The Latest Wrinkle In Estate Planning: Digital Assets

By Darla Mercado
Source: InvestmentNews

 

Few people are able to monetize the time they spend cultivating photos on their Pinterest accounts, but commercial pilot Dan Ashbach knew he was sitting on a gold mine when he attracted more than 1 million web followers, and marketing companies approached him with deals.

 

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FPA RPI Studies How Advisors Communicate, Segment Clients, And Conduct Review Meetings

By Michael Kitces
Source: Nerd’s Eye View blog

 

This month, the FPA’s “Research and Practice Institute” (RPI) released its study on “Trends in Client Communication”, a part of its ongoing follow-up to last year’s “Future of Practice Management Study” that identified client communication as a key driver of advisory firms (and a self-identified challenge area for many advisors).

 

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RIA Profits, Growth Hit 8-Year High: Schwab

By Emily Zulz
Source: ThinkAdvisor

 

Registered investment advisors reported record growth and profitability, according to the 2014 RIA Benchmarking Study by Schwab Advisor Services. Profits were highest since the study’s inception in 2006.

 

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Comprehensive Planning: Time To Add Staff?

By Andrew Coen
Source: Financial Planning

 

Comprehensive planning is catching on with advisors — and their clients. But it can be labor intensive, requiring that a practice add more resources and staff, advisors say. Advisors across all channels aim to have 43% of their clients receiving a holistic planning experience by 2016 according to research from Cerulli Associates. This is up from 33% in 2013.

 

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Why It’s A Bad Idea For Most Advisors To Pursue Their Clients’ Next Generation Heirs

By Michael Kitces
Source: Nerd’s Eye View blog

 

As the legend goes, when bank robber Willie Sutton was asked why he robbed banks, his answer was “because that’s where the money is.” Similarly, it’s really no surprise that in recent decades, financial planning has become increasingly focused on serving baby boomers as they transition into retirement; once again, “it’s where the money is.” And as the age wave continues and baby boomer retirees will inevitably begin to pass away in large numbers in the coming decades, many industry consultants are already recommending that advisors shift their focus to where the money will be next: in the hands of their clients’ children and grandchildren, with whom advisors had better begin to craft relationships and expand services now, or risk losing their assets as their clients pass away.

 

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Insurance Smarts: What Clients Really Need

By Allan S. Roth
Source: Financial Planning

 

If you’re like many advisors, talking about insurance may not be your favorite part of the job. Clients don’t love it, either: Insurance is just not as inherently exciting as discussing how to grow their portfolios.

 

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Succeeding As An Introverted Financial Planner Amidst The “Extrovert Ideal”

By Michael Kitces
Source: Nerd’s Eye View blog

 

The past century in the US (and much of the western world) has witnessed the rise of the “Culture of Personality” where Americans increasingly focus on how others perceive them; the extroverted ideals of charisma, salesmanship, and an outgoing nature as celebrated as key traits of leadership, and introverts are… well, encouraged to be more like extroverts.

 

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Time To Take A Fresh Look At How Much You Charge Clients

By John Furey
Source: InvestmentNews

 

Should there be a pricing paradigm change in private wealth management? The model for delivering advice in the private wealth space has seen tremendous change this century. The expansion in the independent channels has been quite acute, with asset growth, technology advances and the advent of delivering tailored client experiences being some of the most meaningful changes.

 

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What An Elite Group Of Younger Advisors Has To Say

By Bob Veres
Source: Advisor Perspectives

 

I recently served as a facilitator for the annual NexGen conference, this year held on the campus of Augustana University in Moline, IL. This gave me a terrific opportunity to reacquaint myself with the luxurious living conditions of a campus dormitory. More importantly, I was able to gain insight into the very different way that the financial planning landscape looks through the eyes of younger advisors just starting their careers — and in many cases, from the bottom end of a planning firm’s organizational chart.

 

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3 Ways Financial Advisors Must Change To Survive The Commoditization Of Robo-Advisors

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

 

As so-called “robo-advisors” continue to grow, offering their services to more and more consumers at a modest 0.15% – 0.35% cost, the question arises whether such services will ultimately be a threat to traditional advisors. Can human advisors survive in a world where robo-advisors commoditize the cost of passive strategic portfolio construction down to almost nothing? What can today’s advisors do to fend off the threat?

 

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