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Tag: wirehouse

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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