Advisers Struggle To Make Acquisitions Work

By Mason Braswell
Source: InvestmentNews

 

The challenges major brokerage firms face in buying a competitor also crop up in smaller deals when financial advisers look to pick up a book of business to build their practice. In many cases, advisers are coming away less than completely satisfied from the deal, especially when it comes to challenges such as client retention, finding the right seller and uncertainty about who owns the book, according to a survey by Aite Group, a consulting firm.

 

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Creating SOPs: You Can’t Grow Without Them

By Helen Modly
Source: Morningstar Advisor

 

Founders of financial advisory firms tend to be an independent group who all think their way is the best way of doing things. Most of them are entrepreneurial and a bit resistant to any form of standardization. But as their practices evolve into firms, they often begin to see breakdowns in their client service as employees assume different roles, staff turnover increases, their technology systems change (forcing a change in process), and the sheer volume of work increases as the client base expands.

 

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Reality Check: You’re Not So Client Centric

By Glenn G. Kautt
Source: Financial Planning

 

Most advisors pride themselves on being sensitive to client needs and issues, and many firms strive to be professional fiduciaries by putting the needs of clients far ahead of what might be better for the firm. Many of these advisors and firms think of themselves as “client centric.” You probably do, as well; in fact, you may be thinking, “We’re completely focused on our clients, so of course we must be client centric.” Hold on a moment.

 

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Separating Risk Tolerance From Risk Capacity – Just Because You Can Afford To Take Risk Doesn’t Mean You Should

By Michael Kitces
Source: Nerd’s Eye View blog

 

The traditional approach to evaluating risk tolerance – which has been enshrined into our standard regulatory process for determining the “suitability” of a recommendation – involves gauging a client’s attitudes about risk, their financial capabilities to take risk (e.g., time horizon, need for income, and availability of other assets), and mixing them together into a composite score that can be assigned to a portfolio. A strong attitude and financial ability to take risk gets a high score and an aggressive portfolio, a poor attitude for risk and significant portfolio needs result in a conservative portfolio, and a mixture of the result leads to a moderate growth portfolio in the middle.

 

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Most RIA Owners Want To Own Their Firm Into Their 70, Even 80s, 90s So Let’s Change The Conversation To One Of Sticking Around Constructively

By Todd Clarke, CEO of CLS Investments
Source: RIABiz

 

I don’t know about you, but the incessant harping about the hapless succession planning by financial advisors in our industry is wearing on my nerves like a car alarm set off by nothing, whose owner is nowhere nearby. Even a casual search on “succession planning” in the trade press reveals hundreds of articles on the matter — crowing that only 17% or 22% or 28% of financial advisors have a succession plan.

 

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Ranking The Top 10 “Differentiators” For Advisory Firms

By Bob Veres
Source: Advisor Perspectives

 

Lately, I’ve been receiving feedback from my newsletter subscribers on the broad subject of “differentiators;” that is, things that make you stand out from the advisory firm down the block or across town. When prospects are looking for an advisor, what are the most important – and least important – characteristics of an advisory firm in the increasingly intense competition for their business?

 

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Step By Step: Tips For Onboarding New Staff

By Lisa Crafford and Shaun Kapusinski
Source: Financial Planning

 

Few companies aim for high turnover and low productivity. Yet many lack a clear strategy for onboarding new staff, and the lack of an onboarding process has been shown to increase employee turnover and decrease productivity.

 

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The Big Impression Mark Tibergien And His Reverse Mentor, Kayla Flaten, 25, Made On Me Over A Manhattan Lunch

By April Rudin
Source: RIABiz

 

There I was at another financial services conference, sitting not so quietly as usual, fidgeting with my phone and tweeting. It was a women’s financial services conference so most of the panels and topics were focused on issues that a female constituency would respond to: mentoring, leadership, diversity. It was after lunch, and I was nodding a bit, when I heard a man’s voice. I looked up to see an otherwise all-female panel with one middle-aged white guy on the end.

 

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Five Steps To A Passionate Team

By Dan Richards
Source: Advisor Perspectives

 

Few things are more important than keeping your team motivated and staying motivated yourself. I was reminded of this last week when a successful advisor – let’s call him Bob – described challenges he has with his staff: “My two assistants are great with clients. I get all kinds of compliments,” he said. “My issue is that they lack any fire in the belly.”

 

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Financial Planning And Building An Advisory Firm With An Abundance Vs Scarcity Mindset

Posted by Michael Kitces
Source: Nerd’s Eye View blog

 

For some clients, the focus of financial planning is just about protecting the limited resources they’ve got. For others, it’s about maximizing the potential of what their financial resources and their lives can become. The mindset of clients as they approach the world can significantly impact their behavior.

 

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