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Summary: In the advice business, it's better to be David than Goliath in the current environment of regulatory and environmental uncertainty. Registered investment advisers and mid-size broker-dealers stand to benefit as new regulations, low interest rates and a slow-growth economy continue to drive layoffs and consolidation in the industry, said Brian Shea, president of investment services at BNY Mellon Corp.
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Summary: There's a way to fix the financial advisory industry's reputation, as well as its connection to Gen Y clients and talent, said Mark Tibergien -- but it's going to take advisors' help to make it happen.
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Summary: Even the name robo-advisor is derisive. It creates an image of uncaring, lack of humanity and inflexibility. It is the term that is now being broadly used by advisors to describe the new breed of technical startups (upstarts) that directly connect a technical-savvy investor with a suite of analytic tools that allow them to create their own financial plan or investment portfolio. A name this disparaging shows that advisors have some fear of this new model of financial advice.
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Summary: Living and working in Harrison, Ark. (population: 15,000), Ken Savells took an appropriately small town approach to marketing. “I got on the phone and then I met with people,” says Savells, who started his practice Centurion Financial Services in 1999. “I just know a lot of folks in town. It was all through face-to-face relationships.” Savells continued following that tack until about four years ago, when he found he had to spend a lot more time serving clients than gathering new ones.
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Summary: Planners gathered in Salt Lake City last week for NAPFA's annual spring conference, hearing the latest thinking on behavioral finance, student debt, practice management and more. Here are a few of the smartest things that Financial Planning's staff and contributors heard at the conference.
