Aug 2, 2012, 5:14 PM EST

Industry aims to 'change the narrative' in bid for NextGen advisers

By Mark Bruno

NextGen: It's the advisory industry issue that is on everyone's top 10 list, but it just seems to keep falling down to number 11.Except for these firms.A group of executives and officials representing nearly a dozen firms in the industry gathered in the InvestmentNews office in Chicago July 26 specifically to discuss their collective needs — and plans — to develop the next generation of financial advisers. InvestmentNews, in partnership with Advisors Ahead, hosted representatives from Cambridge Investment Research, Envestnet, Fidelity Investments, H.D. Vest Financial Services, Merrill Lynch Global Wealth Management, Pershing Advisor Solutions, RBC Wealth Management, Robert W. Baird, TD Ameritrade Institutional, UBS Wealth Management and Wells Fargo Advisors, in a NextGen leadership round table discussion to share ideas and experiences. All were in agreement that the industry is watching the adviser population shrink and... Read full post

Apr 26, 2012, 9:17 AM EST

How advisers really use interns

By Mark Bruno

Since InvestmentNews announced the launch of our Next Generation of Financial Advisers initiative, I have had a number of conversations about internships and how different types of advisory firms and brokerages actually use interns.Some common questions: Are they paid? What type of pay should an intern typically receive? What should an intern actually do?Fortunately, we can provide some real clarity on almost all of these issues, thanks to research conducted last year by our IN Adviser Solutions team.In the 2011 Adviser Compensation & Staffing Study, RIA firm owners provided some valuable data on internships - data that should be useful and interesting to both firms seeking to employ interns, as well as students looking for internship opportunities.Overall, 43% of the firms that participated in the study said that they employ interns - and nearly all of these firms (88%) pay their interns for their work. The average salary across these ... Read full post

Mar 29, 2012, 4:59 PM EST

Investment execs: How to make the most of your first move

By Mark Bruno

At the R.I.S.E. Investment Forum here at the University of Dayton today, executives from all corners of the financial services industry addressed an audience of 1,600 college students interested in entering the business. While much of the emphasis and discussion focused on investment management, tucked into the conversations here were some pearls of wisdom for students about getting a foot in the door - and advice for how to get the most out of a first job:John Rogers, chairman, chief executive officer, chief investment officer, Ariel Investments: "I tell young people interested in the business all the time to look for opportunities within their own university endowment offices." Even if it is volunteer, part-time or internship work, "this could be the greatest stepping stone to a lucrative and fulfilling career path in financial services," Mr. Rogers added. Bob Doll, Vice chairman, chief investment officer of global equities,... Read full post

Mar 29, 2012, 1:33 PM EST

Next Gen asks 'WTF?' — What's the forecast?

By Mark Bruno

With more than 1,000 students piling into the UD Arena this morning to attend the University of Dayton's R.I.S.E. Investment Forum to learn more about the world of finance, the first question addressed was a pointed one: What's forecast for the U.S. economy?Few in attendance here expressed that they believe the U.S. is heading for a recession in 2012. Summing up a somewhat optimistic mood in the crowd. Jerry Webman, the chief economist at OppenheimerFunds who kicked of the day with an economic outlook discussion, pegged the odds of a recession at just 15% this year.But despite the outlook - which is much rosier than when InvestmentNews polled advisers just eight months ago and 40% felt a recession was near - this younger generation still appears cautious. They're interested in pursuing a career in finance - they're here, networking with more than two dozen major financial institutions - but unsure of what that career will look like.Who ... Read full post

Mar 29, 2012, 12:01 PM EST

Best bets for careers in financial services? Check the back office

By Mark Bruno

The jobs of the front-office executives or fund managers in financial services may appear to be the most desirable, but the back-office may actually present the best long-term opportunities for people entering the industry. That's the advice of Aaron Brown, risk manager at AQR Investments, who is speaking here in Dayton, Ohio today at the R.I.S.E Investment Forum in front of 1,600 students. "A lot of the intelligent innovation in this business takes place in the back-office," said Mr. Brown, in an interview with InvestmentNews. "The quality of life is probably better too; it's more predictable and can expose you to a broad range of skills," Mr. Brown added. "The front-office, even though it may seem to be more glamorous, can often be about luck."Mr. Brown, who has spoken to students at the R.I.S.E. Forum at the University of Dayton for the last five years, noted that this is still a "tumultuous" time to be entering the financial... Read full post

Feb 22, 2012, 5:14 PM EST

What's next for Next Gen?

Thank you again to everyone who attended our first Next Gen webcast earlier this month. For anyone who missed the discussion - How to find the right fit in an advisory firm - you can listen to the replay here.We're prepping to for another Next Gen webcast that's slated to run in May. Right now, InvestmentNews is looking to focus on internships. Specifically, we were planning to assemble a panel of experts who can discuss how you can get the most out of an internship - and how you can use it to position yourself for a full-time job in the industry.What topics would you like us to cover on this webcast? And if there are other subjects that your would like InvestmentNews to explore, either as a webcast, a blog, or as part of our Next Gen Virtual Career Fair in November, please let us know. Feel free to use the comment box below - we'll be checking frequently for your input.... Read full post

Feb 14, 2012, 12:06 PM EST

Next Gen: Getting a foot in the door

Friday's webcast on finding the right fit in an advisory firm covered a lot of ground and we hope you found it to be useful.The archive is available if you would like to listen to the event again, or send it along to a friend, class mate or colleagues. To access the replay, click here.Derek Klock, associate professor of practice at Virginia Tech, put together a great slide deck that cleanly outline all of the different channels and segments within the advice business. If you're thinking about entering the profession, this deck is a great resource: Download.We had roughly 50 questions come in during the webcast and we'll try to get back to some of the unanswered questions this week. One question I did want to address that came up: Where can I learn about job openings or internships at brokerages and RIAs? For one, InvestmentNews recently added internship listings to our Job Board, so feel free to bookmark this page and check out new... Read full post