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Summary: A growing number of certified financial planners are outsourcing administrative tasks and investment management under a strategy they say gives them more time to spend with clients and access to resources resembling what large institutional companies offer. Many advisers say spending more time helping clients plan their lives results in more referrals with fewer marketing dollars spent.
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Summary: Financial advisor James Lange figures it costs him around $8,000 to hold a workshop for clients and prospects. The president of Lange Financial Group in Pittsburgh, which manages $306 million, also invests many hours in preparation and marketing. Even so, Lange is planning to host more than two dozen workshops in 2014, twice as many as last year. According to an Aite Group survey, nearly 40% of wealth-management practices in the U.S. that posted at least double-digit revenue growth last year conducted workshops and seminars regularly, compared with 13% of firms with single-digit growth.
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Summary: Let’s say you’ve recruited, hired and trained a couple of Gen Y advisors, and now you’re ready to let your younger hires take meetings by themselves. They have the training and technical knowledge, and can explain complex theories with ease. But a client’s big financial needs often come alongside major life shifts — marriage and new children and grandchildren, but also death, divorce and medical needs. Are your advisors prepared to handle tough, emotional conversations? Have you trained them to do so?
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Summary: A psychiatrist wanted to resign from his job at a state teaching hospital and start a small private practice. But he was having trouble making the endeavor pencil out once he factored in paying for his own health insurance. The adviser listened to his client's concerns, but then took a step back to ask a different question.
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Summary: People make mistakes. And when the mistake maker is a financial advisor, and the error affects a client, experts say a clear and unambiguous apology is called for. The rewards are easy: client loyalty and trust that goes on for years to come,” writes Xenos. “Also, it helps you as an advisor clear your conscience and feel truer with the relationship.
