Downstream: The Financial Planning Futures of Millennials and Gen Z
If you ask many financial advisors about their ideal client, they’ll describe someone 45 and older. By this stage in life, many clients have been able to accumulate a higher net worth, and they’re in their peak earning years. Add to that the stereotypical intergenerational friction, and many advisors aren’t chomping at the bit…
Priorities Are the Key to Efficiency
Advisors wear many hats in the course of business – investor, relationship manager, HR, marketer, and whatever else growing your firm requires. The key to creating an efficient firm is not in simply working harder. Efficiency is a matter of focused priorities. 1. Budget Your Time Like Your Money Financial planners know their way…
Advisors Are Nearing Retirement, but Who’s Taking Their Place?
Most advisors have seen headlines about the concerning lack of young talent backfilling the ranks. According to JD Power in 2019, the average age of financial advisors clocked in at 55 years old. JP Morgan recorded that 44% of RIA’s are north of 60 years old. That number has been growing, showing little to…
Growing Financial Advisor Business? Keep Valuation in Mind
Every advisor wants to grow their business, but as many will tell you, not all growth is good growth. Some increases in revenue come with unwanted challenges – demanding clients, bad fits, and other problems. In the big picture, another challenge emerges. Not all business growth actually increases the value of your book of…
RIA Market Trends to Watch 2023
As 2023 begins, it’s important to take a look at the RIA industry and the trends that have been impacting the market. The past couple of years have held some huge barriers for the financial advisory industry, which have in turn affected its trends. Looking at trends from the past year and what can…
Understanding Community Marketing in 2023 for Financial Advisors
In the last five to ten years, the financial planning industry has undergone radical changes in terms of marketing and technology. Still, the lifeblood of winning and retaining new clients is relationships. With a sales pitch as big as a family’s financial future, trust and familiarity are in high demand. This relationship-centric business model…
Multi-Generational Planning for High Net Worth Households
It’s not a bold statement to say the financial planning needs of a high net worth household are notably different than your average middle class financial plan. While not every advisor is looking to focus on high net worth households, those that do need to be prepared for the intricacies and expectations of…
How to Choose a TAMP to Help You Grow
Key Questions: Is a TAMP the right solution for your business? What are the benefits and concerns around using a TAMP? How do you leverage a TAMP service to grow your business? Every financial advisor knows the value of time, especially when every part of the business requires it. One of the most…
The Well-Supported Advisor
Financial advisors, like any business leaders, have dreams of what their practice could become over time. You can see the path you’d like to take and how it could accomplish the goals you have set. The problem? Executing your plan. Turning the vision into reality. While we can be our own worst enemies when…
Fintech Trends for Financial Advisors
Those of us who have been in the industry a few decades have seen just how rapidly the business has been transformed by tech. There are more great tools than ever before that you can use for customer support, productivity, and other business aspects. Here’s the challenge: Advisors who are not leveraging new technology…
What Each Generation Cares About in Economic Downturns
Right or not, many envision the role of a financial advisor as that of a market sage providing timely predictions that help clients time the market to maximize profits. While that is far from an advisor’s only role, it’s one that exists under a great deal of pressure. Especially in volatility, financial advisors are…
The Rising Tide of Advisor Independence
Not many people watch the headlines like advisors. Especially in recent days, some of these headlines have stirred up controversy in the financial planning world. In addition to the normal clamor of investing news, this new controversy is talking about the business model of financial planning. At the center of this disruption: an accelerated movement…