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Summary: The Alliance for Registered Investment Advisors (aRIA), a think-tank comprised of six elite RIA firms that collectively manage more than $20 billion in client assets, today released the final two case studies of a six part series on their member RIA firms. Entitled "The Grass Is Only Greener If They See It: Helping Wirehouse Firms To View Your Firm As A Destination" and "Turning Your Practice Into A Business: Creating Profitable, Manageable & Sustainable Enterprise Value".
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Summary: Much has been made of the crisis facing the financial adviser industry as aging advisers exit and the industry searches for younger advisers to step in. According to the latest from Cerulli Associates Inc., over 100,000 advisers are projected to leave in the next ten years — a full third of the industry. Just like in every industry, there is a natural evolution of growth, maturity and then a disruption or tipping point, often caused by technology, that transforms it to take on a different shape and direction.
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Summary:One of the most useful lessons I've learned during my time as an adviser to corporate executives is the importance of developing an area of expertise. It's one of the founding principles that my partners and I operate on as a firm and it's a good concept for us to remind ourselves of as advisers: You cannot be all things to all people.
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Summary: The topic of continuity/succession planning is on everyone’s minds these days. Aggregators see an opportunity to acquire additional assets. Young advisors see an opportunity to grow their firms. Custodians want to ensure those assets remain in their custody despite any change of control.
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Summary: t goes without saying that successful advisory practices are built on working long hours, developing the right skills and leaning on experts for help. But along the way, sometimes an event or situation arises that gives a fledging financial adviser that needed boost to help him or her realize their dreams: the lucky break.
