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Summary: The growth of your firm relies on your strategic plan, your organizational structure and your human capital practices. Build your business strategy first, to get a clear understanding of what you want to deliver to clients. But then clarify your organizational structure to make sure you have the right people doing the right things.
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Summary: This is the second of two blog posts covering my conversation with Michael Kitces. In this one we pushed into the current trends of financial planning. You can read the first post here. To give you a sense for how Michael operates, our conversation was conducted while he was on a long drive. In total, we chatted for about two hours, during which he became more and more passionate. I only hope there weren’t many other drivers about, as a lot of brain power was focused on the phone, so there cannot have been much left for the road.
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Summary: Starting in August, Bank of America-Merrill Lynch (BAC) says its advisor trainees will have the option of joining a team as a specialist and finishing the training program in about two and a half years, versus the traditional three and a half years. The aim is to support advisors with succession planning and build “the bridges necessary for the next generation of advisors to continue to deliver the experience our clients expect and deserve,” according to a memo shared with advisors on Monday.
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Summary: It’s tough making the decision to move towards independence, to leave the wirehouse. There can be a lot of hesitancy around the move and a lot of fear: fear of leaving the known, fear of failure, fear that you don’t know what you don’t know. While I’m sure there are many very healthy egos amongst the readership, when we’re alone in a quiet place, we tend to give ourselves much less credit than we deserve.
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Summary: Texas A&M University will launch a new undergraduate degree in financial planning, while the University of Georgia will build out a new training lab and advisor residency program, thanks grants awarded Monday from TD Ameritrade Institutional.
