Plan for the Future
Contingency and succession planning are critical to your advisory firm's success. Review the wealth of information.
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Don't Bet the Farm on NexGen Clients
From wealthmanagement.com
Added on January 2014 in Plan for the Future
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Summary: Lately the industry’s been a bit obsessive over “the great wealth transfer” and how advisors can appeal to Next Gen investors. But a new PriceMetrix study shows these clients are not as coveted as previously thought. PriceMetrix found that while client retention has been high in recent years—advisors retained 90 percent of clients in 2013— there are several factors that cause retention rates to vary significantly, including age and income.
Financial Advice In 2034
From Financial Advisor Magazine
Added on January 2014 in Plan for the Future
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Summary: During the past 40 years or so, independent registered investment advisors have won a growing share of the hearts and dollars from an investing public increasingly yearning for holistic financial advice and not just stock picks. And as RIAs have taken a bigger slice of the business, traditional brokerages have responded to some extent by upping their game in the comprehensive financial advice department. But as the 21st century enters the midway point of its second decade, the profession seems to be at a transitional tipping point.
43% of Advisors Older Than 55: Cerulli
From Think Advisor
Added on January 2014 in Plan for the Future
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Summary: Nearly half of the advisor work force is at or near retirement, which means more firms must recruit younger advisors to accelerate their succession plans, and also puts BDs and custodians at risk of losing assets under management, according to a just-released study by Cerulli Associates.
Grooming heirs is a continuous process
From InvestmentNews
Added on January 2014 in Plan for the Future
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Summary: Financial advisers who own a firm or have clients who are business owners appreciate the need for sound succession planning. Having a plan in place ensures stability well into the future, which means that clients are more likely to be around for multiple generations.The trick is that a good succession plan is like a battle plan: It's perfect only until it goes into action, and then it's likely to fall apart in five minutes.
Succession: the solution within
From InvestmentNews
Added on January 2014 in Plan for the Future
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Summary: When it comes to their own retirement, growing numbers of advisers seem to be looking within their firms for an exit strategy. Across the country, consulting firms that specialize in brokering, structuring and providing legal advice on deals involving registered investment advisers are seeing more and more firms broadening ownership or facilitating sales to junior partners, according to several consultants who specialize in the space.
