Slideshows

Week’s Best Quotes: ‘Learn How Decisions Are Made’

Jan. 28, 2014 Jan. 28, 2014

From regulators' crossed signals to perceptions of subpar service, what follows are the most notable quotes from the past week's stories. Disagree with any of them? Let us know in the comments field at the bottom of each slide. -- Paula Vasan

“We have different regulators trying to achieve the same outcomes, and not always coordinating.” “We have different regulators trying to achieve the same outcomes, and not always coordinating.”

-- Kenneth Bentsen Jr., president and CEO of SIFMA, on Title VII of Dodd-Frank and the risks associated with the implementation of the Volcker rule.

Read the story:

SIFMA Calls for Business-Model Neutral Fiduciary Standard

"For a firm like ours, regional growth makes a lot of sense. For a consolidator, it doesn't really matter." "For a firm like ours, regional growth makes a lot of sense. For a consolidator, it doesn't really matter."

-- Neal Simon, Highline Wealth Management CEO, on Highline's focus on regional growth.

Read the story: Highline Adds 2 New Advisor 'Tuck-ins'

"I don’t know that I’d call [not responding to questions] common, but I think it’s more common than those interested in fairness and justice would prefer.” "I don’t know that I’d call [not responding to questions] common, but I think it’s more common than those interested in fairness and justice would prefer.”

-- David Min, assistant professor of law at the University of California-Davis, on a CFP Board representative's refusal to answer dozens of questions during the first deposition of a lawsuit filed by two Florida planners against the board.

Read the story: CFP Board Declines to Answer Deposition Questions in Planners' Lawsuit

"Advisors are going to have to get more creative with ... their fees and possibly how much they charge.” "Advisors are going to have to get more creative with ... their fees and possibly how much they charge.”

-- Bob Oros, executive vice president of Fidelity Wealth Services, on a study showing that only 51% of "emerging millionaires" -- people with an average of $800,000 in assets -- use financial advisors.

Read the story: Advisor Opportunity? Emerging Millionaires, Study Shows

"High-net-worth investors appear reluctant to terminate existing relationships.” "High-net-worth investors appear reluctant to terminate existing relationships.”

-- Donnie Ethier, associate director at Cerulli Associates, on a Cerulli study that showed high-net-worth clients average 4.4 advisors.

Read the story:
Wealthiest Clients Have 4 Advisors, Study Finds

“Finding top advisors and pulling them over ... is a difficult thing to do in this day and age.” “Finding top advisors and pulling them over ... is a difficult thing to do in this day and age.”

-- Brent Smith, manager of the investment services program at Susquehanna Bank, on why banks that are having trouble attracting advisors should bring in junior brokers.

Read the story: Junior Brokers Boost Bank Investment Programs

"Nearly 30% of survey respondents rated investment in technology as a desired outcome of planned organizational changes.” "Nearly 30% of survey respondents rated investment in technology as a desired outcome of planned organizational changes.”

-- Cindy Erickson Zarker, director at Cerulli Associates, on financial services firms' 2014 focus on products, distribution and technology.

Read the story:
Firms Bet on Products, Distribution & Tech for 2014

“[In] the last couple of years, we hadn’t grown at all because we didn’t have the support behind us.” “[In] the last couple of years, we hadn’t grown at all because we didn’t have the support behind us.”

-- Thomas Dornoff, cofounder of Granite Financial, who says his breakaway firm can finally focus on growth after six years of poor service from different wirehouses.

Read the story: Frustrated With Wirehouses, Firm Joins LPL

“The divorce financial planner must be an architect of financial decision-making for clients.” “The divorce financial planner must be an architect of financial decision-making for clients.”

-- Justin Reckers, CEO of Pacific Divorce Management, on advisors who have gained millions of dollars in new assets by focusing on divorce financial planning.

Read the story: 5 Things Divorce Planners Need to Know

“If you want to fix your investment committee, ... start by learning how decisions are made within groups." “If you want to fix your investment committee, ... start by learning how decisions are made within groups."

-- Consultant Tom Brakke on why too many investment committees fall into common traps like chasing performance and groupthink.

Read the story: 12 Steps to Fix Your Firm's Investment Committee

From regulators' crossed signals to perceptions of subpar service, what follows are the most notable quotes from the past week's stories.

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