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Summary: Twenty percent of advisors will likely exit the business voluntarily or involuntarily over the next five years; yet two-thirds of firms don’t have business continuity or succession plans, said Pershing CEO Mark Tibergien, speaking during a session at the Financial Planning Association’s annual conference in Baltimore this week.
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Summary: Many RIA owners look to their employees to take over the business when they retire. Yet some advisers are overlooking critical aspects of what an internal succession plan actually entails.
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Summary: Tim Welsh, president of Nexus Strategy, says the five mega trends impacting the advisory space are: the growth and evolution of the U.S. wealth market, the fiduciary standard, the evolution of digital advice, the aging of human advisors and the movement to independence
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Summary: Attempting to dispel the myths about robo-advice, Tom Kimberly, general manager of Betterment for Advisors, said the nascent robo-advice market is not “human vs. technology. One is not going to win and the other lose.”
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Summary: African-American incomes are rising faster than any other group in the world, but financial advisers seeking to target them as clients need to understand some of their deep-rooted money perceptions.
