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Summary: Many writers, including me, have discussed the ways the U.S. will be affected by people living longer lives. The big question for the developed economies is how these changing demographics will affect their social safety nets and reduce productivity when there are many more older people. But how will the changes affect the RIA business? I rarely hear this question. Yet demographics will affect the ways RIAs offer service and the tools they use.
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Summary: The ability to communicate and perform financial transactions over the internet has provided convenience and time management for many people. However, with more and more transactions conducted over the web, the federal trade commission reports that about 9.9 million people are victims of identity theft each year.
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Summary: Twenty percent of advisors will likely exit the business voluntarily or involuntarily over the next five years; yet two-thirds of firms don’t have business continuity or succession plans, said Pershing CEO Mark Tibergien, speaking during a session at the Financial Planning Association’s annual conference in Baltimore this week.
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Summary: Many RIA owners look to their employees to take over the business when they retire. Yet some advisers are overlooking critical aspects of what an internal succession plan actually entails.
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Summary: Advisors hopefully have communicated with their clients about how they should address concerns if the client is beginning to show signs of dementia, but what happens if advisors’ own cognitive decline prevents them from fulfilling their fiduciary duties?
