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Summary: As competition for the assets of retiring advisers heats up, the wirehouse firms have been updating their succession programs for aging advisers. This year, the big four are knocking the dust off old succession programs and revamping them with new names, higher payouts and lower barriers to entry.
Added on March 2014 in Form an RIA
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Summary:
RIAs are loathe to increase their fees, believing it alienates clients. But a recent analysis by Russell Investments shows advisors are worth as high as 4.33 percent, much higher than the typical 1 percent that many FAs charge for their services. In a blog post on Russell’s website, Brad Jung writes that the value of an advisor is more than 1 percent. Jung suggests advisors use the following formula to determine how much they should be charging:
A + B + C + P > Your fee
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Summary: Expect banks to become bigger players in the wealth management space. According to a new study by Fidelity, over half of bank executives expect to grow their revenue from wealth management practices by 25 percent in the next five years. After dealing with the financial meltdown and the effects of regulatory change, banks are now looking for new revenue opportunities, with a particular interest in fee-based business, according to the Fidelity Bank Wealth Management Study.
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Summary: The nation's business owners are an affluent bunch and they require a broad swath of services from a financial adviser — but the potential pay-off to advisers may be many years down the road. About one-third of the nation's wealthy investors, those who have $1.5 million or more to invest, are business owners, and that proportion jumps dramatically as wealth level rises, a new study finds.
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Summary: For advisors, technological change can seem both lightning fast and very slow. As Victor Fetter, LPL Financial’s chief information officer, pointed out in his keynote session at February’s Technology Tools for Today conference, the broad technology themes for advisors — the cloud, mobile, social tools and business intelligence — are largely unchanged from a year ago. In fact, almost every session or product announcement at the conference was in some way tied to one of those themes.
