Knowledge and Insight
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Keep Wealth Transitions From Costing You Money
From Financial Advisor IQ
Added on January 2014 in Manage Your Practice
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Summary: You can lose a client at any time and, really, for pretty much any reason. But divorce, dementia and above all death are high on the list of unfortunate circumstances. More than half of widows (55%) ditch their husband’s advisor, and almost all (98%) of next-generation inheritors fire their parents’ advisor, says client-data reporter Blueleaf, citing a study from PwC. A measure of client attrition is inevitable. But advisors can prevent some losses by taking action before it’s too late, according to Trust Advisor.
43% of Advisors Older Than 55: Cerulli
From Think Advisor
Added on January 2014 in Plan for the Future
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Summary: Nearly half of the advisor work force is at or near retirement, which means more firms must recruit younger advisors to accelerate their succession plans, and also puts BDs and custodians at risk of losing assets under management, according to a just-released study by Cerulli Associates.
7 business-building lessons advisers can learn from Amazon
From InvestmentNews
Added on January 2014 in Manage Your Practice
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Summary: Amazon went from nothing to $150 billion in market cap in just 20 years. What can you learn from its success and apply to your own firm? Brad Stone's new book, "The Everything Store" (Little, Brown & Co., 2013), chronicles the rise, fall and rise again of that behemoth of technology that is Amazon. Here are 7 lessons from “The Everything Store,” that you can use to build your company.
Grooming heirs is a continuous process
From InvestmentNews
Added on January 2014 in Plan for the Future
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Summary: Financial advisers who own a firm or have clients who are business owners appreciate the need for sound succession planning. Having a plan in place ensures stability well into the future, which means that clients are more likely to be around for multiple generations.The trick is that a good succession plan is like a battle plan: It's perfect only until it goes into action, and then it's likely to fall apart in five minutes.
Owner, Manager And Leader
From Financial Advisor
Added on January 2014 in Manage Your Practice
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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.
