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Summary: Financial advisers over the past 12 months have been giving text messaging a fresh look as a method for communicating with clients, in part because email has become a much less effective way to connect.
Added on August 2017 in Join an RIA
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Summary: Over the last five years, a number of advisors have left the wirehouses and other employee models to go independent. In fact, the asset market share of the wirehouses, national and regional broker/dealers, has declined from about 63 percent in 2011 to nearly 59 percent at year-end 2016, according to Cerulli Associates. At the same time, independent channels—independent broker/dealers, RIAs and hybrid RIAs—saw a jump in market share from about 37 percent in 2011 to 41 percent in 2016.
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Summary: Let’s say you’re speaking with a client who is a member of a niche that you’d like to penetrate. They know you can work in that niche. After all, you’re working with them. The idea here is to shift their thinking over time to see you as the go-to specialist for that niche, increasing the likelihood they tell others about you and improving the story they tell, i.e., "My advisor really knows [XYZ niche]."
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Summary: Over the past decade, we've all seen how rapidly the the influence of marketing in the C-suite has expanded. Despite this, and even while chief marketers are primed to take over the lead in technology spending this year, representation from marketing isn't growing nearly as fast on boards. In 2016, only 2.6 percent of board members had marketing expertise.
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Summary: It comes as no surprise to learn that over 65% of financial advisors have no fully documented succession plan according to a recent study Private Advisor Group conducted. After all, advisors in the independent channel are often times solo practioners who are working their way towards their own retirement as they help their clients with the same.
