Asset leakage is a serious long-term danger to many advisory practices since the inheritors often do not stay with the financial advisor. By working with clients today to open a Roth IRA for their minor children, you lay the groundwork to establish relationships with the future heirs of your clients’ wealth during their most formative years.
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Virtual meetings are here to stay, so whether you are holding them with your staff, clients, outside money managers, service vendors or presenting a webinar to prospects, it’s important that you find a way to connect with your audience and convey the professionalism and trustworthiness critical to clients and other business relationships.
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When it comes to managing generational wealth, your advisory practice is probably the last place your clients’ children would consider for managing the money they inherit from their parents. It may be tough to hear, but it’s true. A newer generation of investors is gravitating toward platforms like Robinhood or one of the many available robo-advisor services.
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Product line extension is a tried-and-true approach for leveraging an existing infrastructure, brand and capability set into new revenue generation. As financial advisors prepare for a future of tightening margins amid greater competition, offering individuals a second opinion on their current financial plan and investment strategy may be one attractive new business development opportunity to consider.
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Financial advisors now have a new arrow in their quiver for their small employer retirement plan business—the pooled employer plan (PEP). PEPs are designed to help small businesses offer retirement plans at a significantly lower administrative and expense burden.
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