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Summary: It comes as no surprise to learn that over 65% of financial advisors have no fully documented succession plan according to a recent study Private Advisor Group conducted. After all, advisors in the independent channel are often times solo practioners who are working their way towards their own retirement as they help their clients with the same.
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Summary: Social media has transformed the financial-services sector in several significant ways, from improving customer service to creating an entire subsection of financial-technology providers. Social media is no longer optional, it’s a necessity. But with such a high level of penetration comes a new subset of challenges; namely, how to stand out from the crowd and ensure your customers are being reached.
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Summary: Recruiting has been relatively quiet this year – a function, in part, of a major piece of uncertainty. No one is quite sure how regulators will ultimately expect financial advisers to implement the fiduciary rule in their practices. Advisers can't make strategic business decisions if they don't know what the rules of the game are.
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Summary: Nothing raises anxiety more than uncertainty, and business owners are constantly up against the unknown. Market changes, comprehensive tax reform, personal developments—any number of events could dramatically change the way business owners operate their business and their decision-making, particularly when it comes to their exit strategy.
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Summary: Things have been very difficult at our advisory firm since one of the partners announced his intention to retire. I’ve read a great deal about succession planning and I can honestly say, we don’t have one...
