Home > Aspiring RIAs > News Roundup: The future of RIAs; recruiting women; and rising LTC costs

News Roundup: The future of RIAs; recruiting women; and rising LTC costs

Practice Management

Who better than Mark Tibergien of Pershing Advisor Solutions to offer his insights on the future of the RIA Industry? In a Q&A at Investment Advisor magazine, Tibergien (recently voted the industry’s “most influential person” by readers) talks about the industry’s shift from brokerage to advice, what’s driving RIA growth, the DOL’s fiduciary rule, the impact of new technologies, and more. See the link below. Also, advisors only need to carve out 30 minutes a day to manage their finances — and be the better for it, according to a Financial Planning article. “If an advisor properly uses a program like Quickbooks [he or she] will save thousands a year in fees to his accountants and will discover ways to run his business more efficiently,” Dan Cuprill, the creator of Advisor Architect and an advisory firm president, told the publication. See the full story below.

Growth Insider: Mark Tibergien on the Future of RIAs

By Janet Levaux

Source: Investment Advisor magazine

There are nearly 60,000 financial advisors working as part of independent RIA firms and hybrid RIAs, according to Cerulli Associates. That’s roughly double the level of participation about 10 years ago — with client assets at these firms growing nearly 9% per year during the past decade, as of year-end 2016. A keen observer and facilitator of this growth spurt is Mark Tibergien, who joined Pershing Advisor Solutions (part of BNY Mellon) as its CEO in 2007. Over the past decade and earlier — as principal at Moss Adams and in prior roles — he has interacted with hundreds of independent registered investment advisors, broker-dealers, investment managers and other financial-services groups.


How advisors can be their own CPAs and save a bundle

By Bruce W. Fraser

Source: Financial Planning

Thirty minutes a day. That is all it takes to manage the firm’s finances on a day-to-day basis, according to some savvy industry experts. Yet scores of advisors and small-business owners ignore doing this vital aspect of their business themselves, which can save them money, and instead hand it off to an outside CPA or other accounting service.


Aspiring Advisors/Recruitment

“We have a real need in our business right now to recruit more women,” Abby Johnson, CEO of Fidelity, said in a recent video interview posted at Bloomberg. Women who come into Fidelity’s branches frequently say they want to work with a female rep, but there aren’t enough of them, she said. Johnson also noted that asset management can be a great career for women. See the link below. Also, the CFP Board and the FPA are taking a collaborative approach to increasing diversity in the industry, reports Financial Planning. Both will work to raise awareness of the board’s Center for Financial Planning, which was founded in 2015 “in part to help the industry better reflect an increasingly diverse America,” according to the publication.

Fidelity Has ‘Real Need’ to Recruit More Women, Johnson Says

By Sabrina Willmer

Source: Bloomberg

For people well-schooled in the relationship between supply and demand, here’s one Fidelity Investments may not have seen coming: The demand for female financial advisers outstrips the supply. Women customers often ask to work with female advisers, Abby Johnson, chief executive officer of the fund giant said in an interview with Carlyle Group LP’s David Rubenstein. The problem, for the firm, is that they don’t have enough of them.


CFP Board, FPA join forces to tackle industry’s lack of diversity

By Andrew Welsch

Source: Financial Planning

To help broaden the planning profession’s diversity and reach, the CFP Board and FPA are combining forces to boost the board’s Center for Financial Planning. The move comes as the industry has long been unable to sufficiently attract new advisors who are minorities, young or women. It’s a big challenge that FPA President Shannon Pike was quick to note.


Retirement Planning

Clients are often encouraged to wait until age 70 to claim their maximum Social Security benefits, but that may not be the best move for a married couple. InvestmentNews columnist Mary Beth Franklin offers pointers on two cases involving retirement-age married couples: a couple with two high earners, and a couple with one high(er) earner. In each case, it is recommended that one spouse claim benefits before age 70. See the full story below. Also, the annual median cost of long-term care services rose an average of 4.5 percent from 2016 to 2017, according to a Genworth survey. That increase is close to three times the U.S. inflation rate of 1.7 percent, according to survey results reported in an article at Financial Advisor. Read more details in the story below.

Both spouses don’t always need to delay Social Security until 70

Sometimes it’s better to coordinate claiming strategies where one collects spousal benefits

By Mary Beth Franklin

Source: InvestmentNews

It seems that 70 may be the new 66 when it comes to claiming Social Security benefits. Several financial advisers have asked me about the wisdom of having both spouses delay claiming benefits until age 70. Although that would certainly maximize a couple’s Social Security benefits while they are both still alive, it’s not always the best move.


Long-Term Care Cost Increases Outpace Inflation

By Karen DeMasters

Source: Financial Advisor

The cost of long-term care went up again in 2017, this time at three times the rate of inflation, according to the Genworth’s “2017 Cost of Care Survey,” released recently. The annual median cost of long-term-care services increased an average of 4.5 percent from 2016 to 2017, which is the second-highest year-over-year increase for nursing homes and home care since the study began in 2004; the increase is nearly three times the 1.7 percent U.S. rate of inflation, Genworth said.


Leave a Reply