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Advisor Business
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How Good is Suze Orman’s Advice On Finding A Financial Advisor? NerdWallet Offers A Smart Assessment |
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Thursday, March 07, 2013 14:55
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Tags: advisor industry people | SEO | Social Media Personal finance guru Suze Orman is taken to task for not being as smart and sincere as she proclaims by a site I never heard of, NerdWallet, which seems to be providing consumers with intelligent information.
This Website Is For Financial Professionals Only
"Suze Orman is a self-proclaimed 'financial guru' and has been called 'a force in the world of personal finance' and a 'one-woman financial advice powerhouse' by USA Today," writes Cliff Goldstein, a NerdWallet staffer. "What you might not remember, however, is that before hitting the mainstream and preaching about the world of financial planning, she too was a financial advisor at Merrill Lynch and Prudential before starting her own independent shop."
Goldstein quotes Orman's advice on how to pick a financial advisor and makes some great points showing the guru may not be as smart as the hype about her.
But what is more important than showing Orman is not as great as her media presence makes her out to be is that NerdWallet looks like it's capable of doing good work for consumers in need of personal finance education. The site has a section called Ask An
Advisor in which it poses questions for advisors to answer. (This is something I have wanted to do since around 2000 but just have no time for.) Advisors looking to boost their credibility and search engine rankings ought to consider answering questions on sites like this. If possible, link your answers to questions on NerdWallet back to a post on your own site with a more complete answer.
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Texas Tech Reopens Renovated Charles Schwab Personal Financial Planning Technology Complex |
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Wednesday, March 06, 2013 18:34
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Tags: custodians | profession | Schwab Texas Tech University last week reopened the Charles Schwab Personal Financial Planning Technology Complex at a ribbon cutting event celebrating completion of the renovation of the facility. This Website Is For Financial Professionals Only
According to a press release, Schwab, over the past several years, has contributed millions of dollars to universities to help mentor, train and provide hands-on learning experiences for future financial services professionals.
With a shortage of young financial advice professionals to replace the aging crop of advisors, Schwab and other large firms that work with advisors have a good reason to support colleges that have strong curriculum for wealth managers and financial planners. Schwab should nonetheless be praised for its charitable effort.
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Third Research Magazine Preview Focuses On Implementing Listening And Communication Skills |
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Wednesday, January 30, 2013 13:29
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Tags: Advisor businesses | client communications | client feedback
The third in the preview of Research Magazine’s February issue is by Bill Good and talks about a new book just out on the secrets of excellent communication.
Good’s article is more than just a book review. It offers tips on how to implement what’s in the book. This Website Is For Financial Professionals Only
Not unlike other professional how-to’s, the book begins with a value proposition exercise. Good recommends going through the exercise, submitting your resulting value proposition to compliance, then posting it on your website.
Don’t just leave it there. Go over it with clients and use it as the foundation for the client experience you wish to create.
Next is the warning not to confuse sales tips with communication tips. No sales process will work if your communication skills are lacking.
Critical listening skills are…critical. They both enhance trust and help you and your client discover the real problem.
Good then lays out a script for focusing attention on the client.
He says critical listening skills are the conduit for delivering your message to the client with substance and style.
And added opinion would be that such substance and style should be dictated by what is discovered about the client’s needs during the listening process and also by how the client likes to receive information.
Delivering information in a way that counters a client’s learning or listening style doesn’t get you far on the communication skillset trajectory.
The name of the book Good recommends is "The Financial Professional's Guide to Communication: How to Strengthen Client Relationships and Build New Ones."
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CFP Board Announces Chair Appointments To Disciplinary And Ethics Commission, Advisory Councils |
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Tuesday, January 29, 2013 15:18
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Tags: CFP Board
Certified Financial Planner Board of Standards, Inc. (CFP Board) yesterday announced the appointments of 2013 Chairs to the Disciplinary and Ethics Commission, Public Policy Council, Council on Education and Council on Examinations.This Website Is For Financial Professionals Only
In early November, three members of the Disciplinary and Ethics Commissions resigned after an independent investigation into marketing disclosures led to the resignation of the chairman of CFP Board, Alan Goldfarb.
CFP Board is struggling to come to grips with the fact that many CFPs are affiliated with broker/dealers and, thus, run into complicated consumer discolusre rules imposed by CFP Board on registered reps acting as fiduciaries. So these appointments could be important as regulatory rules governing RIAs are being expected to be considered this year by Congress and the Obama Administration.
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Advisor One Offers Preview Into February Issue Of Research Magazine On Topics Including The Value Advisors Bring To Clients; A4A Will Review Them Over The Course Of The Week |
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Monday, January 28, 2013 13:11
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Tags: Advisor businesses | client education | feedback | financial planning
Advisor One recently offered an interesting glimpse into Research Magazine’s upcoming February issue.
This week, we’ll take a look at some of the topics covered and offer a few additional thoughts on the focus of the issue as well as tips for assimilating the unformation into your own practice.
Today, we'll look at the value advisors bring to their clients.
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Not surprisingly, contributing editor and Texas Tech University professor Michael Finke finds that the bulk of advisor value has to do with planning and relationships rather than investment performance.
Yet, as the IPI study showed us, investment returns are certainly a component of the criteria investors use for choosing advisors.
A recent Fidelity study showed that only 57% of clients felt their advisors provided value during the 2008 crisis. The ones who did provide value focused on helping clients achieve long-term goals and also offer more robust investment advice.
Money is a highly emotional and stressful topic and clients look to advisors to reduce the stress it places on their lives. Families of wealth often have complex situations that they look to advisors to simplify for them.
The value advisors offer from a performance perspective can vary widely from study to study.
One of the tasks of an advisor is to know an investor’s particular investment experiences and biases and to help educate against those. This enables investors to keep focused on the investment strategy and long-term goals set in early meetings together.
Another study showed that advisors who subscribe to a particular investment philosophy may lose clients when that philosophy is not in favor in the marketplace. For example, advisors focusing on value investing in the tech boom of the late 90s saw significant client attrition.
Another task of financial advisors is to help clients objectively quantify risks and relate those risks to the client’s particular tolerance for volatility.
Ultimately, however, estate planning, retirement planning, taxes, and insurance were the highest ranked forms of advice clients valued most.
Studies can offer good insight to overall client trends. After looking at various studies and the different aspects of value cited, it might be a good exercise to survey your own clients to see how they value the services you provide them.
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