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Summary: The RIA business was a lonely place when Brent Brodeski joined Savant Capital Management in 1992. He and founder Thomas Muldowney had no forum for talking with other registered investment advisers about how best to manage customer relationships or the back office, what to pay staff and other mysteries of running an advisory practice. After three years, Mr. Brodeski set out to address this glaring lack of support. He helped launch Zero Alpha Group, an alliance of independent advisers who share business knowledge and best practices.
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Summary: t’s no secret—more client referrals mean better business. In fact, a 2010 report by The Oechsli Institute found that 54 percent of affluent clients surveyed had made their selection of financial adviser as the result of a personal introduction. However, many clients find being asked outright for referrals to be off-putting or overly aggressive. With an increasing emphasis being placed on garnering client referrals and gaining client trust, how do you generate one without jeopardizing the other?
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Summary: In our upcoming benchmarking study, the 2014 InvestmentNews Financial Performance Study of Advisory Firms, one of the questions we sought to ask was: How can advisory firms, which have experienced near exponential growth, make their prosperity sustainable?
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Summary: RIAs may be the fastest growing channel, but despite the recent billion-dollar breakaway teams going independent, wirehouse advisors are still more productive. The wirehouses employ a total of 54,189 advisors, but manage $6 trillion in client assets, according to Aite Group’s 2014 Wealth Management report. Meanwhile there are 58,112 independent RIAs, but they only oversee $2.3 trillion in client assets—less than half of the assets held by the big brokerage firms.
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Summary: A survey of American investors has revealed a strong preference for traditional financial advice remains, despite the rise of online asset allocation tools.
