Knowledge and Insight
Take advantage of the wealth of information in the Knowledge and Insight Digest. Read curated and organized industry articles.
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Advisor Opportunity? Emerging Millionaires, Study Shows
Added on January 2014 in Thought Leadership
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Summary: The study from Fidelity's Insights on Advice series shows that 77% of those averaging $800,000 in total assets and an average household income of $150,000 do not have a written financial plan with 70% reporting they are "not very knowledgeable" about investing. Even so, only 51% said they work with financial advisors and 39% are "choosing to go it alone" with investing. Of those not working with a financial planner, 46% indicated they felt advisors "aren't interested in investors with smaller assets" and 53% were turned off by advisor fees.
Steering Business Owners Toward an Exit Strategy
Added on January 2014 in Manage Your Practice
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Summary: As the Great Recession pummeled the U.S. economy, one slice of it has kept growing: small, privately owned companies. In fact, small businesses are creating more new jobs than large corporations, and their failure rate has actually declined. That has led some financial advisors to differentiate themselves in a competitive market by helping entrepreneurs with succession planning. While experts say laying out exit strategies for entrepreneurs isn’t always hugely profitable on its own, it often leads to more financial-planning opportunities.
The Hard Realities of Selling Your Firm
Added on January 2014 in M&A Issues
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Summary: When it comes time to sell your financial-advice business, it may help to know that your experience in assessing prospective clients gives you at least one skill that’s vital for making smart deals: a nose for a good fit.
Financial advice business grapples with diversity challenges
Added on January 2014 in Join an RIA
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Summary: While America is only decades away from becoming a minority-majority country, the financial planning industry is still stuck with demographics that are eerily reminiscent of a 1950s sitcom. At 76% male, the industry claims only a slightly higher proportion of women than in police jobs nationwide, according to the Bureau of Justice Statistics. Young people don't fare well either, with more than half of planners topping 50.
Advisors Can Fill Obamacare Knowledge Gap
Added on January 2014 in Thought Leadership
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Summary: A financial advisor who knows the ins and outs of the Affordable Care Act (ACA) and Medicare will have a huge advantage over those who do not, according to John Carter, president and COO of Retirement Plans for Nationwide Financial. According to the Nationwide survey, What Americans Don’t Understand About ACA, 75 percent of boomers do not know that the ACA does not cover long-term care. Likewise, 76 percent do not know their personal benefits under ACA and 37 percent do not know what the ACA exchanges are
