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Summary: There's one problem that every advisor faces sooner or later: capacity limits. Luckily, it's no secret how to fix this - just balance new client growth with additional advisors, right? Unfortunately, it's not as easy as it sounds. And the strategy you choose can substantially affect your growth and your firm's ultimate success.
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Summary: Like financial planning, succession planning is a multistep process that requires extensive contemplation of all aspects of an adviser's life. Whether you're considering retirement, leaving the profession or building your business through a merger or acquisition, the decisions you make during your self-evaluation will serve as a barometer as you establish a plan.
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Summary: The next time you attend an industry conference, take a look around the room. Investment advisors tend to be an older lot, and studies have shown that with the baby boomer generation retirement bubble upon us, there’s a shortage of qualified financial advisors at precisely the same time that many of us will be transitioning into our own retirements. So have you considered how much more enjoyable your own post-work years might be if you’d only take the time to mentor the next … you? “
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Summary: When it comes to taking care of their own finances, it turns out that planners aren’t much better than their clients.Almost half (46%) of all the nearly 2,400 planners who participated in a new FPA study this year say they have no retirement plan. Another half say they have not written a business plan for themselves, while 75% have no succession plan for their firm.
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Summary: With financial planning software now attracting the over-50 set, United Capital’s Stephanie Bogan says the best defense is establishing value in a consumer-friendly way.
