Added on March 2014 in Form an RIA
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Summary: A proposal advanced Monday by Wall Street's industry-funded regulator that would require greater compensation disclosure has exposed a chasm in the advisory industry, pitting smaller broker-dealers against large wirehouses and independent advisers.
Added on March 2014 in M&A Issues
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Summary: More than a decade of pitching mutual funds and annuities to financial advisers convinced G.C. Lewis of two things: He wanted to become an adviser himself, and building one from nothing would be a huge challenge."It's very difficult today to start a financial-advisory practice from scratch," says Mr. Lewis. "The old days of cold calling don't work nearly as well...Today, more investors are looking to find advisers through referrals."
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Summary: It’s a common occurrence: Financial advisors hire the wrong person and then suffer the consequences to their practice. This may be somewhat surprising, as wealth management is a highly regulated field that requires extreme prudence and extensive due diligence. Nevertheless, hiring miscues abound, resulting in everything from internal friction to employee theft and disaffected clients.
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Summary: The study, The Financial Capability of Young Adults—A Generational View, found that low levels of financial literacy hamper most Millennials (age18-34), with only 24 percent of Millennials able to answer four or five questions on a five-question financial literacy quiz correctly. And among young Millennials – those 18 to 26 – only 18 percent were able to answer four or five questions correctly.
Added on March 2014 in M&A Issues
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Summary: Sandy Johnson's best business decision was to participate in an Ameriprise Financial Inc. experiment 20 years ago that brought individual advisers together to operate as a group practice. Today, her Proviant Group boasts operational efficiencies that would turn both smaller and larger firms green with envy
