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Summary: Innovation is the lifeblood of any industry. An industry where innovators are few and new ideas die before seeing the light of day is an industry that will wither. That is why InvestmentNews is recognizing icons and innovators in this issue.
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Summary: In the face of escalating regulation, increased commoditization, and fewer people entering the profession, the advisory business is undergoing many changes. BNY Mellon's Pershing Advisor Solutions chief executive officer, Mark Tibergien, and BNY Mellon's global head of segment and technology marketing, Kim Dellarocca, have co-authored a new book challenging commonly-held industry assumptions and put forth a strategy for building an enduring wealth advisory business.
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Summary: One of the biggest but hardest-to-predict costs when it comes to personnel is turnover. The Center for American Progress estimates that replacing an employee with a mid-range salary ($30,000 to $50,000 a year) costs 20% of that salary. And the process takes 52 days on average — just imagine the cost of that lost productivity.
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Summary: Having spent a number of weeks speaking at, or chairing, various industry events – I’ve become aware how much focus there is on technology. FS firms in particular appear nervous about rise of FinTech/InsTech & convinced they should focus on digital & technology for growth.
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Summary: Cash flow is a critical element in quantifying gaps between owners’ personal and financial resources and the resources they need to exit their businesses on their terms.
Based on conversations they’ve had with or overheard from other owners, business owners commonly ask their advisors a variation of the following question: “Do you think I can get a six-times multiple for my business?” How would you respond to this question?
