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Summary: A tired bull market and the demographic age wave are converging on the advice industry. The implications demand much of leaders whose skills may be rusty — or outdated.
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Summary: Advisors may think they are well versed in cybersecurity. After all, the SEC has publicly detailed its key cybersecurity focus areas, like risk assessment, data loss prevention, vendor management and incident response. But do financial planners know how examiners evaluate firms to determine whether they pass the test? Probably not.
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Summary: Sometimes a verbal agreement is all you need to get a succession plan rolling.That was the case in August 2008, when John Middleton walked away from a job as an institutional portfolio manager at Invesco to become a financial adviser at a $41 million RIA whose owner, Jim Chesterton, was 67 years old.
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Summary: Have you been on LinkedIn lately? It’s much more vibrant than it was a few years ago. People are logging in more frequently, posting better content and engaging more meaningfully. If LinkedIn once felt stagnant compared with Facebook and Instagram, it’s a different animal now.
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Summary: The right technology can make a big difference for an RIA practice — allowing financial advisors to compete with large wirehouses and address increasingly complex client needs. According to a recent study commissioned by Million Dollar Round Table (MDRT), 95% of respondents believe it’s important that advisors are both technologically savvy and use updated technology-based tools in their practices.
