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Summary: Don’t try to recruit millennials by emphasizing the money they'll make or the firm's reputation.Those things don't matter much to them, said Amanda Smith, a senior vice president and head of marketing at National Financial, during a presentation at BISA's 2015 annual convention.
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Summary: Financial advisors should target younger clients because they will grow faster and give advisors a fundamentally sounder book of business, according to PriceMetrix, a practice management and data services company.
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Summary: You spend your most productive years building an advisory business. You earn your clients’ trust and develop the relationships over time. They are your clients because of the service provided by you and the team you have assembled.
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Summary: The volume of dealmaking in the wealth management industry is grossly understated, Dan Seivert, CEO and founder of ECHELON Partners, told advisors earlier this week at Pershing Advisor Solution’s regional conference. His firm estimates between 3,000 and 9,000 people are breaking away and joining other firms, compared to the 700 to 800 breakaway deals reported in the media.
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Summary: Rookie advisors may have great personalities and a go-getter attitude, yet still fall short when it comes to bringing in new assets. To get them over the hump, advisor Andrew Ahrens has a formula. On the one hand, he spends considerable time working with the three new FAs at his Lafayette, La.-based practice, helping them build their professional networks. At the same time, he hands over some of his own clients to the newbies.
