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Summary: If you take a look at your book today, are you on track? When I ask that question to many advisors, the first response is usually “On track for what?” What I am asking is: Do you have goals and are you tracking and measuring against those goals? Unfortunately, most track their book by AUM or gross revenue (sometimes GDC).
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Summary: As more advisers adopt online strategies to stay competitive in a changing market, a new deal struck between a traditional advisory firm and a Silicon Valley robo-adviser highlights how technology is disrupting the industry.
Added on August 2014 in M&A Issues
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Summary: If you’re looking for an attractive practice to buy in the next five years, you’re not alone, according to WealthManagement.com. There seem to be far more would-be buyers than sellers of advisory businesses at the moment, which gives sellers the edge. At the same time, many sellers are more interested in pursuing the best outcome for themselves and their clients than in getting the highest price for their firm.
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Summary: Sometimes it isn't what you say to the client. It's how you say it. If an adviser comes across as impatient or condescending, for example, the message won't be heard. "If you don't strike the right tone, your advice won't be followed, no matter how good it is," says Karol Ward, a New York psychotherapist and presentation coach.
Added on August 2014 in M&A Issues
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Summary: The wealth management landscape may be primed for a shake-up as a number of revenue-hungry banks plan to enter the business. Roughly a quarter of banks are gearing up to offer wealth management services within the next two years, according to a survey of 200 bank executives and senior banking professionals conducted this spring by American Banker and SourceMedia Research.
