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Summary: If financial advisers want to build a strong and sustainable business, they need to develop a mentoring program for young employees. “I've seen a lot of great people wash out of the business in their first two or three years,” Christine Gaze, TD Ameritrade Institutional's director of practice management, said during InvestmentNews' NextGen Virtual Career Fair on Friday.
Added on November 2013 in Form an RIA
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Summary: Advisors who run their own firms need to stop thinking of themselves as practitioners who happen to be business owners and start seeing themselves as business owners who happen to be practitioners, says a new white paper from the SEI Advisor Network. The paper touts “independence, integration and intelligence” as steps to greatness.
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Summary: Wealth management firms seeking to grow by recruiting new advisors need to first develop a clear business strategy. That was the message industry consultant John Furey, principal of Advisor Growth Strategies, pounded home to advisors at Schwab Advisor Services' annual Impact conference on Monday.
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Summary: Many financial advisors join forces at some point, either with peers or with clients’ accountants and attorneys, to decide what’s best for those clients. And in any convocation of experts, disagreements are bound to arise. Advice firms can take steps to make sure healthy debate doesn’t sour into discord that could wind up endangering client relationships.
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Summary: Best-managed advisory firms are constantly innovating, revising their business plans and seeking to drive the next iteration of growth. What is different for advisory firms now is the pace of change is so fast that standing still is not an option – advisors may simply be lapped by the field!
