Knowledge and Insight
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Feel like you've lost control of your business? You're not alone
From InvestmentNews
Added on April 2014 in Thought Leadership
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Summary: Advisers who feel like they've lost control of their business and don't know where the workday goes can at least take comfort in knowing they're not alone. Only one-third of the nation's financial advisers feel they are in command of their business and their time, according to a new Financial Planning Association report on time management.
5 Issues Advisors Must Consider When Selling Their Practices
From Think Advisor
Added on April 2014 in M&A Issues
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Summary: Not too long ago, a financial advisor called me to say he heard that a colleague had just sold his independent practice for a pretty penny: three times revenue. Could I get him the same deal? Matt Brinker, senior VP of United Capital, practically rolls his eyes when he hears a story like this: “Every time I am on a panel discussing M&A in wealth management, the first question from the audience is, ‘What are the current multiples?’" Multiples are nice, but they aren’t everything. And they may, in fact, be deceptive. “Price matters, but terms trump price,” says Brinker.
Look beyond financial planning schools to find the next superstar
From InvestmentNews
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.
Is the CFP Board Losing Credibility in the Eyes of Advisors?
From wealthmanagement.com
Added on April 2014 in Form an RIA
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Summary: While most Certified Financial Planning professionals still respect the spirit and intent of the CFP designation, many believe it is losing its appeal and value in light of recent scandals involving the CFP Board, the certifying and standards-setting organization for Certified Financial Planners.
Expert Resources: Who Should Be on Your A-List?
From Financial Planning
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.
