When clients were asked to tell their financial life stories, a study revealed they talked much more about working and much less about investing. Perhaps it's time that truly effective financial advice requires less emphasis on portfolios.
An ongoing debate among investment advisors and their clients centers on value: creating it, preserving it, and perpetuating it. Each faces a different challenge: Advisors are tasked with delivering worth to their clients, and clients need to understand what they can expect for the dollars they spend. Learn more about the pillars, or sources, of advisor-created value that can be quantified.
Richard Ketchum adds that the regulator needs to take a closer look at the culture of wealth management companies to see if management is setting the right tone in the workplace: "It is essential that a firm's leadership own the policies and procedures."
Are you ready? National Retirement Planning Week is April 11-15. Consider these tips from Janus Director & VP of Retirement, Matt Sommer, on how to make the most of your retirement planning opportunities.
According to a 2013 PwC report, more than $41 trillion in assets will be transferred between generations over the next 50 years. PwC studies also show a 50% asset attrition rate for these transfers, suggesting the next generation of heirs don’t feel much loyalty to "Dad’s advisor."So how do wealth management firms build meaningful relationships with not just their client, but also those who stand to inherit?
Globalization has opened the door to investment opportunities around the world. Unfortunately, many investors choose not to take advantage of them, preferring to invest "closer to home," overweighting their portfolios toward domestic investments. This phenomenon is not unique among U.S. investors. It is the result of a cognitive bias for avoiding losses from riskier foreign markets.