What’s An Hour Of Your Time Really Worth As A Financial Planner?

By Michael Kitces
Source: Nerd’s Eye View blog

 

For any service professional, time is the ultimate constraint. There’s just only so many hours you can work and deliver your services, before you run out of time. For those who own their service business – like many financial planning professionals – that capacity is even further limited by the time it takes to run and manage the business as well, not to mention finding the clients who will pay for your time.

 

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In Tight Race, Fidelity And Edward Jones Tie For Top Honors In J.D. Power Survey …

By Lisa Shidler
Source: RIABiz

 

Edward Jones and Fidelity Investments tied for first place in the category of investor satisfaction in the J.D. Power and Associates 2015 study released last week, a study that points to investors’ growing uneasiness with volatile markets and that contains a counterintuitive finding about women investors.

 

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Millennials To Financial Advisers: #DoingitWrong

By Jessica Lynn Rabe
Source: InvestmentNews

 

As a millennial who works in the financial services industry, I can tell you with complete certainty that financial advisers need to comprehensively change their business models and practices if they want to gain and hold individuals in my generation as customers. The dated cost-structures, investment approaches and means of communicating won’t work for us like it did for our parents. Our generation has a distinct set of experiences and expectations when it comes to money management; we want a Tesla, and most of you are trying to sell us Pontiacs. And yes, I know they don’t make those any more — that’s the point.

 

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How Should Advisors Be Charging Now?

By Charles Paikert
Source: Financial Planning

 

For two decades and counting, Savant Capital in Rockford, Ill., has charged its clients a percentage of assets under management. “We were charging 1% of AUM 20 years ago and were considered the low-cost, high-value provider,” says Brent Brodeski, the firm’s chief executive. “Today, we’re still charging 1%, but we’re doing more to earn our money, and I still think we’re the high-value provider.”

 

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The New Culture Of Advisory Success

By Ellen Uzelac
Source: Research Magazine (via ThinkAdvisor)

 

Just how important is culture to an advisory firm’s success? It’s everything—that’s right, everything. Yet it is often overlooked and rarely given its due. That could be about to change. “We don’t talk that blatantly about culture yet it’s inherent in every aspect of a successful firm. It’s a living, breathing demonstration of strategy. You can feel it, sense it, experience it,” says Tracy Beckes, who coaches financial advisors from Tracy Beckes and Associates in La Conner, Washington. “Yet in this industry we rarely name it. It’s a critical next frontier. Start saying culture to people. Give it a name.”

 

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6 Characteristics of Uncommonly Successful Advisors

By Julie Littlechild
Source: JulieLittlechild.com

 

One of the defining characteristics of the most successful advisors I meet is that they consistently aim higher – in almost all aspects of their lives. It’s in their DNA and it applies in equal measure to their business lives, their personal relationships and their health. I suspect that they apply the same discipline to doing the dishes, but that’s pure speculation. And it’s not that that process of aiming higher is without failure or challenge, simply that they are hard-wired to ‘hit reset’ when they are knocked down and refocus on their goals.

 

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Advisor Productivity Is Rising. Here’s How.

By Charles Paikert
Source: Financial Planning

 

Digital tools, tighter focus and robo advisor options may be making financial advisors more productive — but an aging client base presents the industry with a big problem, according to a new report. “Advisors are working with fewer clients and becoming more productive,” says Pat Kennedy, author of PriceMetrix’ annual State of Retail Wealth Management industry report. One key indicator of productivity gains: Revenue grew faster than assets for the average advisor last year, according to the report.

 

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Time To Hand Over Part Of Your Biz? 5 Key Questions

By Shirl Penney
Source: Financial Planning

 

Even very successful financial advisors can hit a wall at around $500 million in assets under management. Some simply find that there is not enough time to handle administrative and operations issues, manage client assets and spend time with clients and prospects. But many of these same advisors have unlocked tremendous growth by outsourcing some of these tasks to third parties.

 

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Schwab Unveils Robo Advisor For RIAs

By Charles Paikert
Source: Financial Planning

 

Charles Schwab has landed its second powerful robo punch in as many weeks. Quickly following its controversial retail robo advisor service launch, the financial services giant unveiled its highly anticipated robo offering for advisors, Institutional Intelligent Portfolios, set to roll out in the second quarter.

 

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How I Finally Learned To Delegate By Creating Video Tutorials With Screencasting Software

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

 

As any advisory business grows, eventually the work that was “always” done by the founder has to be delegated, as there’s just not enough time in the day to do everything. Yet speaking from personal experience, delegating can be difficult, as it often feels like it takes even more time to show someone how to do a task and oversee it, than it takes to just do it oneself!

 

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