Marketing to Support Your Referral Process

Many advisors today rely on referrals as their main source of new clients. That’s because one of the most common ways investors find a financial advisor they can trust is by asking friends, family, and coworkers for a referral. To maximize your lead pipeline, you’ll want to invest in the strategies and technologies that support your referral process. Are you making it as easy as possible for people to refer …


How Can Advisors Get a Loan to Purchase Another Firm?

Consolidation has been a growing trend in the financial advice industry, as baby boomer advisors retire and younger advisors seek to grow their firms. But purchasing another advisory firm can cost millions and most advisors don’t have that kind of capital laying around. That’s why one banking service that is growing quickly is direct lending to financial advisors. There are currently two large players in the financial advisory lending space; …


Which Financial Planning Software is Right For You?

To build a successful firm, financial advisors need to invest in a number of technologies. One of the most important tools an advisor can invest in is their financial planning software. Financial planning tools can add value to your clients without costing you a lot of time or money. Offering financial planning software is important for client satisfaction and retention and can help save you time because clients can better …


How Advisors Should Prepare for a Market Correction

What would happen if the market declined more than 10% within the next year? It’s an important question for advisors to consider because a 10% market correction has happened on average of about once per year from 1900 to 2016. While we don’t know when the next will happen, we do know that today’s times are particularly volatile, and many experts predict a correction is on the horizon in the …


How to Prepare Your Advisory Practice for Sale (And Maximize Value)

Thinking of putting your advisory practice for sale? How can you know what your practice is worth? And how can you maximize its value?

If you’re like 32% of active financial advisors, you plan to retire within the next decade and sell your advisory practice, according to Boston-based research firm Cerulli Associates. According to the CFP Board, there are now more CFPs over the age of 70 than under the age of 30, and the average age of financial advisors is 60. Many advisors who dream of retiring in near future need to first …


How to Justify Your Fees and Communicate Your Value

Before you’re tempted to cut costs so that you can lower the fees you charge, evaluate the services you offer and communicate the value you provide.

Advisors everywhere have been feeling downward pressure on fees during the last few years. With increased competition across the industry, low-cost robo advisor platforms, and greater consumer education about fees, it’s tougher than ever to have a positive conversation with prospects about the fees you charge. But instead of lowering their fees, smart advisors are developing strategies for better communicating their value and offering more services to their clients. Before …


Is Your Marketing Budget Too High or Too Low?

Recording your marketing budget and analyzing your success each year allows you to do more of what works and cut marketing efforts that aren’t converting.

How much do you plan to spend on your marketing in 2017? What percentage of total revenue does that number represent for your firm? If you’re like many advisors, you don’t have a planned marketing budget and aren’t sure if you’re spending too much or too little. How Much Do Financial Advisors Spend on Marketing? The 2010 Financial Advisor Magazine Insight Study of Advisory Firms showed the average advisor spending …


Six Steps to Make Your Advisory Firm Human Again

Research shows that when choosing a professional to do business with people first evaluate that person’s trustworthiness and how approachable they are.

Why did your top clients choose to work with you, instead of a competitor down the road? Is it because of your one-of-a-kind investment model, client service technology, or the prestige of your firm’s brand? What is more likely is that they found you to be trustworthy and approachable. Research from Photofeeler, an online photo evaluation tool, shows that when choosing a professional to do business with people first evaluate …


New Data Shows Growing Financial Advisor Shortage

New information shows that several factors are expected to cause a serious financial advisor shortage in the next decade if nothing changes.

A new report by on the 10 toughest jobs to fill in 2017 reveals that financial advisor positions are the second hardest role to hire for, just behind data scientists. The report is based on Bureau of Labor Statistics (BLS) data as well as hiring trends over the last decade and job listings waiting to be filled. The report forecasts growth of the financial planning industry of 30% by …


How Will Estate Planning Change if the Death Tax is Eliminated?

Although 99.8% of Americans will never pay the estate tax and it accounts for less than 1% of total federal tax revenue, many have strong opinions about its existence.

There are few taxes that incite such heated debates as the ‘death tax’ or the estate tax imposed on the assets of a deceased person before the estate is transferred to heirs. Although 99.8% of Americans will never pay the estate tax and it accounts for less than 1% of total federal tax revenue, many have strong opinions about it’s existence. And the future of the estate tax is a …