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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Voices By slacking on diversity, advisors risk losing relevance
From Financial Planning
Added on December 2018 in Plan for the Future
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Summary: A Chinese proverb says that the best time to plant a tree was 20 years ago. The second-best time is now. That same wisdom applies to fixing the troubling lack of diversity in our profession. We as an industry must take action now or risk becoming irrelevant within our lifetimes.
The key to sustaining your firm's growth may not be what you think
From InvestmentNews
Added on December 2018 in Plan for the Future
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Summary: After a couple of years of decelerating revenue growth in the Registered Investment Advisor (RIA) industry, it's easy to get excited about the topline results revealed in the 2018 InvestmentNews Study of Pricing & Profitability. Firms in the study reported revved-up median revenue growth of 11.7% in 2017, compared with 5.0% in 2016 and 6.9% in 2015. When you couple such heady growth with profit margins that hover around 25%, it's easy to conclude that the industry's growth engine is running smoothly and firms should stick with whatever they're doing now. The message would seem to be: “If it's not broken, leave it the heck alone.”
The Five Organizational Obstacles to Overcome in 2019
From Advisor Perspectives
Added on December 2018 in Plan for the Future
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Summary: I have met recently with many advisors on the topic of teaming. Even those who run very successful practices with significant growth and revenue can face people-related obstacles. A “team” can be large or small – two partners working together or several hundred people all in the same firm. As you think about ensuring your team is performing as effectively as possible in 2019, here are five key areas.
Voices Understanding the pitfalls of wirehouse succession plans
From OnWallStreet
Added on December 2018 in Plan for the Future
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Summary: When it comes to retirement, one would think that financial advisors would be as meticulous with their own personal retirement planning as they are with that of their valued client base. This has too often rarely been the case, though, and nowhere is this more evident than in the sunset programs many a wirehouse advisor has agreed to.
10 tips for hiring top young advisers
From InvestmentNews
Added on December 2018 in Plan for the Future
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Summary: Because hiring is not easy, and retaining good employees can be even more difficult, we tapped the insights of Caleb Brown, author of the new book "Successful Hiring for Financial Planners: The Human Capital Advantage."
