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Summary: For firms looking to put recent graduates to work drafting financial plans, would-be advisors say that’s not what they want. Instead, they desire positions with a first-hand view ofhow financial services can help clients.
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Summary: The financial advisory business faces a classic good news/bad news situation ‐ one that presents both opportunities and challenges. On the good news side, the number of investors using a financial advisor is expected to increase 27 percent by 2022. Counter‐balancing that outlook is a looming shortage of experienced financial advisory professionals. Market research firm Cerulli projects that approximately 25 percent of advisors plan to retire or leave the industry within the next 10 years, and for every eight advisors who retire, only three are trained to replace them.
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Summary: Succession planning is an area I’ve found to be lacking in the financial advisory profession. A large number of advisers haven’t mapped out how they will transition their portfolio when they become unable to service their clients. Similar to writing your will, you may not view succession planning as an especially urgent or pleasant item on your agenda. But it is important to get a clear idea of who will manage your portfolio after you so you can better protect all interests associated with your practice.
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Summary: In the quest for success, the smart money has always gone to solid planning and forward-looking analysis.Consider politics: The presidential election is well over a year away, but candidates have been laying the groundwork for their campaigns for years, even decades.
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Summary: Most, if not all wealth managers have heard the expression, "This is a people business." It's true; the business of providing financial advice and wealth management solutions is about people, and personal relationships may be the only element of our business that cannot be commoditized.
