Knowledge and Insight
Take advantage of the wealth of information in the Knowledge and Insight Digest. Read curated and organized industry articles.
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Entrepreneur Clients Can Help You Run a Better Practice
Added on February 2014 in Manage Your Practice
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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.
As Big Teams Break Away, Planning Gets Complicated
Added on February 2014 in Form an RIA
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Summary: When Clayton Hartman first sat down with executives at Focus Financial Partners to discuss a proposed "lift-out" of his team of advisers, then all working for UBS AG, he brought a spreadsheet of roughly 1,000 questions.That may have been overkill, but it reflected the size of the team--20 advisers and staff, including Mr. Hartman. It was an unusually large number to leave a brokerage in one swoop and form their own independent firm.
How to get and keep female clients: R-E-S-P-E-C-T
Added on February 2014 in Manage Your Practice
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Summary: Financial advisers who want to attract female clients must carefully craft a message designed for that particular woman's knowledge and interest level.
How to Hire a Millennial
Added on February 2014 in Plan for the Future
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Summary: Millennials want to be mentored, Cam Marston, president of Generational Insights, told a packed session at TD Ameritrade Institutional’s national conference here on Friday. Indeed, considering that the advisory industry’s talent shortage and need to attract younger employees as well as clients were among the topics dominating discussions at the conference, it wasn’t surprising that a session promising advice on recruiting for an “age-diverse” workplace drew so much attention.
Recruiters to Advisors: Cut Your Best Deal Now
Added on February 2014 in Join an RIA
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Summary: It shouldn't surprise anyone that if you put nine top recruiters in a room to discuss the state of the wealth advisor industry, they would come down on the side of now would be an excellent time for many of those advisors to make a move. But over the course of the day-long discussions that comprised On Wall Street's 2014 Recruiter's Roundtable, it became clear that their reasons were far from self-serving.
How to scale your advisory practice effectively
Added on February 2014 in Plan for the Future
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Summary: Advisers looking to grow their businesses should carefully plot the expansion of their practice. They should expect to suffer a little, too.Business leaders who have succeeded in scaling their companies — growing, say, from two people on staff to 200 — did so with a focus on spreading their convictions, not their geographic reach, two professors at the Stanford Graduate School of Business say in a book due out next month.
5 Great Ideas for Cool Client Events
Added on February 2014 in Manage Your Practice
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Summary: New social media tools have made it possible for advisors to throw more effective events than ever before, practice management consultant Dan Klein told a packed room of advisors at the TD Ameritrade Institutional conference here on Friday morning. Rather than simply hoping clients would bring qualified prospects as guests, an advisor can research a supportive client's contacts on LinkedIn, and then suggest specific invitees.
How to Train New Advisors
Added on February 2014 in Plan for the Future
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Summary: Across the industry, planning firms are scrambling to find new talent. Since experienced advisors are hard to attract and often command big pay packages, many firms are shifting their recruiting efforts to focus on younger advisors, with few (if any) existing clients.
Next-Gen Advisor Shortage Demands Hiring Reforms
Added on January 2014 in Plan for the Future
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Summary: Even if colleges ramp up degree programs in financial planning and related fields, advisory firms are going to have to rethink their hiring philosophies to meet the growing demand for investment advice, according to industry representatives and academics.
5 Ways To Better Prepare Students For The Business World
Added on January 2014 in Join an RIA
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Summary: In a new survey commissioned by Bentley University, 58% of respondents, including business decision makers, recruiters, and students, gave recent college graduates a letter grade of “C” or lower on their preparedness for their first jobs.Bentley’s research informed the following recommendations for better preparing students to succeed in the work place.
