Knowledge and Insight
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Look beyond financial planning schools to find the next superstar
Added on April 2014 in Manage Your Practice
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Summary: Advisory firms committed to hiring the next generation of financial advisers aren't limiting themselves to the narrow pool of financial planning degree candidates. ClearPath Capital Partners, which recently hired five soon-to-be college graduates, talks to anyone who is curious about the industry. One hire last year was a philosophy major who speaks Portuguese, Spanish and English. Two new hires are earning degrees in economics.
Expert Resources: Who Should Be on Your A-List?
Added on April 2014 in Manage Your Practice
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Summary: Back when I was starting out as an advisor, my goal was to be an expert in all areas of finance: investments, accounting, estate planning - you name it. I wanted to be the one person my clients would need. Around that time, I met a hugely respected CPA. I'll never forget walking into his office and seeing a giant stack of accounting books and journals on his desk. "That's the reading material that I need to catch up on to stay current," he sighed. That sentence quickly changed my plans: Instead of trying to be the expert in all things, I decided to work with a team of expert professionals who could help me bring the right expertise to my clients.
4 Business-Friendly Options for Providing Clients With Health Care, LTC Services
Added on April 2014 in Manage Your Practice
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Summary: This is a period of uncertainty for fee-based independent financial advisors. On the one hand, ‘robo advisors’ are seeing some success in attracting assets with their consumer friendly interfaces, readily accessible data and low-cost approach. On the other hand, aging Baby Boomers are increasingly turning to advisors for long-term care (LTC) planning and elder care information, advice that requires specialized expertise.
3 Smart Habits of 'High-Performing Advisors'
Added on April 2014 in Manage Your Practice
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Summary: Despite seeing the highest assets under management and compensation levels since 2007, many financial advisors appear to be falling behind when it comes to positioning themselves for future success, according to a new Fidelity study. Almost all advisors (95%) expanded their books of business in the last 12 months, with average AUM at $62 million and average compensation at $240,000, the Fidelity Advisor Insights study found.
Cooking Up Financial Planning Advice
Added on April 2014 in Manage Your Practice
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Summary: Mr. Clark, a passionate home chef, has discovered that cooking meals for his clients provides a unique way to educate them about financial planning and deepen the client relationship. Mr. Clark usually cooks once or twice a month for new clients, and often their friends or family. But the meal is never just about the food.
