Plan for the Future
Contingency and succession planning are critical to your advisory firm's success. Review the wealth of information.
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Dear Old-School Advisor: Change Your Ways, or Lose Our Business
From Financial Planning
Added on May 2014 in Plan for the Future
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Summary: What group is 85-million strong, holds $1.5 trillion in purchasing power and drives the market in every industry but health care? The under-35 generation known as “millennials. Financial advisors know by now that they cannot ignore this group. But Brandon Moss, a 35-year-old managing director for United Capital Private Wealth, which has roughly $10 billion in assets under management, homed in on that point at the Dallas Women Advisors Forum.
Young Practitioners Point the Way Forward
From Financial Advisor IQ
Added on May 2014 in Plan for the Future
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Summary: Young financial advisors are already showing discerning observers what their business will look like in the not-too-distant future, Bob Veres writes in Advisor Perspectives.The practice-management guru sees a number of big changes coming into view, either ushered in or embraced by advisors younger than 36. Among them are innovations touching on custodial relationships, fees, technology and marketing.
Lessons From an Internal Buyout
From Financial Planning
Added on May 2014 in Plan for the Future
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Summary: For Quest Capital Management, an internal buyout turned out to be the best way to solve a succession planning dilemma. When a founding partner wanted to step down, Dallas-based Quest initially planned to use an external sale to give him a way to cash out, said Kalita Blessing, one of the firm's second-generation partners. But after a three-year dance with banks, RIAs and investment bankers that lasted from 2007 to 2010, Quest's shareholders changed their mind.
Shortage spurs rising interest in financial-planning grads
From CNBC
Added on May 2014 in Plan for the Future
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Summary: The academic community is doing its part to fill the growing need for more financial advisors. With numerous studies suggesting there could be an acute shortage of financial advisors as the baby boomer generation of advisors retires from the industry, universities and colleges are launching new financial-planning programs and educating more students specifically for a career as a financial advisor.
Succession Planning for Family Foundations
From Wall Street Journal Online
Added on May 2014 in Plan for the Future
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Summary: A wealthy family's expectations that its charitable foundation will thrive for many generations can crash in just one.Too often, says philanthropy consultant Mollie Bunis, the family really hasn't planned for the day when the founder is no longer around. That happened not long ago with a multimillion-dollar family foundation in the South, she recalls: The patriarch died and, while he had children and grandchildren, no one had bothered to name a successor.
