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Tag: financial advisor

What to Expect When You’re Expecting to Change Broker/Dealers

The leap into the unknown is always a scary proposition. Unfortunately, the hesitation to switch broker/dealers has kept many advisors from seizing their dream of becoming independent and asserting more control over their future. The process of moving a financial advisor from his or her current broker/dealer to a new one is substantially similar from one broker/dealer to the next. However, where the new broker/ dealer truly distinguishes itself is in the commitment, resources and human talent it makes available to a financial advisor to ensure a smooth transition and the ongoing support it provides post-arrival. Conquering the fear...

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Selling Your Practice: Determining the Value of Your Practice, Increasing its Value and Putting a Plan in Place

Financial advisors may be the quintessential example of the old proverb, “the cobbler’s children have no shoes.” While adept at helping clients plan their financial futures, it turns out that many advisors can fall short when it comes to properly planning their own. It is estimated that over the next 10 years, nearly 70,000 advisors controlling more than $2 trillion in assets will retire. Yet, even though an advisor’s practice may represent his or her single largest asset, over two-thirds of advisors have not put into place an actionable succession plan.1 The failure to properly plan may prevent advisors...

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Client Acquisition and Retention: Optimizing the Advisor’s Toolbox

The American psychologist Abraham Maslow… recognized that humans have a cognitive bias that predisposes us to an over-reliance on a familiar tool. We see this predisposition across many professions, from surgeons to computer programmers and, yes, even with psychiatrists. As it relates to financial advisors and their efforts around client acquisition and retention, the tools available to them are familiar ones, e.g., e-mails, seminars, social media, etc. Yet, like the hammer, these tools may be used more out of habit or convenience, without regard to whether the opportunity in front of them is a nail or a screw. In...

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The Great Migration: Financial Advisors Moving from Wirehouses to Independent Broker/Dealers

The United States was founded by people who voted with their feet—brave individuals who chose to leave the Old World behind to carve out a new future in their own vision. From the migration west in the 19th century to the contemporary phenomenon of moving from high tax states to lower tax states, Americans have never stopped taking control of their future. Today, financial advisors concerned with serving their clients in the best way they know how and building a business they can believe in are voting with their feet, as well. In 2018, 235 advisors/teams with over $61...

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The Hiring Dilemma: A Guide to “When, Why and How”

Text by Kimberly A. Branch, CFP®, CLTC, Vice President of Marketing Strategy, American Portfolios Financial Services, Inc. —an Independent Broker/Dealer Hiring a new employee is no small decision. In many respects, it’s nothing less than a leap of faith—a deep confidence that: a) a jump in compensation and related expenses will be rewarded with future asset growth and productivity gains; and b) any increase in fixed expenses won’t materially burden profitability during cyclical market declines. At its core, however, it is the belief in self and an advisor’s partners. It is a conviction that in working together, with a...

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