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Summary: For advisors to the wealthiest families, a new report suggests that it's not what you do that matters -- it's how you do it. More specifically, it's the way that wealth management services are delivered to rich families -- as opposed to the service menu itself -- that has become the biggest differentiator for leading advisory firms, according to a new report from the Family Office Exchange. That smarter approach to client service is what will help firms stand out in an era of product commoditization, according to the report, The State of the Art in Family Wealth Management.
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Summary: Mr. Clark, a passionate home chef, has discovered that cooking meals for his clients provides a unique way to educate them about financial planning and deepen the client relationship. Mr. Clark usually cooks once or twice a month for new clients, and often their friends or family. But the meal is never just about the food.
Added on April 2014 in Join an RIA
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Summary: Advisors who break away from wirehouses or big regionals don’t expect a goodbye kiss. Instead, they often get hit right in the gut. ThinkAdvisor’s recent story about Edward Jones’ alleged treatment of feisty breakaway advisor John C. Lindsey, who fought back and won when the firm sued him for $5 million, struck a major chord with other advisors, especially those whose dream jobs turned into nightmare alley when they resigned.
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Summary: Based on my past life as a financial advisor and my current role in which financial advisors are my clients, I have seen a lot of best practices by advisors — and witnessed their biggest mistakes. Here are five things that advisors do wrong, so you can get them right.
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Summary: Revenue that advisers generated from client assets fell during each of the past two years, even though they increased their assets under management over that period, a new report shows.The average revenue advisers generated from assets declined to 0.68% last year, from 0.69% in 2012 and 0.72% in 2011, according to a PriceMetrix Inc. report released Monday that analyzes transaction and account data of 40,000 advisers.
