Home of the Registered Investment Advisor
By Martha White
Source: Financial Planning
Savvy financial planners are always interested in catching the next generation of investors to replace older clients, but serving today’s young adults presents a special challenge. Many members of Generation Y entered adulthood at the time of the worst recession since the Great Depression. Many of these young adults also graduated from college with an unprecedented amount of student debt and have faced a punishing job market.
By Deena Katz
Source: Financial Advisor magazine
I was speaking with an advisor friend the other day. “You know, I’d sell my practice,” he said, “but truthfully, I’m getting so much psychic income from it that I just can’t see that right now.” He’s 68. No successor in sight. A nice practice, too. Psychic income cannot be included in real or monetary value, but there is real value in emotional satisfaction.
2013 The ‘Year Of The Tuck-In’ As RIAs Acquire Smaller Firms
By Danielle Andrus
Source: ThinkAdvisor
RIAs overtook strategic acquiring firms as the leading buyer of advisory firms in 2013, according to data released last week by Schwab Advisor Services. Mergers and acquisitions are up overall, too, although the amount of assets under management acquired in those deals dropped. There were 54 completed deals in 2013, according to Schwab, representing nearly $44 billion in assets under management. RIAs accounted for 44% of all deal activity.
By Trevor Hunnicutt
Source: InvestmentNews
Younger investors could spend billions of dollars for financial advice online, according to a new report, but the biggest consumers of these services may be traditional firms looking to expand.
By Michael Kitces
Source: Nerd’s Eye View
Communicating with clients effectively has become increasingly challenging in today’s world, not because it’s difficult to find a way to communicate with clients but because there’s often uncertainty about how much communication is appropriate, and by what means/channels. Are in-person meetings best, or are phone calls preferable? Is email better than a phone call? Where do one-to-many communications like newsletters and social media fit in?
By Bob Veres
Source: Advisor Perspectives
Hold up your hand if you’ve read that technology is dramatically changing the way advisors practice. Now keep that hand up if you’re doing things very differently today with your software than you were five years ago. Hmmmm. I don’t see very many hands still up in the air.
By Vamsi Yadlapati
Source: ThinkAdvisor
Two years ago, I remember meeting a founder of an RIA firm in the Midwest who we’ll call Mark. Mark had struggled with growth over his career and it was apparent why: he lacked a solid group of talent surrounding him. As a result, Mark worked very hard over the next couple of years to recruit a group of younger advisors who had a demonstrated track record of success. When I recently met with Mark again, I was initially surprised to find out that his firm’s asset levels were barely above what they were in our original meeting!
By Beverly Flaxington
Source: Advisor Perspectives
Dear Bev: I have been talking with a couple of advisor friends about developing an informal discussion group. We would share ideas and updates, but not secrets about the inner workings of our firms. None of us competes with one another, we are all based in different geographic areas and we each cater to different markets. Do you have any advice to make our sessions meaningful and practical? – Mitchell D., California
Posted by Michael Kitces
Source: Nerd’s Eye View blog
Last week, the 9th annual Technology Tools for Today (T3) conference was underway at the Anaheim Hilton, at the doorstep of the Anaheim Convention Center and Disneyland. This year’s event was the largest ever, slightly edging out last year’s total with nearly 600 attendees, including both advisors themselves, and a wide range of advisor tech companies and their representatives.
By Olivia Mellan and Kol Birke
Source: ThinkAdvisor
As all advisors know, it’s one thing to provide clients with appropriate advice and another thing to actually get them to follow that advice. That’s especially the case when clients experience short-term market fluctuations, have troubling conversations with their peers, engage in too much CNBC watching or fall prey to intrafamily disputes over money.
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