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Summary: As an independent firm grows, the role of an owner evolves from being a player on the team, to leading and managing an organization. Eventually, size and complexity will drive the need for greater professional management to help drive the owner's vision. Firms facing this need have three options: have the owner move into professional management and reduce responsibilities, elevate next generation professional talent from within or hire professional management from outside.
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Summary: Only 163 advisers who managed $26 billion in assets have switched firms so far in 2016, according to an analysis by On Wall Street. That's a 42% drop from the same period in 2015 and down 22% from 2014, when a total of 555 and 481 advisers, respectively, switched firms.
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Summary: Beth Blecker, 62, wants to find a female advisor to join her 20-year-old financial planning firm and hopefully take her place when Blecker retires, ideally in about seven to eight years.
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Summary: Some advisors are already leveraging technology, or if they aren’t, know they should be. But you shouldn’t be jumping on the tech bandwagon just because everyone else is! First, it’s important to understand how technology sets you apart from other advisors. Technology increases your efficiency, creates opportunities, and enhances the service you provide your clients. Read on to see all the ways great technology can make you a better advisor.
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Summary: The financial planning industry is counting on universities to produce young planners who will replace the older practitioners who are nearing retirement. The CFP Board of Standards, with the financial backing of TD Ameritrade, recently announced plans to encourage more academic research into topics central to financial planners, and to groom more academics to obtain advanced degrees and thus become the teachers of those undergraduate financial planning students.
