Advisor news
Financial advisor career news from Willis Consulting
RIA Firms Expect Revenue Growth This Year
Despite the turbulent financial world, RIA firms expect to see their revenue growth up approximately 15% from 2009. According to the 2010 Charles Schwab RIA Benchmarking Study, “The RIAs we surveyed—870 of our clients, with more than $300 billion under...
Breakaway Brokers on the Rise
There has been a substantial increase of breakaway brokers so far this year. According to TD Ameritrade Institutional, “…212 breakaway brokers have joined its network during the first three quarters of its fiscal year 2010. That’s a record amount for the first...
Double-Dip Recession Not Likely
[pullquote] History…offers only one true double-dip experience, and that grew out of a policy error. [/pullquote] Many people are concerned the economy may take another turn for the worse in the upcoming months and are still wary about where it is safe to invest....
Bank of America Grows Its Wealth Business
Bank of America remains positive about their business model due to the increased growth in its wealth management division. According to BofA Remains Confident in Wealth Businesses As Assets Sink, Matt Ackermann states, “The Charlotte, N.C. company, which reported...
Financial Planners Still in Demand
With the constant market volatility in today’s economy, investors rely on their financial planners more than ever. They still need plenty of advisement on where it is safe to invest their money and how to protect the assets they have left. The Certified Financial...
Super OSJ Firms Benefit Breakaway Advisors
One of the primary focuses financial advisors have is taking care of their existing clients while developing new clients and growing their business. The time spent focusing on compliance and paperwork is not a beneficial use of their time. Breakaway advisors have to...
Fifth Third Securities Increases its Sales Team
Fifth Third Securities has been aggressively recruiting candidates for its investment sales team. They just hired a sales person to run the eastern territory and a sales manager for Tennessee and Georgia. Howard Hammond became president four years ago and is primarily...
Growth Opportunities for Global Wealth Management Industry
[pullquote]...there is $10 trillion in high-net worth bankable assets that haven’t been tapped.[/pullquote] There has been a significant decrease in assets under management in the global wealth management industry since 2008. High-net worth clients have lost...
Social Media and Compliance Concerns
Social media has become a popular source for communicating with friends, following your favorite celebrities, networking and job hunting. Companies are now establishing their own Facebook, Twitter and LinkedIn websites to market their business. With the recent...
How Broker-Dealers are Attracting Financial Advisors
In a competitive market, broker-dealers are struggling to find innovative ways to attract advisors. Some broker-dealers have found a way to stand apart from their competitors by offering a certain niche. They have figured out what financial advisors really want from a...
RBC Looks to Grow Its Independent Business Channel
Now that the acquisition of JP Morgan Securities Inc.’s RIA custody channel is complete, RBC Advisor Services is aggressively growing its business by attracting financial advisors to its custodial niche. According to RBC seeks custodial niche on high end, Jed Horowitz...
More Advisors Are Moving Towards Wirehouses
Being self-employed and having complete control of your business is not always as great as it seems. Some independent advisors find themselves limited on the different kinds of products and services they can offer their clients. Having your own business also involves...
How to Attract and Serve the Underserved Gen Y Now
[pullquote]This is a quick-shifting generation and if you haven’t connected with them on a brand level by the time they are 30, they will leave your brand. [/pullquote] Years ago, the majority of high-net worth clients inherited their fortune; however, a new study has...
RIAs Can Look to Other Channels for Growth
[pullquote]…the wirehouse channel has a rich deposit of potential candidates for independent advisory firms[/pullquote] With the constant changes that occur in the financial services and banking industries, it is no surprise that many brokers are keeping their options...
Strong Demand for Bank Based Financial Advisors
Recently we have seen the demand for bank based financial advisors skyrocket. We think this is a trend that will continue for the next 12 to 18 months. Wells Fargo’s WBS channel supports the financial advisors who work within Wells Fargo’s bank branches. The...
RIAs Increasing Payouts, Employee Benefits: TD Survey
[pullquote]…staffing is up by 16% from six months ago.[/pullquote] Good news for any financial advisors who work for or would like to make a move to an RIA firm. There is an increase in compensation with most RIA firms that TD Ameritrade surveyed. According to this...
Financial Advisors: Plenty of Clients Won’t Hit Retirement Targets
With the downturn of the economy and markets these past few years coupled with the longer life expectancy, many clients are not going to reach their retirement goals. According to Hilary Johnson’s article in Investment News, financial advisors are re-allocating funds...
Morgan Stanley Smith Barney Boosts Recruitment Package
Morgan Stanley Smith Barney is now trying to keep in line with Merrill Lynch by offering better incentives to financial advisors to join their firm. These and other firms are becoming more and more aggressive in their recruiting efforts in 2010. It seems now is the...
A Good Financial Assistant Can Help Grow Your Business
BUT…you need to do your homework first and find out what career path that assistant is on and the only way to find that out is to ask them. Focus on the short term (two to five years out, versus long term, because generally, they are younger staff) If they want to be...
Edward Jones Becoming Very Wall Street?
[pullquote]We’d like to see them ramp it up now so they don’t get shocked in 2011.[/pullquote] Is Edward Jones changing their focus and joining the ranks of the wirehouses on Wall Street by pushing advisors to increase production? Last week, executives at Edward Jones...