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'Retire in place' doesn't cut it as a succession plan

April 16, 2019

It has become apparent to me that the succession plan of many older advisers is simply to retire in place. To achieve this, advisers basically stop working full-time, place all (or most) client assets in fee-based accounts, strip out as many...

RIA succession plan takes the long view

April 15, 2019

In a financial planning industry constantly chastised for not taking succession planning seriously enough, Michael Chasnoff might be considered an anomaly: He's 12 years into a 22-year succession plan. Mr. Chasnoff, founder and chief executive...

Creativity matters when planning for lone retirees

April 12, 2019

When a client is an older woman, who has never married and has no children, or close relationships with other natural heirs to leave her considerable wealth to, extraordinary planning steps and creative thinking are needed. Multiple professionals...

Rising rich boost stature, growth of family offices

April 12, 2019

In Rhona Vogel's line of work, family comes first. As CEO and founder of Vogel Consulting, a wealth management firm based in Brookville, Wisc., she manages the personal fortunes and increasingly complex financial lives of about two dozen wealthy...

How behavioral technology will improve retirement planning

April 12, 2019

Technology has always been the great disrupter. When robo-advisers came around, traditional advisers began preparing for battle. Now financial advisers are largely embracing technology, using it to free them up to be a better adviser. But technology...

62% of firms plan to adopt new client-facing technology this year

April 12, 2019

Our past research has revealed that independent advisory firms often rated improving the digital client experience as less important than improving adviser productivity and building efficiencies. But data from the 2019 InvestmentNews Adviser...

Thinking beyond $1 billion

April 10, 2019

Many new RIAs dream of reaching $1 billion in managed assets. But the $1 billion mark isn't the end goal. For an advisory maturing from a practice to a business, it's just the beginning. A firm growing toward $1 billion in AUM is doing a lot...

Embrace technology, but beware of becoming obsessed with it

April 9, 2019

Technology is important. As the world continues to embrace it, it is encouraging to see that our industry has caught the full force of the bug. Nearly every publication that covers the financial advisory profession today has a dedicated financial...

Buffett urges Wells Fargo to look beyond Wall Street for CEO

April 8, 2019

Warren Buffett, the largest shareholder in Wells Fargo & Co., says the bank should look outside Wall Street for its new chief executive officer to avoid drawing criticism in Washington. "They just have to come from some place [outside Wells]...

Hiring young advisers: You can't start too early

April 8, 2019

The talent shortage is one of the biggest challenges our industry is currently facing, so it's no surprise that finding and recruiting the right talent were top of mind for attendees at TD Ameritrade Institutional's annual adviser conference,...

401(k) advisers may be this type of fiduciary — and not know it

April 8, 2019

Retirement plan advisers often act as investment fiduciaries for 401(k) clients, helping plan sponsors select and monitor funds to offer their employees. However, such actors also have fiduciary responsibility concerning the digital operation...

Want to keep good employees? Know what they value most from their firm

April 6, 2019

If you run an advisory firm and have had trouble holding on to employees and attracting new ones, consider what workers are looking for in a job these days. It's not just good pay and benefits, although those are important. And it's not just...

Arming clients with the tools to teach kids about finances

April 5, 2019

Advisers have a unique opportunity to make a difference in the way our country approaches the development of financial literacy. On the surface, endeavoring to help young people (Ages 6-20) develop a basic understanding of money concepts does...

When Envestnet and Apple pivoted

April 5, 2019

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...

'Advice' is changing due to client awareness of fees

April 4, 2019

Three-quarters of advisers in a new Cerulli Associates study agree or strongly agree that, compared with five years ago, prospective clients are now more sensitive about fee levels. As of last year's second quarter, 53% of investors agree that...

To thrive, do what you love

April 2, 2019

Most of us got into the advisory sector for a couple of reasons: First, we enjoyed helping people make better financial decisions, and, second, we liked investing. But what I've noticed is that experienced advisers are not spending enough time...

The hedger's opportunity

April 1, 2019

Now that the market has rebounded substantially off its lows, how do advisers know when to enter or exit the market? The short answer is that they can't know. Market timing is an ever-elusive game. Instead, advisers can look for strategies to...

Best Places to Work for Financial Advisers: The research and the data

April 1, 2019

As InvestmentNews celebrates its second class of Best Places to Work for Financial Advisers, we'd like to use the opportunity to shed some light on the practices that play the biggest role in setting the Best Places apart from the competition...

Is your office space keeping up with the times?

March 29, 2019

When you think of the traditional office space, perhaps a formal conference room and individual cubicles for staff come to mind. But just as in other areas of our industry, times are a changin' when it comes to space planning. As millennial...

Schwab moving to subscription fees could be watershed moment for advice industry

March 29, 2019

Charles Schwab's announcement Thursday that it was moving from an assets-under-management fee to a flat monthly charge for its robo adviser sent shock waves throughout the industry. For Gavin Spitzner, president of industry consultant Wealth...

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