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Summary: A psychiatrist wanted to resign from his job at a state teaching hospital and start a small private practice. But he was having trouble making the endeavor pencil out once he factored in paying for his own health insurance. The adviser listened to his client's concerns, but then took a step back to ask a different question.
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Summary:The dismal demographics of the financial advisory industry have been well documented, but aging advisors continue to drag their feet when it comes to succession planning and preparing for their own retirement. Data produced by research firm Cerulli Associates suggest a bleak outlook for the industry. Aging advisors are expected to retire in droves over the next two decades, and relatively few young people are entering the industry to take their place. Financial advisors without a succession plan for their practices put not only their own retirement at risk but also the well-being of their clients.
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Summary: Financial advisor Carrie Gallaway left Morgan Stanley in March to join Lebenthal Wealth Advisors, a New York-based RIA with more than $2 billion in assets under management. She and her business partner, Andrew Stern, had been with Morgan Stanley and predecessor firms for more than 15 years and managed about $1.2 billion. Lebenthal uses RBC Wealth Management and Pershing as its main custodians, and investment platforms including Envestnet, FolioDynamix and Fortigent.
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Summary: May-December pairings may provoke the occasional snide look — Michael Douglas and Catherine Zeta-Jones, anyone? — but for financial advisors trying to plan for retirement, they can be a romantic ideal. For older advisors, bringing on new talent helps pave the way for a succession plan that protects existing clients while creating a payout for the founding partner.
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Summary: A financial adviser should never get caught off guard — or show surprise or resentment — when a client raises a question about fees. After all, surveys have shown that financial advisory fees are widely misunderstood. A 2011 study by Cerulli Associates Inc. found that 33% of investors did not know how they paid for investment advice, and 31% said they thought the advice they got was free.
