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Summary:Practice-management literature directs financial advisors to leverage their time more effectively through the use of interns and/or the hiring of younger planners.However, it seldom provides advice on the process of finding the next generation of financial advisors. The challenge is always where to find good candidates, how to keep a talented young advisor busy with productive work, or why clients might be interested in a firm's hiring processes.
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Summary: When successful business owners reach a certain age, it becomes imperative that they address the issue of succession planning. Many of them may have been dodging this particular conversation for years, yet they often come to their advisors with seemingly ironclad convictions about how they’d like the succession to play out.
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Summary: When new prospects comes into Chicago planning firm RMB Capital Management, a team is assigned right away to review family issues such as estate planning and life insurance.That's because generational wealth transfer issues are so critical for both clients and advisors, says CEO Richard Burridge, that advisors should begin such discussions early.
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Summary: A majority of employees at advisory firms — both professional and nonprofessional — now receive a combination of base salary and incentive pay, industry studies find. But firms don’t seem to be satisfied with their pay packages and, at my consulting firm, the most highly requested engagement is for designing (or, more commonly, redesigning) incentive compensation.
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Summary: Financial advisers who can help clients with the overwhelming job of caregiving will create tremendous loyalty, a client and "semi-professional patient" told advisers at the NAPFA conference in Salt Lake City on Thursday.
