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Summary: As so-called "robo-advisors" continue to grow, offering their services to more and more consumers at a modest 0.15% to 0.35% cost, the question arises whether such services will ultimately be a threat to traditional advisors. Can human advisors survive in a world where robo-advisors commoditize the cost of passive strategic portfolio construction down to almost nothing? What can today's advisors do to fend off the threat?
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Summary: Financial advisers sometimes ask how they can serve clients with relatively little to invest and still make a profit. Scott Hanson has an answer. His wealth-management firm in Sacramento, Calif., decided to expand "downstream" in 2009, when it lowered its minimum account size to $50,000 from $250,000. In the years since, it has added around $100 million in assets under management from almost 800 clients who wouldn't have met the previous minimum.
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Summary: I talked with a prospective client the other day, who asked me an unusual—and excellent—question: “Have you ever had any failed client relationships?” My answer was: “Yes, we have had some clients who haven’t worked out. Not many, but it happens.” The keys to successfully growing an advisory business are different at every growth stage: and the most successful firm owners realize that they will continually have to change the way they run their firms.
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Summary: Two years ago, Savant Capital Management set out to establish “a profitable, Web-based wealth-management service to complement” its in-house services, but it was unsuccessful. So writes Glenn Kautt, a principal of the firm, in Financial Planning magazine.
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Summary: The shifting jobs landscape, with higher-paying positions shrinking and low-wage work growing, is more than just a monthly set of statistics for many financial advisers.Advisers are helping people directly affected by the change make adjustments in their lives and rework their plans for the future.
