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Summary: Traditional financial advisors often struggle to serve small-account clients because the preparation and execution of their financial plans is barely, if ever, profitable. Yet, a study by Facet Wealth shows that many advisors are still serving these small accounts, with many not enforcing their firm’s account minimums.
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Summary: Last week, I presented some interesting research at the Investments & Wealth Institute conference around the concept of the Exceptional Advisor. And while the news is good, the data supported the idea that having satisfied and loyal clients won’t set you apart.
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Summary: When I changed careers from medicine to financial planning in 2004, my big idea was to take care of my closest 20 physician friends — and not work too hard doing it.
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Summary: Prospecting for new clients is key to the growth of every advisory practice — but ironically, it is one of the areas where advisors devote the least amount of time.
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Summary: The “personal CFO” model has long been a familiar client service framework, in which the financial advisor serves as the hub for multiple aspects of a client’s financial life, working with experts on issues from taxes to estate planning, in addition to providing investment or retirement planning guidance.
