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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Cybersecurity efforts still falling short at financial services firms
From InvestmentNews
Added on November 2015 in Plan for the Future
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Summary: Financial firms — including financial advisers — are still coming up short in managing their cybersecurity efforts, according to External IT, which provides unified cloud computing to the financial services industry.
4 Out of 5 Financial Advisors Have Not Done This--But They Should
From LinkedIN Pulse
Added on November 2015 in Plan for the Future
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Summary: Depending on what survey you read, as few as 1 out of 5 financial advisers have a binding and credible succession plan in place. The lack of one could cost you and your heirs millions of lost dollars and is a disservice (and some would say a fiduciary breach) to your clients. Ask yourself, if you die tomorrow, will you feel good about how well your clients will be taken care of and how well your heirs will be compensated?
Education Shakeup for Future Planners
From Financial Planning
Added on November 2015 in Plan for the Future
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Summary: To ensure that their students are receiving the real-life skills they need to succeed, the faculty and administrators in charge of these schools’ financial planning curriculums are working closely with local advisors to repurpose their programs. The mutual objective is to prepare the schools’ graduates to walk out of their classrooms and into jobs at nearby wealth management firms.
How to Scare Away New Talent- Follow these hints in your hiring process to avoid staff turnover
From Investment Advisor
Added on November 2015 in Plan for the Future
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Summary: The estimated financial cost of turnover, depending on the source, can range from one to three times the departing team member's compensation. This is not the most detrimental cost though — even worse is the psychological impact frequent turnover has on firms and how it causes existing team members to lose confidence in their leader, makes it harder to recruit new talent due to a perceived impaired culture and employee-unfriendly reputation, and leads to an overall downward spiral of morale.
What Does Junior Do?
From Financial Advisor Magazine
Added on November 2015 in Plan for the Future
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Summary: Junior” advisors are critical for the success of a firm, but their roles and responsibilities in an advisory firm are often misunderstood and frequently mismanaged. To begin with, “junior” advisors hate being called “junior.” They are often neither young nor inexperienced, and while they are not yet at the top of their professions, they can make an immediate contribution to the productivity and profitability of any firm.
