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Summary: Corey Kupfer, director of entrepreneur services, at MarketCounsel provides nine important steps to consider for putting together a continuity plan. One key is to have people in place to make key decisions.
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Summary: It's time for the client's annual portfolio review--and time to take market share, the advisers think. They know the client, a wealthy family, spreads its assets around the Street. And their firm's results have been exceptional this year. So they bring out the spiral-bound pitch books. They load up the PowerPoint slides. Then one after another, with confidence and steely-eyed gravitas, they extol their investment performance on the overhead projector. As the meeting ends, a member of the family says, "Our other adviser made its presentation on iPads." Thud.
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Summary: For many RIAs, life is good right now. The market is at a record high and investors have more disposable income, a stronger sense of security and are coming off the sidelines and jumping back into the markets. (Whether that is a smart decision is another story.) For many firms, the challenge has shifted from how to market and increase revenue to how to recruit and attract talent to service all of this new business.
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Summary: I fly a lot in my work for FP Transitions—millions of miles, so far. I once asked a pilot, “If the engines of this airliner quit at altitude—say, 30,000 feet—how far can we fly before we hit the earth?” The captain said that it would vary depending upon the wind and the load, of course, but around 100 to 110 miles would be a good estimate. This is the same approach that many advisors use toward the end of their careers. Once the engines start to fade, they hold on until the end, keep the ride smooth, and make it last as long as possible.
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Summary: Amid the typical competition for top adviser talent, there has been another recruiting war unfolding this year over the recruiters who can get those advisers in the door.
