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Summary: It’s no surprise that prospecting is the No. 1 challenge advisors face, year after year. When, as part of National Underwriter’s recent Independent Producer Study, we asked about the most challenging aspects of selling insurance products, 55 percent of respondents named prospecting as their top trial.
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Summary: A great deal has been written about succession planning over the last two years. Most of it focused on selling your practice to either a younger version of yourself or merging into a larger firm and transitioning your clients over a period of time. Clearly they are options, but they may not be the best options. We believe you are better off redesigning your practice to accommodate your lifestyle – perhaps a retirement lifestyle – and continuing to run your practice for many more years before considering a sale.
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Summary: Niche financial-advice firms focus on clients they like, build skills that they can use across entire client bases and, through success with a particular constituency of clients, forge lasting client relationships and a steady flow of reliable referrals, according to RIA Central. Nicheless advisors should look at their books of business to identify clients they like best.
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Summary: As financial advisers, we often get so wrapped up in constructing and implementing structures to pass money on to the next generation that we forget about family dynamics and the generational patterns that exist. If we don't understand some of those dynamics, however, our best-crafted plans could fail.Using a genogram to map a client's family history helps identify financial patterns and values over generations. A genogram looks like a family tree, but it also provides detailed information on family relationships.
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Summary: America is a graying society, but for the wealth management industry, that could mean opportunity for young advisers.“Panelists discussed the reasons college graduates and people changing their careers might consider becoming a financial adviser at the InvestmentNews NextGen Virtual Career Fair.
