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Summary:One of the most useful lessons I've learned during my time as an adviser to corporate executives is the importance of developing an area of expertise. It's one of the founding principles that my partners and I operate on as a firm and it's a good concept for us to remind ourselves of as advisers: You cannot be all things to all people.
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Summary: Lifestyle practices get a bad rap. But one of my main goals when starting my RIA was to build a business and a life that met my needs. I’m taking some steps that intentionally provide balance to both sides -- and encourage you to do so as well. Here are a few strategies that are working for me.
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Summary: The nation's business owners are an affluent bunch and they require a broad swath of services from a financial adviser — but the potential pay-off to advisers may be many years down the road. About one-third of the nation's wealthy investors, those who have $1.5 million or more to invest, are business owners, and that proportion jumps dramatically as wealth level rises, a new study finds.
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Summary: When it comes to reshaping your practice, there are a lot of loose ends, but there's one that most advisers put off year after year — their website. I've seen it: the stock photography from 1985, that goofy animated banner, and those crooked pages that no one bothered to fix. And that's looking past the fact that there's really not much on there (other than your phone number and your address) that is really of value to visitors.
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Summary: It’s a common occurrence: Financial advisors hire the wrong person and then suffer the consequences to their practice. This may be somewhat surprising, as wealth management is a highly regulated field that requires extreme prudence and extensive due diligence. Nevertheless, hiring miscues abound, resulting in everything from internal friction to employee theft and disaffected clients.
