Advisers are doing too much, expert says

Advisers are doing too much, expert says
The best way to grow a practice is to cut out the nonessential and stop letting technology take control.
MAR 30, 2015
Financial advisers who want to build better practices need to work on doing less, not more, an expert told attendees of the Fidelity Inside Track conference in Arlington, Va., Tuesday. "The reality of our time is that everyone gets pulled into the nonessential at the expense of the essential," Greg McKeown, chief executive of This Inc., told about 160 advisers at the conference. "The undisciplined pursuit of more causes people to plateau in their progress." Among the tips the self-proclaimed "essentialist" offered was to stop technology from taking control. Specifically, he mentioned the propensity to check e-mail, which he said is done an average of 150 times a day. "When you check your e-mail you're checking someone else's agenda," he said. Advisers should hold half-day personal off-site retreats every quarter to focus on long-term and short-term goals, including establishing one's No. 1 life goal. That process will reveal what advisers can be doing less of, he said. (More: Apps for financial advisers to help with time management) Focusing on one's best clients — and gaining more of those — also is key. "Advisers won't break through to the next level until you are more selective with your customers," Mr. McKeown said. The two-day Fidelity conference is focused on helping advisers grow their firms. Rich Policastro, senior vice president of sales and relationship management for Fidelity Investments, told advisers they need to set their sights higher to improve their businesses. "Your firm's need to evolve is no longer an option, it's a necessity," he said.

Latest News

Maryland bars advisor over charging excessive fees to clients
Maryland bars advisor over charging excessive fees to clients

Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.

Wave of SEC appointments signals regulatory shift with implications for financial advisors
Wave of SEC appointments signals regulatory shift with implications for financial advisors

Reshuffle provides strong indication of where the regulator's priorities now lie.

US insurers want to take a larger slice of the retirement market through the RIA channel
US insurers want to take a larger slice of the retirement market through the RIA channel

Goldman Sachs Asset Management report reveals sharpened focus on annuities.

Why DA Davidson's wealth vice chairman still follows his dad's investment advice
Why DA Davidson's wealth vice chairman still follows his dad's investment advice

Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.

401(k) participants seek advice, but few turn to financial advisors
401(k) participants seek advice, but few turn to financial advisors

Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave