Advisor news
Financial advisor career news from Willis Consulting
FINRA Passes Disclosure Rule–SEC Must Review and Approve
The proposal, passed by FINRA on September 19, would require brokers to tell clients of any recruitment compensation they receive in connection with the switch, including bonuses, loans and transition assistance. Customers will be told what the broker received in...
Financial Advisor Demand to Exceed Supply in 10 Years Unless…
“Financial services firms have to start recruiting the half-million college students who may be interested in becoming advisors, or risk having demand for financial advice outstrip supply within 10 years, according to a recent study, Regeneration: How Gen Y Could...
FINRA Revives Broker Bonus Disclosure Plan
FINRA Board to also mull other ‘important considerations for a customer deciding whether to follow the rep to the new firm. A revised plan to require that brokers’ recruitment compensation be disclosed when they switch firms will be considered at the Financial...
Beacon-Pointe Nabs 5th Firm
Southern California-based Beacon Pointe Wealth Advisors has added Santa Barbara-based Pacific Pointe to its roster, making it the fifth firm in Beacon Pointe’s growing stable, and the fourth in California. The Santa Barbara-based wealth manager said in a statement...
HP Calculators–the Older the Better for Financial Advisors
“They long ago outlived every phone, calculator and computer of their generation and these days, you’ll still see them prominently displayed on desks of financial planners.” And…they’re unchanged in over 20 years! According to Ronald D, White, business journalist for...
The Bull Image Will Remain…
Bank of America has announced plans to dissolve Merrill Lynch & Co. as soon as the fourth quarter of this year, but the roughly 14,000 advisors operating in its brokerage division shouldn't see a name change. Merrill Lynch & Co., the 99-year-old firm known for...
“SELF –TALK” CREATES STRESS – OR NOT – FOR ADVISORS
[pullquote]Advisors need resiliency skills to counter the self-doubt and lack of confidence they frequently experience.[/pullquote]Current cognitive psychology research shows that self-limiting, negative and pessimistic thoughts inhibit your success because they...
FA’s Adding The Life Insurance Dimension: “Pros and Cons”
“Financial advisors should take a second look at the potential of life insurance. These products can be a crucial piece of an advisor’s business and a means for an advisor to create deeper and long-lasting client relationships. Life insurance is known to be a “sticky”...
Financial Advisors Make Common Mistakes When Looking To Move
Over the twelve plus years of being in the recruiting business, I’ve observed a lot of financial advisors going through the recruiting process who have made two common mistakes which have jeopardized their placement opportunities. Thinking they can do this on their...
20 Books for Every Financial Advisor’s Bookshelf (or E-reader)
By: Paula Vasan, OnWallStreet.com, August 15, 2103 (Slideshow) “We recently published a list of 20 books for every financial advisor's summer reading list, and received such a strong and positive response that we decided to expand it. Via Twitter, LinkedIn,...
Portfolio Management Center Gets Positive Reviews from Raymond James Advisors
Raymond James Financial has launched “Portfolio Management Center” (or PMC), a portfolio management and research tool for its employee and independent-channel advisors. The company announced on July 30, that PMC, which is part of the firm’s Advisor Access platform, is...
Raymond James Pushes Into Northwest Region
“Quite frankly the best market that we’re not in is that Seattle market,” John Kuklenski, the divisional director of Raymond James’ north central division, said to Mason Braswell, reporting for OnWallStreet.com. “Our highest priority is to establish a presence out...
CLIENT EVENTS EQUAL BIG RETURNS IF YOU KNOW HOW TO PLAY THE GAME
Client events can yield big returns. Some financial advisors report that up to half their annual referrals come from them. Doing an event right, though, is not easy. There is no one right way to do an event. But advisors who do them often and well say that the idea of...
FinCEN “DRAFTING” ANTI- MONEY LAUNDERING RULES FOR FINANCIAL ADVISORS
Independent financial advisors could soon face a new complex set of anti-money laundering rules. FinCEN, is currently drafting a new set of anti-money laundering (or AML) rules for advisors, revising a proposal that was introduced in 2003 but ultimately abandoned in...
RIA’S ON EDGE OF MAKING A BIG “SPLASH”
[pullquote]Is the RIA profession entering a golden era? Sounds gushy, but it might be true.[/pullquote] “Increasingly, investor mindshare and wallet share are moving into the space as people turn away from the commission-based model in favor of a fee-based one that,...
Raymond James Continues Push Into RIA Channel
Raymond James is looking to attract RIAs from all over the country and has established four regional director positions based on that goal. But the two areas where Raymond James sees the biggest opportunity are the Northeast and West, Bill Van Law, president of...
Wirehouse Recruiting Bonuses For Financial Advisors May Be Stretched To The Limit
“The recruiting deal rubber band has been stretched out as far as it's going to go, and the reason circles back to advisor demographics.” This prediction, according to Mark Elzweig, who heads a New York-based executive search firm focusing on the asset management...
Essential Questions for Financial Advisors: Considering Going Independent?
“When wirehouse brokers consider shifting to independence, they need to weigh a lot of factors and ask a lot of questions. John Stuart and Mag Black-Scott of Beverly Hills Wealth Management provide 11 questions that should be top of mind for advisors before making the...
Downside Of Uniform Fiduciary Rule for Financial Advisors
The National Association of Insurance and Financial Advisors, which has argued against the need for an expanded fiduciary rule, produced its survey in response to a request from the Securities and Exchange Commission for more data from stakeholders to inform its...
Merrill Begins Converting To “SINGLE Platform”
Merrill Lynch has begun to roll out a new single platform for its managed accounts. The conversion will usher in a change that Lorna Sabbia, head of the firm’s Managed Solutions Group, has been hearing advisors request for 18 years. [pullquote]This is something that...