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Summary: t’s no secret—more client referrals mean better business. In fact, a 2010 report by The Oechsli Institute found that 54 percent of affluent clients surveyed had made their selection of financial adviser as the result of a personal introduction. However, many clients find being asked outright for referrals to be off-putting or overly aggressive. With an increasing emphasis being placed on garnering client referrals and gaining client trust, how do you generate one without jeopardizing the other?
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Summary: In our upcoming benchmarking study, the 2014 InvestmentNews Financial Performance Study of Advisory Firms, one of the questions we sought to ask was: How can advisory firms, which have experienced near exponential growth, make their prosperity sustainable?
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Summary: RIAs may be the fastest growing channel, but despite the recent billion-dollar breakaway teams going independent, wirehouse advisors are still more productive. The wirehouses employ a total of 54,189 advisors, but manage $6 trillion in client assets, according to Aite Group’s 2014 Wealth Management report. Meanwhile there are 58,112 independent RIAs, but they only oversee $2.3 trillion in client assets—less than half of the assets held by the big brokerage firms.
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Summary: A survey of American investors has revealed a strong preference for traditional financial advice remains, despite the rise of online asset allocation tools.
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Summary: The night before a conference where I was scheduled to speak, I found myself in a crowded bar just south of Greenwich Village. The organizers had arranged a VIP reception, and — having just moved to New York — I figured I should attend. Indeed, I had good conversations with four interesting people whom I’ll probably keep in touch with. But when I walked out the door an hour later, I was thrilled with my revelation: I’m never doing that again.
