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Legg Mason cuts 12% of staff in revamp as investor Peltz joins board

May 24, 2019

Legg Mason Inc. is cutting 120 people, or about 12% of its staff, and streamlining its executive committee just days after adding investor Nelson Peltz to its board. The cost-cutting steps are "critical to our ongoing growth," Joseph Sullivan,...

Dealing with widows requires empathy and patience

May 23, 2019

I often write about the need to protect clients from the financial risks of living too long, but last week I was reminded that not everyone is blessed with long life. My husband Mike decided to accompany me on a trip to Chicago last week for...

4 top surprises from the new tax law

May 22, 2019

We recently completed the first tax season following passage of the Tax Cuts and Jobs Act. There were sweeping changes, and most taxpayers — and their advisers — experienced many unforeseen surprises. Rather than lament, we should learn...

Calm in the storm: How advisers can combat emotional investing

May 21, 2019

In today's society, news breaks on a 24/7, nonstop cycle and the stock market can shift at the drop of a hat. Now that everyone has unlimited access to news at their fingertips, people can find out what's happening around the world in a matter...

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

May 21, 2019

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...

Best clients put meaningful guidance and exceptional service at top of adviser must-haves

May 17, 2019

Being able to provide expert guidance and outstanding service are two key deliverables that the most sought-after wealthy investors demand most from advisers, according to research from the Investments & Wealth Institute. (More:​ High-net-worth...

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

May 16, 2019

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...

5 tactics to improve client retirement readiness

May 15, 2019

Five common things are preventing people from being ready to retire, according to Morningstar Inc. director of behavioral science, Sarah Newcomb. Ms. Newcomb explained the key factors and research behind them at the InvestmentNews Retirement...

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

May 15, 2019

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...

Digital is the present and future of adviser marketing

May 14, 2019

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...

Controlling your Google search results may not be enough

May 14, 2019

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...

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

May 14, 2019

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....

What does a Goldman-owned United Capital mean for advisers?

May 14, 2019

Joe Duran's long-rumored search for additional investment in United Capital Financial Partners seems to be concluding with a sale to Goldman Sachs Group. There are still a lot of questions surrounding the deal's specifics and what it means for...

One retirement risk few people talk about

May 14, 2019

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...

You need $2.3 million to be considered wealthy in America

May 13, 2019

Rich is relative. Merely having a net worth of $1 million, it seems, doesn't mean you're wealthy. In Charles Schwab's annual Modern Wealth Survey, the amount people said it took to be considered rich averaged out to $2.3 million. That, the company...

Financial firms must attract millennial advisers to serve new generation of clients

May 13, 2019

Millennials may not earn as much as their parents, but they are expected to receive an influx of wealth as baby boomers begin to transfer their assets. In fact, over the next 30 to 40 years, millennials in North America will inherit more than...

Carson Group advisers will soon be able to offer clients banking accounts

May 10, 2019

Carson Group announced several new products and services at its annual Excell conference, including a mobile-only banking service that advisers can offer clients. Through a partnership with financial technology firm Galileo, the 108 firms supported...

Softer side of wealth management will prevail in the future

May 9, 2019

The future of financial planning is leaning toward the softer side of wealth management, according to a panel of industry executives speaking Thursday at the Carson Excell conference in Chicago. "The kinds of people who are great at developing...

Only 13% of adult children would use parents' adviser: Cerulli

May 9, 2019

Here's a sobering statistic for advisers who believe they will serve the adult children of aging clients — only 13% of affluent investors report that they choose to work with that adviser, according to new research from Cerulli Associates....

What 401(k) advisers can learn from a viral social media post

May 8, 2019

Not too long ago I took my wife out to dinner, something I don't do enough. We went to a local place here in Austin. The overall experience was wonderful. When we got the bill, I noticed something a little unusual at the bottom: A separate fee...

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