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Summary: You spend your most productive years building an advisory business. You earn your clients’ trust and develop the relationships over time. They are your clients because of the service provided by you and the team you have assembled.
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Summary: The volume of dealmaking in the wealth management industry is grossly understated, Dan Seivert, CEO and founder of ECHELON Partners, told advisors earlier this week at Pershing Advisor Solution’s regional conference. His firm estimates between 3,000 and 9,000 people are breaking away and joining other firms, compared to the 700 to 800 breakaway deals reported in the media.
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Summary: Rookie advisors may have great personalities and a go-getter attitude, yet still fall short when it comes to bringing in new assets. To get them over the hump, advisor Andrew Ahrens has a formula. On the one hand, he spends considerable time working with the three new FAs at his Lafayette, La.-based practice, helping them build their professional networks. At the same time, he hands over some of his own clients to the newbies.
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Summary: Advisors must cringe now and then when contemplating an iPad-wielding young executive logging on to an online investment site, opening a new account and e-signing documents while the advisor is working hard the old-fashioned way, his business seemingly falling by the wayside.
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Summary: Planning for an orderly business succession seems to be one of those professional best practices more honored in the breach than the observance, especially among financial advisors. Independent research shows that fewer than 40% of all advisors—including those affiliated advisors who count on their broker-dealers to provide a backup plan—have a succession plan.
