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Summary: Fidelity Institutional announced Wednesday that is has opened an intriguingly named “Office of the Future” on its Smithfield, R.I., campus. The office was designed with input from the Fidelity Center of Applied Technology to address macro technology trends that have the biggest impact on advisors in the near future: mobile, pervasive video, evolving interfaces, cloud computing, social media, big data and gamification.
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Summary: A financial adviser should never get caught off guard — or show surprise or resentment — when a client raises a question about fees. After all, surveys have shown that financial advisory fees are widely misunderstood. A 2011 study by Cerulli Associates Inc. found that 33% of investors did not know how they paid for investment advice, and 31% said they thought the advice they got was free.
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Summary: Some RIAs are intentional entrepreneurs and some are accidental ones, as one Los Angeles financial advisor puts it. But both types may need help developing the skills required to build a growing firm. Jonathan Foster, founder of Angeles Wealth Management, calls himself one of the former: He started out in the wirehouse sector, shifted to a series of roles at eTrade, Carson Wealth Management and other RIAs before founding his practice in late 2011.
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Summary: People make mistakes. And when the mistake maker is a financial advisor, and the error affects a client, experts say a clear and unambiguous apology is called for. The rewards are easy: client loyalty and trust that goes on for years to come,” writes Xenos. “Also, it helps you as an advisor clear your conscience and feel truer with the relationship.
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Summary: 12th year of the IA 25, annual list of the most influential people in and around the advisor industry. All the editors of the Investment Advisor Group—of Investment Advisor and Research magazines and ThinkAdvisor.com—weighed in over several months to choose individuals who in our judgment have been influential, are influential and likely in the future will influence the markets; how advisors invest and plan retirement for clients; and who will affect the regulatory and legislative environment in which advisors operate.
