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Summary: Social media has made the opinions of others even more important to our decision making and advisors should pay attention. Consumers used to depend mainly on two factors when making a buying decision: Prior preferences or marketing, according to a recent article in the Harvard Business Review. In the past a third factor, other people’s opinions, had been only a minor influence. But with the rise of social media, the opinions of others have become a dominant force in purchasing decisions. Research indicates that this is especially true for purchases that involve higher levels of service interactions
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Summary: Neuroscientists will tell you that the best time to absorb important information is when you're relaxed. Our summer reading list may be work-related, but reading these gems away from the office makes all the difference. We've talked with advisors to compile a list of the top books you should be sure to read this summer. The return on your investment will be intangible, but substantial - enjoy your vacation!
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Summary: Judging by the amount of coverage succession planning has been getting in the trade press in the past couple of years, it is one of the most pressing problems facing the independent advisory industry today. It's certainly an issue for tens of thousands of baby-boom age owner-advisors who are quickly approaching retirement age—and for the younger advisors in their firms who are hoping to take control and bring those firms into the 21st century.
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Summary: Top financial advisors overwhelmingly prefer to work in teams. Of the recently published FT 300 ranking of elite RIAs, 89% are in teams. And among FT 400 advisors — those employed by a large broker-dealer — nearly 86% belong to a team.
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Summary: My job gets me out of the office on a regular basis, visiting strategic partners and attending conferences. One of the things I love is meeting the people in our industry. Advisors on the whole are entrepreneurs and as such, have to have big personalities and the drive to survive. Therefore, those who service and advise them have to be the same. In today’s blog post, I have a discussion with a man who clearly fits this description: Michael Kitces.
