Results for "Duran Duran"

Apr 5, 2019, 8:18 AM EST

When Envestnet and Apple pivoted

DataWebDigital-Main

By Joe Duran

Last month Envestnet announced the purchase of MoneyGuide for half a billion dollars. A few days later, Apple announced the launch of Apple TV Plus. These two seemingly unrelated events show how established businesses are evolving in this new economy. When Envestnet acquired Yodlee in August 2015, the market reacted by pummeling Envestnet's stock. The consensus at the time was that Envestnet's core business had peaked. Analysts hesitated to support the shift in strategy. Conventional wisdom among analysts and investors holds that big, transformative acquisitions rarely pan out. A year ago, Apple announced that it would no longer break out unit sales for its products and would focus more on revenue streams by business area, specifically highlighting its growing service revenues. The stock was subsequently punished as analysts surmised that Apple wanted to hide the fact that it had passed peak phone sales and the company's historic... Read full post

Mar 19, 2019, 10:23 AM EST

Growth is a must, but watch out for the trap

Futuremoneymagic-Main

By Joe Duran

After spending many years cheering my three daughters while they play club volleyball, I decided it would be nice to learn to play properly myself. After all, there are a couple of courts right by the ocean, and it would be fun to play with them. Of course, being a 50-year-old guy isn't exactly peak time to learn to do something athletic, so there was that.I found a recently graduated collegiate player who was willing to work with me, and I began with lessons on Friday afternoons and games on Saturday mornings. Growth of any kind, whether it's personal or professional, must start with one simple act: the decision to do something different to improve in some way. But in our industry, where pretty much every firm wants to grow, remarkably few create the growth-oriented culture required for it to happen.... Read full post

Feb 19, 2019, 3:11 PM EST

Making a resolution (and a plan) that is built to last

plans-Main

By Joe Duran

We've reached the time of year where research tells us most people have abandoned their New Year's resolutions. According to U.S. News & World Report, 80% of New Year's resolutions fail by February. Those promises of eating less or working out more become guilty memories that pop up in our consciences, soon to be forgotten. So why do so many of us fail to change our behavior, even with our best intentions and efforts? There's a lesson we can apply to help ourselves and our clients by taking a closer look at how resolutions really work, or when they don't.... Read full post

Jan 28, 2019, 4:37 PM EST

The innovation challenge: What's holding you back?

InnovationMoneyGrow-Main

By Joe Duran

We all know that we are living in one of the most disruptive times in history. Which also means that this is a dream time for innovation and reinvention. Never has there been a more rewarding period for businesses in any industry to reimagine themselves. As chairman of the InvestmentNews​ Icons & Innovators Summit April 17 in New York City, I thought I'd share insights on innovation and what differentiates growth firms from firms that plateau.Why aren't we all innovating?There is no such thing as a perfect firm, not in any industry, but most certainly in wealth management. That means every company in the world has ways in which it might improve and evolve to be more competitive and better serve its clients. Yet most wealth managers will be content to do the same things this year that they did last year, and the year before that. What holds people back from evolving, even though they know it's what's best for their future?... Read full post

Dec 28, 2018, 2:08 PM EST

Biggest events for advisers last year

BigGiant-Main

By Joe Duran

At the 2018 MarketCounsel Summit I was asked for the most important "breakthrough" moments for our firm. As we reach the end of the year, I believe we should reflect on the most important developments in the wealth management industry as a whole, and where we're headed in the months to come.... Read full post

Dec 3, 2018, 1:01 PM EST

Stop asking for referrals. You're better than that

YoungerClientsNextGen-Main

By Joe Duran

At the Schwab Impact conference in Washington, I was on a panel discussing client experience. One part of the discussion caused quite a stir in the media, both traditional and social. While sharing our thoughts about wealth management, I made a pejorative comment about how our industry asks for referrals and the absurd "how to get referrals" education many of us grew up with. I sincerely believe that the way most of us have been taught to ask clients for referrals is demeaning and insults our profession. Imagine if, after curing you of cancer, your doctor asked you for a referral by saying, "Now that I've cured you, can you introduce me to your friends or coworkers that might need my service?" or, "We grow our business by receiving referrals from our valued clients. Do you know anyone else we should work with?" Asking for referrals in this way is embarrassing for you and for your clients.... Read full post

Nov 6, 2018, 4:48 PM EST

Learning from the woes of Sears, General Electric

GEIllo-Main

By Joe Duran

Two great American companies have seen their stock prices fall off a cliff. In the early 2000s, my colleagues and I sold our investment firm, Centurion Capital, to GE Financial. At the time, General Electric was the gold standard for great American enterprises. Over the subsequent years, GE has lost over half a trillion dollars in value and suffered the indignity of losing its position in the Dow Jones Industrial Average (it was the last remaining member from the original 12 participants). In the meantime, retail megabrand Sears went from over $140 per share a decade ago to filing for bankruptcy this year after its stock plummeted to 60 cents per share. How did two companies with such iconic brands and prestigious histories (both were founded in the late 1800s) end up with such disappointing outcomes? Are there lessons for entrepreneurs and business people to heed, even though we will likely never reach such lofty heights?... Read full post

Oct 12, 2018, 10:26 AM EST

Is artificial intelligence the next bitcoin?

IdeaTechnologyFintech-Main

By Joe Duran

Bitcoin has fallen almost 70% from its peak last year, from around $20,000 to roughly $6,500 currently. Breathless commentary about how bitcoin could become the next global currency has given way to sentiment that it's just another disappointing idea that has lost a lot of money for investors.Today the new fuss in the technology world is about artificial intelligence and how it will change the world, and the wealth management business.... Read full post

Sep 11, 2018, 3:23 PM EST

The trillion dollar club: How to be a growth superstar

CityElevatorGrowth-Main

By Joe Duran

Amazon recently joined Apple in the trillion dollar club, becoming the second American company in history with a market cap surpassing $1 trillion. While Amazon and Apple climb to new highs, it's been fantastic for investors and for the wealth management firms that serve them. There's nothing like a rising market to increase assets, revenues and profits.It's easy to grow your revenues when your asset base goes up without your doing anything. It's also easy to think it's better to do nothing to rock the boat than to make any major changes to evolve your business. After all, it may not seem necessary because things are going so well.This is called a growth trap: Your current success might be the biggest threat to your success in the future. What great growth firms know is that there's no better time to change things than when all is going well. That's certainly the mindset at any of the growth companies from which we have all benefited.... Read full post

Aug 6, 2018, 1:17 PM EST

Time or money: Which is more important?

SpanishStreet-Main

By Joe Duran

I just returned from an eye-opening family trip to Spain. I met my wife in Madrid more than two decades ago when we were both studying abroad, and while the city might be more modern, the rituals and culture remain remarkably unchanged. I have returned often over the years, but on this trip I was particularly struck by the amazing difference in perspectives on life and how the Spanish live it. We arrived in Madrid on a lovely Saturday afternoon. Driving to the hotel, my daughters noticed most of the storefronts were closed. They were surprised that most stores close between 2 and 5 p.m. so people can have lunch and recharge, rather than staying open and making money. After unpacking we sat at a street café, enjoyed a snack and watched the city slowly come to life as couples, families and friends emerged to the streets for their evening paseo; the daily ritual of catching up by taking a stroll, having some snacks and perhaps doing... Read full post

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