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1. What Does This Industry Look Like in 2030
One of the things I like to do is look far down the road and build programs around what I foresee as the direction our industry is headed. Today, I would like to share some of the core takeaways we had from that conversation and explore where the opportunities lie in the future of the advisor business. — Jospeh Lukacs
2. 8 Ways To Turn Clients Into Advocates for Your Business
Some people seem to come into this world looking for ways to provide value to others by advocating for products and services they like. And some people are right on the edge of becoming Client Advocates, but haven’t stepped into that world yet. These are the people we want to focus on, as they probably just need a little more information and a little nudge to get where you want them to go. — Bill Cates
3. Recession Indicators Says the Fed Broke Something
Recession indicators a ringing loudly. Yet, the Fed remains focused on its inflation fight, as repeatedly noted by Jerome Powell following this week’s FOMC meeting. During his press conference, he specifically made two critical comments. The first was that inflation remains too high and is well above the Fed’s two-percent goal. The second was that the bank crisis would tighten lending standards which would have a “policy tightening” effect on the economy and inflation. — Lance Roberts
4. How Do People Feel About Brokers?
Stereotypes persist. You might introduce yourself as a financial advisor, financial planner, RIA or even a personal banker. You might describe yourself as a money manager. If you have clients, suggest investments and charge fees, most people will consider you a “broker” which is short for stockbroker. How do people feel about them? — Bryce Sanders
5. Five Ways To Execute a Five-Star Customer Experience
What you say and how you say it matters. Using a simple example to make this point, you can answer the phone and say, “Good morning.” But, depending on your tone of voice, the person on the other end will either feel as if they are interrupting you or being welcomed into a conversation. Yes, use the right words, but also say them the right way. — Shep Hyken
6. Not All Clients Are Equal ... well, Not Equal Value Anyway
Let’s talk about one of those elephant in the room things: not all clients are equal for a professional service firm. As human beings they might all be equal, but as clients they are not. Each client relationship has a commercial value….and a commercial cost. Each therefore has varying profitability, and at the extremes it is as straightforward as “some clients can make you, and some clients can break you.” — Tony Vidler
7. Any Bank Can Fail; Why There’s No Need to Panic
I’ve received more emails and calls from clients on the failure of SVB Bank than I did the stock market crash in April of 2020. That tells me there is wide concern today about the stability of the economy and financial markets. When you listen to politicians and pundits discuss the complexity of what went wrong, you can easily start to zone out. Here is what basically happens with a bank failure. — Rick Kahler
8. Discovering Which Clients Are Right for Model Portfolios
For some registered investment advisors, model portfolios are a source of debate. What’s not up for debate is the significant grown witnessed in this space, confirming adoption is increasing. The movement to model portfolios is underway, indicating that reluctant advisors may want to consider the data. A year ago, advisors had directed approximately $350 billion in client assets to model portfolios – an impressive 22% increase over the trailing nine-month period. Over the next five years, that figure is expected to easily swell into the trillions. — Todd Shriber
9. Bill Gates on AI
This week, Bill Gates has written a long essay on the impact AI (Artificial Intelligence) will have on the world. Paraphrasing his essay, these are the highlights for me: I was so excited about their work [OpenAI/ChatGPT] that I gave them a challenge: train an artificial intelligence to pass an Advanced Placement biology exam. Make it capable of answering questions that it hasn’t been specifically trained for. (I picked AP Bio because the test is more than a simple regurgitation of scientific facts—it asks you to think critically about biology.) If you can do that, I said, then you’ll have made a true breakthrough. — Chris Skinner
10. Will ChatGPT Kill College?
ChatGPT can already teach middle and high school classes. How long before it takes you through an entire four-year business degree… for FREE? Mark my words: ChatGPT will disrupt college forever. Now, of course, this won’t happen to every college in America. Top schools like Harvard and Yale will always attract elite kids and command huge tuitions. They’re “disruption proof.” But the thousands of schools selling “standard-issue” degrees are in deep trouble. — Stephen McBride
11. Essential Digital Tools for Wealthy Investors
The digital landscape has changed significantly in the past few decades. What previously used to only be accomplished in person can often be accomplished through digital platforms now. Individuals are becoming increasingly comfortable with conducting transactions online. Younger investors are more comfortable with online activities, as are investors at higher levels of wealth. Given the increasing capabilities of online platforms, what available digital tools are the most essential? — Catherine McBreen