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Summary: 2013 was another period of sky-high revenue and AUM growth and strong profit margins at advisory firms, according to the InvestmentNews 2014 Financial Performance of Advisory Firms. More and more, the modern advisory firm is looking like a business rather than the small practice of the past. That maturation process has been accompanied by an evolution in the way firms monitor and sustain their success.
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Summary: When we looked at the data from the latest compensation survey produced here at the Ensemble Practice LLC, we found that the second most common job in the advisory industry is “CEO.” Nearly every firm in the survey had a CEO. Yet when we speak with the partners (owners) of advisory firms, most tell us that there are very few “real” CEOs in the industry.
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Summary: Clients expect their financial advisors to be experts in everything investment-related. But advisors also are expected to deliver high-quality service while they focus on business development.
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Summary: These acquisitions should make leaders of a wealth management firm pause and reflect on what is occurring in the wealth management technology space. Doing so will ensure that your firm's technology vision is focused in the right direction. What I see are three major trends that the wealth management technology industry is rapidly moving toward.
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Summary: If you're a healthy person in need of a checkup, you make an appointment with your general practitioner. But if your issues are complicated, you probably want to see a specialist who's an expert in the field. There are usually plenty from which to choose. Unfortunately, it isn't always as easy when it's your financial health at stake. The majority of financial advisors are generalists whose clients have a wide array of needs.
