Advisers + Technology: Better Than Either Alone?

Source: Journal of Financial Planning


If you think you’ve read enough about robo-advisers, this roundtable will change your mind. The experts gathered here offer thought leadership on the newest wrinkle in the robo-trend conversation: the powerful notion that technology-augmented human advisers are better than humans, or technology, alone.


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3 Smart Ways To Inspire Your Team

By John J. Bowen Jr.
Source: Financial Planning


As you grow and serve more clients with increasingly complex needs, it’s almost impossible to get everything done and create a successful business on your own. The challenges of our field require us to bring on employees, teammates or partners (sometimes all three) to provide exceptional client service, add capacity and achieve great results.


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The Giant Raise RIA Folk Got In 2014 And The Threat It Poses In 2015

By Sanders Wommack
Source: RIABiz


The good news is that financial advisors can party like it’s 2007. Bank account balances of financial advisors, staffers and principals at RIAs are swelling like never before and the end may not be in sight, according to a key industry study showing that advisors on the low rungs, i.e. management, support staff and administrative positions, raked in 10% more pay in 2014 than 2015 and the top tier of advisors, namely senior advisors and RIA principals, are realizing 20% raises on average.


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Some Financial Advisers Abandon Asset-Based Fees

By Robyn Post
Source: Reuters


Financial adviser James Osborne had an “aha!” moment when a client discovered that his single largest expense was the $40,000 asset management fee on his $5 million portfolio, even though the man had two houses, a boat and an upscale travel habit. When Osborne figured out that he had spent only 30 hours on the client’s portfolio, he thought it was excessive, too.


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Why Every Adviser Should Have Account Minimums

By Paul West
Source: InvestmentNews


Times are changing — quickly. The rise of the robo-adviser with little to no account minimum has every financial adviser taking a hard look at how they are issuing fees — my partner, Ron Carson, included. And for every adviser out there thinking about getting rid of their account minimum to compete with these online one-size-fits-all business models, I would say: Know your worth.


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The No. 1 Problem Financial Advisors Must Fix For 2015: Clutter

By Allyson Lewis
Source: Morningstar


Physical clutter and mental clutter fill your life with stress. Clutter of any type forces you to wade through screaming mountains of noise. Do not be fooled; clutter keeps you from the level of productivity you need to build your business. It robs you of valuable time you could otherwise use to call your current client base, to increase client retention, and to network or cultivate relationships with prospective clients.


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For Biggest RIAs, Saying No Has A High Price

By Ann Marsh
Source: Financial Planning


What’s the price of independence? For Palm Beach Gardens, Fla.-based Banyan Partners, it was $60 million. Most of the firms on our fourth annual list of RIA Leaders get calls from would-be suitors a couple of times a month, even weekly. They want a piece of equity, a slice of cash flow or everything. At Banyan, which debuted on the list last year at No. 25 — and at No. 3 on the list of the fastest-growing firms, after a surge of acquisitions — the call came from Boston Private Bank & Trust. And last summer’s ensuing deal, which amounted to $60 million plus additional sums over a two-year earn-out period, took Banyan off this year’s rankings.


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How To Give A Life Insurance Checkup

By Jeffrey D. Dattolo
Source: Financial Planning


If you’re like most advisors, life insurance planning is an integral component of your wealth management approach for high-net-worth clients. You probably begin the planning process by matching coverage levels to the net worth of the client. But if you end there, you’re not only missing an opportunity to truly serve your clients’ best interests, you’re also failing to fulfill your duties as their fiduciary.


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A Six-Point Advisor To-Do List For 2015

By Angie Herbers
Source: ThinkAdvisor


It’s been another banner year for independent advisors as the industry continues to grow by leaps and bounds. The bull stock market, combined with assets pouring out of wirehouses, has driven AUM to new levels; by most counts, there are now more ensemble firms than one- and two-advisor shops; and a growing number of firms are somewhere in the process of transitioning the majority of industry AUM to successor advisors or outside firms.


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The Best Financial Advisor Technology Of 2014

By Bill Winterberg
Source: FPPad


This week’s episode is all about my picks for the Best Technology of 2014. This is my fifth year highlighting top technology for financial advisors and wealth managers, and as always, I break down award winners into three categories: the best back office technology, the best client-facing technology, and the best overall innovation of the year.


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