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Summary: Despite recognizing that wooing younger clients is vital to the longevity of their businesses, most advisers aren't making any effort to do so. Six in 10 advisory firms don't have any strategy in place to court younger clients, according to a recent survey conducted by TD Ameritrade Institutional.
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Summary: As a leader, consultant, coach, and, most importantly, advisor, I dedicate a considerable portion of my time to envisioning, anticipating and planning for the future, especially at the beginning of the year. Yes, measuring success is about increasing revenue, gaining new assets, and achieving a work/life balance. But, it’s also about taking your past experiences and moving forward in a smarter way. Here are eight trends I saw among successful firms last year that advisors looking to grow should implement in 2014
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Summary: It’s well known that the U.S. financial-advisor population is graying, but one research firm’s take on how soon many of them may be calling it quits could come as a shock. According to Cerulli Associates, almost a third of them plan to be out of the game by 2024. On average, financial advisors in this country are around 50, according to other industry studies.
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Summary: About 98,500 advisors, or 32 percent of the total advisor population, plan to retire or exit the business in the next 10 years, a new Cerulli Associates report found. The average advisor in this industry is in their mid-50s and ticking upwards, yet only 29 percent of advisors have a succession plan, according to Moss Adams.
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Summary: There’s no question that small-business owners benefit from sound wealth planning. But as advisors who serve entrepreneurs know, it’s a two-way street. Clients who launch and run companies frequently impart managerial wisdom that can improve a financial-advice practice. These clients often provide instruction without even meaning to, advisors say, serving either as role models or cautionary tales and offering lessons both practical and philosophical.
