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Summary:Practice-management literature directs financial advisors to leverage their time more effectively through the use of interns and/or the hiring of younger planners.However, it seldom provides advice on the process of finding the next generation of financial advisors. The challenge is always where to find good candidates, how to keep a talented young advisor busy with productive work, or why clients might be interested in a firm's hiring processes.
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Summary: In the advice business, it's better to be David than Goliath in the current environment of regulatory and environmental uncertainty. Registered investment advisers and mid-size broker-dealers stand to benefit as new regulations, low interest rates and a slow-growth economy continue to drive layoffs and consolidation in the industry, said Brian Shea, president of investment services at BNY Mellon Corp.
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Summary: Wealthmanagement.com's annual compensation survey found that one in three advisors work on a team, sharing clients and revenues, compared to the 47 percent of advisors going it alone. About 20 percent say they fall somewhere in the middle, working in a siloed practice but with other advisors, sharing resources and overhead but not clients or revenues.
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Summary: There's a way to fix the financial advisory industry's reputation, as well as its connection to Gen Y clients and talent, said Mark Tibergien -- but it's going to take advisors' help to make it happen.
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Summary:Why are advisors embracing the fee-based practice approach?“The biggest benefit is relations to the client,” said Lewis Walker, president of Walker Capital Management Corp. at Pershing’s INSITE conference. “Clients can see we’re only going to get paid as long as they stay in the game and we keep them happy.”
