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Summary: The early months of a new year is a great time to review strategy and set goals for an advisory practice. These self-examinations can be integrated into regular workdays in the office, of course. But many advisors prefer to host them in off-site locations, which allow team members to step back physically and mentally from their day-to-day tasks.
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Summary: RIAs are missing out big time on a $5 trillion dollar market, according to Skip Schweiss, managing director of advisor advocacy for TD Ameritrade Institutional.
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Summary: Elite advisory firms distinguish themselves in many nuanced ways. But there appear to be three big areas in which the top-performing advisory firms (leading firms) have made the right decisions that helped them truly stand out: human capital management, technology implementation and profitable pricing.
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Summary: Everyone has blind spots. This concept was popularized in a model created by two UCLA psychologists, Joseph Luft and Harry Ingham, in 1955—the Johari Window. Now most people are familiar with the model, or have at least heard of it, but not much has changed when it comes to activating the mental strength required for self-awareness. I’m referring to a high-level awareness that enables you to learn your “blind spots” a.k.a. weaknesses.
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Summary: We had a conversation recently with a financial adviser who recounted how he'd spent several hours with a client who had just inherited significant funds from a close relative. The client was wrestling with how to adjust to this steep change in his personal wealth, while deciding how to reengineer his overall financial plan under these new circumstances.
