RIA firms spend an average 2 percent of total revenue on marketing and business development, according to the 2014 Fidelity RIA Benchmarking Study. “You got to dedicate some time and some money,” said Fidelity's David Canter....More
We all want to be virtuous, right? Well, mostly, anyway. One cannot be virtuous all the time. But it helps to at least know virtue from vice, so that you can engage in more of the former and less of the latter. Be a saint, not a sinner!
While most Americans are focused on turkey dinners and Black Friday sales, some financial advisers look to Thanksgiving as a good time for families to bond in an unlikely way: by talking about money....More
When it comes to social media, wirehouses and other national brokerages have a reputation for keeping their advisors on a short leash. Yet these same advisors report higher social media use than those in any other channel. Are they really making connections, or just regurgitating canned communications?...More
If you become the type of advisor who can say emotional intelligence without laughing, listening to what clients (and people) are telling you, helping them to separate the signal from the noise, you can be a man who can think like a woman...More
Research shows that while the average age of financial advisors has gone up, the percentage of advisors that don't have a succession plan in place has gone up as well. Why don't more advisors have a plan, and how can the industry better prepare for the future.
Technology is a critical differentiator in today's digital age for running an efficient and effective practice. Those entrepreneurial financial advisors and wealth managers who are leveraging technology in their firms are creating better client experiences, improving cash flow, generating new revenue streams, and scaling their services....More
Shedding non-core activities can free advisors to focus on what’s really important; meeting with clients and engaging in other revenue generating activities. Outsourcing the investment management function of the practice is one way to do so. For those still skeptical—the proof is in the results....More