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Summary: Based on early returns, it appears that we are losing ground. Both potential clients and prospective employees have come to view the business with suspicion and disdain, and we have not done enough to combat this negative perception. I see at least three recent developments that are putting the future of our business at risk.
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Summary: When it comes to risk, millennials aren’t having any — at least for long-term savings. So say 39% of American adults between the ages of 18 and 29, known as millennials, according to a new Bankrate report. They’re more likely than any other age group to believe that the best long-term investment is cash.
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Summary: For a client-centric practice, there is no more critical indicator of future success than the composition of its team. Thus, every advisory firm’s top priority should be acquiring, developing and retaining the best possible people, who in turn can provide the best possible service to their clients. In this context, advisors must ask themselves if women are adequately represented — at all levels — in the practice. Advisors who can honestly say yes will find that they are far better positioned for long-term growth than those who cannot.
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Summary: The growth of your firm relies on your strategic plan, your organizational structure and your human capital practices. Build your business strategy first, to get a clear understanding of what you want to deliver to clients. But then clarify your organizational structure to make sure you have the right people doing the right things.
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Summary: This is the second of two blog posts covering my conversation with Michael Kitces. In this one we pushed into the current trends of financial planning. You can read the first post here. To give you a sense for how Michael operates, our conversation was conducted while he was on a long drive. In total, we chatted for about two hours, during which he became more and more passionate. I only hope there weren’t many other drivers about, as a lot of brain power was focused on the phone, so there cannot have been much left for the road.
