Results for "behavioral finance"

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Modern retirement planning means staying aggressive

April 11, 2016

Most financial planning overlooks a key element of modern retirement planning. Boomers don't want the retirement life their parents had; they want to keep growing. Five financial advisers share their thoughts on the DOL fiduciary rule. “What's...

When one spouse tries to sneak away money

April 10, 2016

This month's question comes from an adviser whose client — and old friend — made an unethical request behind his spouse's back. Q: I am a CFP professional and provide financial planning advice and investment management assistance to my former...

Most women don't trust financial advisers

April 4, 2016

Most women don't trust financial advice. Here's why. A majority of women believe the financial services industry is more dedicated to profits than to providing sound financial advice. According to the Bacon Cheeseburger Index, the Federal Reserve...

Industry should understand being a fiduciary is right for both clients and business

March 23, 2016

For years, I've watched and listened to the fiduciary debate. It's a super important conversation to have, and I'm so glad it's happening. But let's not miss the point in all the noise. We all know people who can't legally call themselves fiduciaries...

10 best ways to execute a succession plan

March 21, 2016

Holding on to a firm’s clients during a sale should be a priority for the buyer and especially the seller, since the number of clients who stay can have a direct impact on the amount of money that is paid for the practice, or book of business....

Why advisers shouldn't shy away from discussing fees with clients

March 11, 2016

Charles Schwab had a great television commercial a couple of years ago that nicely captured the dilemma facing financial advisers when it comes to talking to their clients about fees. The commercial opens with a father and his young son who...

How to coach clients through their financial blind spots

March 9, 2016

I have a secret. Now, what I'm about to tell you won't sound like much of a secret. But I promise most people don't realize this secret applies to them. It comes in two parts: 1. We all have blind spots. 2. We can't see them. Obvious, right?...

Steer clear of politics with clients

March 6, 2016

As political seasons go, the current presidential election campaign might seem longer, louder and more animated than most. As InvestmentNews reporter Liz Skinner pointed out in a story, the topic of politics can create a whole new level of practice...

Follow the data to ID the best prospects

March 6, 2016

Advisers who want to build successful advisory practices have long followed a tried-and-true formula: Follow the money. But forward-thinking advisers may want to contemplate an updated version of that popular saying: Follow (and advise) the...

Searching for the perfect investment is counterproductive for clients

February 25, 2016

Have you ever had a client who's really used to being in control? I had a client like that once. He was a great guy and a friend who also happened to be a super-successful entrepreneur. For him, when he wanted something to happen, he made it...

Behavioral finance: Finance for normal people

February 18, 2016

We often hear that behavioral finance is nothing more than a collection of stories about investors swayed by cognitive errors and misleading emotions; that it lacks the unified structure of standard finance. Yet today's standard finance no longer...

Advisers challenged to keep polarized election rhetoric out of client discussions

February 18, 2016

The super-divisive and unavoidable election cycle underway has advisers walking a fine line with clients when the conversation turns to rousing personalities like Republican presidential candidate Donald Trump and Bernie Sanders, a socialist...

Serving famous athletes and entertainers poses unique challenges for advisers

February 14, 2016

Before Ed Butowsky became his financial adviser, former Major League Baseball all-star outfielder Torii Hunter lost $70,000 when he invested in an investor's idea to develop an inflatable raft that rests under furniture in case of flooding....

Embrace the robo-adviser disruption

February 14, 2016

It's time to stop all the fretting and hand-wringing about whether robo-advisers will put financial advisers out of business. They won't. What they will do — and, in fact, already are doing — is force all advisers to rethink their business...

9 tips for advisers looking to work with celebrity clients - How to break into the celebrity client market

February 14, 2016

Breaking in to the business of advising entertainers and athletes can be random, but there are ways advisers can improve their odds. Click through for nine practical steps to take to get started, and don't miss our in-depth look at successful...

The biggest drawbacks of the retail robo-advisers

February 12, 2016

In my last article, I addressed what robo-advisers do right. In general, robo-advisers provide investors who have any size portfolio the opportunity for convenient, low-cost, tax-efficient investment management. No matter the shortcomings I...

Reminding clients of their goals is a critical part of an adviser's job

February 10, 2016

I know that real financial advisers have spent years helping their clients identify goals and what matters most to them. But I'm betting most people don't think about us this way. After all, we help people build portfolios. What does that have...

How to attract, and keep, young high-net-worth clients

February 8, 2016

The high-net-worth market has grown significantly over the past six years, with nearly one million new high-net-worth individuals (HNWIs) added globally in 2014, according to the 2015 World Wealth Report. Every year there is a higher proportion...

Hollywood makes it tough on advisers to build trust

February 1, 2016

Expect Bernie Madoff's multi-billion-dollar client bilking to be fresh on the minds of the investing public again as the first of two television movies about the corrupt financial adviser starts Wednesday night. Many advisers say prospects and...

Clarify what diversification really means, and why it matters

January 28, 2016

When you sit down with a client for the very first time, what happens when you start talking about diversification? I'm betting you talk about picking a mix of investments, like stocks and bonds, maybe even some cash or real estate. You probably...

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