From wealthmanagement.com
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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.
From Financial Advisor IQ
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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.
From Think Advisor
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Summary: Advisors must cringe now and then when contemplating an iPad-wielding young executive logging on to an online investment site, opening a new account and e-signing documents while the advisor is working hard the old-fashioned way, his business seemingly falling by the wayside.
From IRIS
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Summary: Planning for an orderly business succession seems to be one of those professional best practices more honored in the breach than the observance, especially among financial advisors. Independent research shows that fewer than 40% of all advisors—including those affiliated advisors who count on their broker-dealers to provide a backup plan—have a succession plan.
From Financial Advisor Magazine
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Summary: Whether you’re a solo practitioner or a partner in an ensemble practice (or work for one), I suspect that business is good for you these days. That said, some in our field believe you’re going to be out of business within five years.
