Managing
Independent Needn't Mean You Are Alone
- Details Category: Practice Management
2010 could be dubbed “The Year of Opportunity” for independent advisors if the current market environment continues. Just consider how the stars have aligned: Wall Street is bogged down by massive mergers, bankruptcies and scandal. According to Cerulli analysts, Baby Boomers entering retirement represent an estimated $1.8 trillion in rollover asset opportunity over the next five years.Independent, fee-based, objective advice is in high demand and may continue to increase in demand if regulatory reform results in a move to adopt a higher standard of care.
Whether Or Not To Go Into Business
- Details Category: Practice Management
Your client might come to you for advice on starting a new business. As their advisor, you must help them make the appropriate decision. Many factors need to be evaluated prior to the new business owner “taking the plunge.” Although some businesses are successful without prior planning, they are certainly in the minority. The more preparation and analysis is done prior to starting a business, the greater is the chance of success.
The Equity-Centric Business Model
- Details Category: Succession
I am always amazed by the fee-only planners that we work with who begin every conversation with, “We are a unique business model…” There are some truly unique and ground-breaking business models out there, but most financial advisory practices share many fundamental revenue and operational components – and that’s a good thing. Predictability translates into more available successors and continuity partners, relevant comparable sales data, and lower-cost valuation and succession planning solutions.
Why Do Many Advisors Fear Niches?
- Details Category: Practice Management
Advisors are poor marketers in general, and one of the silliest things they do is fear targeting a niche. What are you thinking?
Value Drivers in an Advisory Practice
- Details Category: Succession
One of the most important changes over the past two years in this industry, prompted by the Great Recession, is that practice value, or equity, has grown into the single largest, most valuable asset most advisors own. At the same time, our studies show that most advisors do not understand what they’ve built or, how to transfer it, value it, or protect it. It’s time for that to change. Let’s continue our discussion of practice value and valuation methods.
