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Summary: Now that you've made the decision to form a revenue-sharing relationship with an accountant, attorney, a P&C firm, or a bank/credit union professional partner, you are undoubtedly thinking about the first steps you should take in establishing this new relationship.
Added on March 2014 in Join an RIA
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Summary: Losing clients and leaving money on the table are risks that more young advisors are willing to take, especially with social media as a viable workaround to the non-solicitation straitjacket. When Justin Richter left a bank last year to join a different one in the same city, he went through the process of gradually moving his clients over and building up a new book of business.
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Summary: It seems to me that all the preaching about succession planning is having the opposite effect on those we hope will get the message. It's kind of like when your parents forbade you to hang out with “so-and-so”—and then you went out of your way to have a clandestine encounter with that person, even though you knew he or she was bad for you. To add emphasis, your rendezvous took place in the most disreputable location you could find.
Added on February 2014 in M&A Issues
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Summary: Some financial advisers have found a way to work less, keep their best clients and even pocket a little change. These advisers, many close to retirement, are selling their smaller client relationships to another adviser or firm. Though it can be an emotionally difficult process, some think it's a great solution to help aging advisers, struggling junior advisers and even investors with lower account sizes.
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Summary: Marketing is a necessity for financial advisors, no matter how big your brand is or how much you manage, according to Beverly Flaxington, a practice-management coach in Medfield, Mass. The reason? “Because everybody Googles,” says Flaxington. “Before anyone calls you, they do a search, and if you’re an advisor who’s not getting found in Google searches, if you don’t have a functional and updated website, if you’re not seen online being quoted in articles, then people will wonder what’s wrong with you.”
