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5 ways to take your firm's vision statement from cliché to inspiration

March 19, 2014

It's become cliché to say your business needs a vision statement. And by now, many businesses have one. Unfortunately, most are what I call an “obligatory” vision. An obligatory vision is simply one you put together because you heard or...

Creating clear career path critical to attracting NextGen advisers

March 19, 2014

Adviser John R. Augenblick learned the hard way that you have to offer a clear career path to the next generation. As the financial crisis hit, one of his junior employees was poached by a competitor who was willing to offer the young professional...

15 worst paying cities for financial advisers - The worst paying cities for financial advisers

March 19, 2014

After using the revamped National Adviser Compensation Database to identify the 15 best paying cities for financial advisers, it's time to look at the other side of the proverbial coin. What large U.S. cities are behind the curve when it comes...

The adviser industry is shrinking (and why that's a good thing)

March 19, 2014

Much has been made of the crisis facing the financial adviser industry as aging advisers exit and the industry searches for younger advisers to step in. According to the latest from Cerulli Associates Inc., over 100,000 advisers are projected...

Identifying and attracting the next generation of advisers

March 17, 2014

In my last article, I suggested that as an industry, one of the key opportunities (and one of our existing challenges) is to identify and attract talent people to become financial advisers. Let me be clear, I am not saying that collectively...

Financial adviser bracketology

March 17, 2014

It's amazing. Every year at this time there is a college basketball team that comes out of nowhere to capture the hearts of a nation as it marches toward the Final Four. Twenty-five years ago it was Seton Hall, eight years ago it was George...

Is your firm optimally staffed?

March 17, 2014

More than 75% of company expenses are spent on staff compensation, benefits and training, so when a firm is anticipating the next step in their development, the basic drivers of growth – staffing, revenue, and productivity – must be among...

Wirehouses sweeten succession deals for retiring advisers

March 17, 2014

As competition for the assets of retiring advisers heats up, the wirehouse firms have been updating their succession programs for aging advisers. This year, the big four are knocking the dust off old succession programs and revamping them with...

Advisers confront shrinking fortunes

March 16, 2014

About a decade ago, as financial adviser Kimberly Foss' clients reached their 80s and 90s, many of them died. In dealing with the families, no matter how hard she tried, Ms. Foss was unable to hold on to enough of those clients' assets. She...

Technology's impact on firm value

March 16, 2014

Making a firm more valuable prior to sale ranks as a top priority of advisers involved in succession planning. Yet in the push to gain more clients and increase assets under management, technology as a value driver can often get lost in the...

How to fight the inertia of succession planning

March 16, 2014

One of the best ways for financial advisers to fight the natural inertia of succession planning is to seek outside help. Whether guided by a broker-dealer, a roll-up firm or an independent consultant, advisers should look for certain key features...

Getting it down on paper

March 16, 2014

Writing a formal succession plan can seem daunting — many plans reach hundreds of pages — and therefore, some advisers push it off as long as possible until retirement is close at hand. For inspiration to get moving on a written succession...

Former NAPFA chairman Spangler gets 16 years for fraud, must pay $19.8M in restitution

March 14, 2014

Mark F. Spangler, an ex-chairman of the National Association of Personal Financial Advisors, has been sentenced to 16 years in prison on 32 criminal counts that include money laundering, investment adviser fraud and wire fraud. Mr. Spangler,...

Prepare to be patient if you aim to serve wealthy business owners

March 14, 2014

The nation's business owners are an affluent bunch and they require a broad swath of services from a financial adviser — but the potential pay-off to advisers may be many years down the road. About one-third of the nation's wealthy investors,...

Overtime pay for advisers?

March 14, 2014

President Barack Obama's reported proposal to require more businesses to pay their employees overtime has highlighted the grey area around what positions in the advice business should be for paid hours worked outside the traditional work week....

Blogger Kitces stokes debate over CFP Board compensation definitions

March 13, 2014

The way that the CFP Board categorizes financial adviser compensation makes it nearly impossible for an adviser to be deemed fee-only, according to a popular blogger who is almost single-handedly stoking the debate. In a 4,360-word post on his...

CFP Board moves to strengthen academic underpinning of planning profession

March 13, 2014

The Certified Financial Planning Board of Standards Inc. will establish a new doctoral program, launch an academic journal and explore the feasibility of an academic center, the organization said Thursday. The moves are part of the CFP Board’s...

Where your young boomers prospects are going for advice

March 13, 2014

With nearly half of young baby boomers now using self-directed investment platforms, the traditional advisory model used by wirehouses is facing a dual threat from discount brokerages and electronic registered investment advisers — the so-called...

Alternative investing program targets advisers looking to diversify

March 13, 2014

Tapping into the growing popularity of alternative investment strategies, two industry associations have joined forces to offer an online educational program and certificate that demonstrates continuing education in alternative portfolio strategies....

Creative ideas for long-term client retention and growth

March 12, 2014

Early on in my advising career, I struggled to find an identity — who was I, what did I do and for whom? And because I went into my own business right from the start, I was without benefit of a large firm training program so I learned everything...

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