Mario Cacciola, a 40-year-old associate attorney for a large international law firm, gets cold-called multiple times a week by financial advisers looking to begin a relationship with him now before he climbs the ladder and makes partner. Although many have rubbed him the wrong way, he eventually met one adviser he felt comfortable with. After working together several years, Mr. Cacciola said he appreciates these five things that could help other advisers who are looking to connect with the next generation.
Offer a personalized plan, do not sell me an investment
After meeting with many advisers who aggressively pushed investment products, Mr. Cacciola picked one who offered a free assessment of his financial life and presented a realistic plan to achieve his goals.
Know how to work with debt
Part of the plan for Mr. Cacciola accounted for both his student loans and some credit card debt he was working to pay off.
Don’t expect big business right away
For now, Mr. Cacciola’s adviser only handles his individual retirement account and a life insurance policy, but he hopes that as his income increases and he eventually becomes a partner, the adviser will handle his more complex finances. “He wasn’t trying to sell me, he was legit trying to figure out a way to serve me while I’m small now,” Mr. Cacciola said. “He knows he’s got a good customer going forward.”
Don’t be judgmental
Mr. Cacciola’s adviser provides an annual presentation of how he is progressing toward his goals, but he doesn’t give Mr. Cacciola too much flak when he falls short.
Be available
Mr. Cacciola’s adviser sends an automated monthly email updating him on his investments, and also makes himself available for a call whenever Mr. Cacciola has a question or a financial decision looming.
By listening for what truly matters and where clients want to make a difference, advisors can avoid politics and help build more personal strategies.
JPMorgan and RBC have also welcomed ex-UBS advisors in Texas, while Steward Partners and SpirePoint make new additions in the Sun Belt.
Counsel representing Lisa Cook argued the president's pattern of publicly blasting the Fed calls the foundation for her firing into question.
The two firms violated the Advisers Act and Reg BI by making misleading statements and failing to disclose conflicts to retail and retirement plan investors, according to the regulator.
Elsewhere, two breakaway teams from Morgan Stanley and Merrill unite to form a $2 billion RIA, while a Texas-based independent merges with a Bay Area advisory practice.
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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.
