Everything Advisors Need To Know About Outsourcing

Most financial advisors are already farming out non-core business functions to a third party. But how do you give up the reins if you’ve been doing it all yourself? Advisors who fought for their independence often start out with a do-it-yourself approach to every aspect of their business. That means running the client accounts from back to front, hiring and firing support staff, keeping the computers up and running — all in addition to the core task of keeping your clients happy and courting new ones...Read More »

Five Tips for Talking Business at Social Events

By Rosemary Smyth, MBA, ACC, Author on Friday, August 10th, 2012

There are times when people find out that you are an advisor and want a few hot tips, or feel the need to tell you how much they have lost in the market. Be sure to keep the conversation casual, and stay away from discussing historical rates of return or your market theories. Five tips for talking business at social events are:..Read More »

Wall Street’s Twin Dragons Benefit High Quality Financial Advisors

By Jack Waymire, President & CEO, Paladin Registry on Thursday, August 2nd, 2012

In a perfect world, all investors would use the same process when they select financial advisors. The process would be based on complete objectivity so investors always selected the advisors with the best credentials, ethics, business practices, and services. But, that is not how the real world works. According to a survey conducted by Investor Watchdog (www.InvestorWatchdog.com), 74.2% of investors use subjective selection processes...Read More »

Most Advisors Base Client Selection on Investable Assets

By Steve Maimes, Principal, SALAM Research on Wednesday, August 1st, 2012

ByAllAccounts, Boston, Mass., published this finding in a national online survey of more than 390 financial advisors. The survey examines key traits and characteristics of successful advisors, including their views on defining success, personal strengths and values, top priorities, plus areas of focus and insights into how they spend their time. The report reveals that 85% of advisors use investable assets to select prospective clients. Far fewer advisors base their selection according to the prospect’s life stage or geographic location (40%), occupation (20%) or age (18%)...Read More »

Five Ways to Sharpen Your Listening Skills

By Rosemary Smyth, MBA, ACC, Author on Friday, July 27th, 2012

Being a good listener helps in establishing rapport. Focusing your attention on making your client feel important and understood requires you to talk less and listen more. Clients do not need information overload; they just want you to use your knowledge to solve their problem, or to tell them what they need to know. Five ways to sharpen your listening skills are:..Read More »

Top Advisors Take a “Mercedes” Approach to Client Satisfaction

By Cynthia Stephens, VP of Marketing, ByAllAccounts on Tuesday, July 24th, 2012

What are the key traits of today’s successful financial advisors? What are their personal strengths? Top priorities? And what are a few of their personal preferences that round out the picture? These are a few of the the questions ByAllAccounts asked when it recently took a national online survey of nearly 400 advisors. We looked at responses from firms with more than $100 million in AUM who have grown 16%+ during the past two years...Read More »

Why Your Future Client Is High Net Worth

By April J. Rudin, CEO, The Rudin Group on Friday, July 20th, 2012

The middle class is toast. In the wake of the financial crisis, middle class families in the U.S. are burdened by too much debt, the rising cost of health care, fewer jobs and the ever-increasing price tag on retirement. Financial advisors in the future who want to prosper need to hitch their star to high net worth clients, including , maybe even especially, those from outside the U.S. who are seeking a dynamic asset allocation approach designed to deal with rising global market and economic volatility...Read More »

Something Needs to Change: How Alternative Investment Fund Managers Can Improve Communications and Expand Their Markets

Have you seen the statistics? A recent Advisor Brandscape report from Cogent Research states that 68% of advisors are using some sort of alternative investment product. Clearly, they’re finding that utilizing this asset class helps them provide better asset allocation for their clients. And yet the questions remain: Even with this adoption of alternative investments, are managers of large hedge funds and private equity firms doing all they can do to tap a growing RIA market? Or are they missing out on opportunities to expand into the retail advisor space by relying on inefficient, unsatisfactory modes of communication that stifle adoption and growth?..Read More »

Want More From Your Technology? Don’t Stop at the Screen

By Scott Martin, Senior Editor, thetrustadvisor.com on Tuesday, July 17th, 2012

New survey shows that getting all the systems to work together is the top technological challenge advisors face. But simply bolting the passwords together won’t cut it. From all the buzz I’m hearing, systems integration is a hot topic among advisors right now. Let’s get ahead of the curve and talk about what exactly it means for your office...Read More »

Change Is Coming, RIAs. Don’t Get Caught in the Middle

By James Carney, CEO, ByAllAccounts on Wednesday, July 11th, 2012

The next time you’re in traffic, eyeing different makes and models of cars, you may also be getting a preview of the future of the wealth management industry. My meaning is this: I predict that over the next several years, the wealth management industry will radically transform itself so that two types of firms predominate—one type at the low end (“for the masses” if you will), and one at the high end. Or, to put it in the parlance of car-speak, one type that’s analogous to Toyota, and one type that’s a Lexus. And guess what—the types of firms in the middle, the ones that remain in the middle, I should say—will be crushed and disappear into oblivion...Read More »