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Summary: Leading an independent wealth management practice for nearly two decades has taught me many lessons, but the most important is this — the quality of your employees determines the strength of your business.
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Summary: According to the Schwab RIA Compensation Report released Wednesday, about 70% of an advisory firm’s revenue is spent on compensation and total compensation is climbing, with 75% of advisory firms in hiring mode.
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Summary: According to a new report from SS&C Technologies, the younger generation of investors and financial advisers might be driving the demand for innovation in financial services, but adoption rates are increasing among both young and old.
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Summary: One factor driving the rapid rise of M&A in the advisory industry? It’s increasingly the only way to grow a practice into a sustainable business, argued a trio of RIA executives at the recent TDAI conference.
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Summary: Rarely does life or business play out as intended. Many advisors avoid planning for succession until upheaval occurs. Those who do plan in advance are often blindsided when their next generation bolts for greener pastures. Because we cannot predict the future, my approach to succession planning is very Buddhist — plan for what you want and don’t be attached to the outcome. How does this work?
