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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.
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Summary: Everyone wants an efficient practice. But what most advisors really love is meeting with clients and pursuing business development activities -- not managing the day-to-day operations of the firm.You may want an efficient organization, but you must be willing to take the necessary steps to attain and sustain it. Start by getting a baseline reading of your firm's efficiency. To do so, answer these four questions.
