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Summary: When successful business owners reach a certain age, it becomes imperative that they address the issue of succession planning. Many of them may have been dodging this particular conversation for years, yet they often come to their advisors with seemingly ironclad convictions about how they’d like the succession to play out.
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Summary: More U.S. colleges and universities are offering degree programs in financial planning, CNBC.com reports. Yet even these new initiatives aren’t expected to go very far toward addressing the severe advisor shortfall many in the industry expect as boomer practitioners retire over the next 10 to 20 years.
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Summary: Before I moved to FutureAdvisor, I was working for a registered investment adviser with $50 billion in assets under management, expanding their high-net-worth business globally. I received rigorous training, mentorship and great opportunities as the firm expanded. I had every expectation of a long and successful career there. So why leave?
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Summary: When new prospects comes into Chicago planning firm RMB Capital Management, a team is assigned right away to review family issues such as estate planning and life insurance.That's because generational wealth transfer issues are so critical for both clients and advisors, says CEO Richard Burridge, that advisors should begin such discussions early.
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Summary: Fifteen years ago, financial advisor Ron Carson posed a question to his advisory council of clients—a group he had previously organized to serve as consultants for the advisory practice he launched in 1987. "I asked them, 'If I died tomorrow, would [you] stay with my firm?'" he recalled. "All but one said they'd likely be gone within six months."
