Results for "Outside-IN"

May 21, 2019, 12:25 PM EST

Why our firm hired a data geek instead of another financial adviser


By Kathryn Brown

Data-driven organizations are 23 times more likely to gain customers, six times more likely to retain customers, and 19 times more likely to be profitable as a result, according to the McKinsey Global Institute. In my nearly 20 years of working in personal wealth management and over a decade in an ownership role, I have come to recognize many trends within our industry, particularly hiring patterns. Historically, as firms grow, the staffing pattern looks something like this: 1 – Lead adviser2 – Administrative support3 – Junior adviser4 – Repeat Eventually, hire number 11 or 12 will be a marketing or operations position when the owner determines there are too many activities to manage. But what if you reset the prioritization? What if you accelerated the business hiring to the forefront? And rather than seeking a broad operational role, what if you pinpointed a data engineer to take the strategies of the firm and ... Read full post

May 20, 2019, 4:43 PM EST

New tax rules raise the cost for most kids — but not all


By Tim Steffen

When word about changes to the kiddie tax rules started getting around, the response was mostly confusion. Were parents supposed to be happy about these changes, or would the changes increase taxes and hamstring investment strategies?The answer, as is so often the case with taxes, is mixed. There's no question that for many these changes led to tax increases, but it wasn't universal. And in some respects, tax returns for kids became easier to prepare.... Read full post

May 16, 2019, 2:16 PM EST

Building a "fortress P&L" that can get firms through a market downturn


By Gordon Ross

After a long period of market growth, are advisory firms protected if the market were suddenly to go through another downturn? How can you tell if your firm is one that could be in trouble? What do you need to do to turn your firm's P&L into a "fortress P&L"?... Read full post

May 15, 2019, 2:20 PM EST

The world is flat — and some people like it that way


By Steve Gresham

Last time in this space I stirred the pot a bit by calling out the uneven "progress" of wealth management firms on adopting better productivity and embracing demographic realities — especially the rising importance of women clients and the impact of a generally older population. Thought leaders say these are obvious issues requiring immediate action. Market leaders are taking action ahead of less nimble competitors. I always wonder, since all the industry forces and factors are published widely across the advice industry, what keeps the followers from being leaders?No one likes change. A good psychologist can make you a robust list of behaviors that protect people from change. In his thought-provoking book, "The Unpersuadables," Will Storr documents some of the more extreme examples of human intransigence in the face of overwhelming evidence. The subtitle says it all: "Adventures with the Enemies of Science."Mr. Storr warns us... Read full post

May 15, 2019, 10:34 AM EST

Fate worse than zero hits fund land


By Mark Gilbert

The trend that's been driving fees in the world of asset management relentlessly lower has finally reached its (il)logical conclusion. The Securities and Exchange Commission has just approved an exchange-traded fund with negative fees. It's further evidence, if any were needed, that the rush to the cheap seats is unlikely to halt anytime soon — and that fund managers need to continue adjusting to their straitened circumstances.Salt Financial will launch its Salt Low truBeta ETF by paying investors 50 cents for every $1,000 invested until the fund reaches $100 million — which the firm says is the minimum size to get listed on brokerage and advisory platforms — at which point the fee reverts to $2.90.Of course it's a bit of a gimmick designed to attract publicity, and the firm can still earn a crust by lending out the stocks it buys and charging the borrowers a fee.But it does also highlight the winner-takes-all... Read full post

May 14, 2019, 12:49 PM EST

Controlling your Google search results may not be enough


By Taylor Schulte

My financial planning firm gleans more than 50% of our new client leads from Google search alone. How does this happen? For the most part, people head to Google and type in terms like "San Diego financial planner" or "financial advisor in San Diego" and find my website on Page One. From there, they read about our firm, review our 6-step evaluation process and schedule a call if there is a potential fit.This all sounds so simple, and it is. Yet my firm still has plans to expand our online presence. Why? While Google search is important today — and it will be in the future — firms also should consider how other forms of search will play a larger role in three to five years. PODCAST SEARCHAccording to recent statistics from Podcast Insights, over 51% of consumers have listened to a podcast, and most of them are "loyal, affluent and educated." That sounds like the exact demographic most financial advisers hope to target.... Read full post

May 14, 2019, 5:37 PM EST

Finra proposal to restrict recidivist behavior a good start — but more needs to be done

bad brokers-main

By Christine Lazaro

Recently, the Financial Industry Regulatory Authority Inc. published a proposal to impose restrictions on firms with a significant history of misconduct. Finra wants to label firms with high numbers of disclosures and with a history of employing brokers with high numbers of disclosures as "restricted firms." Once they are so labeled, they must deposit funds into restricted accounts, which can only be accessed with Finra's permission.Finra has been increasing its focus on recidivist brokers. For 2019, the regulator made examining brokers with "problematic regulatory histories" a regulatory priority. Last year, it issued a notice focused on "high-risk brokers." In the notice, Finra proposed several rule amendments focused on brokers posing the highest risk. Academic studies show that some firms persistently hire brokers who engage in misconduct, thereby concentrating misconduct at those firms. Finra's own study found that past... Read full post

May 14, 2019, 2:33 PM EST

The burnout epidemic and what advisers can do to combat it ​


By Ron Carson

There's plenty to keep advisers up at night: fluctuating markets, discussions of Social Security shortfalls, health care constantly under pressure, the ever-evolving standard of client expectations and the changing face of the business itself. And then there's everything filling our personal lives, ranging from managing our kids' after-school activities, running errands and staying on top of housework to fulfilling our commitments to community groups. We have a calendar conundrum. So many hats to wear, both as a business owner and a spouse/friend/parent/co-worker — and a finite amount of time to somehow manage it all. Be all. Conquer all. It's this ferocious battle between the demands of modern-day life and our very real need for replenishment and repair. This uncertainty, burnout and stress are affecting clients as much as advisers. No one is immune. As I've met with advisers all over the country this year, the burnout and... Read full post

May 14, 2019, 12:08 PM EST

One retirement risk few people talk about


By Jamie Hopkins

Retirement is full of risks and hurdles, as it can span 30 or 40 years for many Americans. Certain risks are well known: running out of money, long-term care, health care and investment risks. Within these broad categories lie hidden or overlooked sub-risks. For instance, within investment risks is sequence-of-returns risk or liquidity concerns. Within long-term care is public policy risk if Medicaid is cut back. One often overlooked sub-risk of health care is senior depression. It's not well-documented or understood by the financial services industry. And it's usually underdiagnosed, under planned for and underrecognized — even though it affects millions of Americans. Happiness in retirement is complex, though. Some research shows that many retirees are happier than they were before retirement, and, as a whole, are happier than any other group. But at the same time, retirees can suffer from depression at rates higher than the... Read full post

May 14, 2019, 11:12 AM EST

Digital is the present and future of adviser marketing


By Scott Hanson

If you're an adviser, don't ignore the elephant in the room that is digital marketing, or you might find yourself struggling to survive. In our industry, clients leave for other firms, they take distributions and they pass away. In short, there's a constant outflow of manageable assets. With all that attrition, you need a steady stream of new clients just to break even. So why is it that other than waiting for referrals, many advisers do very little to acquire new clients?I believe it's because effective marketing approaches are difficult to identify and master. Even the ones that work well can eventually become obsolete. (More: 5 pillars of marketing for advisers)​ Case in point, I've co-hosted a call-in radio show for over 20 years. It's always been a highly reliable source for client acquisitions. But a few years back, it became clear that terrestrial radio was, among other things, being replaced by digital channels. In... Read full post

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