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Summary: My belief is that when management and especially leadership in a large advisory firm come from the ranks of the practicing partners, who have grown their careers within the firm, the result is more likely to be a powerful representation of the client service philosophy of the firm and its values in the process of guiding the future of the firm. The opposite is also true. When the firm “imports” its future managers and leaders, the result is often a disconnect between the culture of the firm and the people who set its direction.
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Summary: As the Great Recession pummeled the U.S. economy, one slice of it has kept growing: small, privately owned companies. In fact, small businesses are creating more new jobs than large corporations, and their failure rate has actually declined. That has led some financial advisors to differentiate themselves in a competitive market by helping entrepreneurs with succession planning. While experts say laying out exit strategies for entrepreneurs isn’t always hugely profitable on its own, it often leads to more financial-planning opportunities.
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Summary: Advisors who specialize in college-planning issues for affluent clients get a fair share of their business from general-practice advisors who are happy to admit they know only enough about it to be dangerous.
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Summary: When an experienced professional learns from a rookie, the dynamic is sometimes known as reverse mentoring. But many advisors say letting a young protégé teach them a new trick or two is just common sense. In addition to helping the older generation keep abreast of changing technology, younger colleagues can help their older peers to understand and attract the next generations of clients.
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Summary: 2014 is here and many of us are in full swing trying to form new habits and break old ones. As a business owner, entrepreneur and an official “Gen Y Planner, Beth Storjohann, founder of Workable Wealth, shares a few personal resolutions for the New Year to make 2014 a big year.
