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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Advisors slow to train successors
From CNBC
Added on May 2014 in Plan for the Future
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Summary:The dismal demographics of the financial advisory industry have been well documented, but aging advisors continue to drag their feet when it comes to succession planning and preparing for their own retirement. Data produced by research firm Cerulli Associates suggest a bleak outlook for the industry. Aging advisors are expected to retire in droves over the next two decades, and relatively few young people are entering the industry to take their place. Financial advisors without a succession plan for their practices put not only their own retirement at risk but also the well-being of their clients.
Succession Planning: How to Partner With a Younger Advisor
From Financial Planning
Added on May 2014 in Plan for the Future
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Summary: May-December pairings may provoke the occasional snide look — Michael Douglas and Catherine Zeta-Jones, anyone? — but for financial advisors trying to plan for retirement, they can be a romantic ideal. For older advisors, bringing on new talent helps pave the way for a succession plan that protects existing clients while creating a payout for the founding partner.
Financial Planning's Future: CPAs?
From Financial Planning
Added on April 2014 in Plan for the Future
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Summary: There are tried-and-true battle plans as firms labor to recruit planners into their ranks: poach from rival firms, lure brokers away from the wirehouses, train new graduates to become CFPs, etc.But as HD Vest President and CEO Roger Ochs sees it, the practice of essentially trading advisors with other firms is a zero-sum game. Instead, HD Vest - which believes that a tax return is a "road map" that can help a professional build a comprehensive financial plan - seeks to fulfill its growth strategy by turning CPAs into CFP/CPAs.
Hello Kids--or Goodbye Assets
From Wall Street Journal Online
Added on April 2014 in Plan for the Future
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Summary:The average adviser is around 50 years old, and the average client is a few years older. That means the children of our clients are reaching an age when they make independent financial decisions. What happens if they don't feel much of an affinity with you? Hello, next gen. Goodbye, assets.
Building Millennial Advisor Talent
From ThinkAdvisor
Added on April 2014 in Plan for the Future
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Summary: Propelled by a sense of urgency, wealth management firms are rethinking the way they train and develop young advisors—a move they hope will crimp the coming talent crisis.More than one-third of U.S. financial advisors plan to retire over the next decade, according to a report from Cerulli Associates in February. In order to keep up with demand, the industry will need to add over 200,000 new professionals.
