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Summary: A select group of financial advisors have already reached more than $50 million in assets under management despite having less than five years of experience. This group accounted for just 5.1% of the more than 2,100 financial advisors surveyed recently by CEG Worldwide, but their success led us to ask: This slide show provides an overview of what traits and behaviors help set this group apart.
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Summary: While the precise statistics vary depending on the source, all studies point to the fact that less than 25% of advisers have viable succession plans in place. Looking at the demographics of our industry drives this point home further. According to Cerulli Associates Inc., across all channels, including RIAs and wirehouses, advisers who are at least 60 control more than $2.3 trillion in client assets. For advisers like these, there has never been an industrywide solution to help protect their clients, their employees and their families for the long term.
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Summary: It’s a happy milestone when a financial-advice firm grows big enough to warrant hiring support staff. It can also present a fresh challenge for the founding advisor, who may never before have thought much about how to find trusted employees. WealthManagement.com offers guidelines to help ensure your practice doesn’t turn into a revolving door for underperforming, dissatisfied staffers.
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Summary: Today, most owner-advisors launched their firms using well-established business and service models, taking on the challenges of a startup because they wanted to take care of their clients their own way. Consequently, most of today’s business management wisdom doesn’t really apply to independent advisory firms, with one major exception: the changing roles of firm founders and advisors who were hired as the firm grew.
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Summary: The future is uncertain in a lot of ways, but the industry is already in flux. There are some ways that advisors can prepare for what’s coming to achieve their business goals and serve their clients well. The future always presents challenges, but also opportunities for those who are prepared. In the future, that is, today, four major trends are affecting your clients and your businesses.
