Get Organized with the Ultimate Checklist

Is life getting away from you? Maybe you’ve noticed that you spend an inordinate amount of time looking for things: receipts, phone numbers, or files. Maybe you’ve been neglecting your personal health routines due to running out of energy at the end of the day.

 

As a registered investment advisor, you’re constantly bombarded with demands on your time, energy and expertise. You’re constantly striving to find the balance between pursuing new business opportunities and hitting a wall of crazy.

 

To meet daily demands, you need your own house in order. You need to be organized. And that’s where the Ultimate Checklist can help.

Read More

RIA Central Digests for 04/15/2014

Sales & Marketing

 

If you think millennials are a different breed from their parents, listen up. You’ve been misinformed. Research shows most millennials have investment values and approaches similar to their parents. A panel at SIFMA’s private wealth conference recently delved into this and other misperceptions about millennials. The story is at ThinkAdvisor. Also, the rise of social media has greatly altered the way professionals work with the media — and vice versa. BlaneWarrene, in a blog post at Wired Advisor, offers advice on establishing a media presence, finding media contacts on social media, and building rapport.

Read More

RIA Central Digests for 04/10/2014

Regulatory/Compliance

 

Many hybrid advisors like the flexibility of being able to offer clients a wide variety of investment products and services, but the dual registration puts them under increased scrutiny by regulators. Customer confusion over the difference between RIAs and brokers is one of the key concerns of the SEC. An article at Financial Planning magazine gives a thorough overview of the issue. Also, an IRA expert says advisors should warn their clients to stop IRA-to-IRA rollovers immediately, in light of a recent tax court ruling. ThinkAdvisor interviews Ed Slott about the ruling.

Read More

RIA Central Digests for 04/09/2014

Practice Management

 

Attempts on the part of financial professionals to educate investors on prudent decision making “have proved to be futile,” according to an upcoming Dalbar report. The study recommends four best practices for financial professionals. Read more in a story at ThinkAdvisor. In addition, a PriceMetrix study reveals some worries for advisors: charges for fee-based accounts are on the decline, and firms are retaining slightly few clients than in 2013. Read the details in a story at InvestmentNews, below.

Read More

The New Challenge In Training The Next Generation Of Financial Planners

By Michael Kitces
Source: Nerd’s Eye View blog

 

In the early days of financial planning, most “advisors” were ultimately insurance or investment salespeople, who evolved their skillsets and their practices over time to become financial planners. Accordingly, the education of financial planners was focused in adult education certificate programs, “learning” financial planning was about how to transition clients – and potentially the business model itself – from being focused on products, to advice instead.

 

Read the rest of the story…

 

 

Want a 90% Close Ratio? Try These Steps

In the famous scene from the 1992 film, Glengarry Glen Ross, Alec Baldwin’s character screams to a beleaguered sales agent: “Only one thing counts in this life: Get them to sign on the line which is dotted.”

 

Aggressive sales pressure probably isn’t ideal for your advisory business. But you can improve your closing ratio and sharpen the effectiveness of your sales presentations. And, as you hone your closing strategies and techniques, you’ll use time more productively, and enjoy more success.

Read More

RIA Central Digests for 04/08/2014

Sales & Marketing

 

Having the right touch — literally — can strengthen your connection with clients. Research shows that small instances of physical contact can have a “profound and positive impact” on building relationships and improving performance. Matt Oechsli writes more about this in his column at Wealth Management. Also, you’re bound to discover a few ways to improve — or debug — your blog when you read Stephanie Sammons’ two-part post on common blogging mistakes. For example: Your blog is buried inside your website, or you are too hung up on the black magic of SEO. A link to her post at Wired Advisor follows.

Read More

RIA Central Digests for 04/03/2014

Regulatory/Compliance

 

The SEC has updated its guidance on social media, saying that public comments about advisors’ services can be posted on independent websites as long as they include all comments — positive and negative. Read more in a story at InvestmentNews, below. Also, account takeover is the No. 1 cybersecurity risk for advisory firms of all sizes, according to a panelist at last week’s SEC cybersecurity roundtable. The top threats were outlined at the event. ThinkAdvisor has more on the story.

Read More

Why You Aren’t Getting More Referrals

The vast majority of financial advisors rely on word of mouth marketing to grow their business. But getting referrals isn’t simply a matter of asking for them – or sitting back and waiting for them to magically appear. In fact, both asking for referrals and expecting them to magically appear are part of the problem!

Read More

RIA Central Digests for 04/02/2014

Practice Management

 

Many firms are becoming overly dependent on their lead advisors and need to find ways to ease the strain — such as recruiting new talent and offloading tasks that take up those advisors’ valuable time. Those suggestions come from FA Insight’s annual People and Pay study. Read more details in the story below from Investment Advisor magazine. Also, there are many consultants eager to give you advice on how to grow your practice, but the stumbling block often comes in the execution. Abby Salameh explains how an advisor can break down frequently “consulted-on” goals into easy-to-execute steps. Her column is at RIABiz.

Read More