Results for "Duran Duran"

Dec 3, 2018, 1:01 PM EST

Stop asking for referrals. You're better than that


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


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?


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


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?


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

Jul 2, 2018, 2:46 PM EST

The problem with goals


By Joe Duran

The 2018 World Cup is in full stride. The world's best soccer teams are on the global stage in Russia, with their home fans glued to their TVs cheering and gasping with every turn of the ball. How can you not get swept up in the jubilation that erupts whenever a goal is scored? Given the focus on goals over the next several weeks, it seems an opportune time to talk about goals in a financial context. There's been a lot of focus on goals-based planning and outcome-based investing over the past few years. All of the popular planning software has steadily shifted away from focusing on cash flow to goals-based planning, making it the dominant method of implementing financial plans.Working with goals is easier than predicting cash flow, it's more scalable and ultimately more adaptable to clients' needs. But let's not forget that every plan has its shortfalls.1. Every plan ever written is wrong. No matter how advanced the reporting or the... Read full post

Jun 12, 2018, 3:30 PM EST

Always be closing? The end of selling


By Joe Duran

On a recent flight I watched a movie I'd seen decades earlier and marveled at how life has changed. The cult classic "Glengarry Glen Ross," based on David Mamet's Pulitzer Prize-winning play of the same name, is the poster child for the ugly underbelly of selling. And no moment is more illustrative than when an intimidating Alec Baldwin berated a group of disheartened salesmen from his blackboard to "ABC. A Always, B Be, C Closing. Always Be Closing!"I started working in the investment business in the early '90s, the same time as the movie was released. I was taught that the rules for success were pretty simple: If you wanted to grow, you had to sell. Investment performance might matter a little, nice brochures could be helpful, but above all else, growth required the ability and willingness to sell. Cold calls, Saturday morning seminars, handing out business cards to strangers were all part of breaking into the industry back then. I... Read full post

May 22, 2018, 4:30 PM EST

What one thing would you do to assure your firm is competitive for the next decade?


By Joe Duran

At the Icons & Innovators award ceremony held at the grand University Club in New York City I had the privilege of sharing a panel with lions of the industry: David Booth, founder of Dimensional Fund Advisors, Ken Fisher, founder of Fisher Investments, and Mark Tibergien, CEO of Pershing Advisor Solutions. The first question asked by Fred Gabriel, editor of InvestmentNews, has intrigued me for years and is worthy of a little extra reflection: "What one thing would you do to assure your firm is competitive for the next decade?"I believe that 100% of any firm's growth, and all of its future profitability, will be driven by only one thing: its client experience.... Read full post

May 3, 2018, 1:22 PM EST

3 insights on the Financial Engines-Edelman combination and how it might affect you


By Joe Duran

On Monday, Financial Engines announced that it was being taken private by the respected private equity firm Hellman & Friedman for $3 billion in cash, a 30% premium over the pre-announcement closing price. Financial Engines will merge with Edelman Financial, the $21 billion national RIA that H&F acquired three years ago for what was then reported as a purchase price of over $850 million. I've written in the past about the rise of the mega firms. Clearly, the combined company is one of the wealth management firms likely to become a nationally dominant firm.​ ... Read full post

Apr 19, 2018, 2:45 PM EST

A visit to India and the world's largest startup


By Joe Duran

I recently spent a week in four cities across India. The trip lived up to all my expectations: The Taj Mahal was stunning, Old Delhi chaotic, Jaipur majestic, and Mumbai vibrant. The highlight, however, was not geographic, but commercial. Our group spent an afternoon with the team at Jio, one of the fastest-growing companies ever. It was launched four years ago as a startup within one of the largest conglomerates in India, Reliance Industries, the country's largest oil company. Five years ago, its chairman had the brilliant insight that data was the new oil and set out on a mission to convert India into one of the most digital nations in the world. Jio's evolution is breathtaking and can provide lessons to any growth-oriented entrepreneur.... Read full post

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