Plan for the Future
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Summary: The scope of the succession problem in the independent advisory industry is well-documented. Baby boom generation of advisory firm owners are on the brink of retiring over the next 10 years or so, with some sources estimating that as many as 50,000 of their firms—and $4 trillion in client assets—will be changing hands or closing their doors. The vast majority of the owners of these firms would prefer to transition ownership to their junior partners in an internal succession. Yet very few have taken steps to make this happen, even at this late date.
As RIAs grow, more hiring chief operating officers to manage their firms
Added on November 2013 in Manage Your Practice
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Summary: David Wright is facing a pleasant predicament. Since 2008, assets under management at Sierra Investment Management Inc., the registered investment adviser he co-founded in 1987, have more than tripled to $1.75 billion, and head count has nearly doubled to 20, so Mr. Wright has been forced to look for extra help managing the business. Mr. Wright is part of a growing number of RIAs on the hunt for a chief operating officer to run the day-to-day business, giving advisers time to focus on prospecting for clients and managing portfolios.
Being Prepared to Acquire Another Firm
Added on November 2013 in M&A Issues
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Summary: For many financial advisory firms, bigger is better.One of the best ways to increase a practice's scale and profitability is to acquire another firm. But just because advisers want to make acquisitions, it doesn't mean they're ready.Advisers and practice-management experts weigh in on what steps a firm needs to take to be prepared to buy another as well as the pitfalls that can scuttle an acquisition.
Behavioral Selling for Sales-Shy Advisors
Added on November 2013 in Thought Leadership
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Summary: Financial advisors, independents particularly, are often reluctant to even talk about sales, feeling the subject undermines their professional ethos as investment experts.Business development consultant Beverly Flaxington says an improved mindset and techniques can fundamentally boost revenue. The principal of The Collaborative, a consulting firm focused exclusively on financial advisors, frames the sensitive topic of sales.
5 Prospecting Methods That Really Work
Added on November 2013 in Thought Leadership
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Summary: It’s no surprise that prospecting is the No. 1 challenge advisors face, year after year. When, as part of National Underwriter’s recent Independent Producer Study, we asked about the most challenging aspects of selling insurance products, 55 percent of respondents named prospecting as their top trial.
