Trending
1. How To Increase Your Fees
There are still plenty of advisers and firms that are looking to increase their fees. Despite what you read in the industry press, that includes firms still looking to move up to 1% of assets under management. It also includes firms moving away from asset-based fees but needing to charge pretty significant flat fees to replace them. — Brett Davidson
2. Rapid-Fire Q&A with James Pollard
James Pollard founded The Advisor Coach, LLC, with a simple goal: to help financial advisors build their businesses. He is one of the youngest coaches in the financial services industry, and his brash, honest approach backed by his deep expertise has helped tens of thousands of advisors to date. Today’s episode is a little different. Doug unleashes rapid-fire questions on James, all with the goal of helping you take a hard look at how your firm approaches marketing. — Power Your Advice
3. Do Providers of Wealth Management Have Greater Share of Wallet?
Financial providers are constantly working to differentiate themselves from their competition. Consistent evolution of service offerings has become necessary as the financial landscape has changed dramatically over the past several decades. Investors having access to information and DIY options regarding every aspect of their lives, including financial management, has made it even more critical for financial firms to understand what types of services they can offer that provide the added value investors are seeking. — Catherine McBreen
4. How to Ask Clients for More Money
Advisors seek to consolidate client relationships. We want to broaden and deepen them. Clients might think they have given you a certain amount of money and whatever changes you want to make means moving around, not adding to what they currently have at the firm. How can you ask for more money? — Bryce Sanders
5. Learning Bitcoin Basics Helps Advisors Help Clients
Cryptocurrency is a vast asset class and one that's continually expanding. In the essence of “keeping it real”, the stark reality is many of the digital tokens that are here today will be gone tomorrow (or at some point in the future) and simply are too risky for most clients. — Todd Shriber
6. 2 Easy Ways To Play Facebook’s Metaverse Spending Spree
Facebook isn’t going away… Facebook will still work like it does today. You won’t have to log in differently. You’ll still be able to connect with friends and family. Facebook is simply restructuring, just like Google did a few years ago. In 2015, Alphabet Inc. (GOOG) became Google’s parent company. Alphabet holds Google, YouTube, smart-thermostat maker Nest, robocar leader Waymo, and others. Meta will become Facebook’s parent company. It will own the social network and its other businesses including Instagram and WhatsApp. But Facebook is changing in one major way. CEO Mark Zuckerberg just bet the company on the metaverse. — Stephen McBride
7. How Advisors Can Inoculate Themselves from Fee Compression
Yes, you should be expounding on all the reasons why your value is significant because it is. But clients are also coming under pressure through an all-out marketing effort by investment firms, mutual fund groups, and robo-advisors to pay as little as possible for investment advice. It’s hard to compete with the constant drumbeat of rock-bottom fees, making clients feel foolish for paying one dollar more than they need to for “quality” advice. — Don Connelly
8. 3 Ways to Profit From the Total Disruption of Real Estate
Sweat was dripping off my forehead. It must have been 95 degrees out, and it wasn’t even 10 am yet. And yet, there I was… measuring the outside of a warehouse in rural Louisiana. Before I became a full-time trader and analyst, I was a commercial real estate appraiser in New Orleans. It was a great learning experience. But I wouldn’t call it my dream job. — Justin Spitler
9. A Fast Answer or the Right Answer
Recently I was talking to a customer support rep. She was amazing. She was personable, genuinely cared, and I felt that she understood my problem. That said, we were struggling to get the problem resolved. She said, “I know you want to get this resolved right away. I can give you a fast answer or I can give you the right answer.” — Shep Hyken
10. The Trouble with Free Advice
The trend of “free advice” that is being offered by banks, fund companies, credit unions and likely soon fintech companies may very well have a disastrous, unintended consequence of harming investors. — Nicholas Stuller
11. The Biggest Challenge for Advisors Today
In the cluttered and fiercely competitive advisory industry, it’s standing out from the crowd. The biggest problem for solo advisors is not technology, nor is it even an economy of scale problem. It is a very big, very real differentiation problem. Today, there is very little to differentiate advisors from one another. It wasn’t long ago that offering comprehensive financial planning was a differentiator. Today it’s just table stakes to get in the game. And it’s ridiculously difficult to demonstrate excellence when you’re lost in a sea of average. — Maribeth Kuzmeski