Added on December 2016 in Join an RIA
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Summary: We often get calls from advisors wanting to know how to leverage their prior profession in growing their budding financial services practice. Many of these advisors have significant prior experience, so it’s a natural question to ask.
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Summary: In the latest Investment News 2016 Financial Performance benchmarking study, a stunning new trend has emerged when it comes to growing an advisory firm: for the first time, non-referral business development is now driving materially more AUM growth than all client and professional referrals, combined.
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Summary: One of the biggest but hardest-to-predict costs when it comes to personnel is turnover. The Center for American Progress estimates that replacing an employee with a mid-range salary ($30,000 to $50,000 a year) costs 20% of that salary. And the process takes 52 days on average — just imagine the cost of that lost productivity.
Added on December 2016 in M&A Issues
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Summary: Many aspirational buyers are overconfident in what they believe differentiates them from every other firm out there and focus exclusively on what they are looking for in a seller, failing to appreciate how much competition exits and not taking an objective look at themselves from the seller’s perspective. Especially in a seller’s market such as this, it’s critical that buyers take a hard look at their own firms and honestly answer this question: Why should a seller choose my firm?
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Summary: Words advisers use to describe investments, markets and even themselves can put clients in the wrong frame of mind. For instance, many investors become furious when their savings are called a “nest egg,” said Gary DeMoss, director of Invesco Consulting, at a National Association of State Treasurers meeting in New Orleans on Thursday.
