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Summary: Independence is more than just a transition; it’s a transformation, an opportunity to own what you’ve created and a legacy you can pass on. Here are 20 stops as you travel on your road to independence.
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Summary: Young financial advisors are already showing discerning observers what their business will look like in the not-too-distant future, Bob Veres writes in Advisor Perspectives.The practice-management guru sees a number of big changes coming into view, either ushered in or embraced by advisors younger than 36. Among them are innovations touching on custodial relationships, fees, technology and marketing.
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Summary: If you're a fisherman, exaggerating the size of the fish you caught is a tradition. When you're an investment adviser, however, exaggerations can get you caught up in compliance problems. Like all business owners, advisers need to sell themselves to prospective clients, but they should never oversell their abilities and experience. Although they might hook a few more clients with exaggerations, they are also likely to lure examiners to their offices.
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Summary: Advisors from all over the country descended on Chicago for the Envestnet Advisor Summit, held May 14 to 16. Sessions ranged from the usefulness of new enhancements to the firm's cloud-based advisor software to discussion panels on investment, planning and practice management topics. The article provides some key takeaways from the conference.
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Summary: For Quest Capital Management, an internal buyout turned out to be the best way to solve a succession planning dilemma. When a founding partner wanted to step down, Dallas-based Quest initially planned to use an external sale to give him a way to cash out, said Kalita Blessing, one of the firm's second-generation partners. But after a three-year dance with banks, RIAs and investment bankers that lasted from 2007 to 2010, Quest's shareholders changed their mind.
