Week’s Best Quotes: 'We Wanted to Create an All-Female Advisory Board’

From why one RIA created an all-female advisory firm in order to improve its service model to how companies are finding the best job candidates using social media, here are the notables and quotables from the past week's stories. -- Paula Vasan

"A lot of times, Millennials take things very literally, so if you're putting time frames around things, you've got to stick with it."

-- Grace Kiem, college relations program manager with Fidelity Investments, on what advisors need to know about managing Millennials.

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Managing Gen Y: What Advisors Must Know

“We wanted to create an all-female advisory board so that we could have a better understanding of our female clients and also to improve our service model.”

-- Andy Goodman, CIC Wealth Management’s chief investment officer, on how CIC is trying to do a better job of serving its female clients.

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Male RIA Execs Draft All-Female Advisory Board

"You know we've only had retirement for a short period in history, when you think about it. … Very likely we're going to see a shift in that because individuals -- the majority of individuals -- can't earn enough working 40 years to be able to support themselves.”

-- Laura Carstensen, a professor of psychology who directs the Stanford Center on Longevity, on why retirement may likely become an outdated concept.

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Big Shift Needed for Retirement Planning?

“FINRA views these programs as unique learning opportunities because they provide compliance professionals across the country with the opportunity to interact with FINRA and SEC staff.”

-- Chip Jones, FINRA senior vice president for member relations and education, on a planned series of outreach sessions for advisors that will provide a forum for discussions with regulators about risk management, regulatory issues and compliance practices.

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SEC, FINRA to Host B-D Compliance Events

"Social media is a great way to identify who you are looking for.”

-- Joanna Belbey, social media and compliance specialist for Actiance, on why social media is a smart way to find job candidates.

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Hiring Tip: Be Smart About Social Media

“It was like, ‘OK, I’ll see you guys in 16 years.’ No more hugs to the family. No more goodbyes.”

-- Federal prosecutor Mike Lang about former NAPFA Chairman Mark Spangler (pictured above) sentenced to 16 years in federal prison. He was convicted of 32 criminal counts, including wire fraud, money laundering and investment adviser fraud, for losing almost $50 million of his clients' money; the court also ordered him to pay $19.8 million in restitution.

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Ex-NAPFA Chairman Sent Straight to Prison in Fraud Judgment

Mark Spangler pictured above.

“There’s a knowledge gap between the people who are eligible to invest in these products and the institutional investors who have historically invested in these products.”

-- Keith Black, managing director of curriculum for CAIA, on how IMCA and CAIA are teaming up to fill in a knowledge gap about alternative investments, offering a new online education program that teaches the basics to the uninitiated.

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New Alts Training for Advisors

“While the probability is fairly high to automate financial advisors out of business, I think that it applies only to a certain type of advisor. … Yes, many aspects of what advisors do can be automated, such as developing financial plans, designing asset allocations, trading, managing money and generating reports. For advisors who only provide that level of service may be on the way out.”

-- Timothy Welsh, president at wealth management consulting firm Nexus Strategy, on why some financial advisors' jobs may be among those at risk as computerization threatens the U.S. workforce.

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Advisors, Beware: Computers Might Steal Your Job

Read more:

• Week's Best Quotes: 'Full and Meaningful Disclosure Is a Cornerstone of the Markets'

• How to Reach UHNW Prospects

• 'Robo Advisors'? How to Fight Back