Added on March 2014 in M&A Issues
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Summary: As more and more Baby-Boom-vintage advisory firms come up for sale or succession these days, the question of valuation is a recurrent theme. There are many methods to value a “small business” such as independent advisory firms—discounted cashflow, a multiple of earnings, a percentage of client AUM, etc.—but revenue multiples get little respect these days.
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Summary: When it comes to reshaping your practice, there are a lot of loose ends, but there's one that most advisers put off year after year — their website. I've seen it: the stock photography from 1985, that goofy animated banner, and those crooked pages that no one bothered to fix. And that's looking past the fact that there's really not much on there (other than your phone number and your address) that is really of value to visitors.
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Summary:Most of Sophia Bera's financial planning clients have never met her in person, and they don't seem to care.Bera, a newly minted financial advisor in Minneapolis, operates almost completely online. The majority of her clients are twentysomething millennials, and most of them are outside Minnesota.
Added on March 2014 in Form an RIA
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Summary: A proposal advanced Monday by Wall Street's industry-funded regulator that would require greater compensation disclosure has exposed a chasm in the advisory industry, pitting smaller broker-dealers against large wirehouses and independent advisers.
Added on March 2014 in M&A Issues
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Summary: More than a decade of pitching mutual funds and annuities to financial advisers convinced G.C. Lewis of two things: He wanted to become an adviser himself, and building one from nothing would be a huge challenge."It's very difficult today to start a financial-advisory practice from scratch," says Mr. Lewis. "The old days of cold calling don't work nearly as well...Today, more investors are looking to find advisers through referrals."
