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Summary: Often when advisers meet with clients or prospects, they spend the majority of the time discussing portfolio construction, risk-adjusted rates of return and other minutiae that make the average person's eyes glaze over. Since technology has allowed much of that work to be automated and almost commoditized, advisers are likely much better off using meeting time getting to know their clients on a more personal level. Understanding what actually motivates the client can help advisers provide real and meaningful advice to help them meet their long-term personal and financial goals.
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Summary: Money, or lack there of, has typically been blamed for causing most sleepless nights for Americans, but a recent survey by Bankrate.com, found that the main stressor for 41% of all age groups was relationships.
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Summary: Two recent client stories opened my eyes to something I thought we left behind in high school — peer pressure. Their experiences floored me, and I realized we have to help clients combat much more than just their internal money scripts to achieve financial peace. How do we help them not succumb to the sometimes crippling judgment of others? In turn, how do advisors avoid the same forces?
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Summary: Wealth managers believe health insurance is the single biggest healthcare-related issue currently facing their clients, according to a recent study.
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Summary: I’ve been watching, with increasing dismay, the trend of non-financial planners taking over ownership of planning firms. We have private equity firms buying financial services firms, and financial services firms that are either going public or promising to as part of their rollup pitch to independent advisors. The distress became especially acute when Focus Financial Partners went public and raised just over $600 million from its new shareholders.
