Wealth Think

Steve Wershing, "The Referral Doctor," says if advisors want to get referrals, it’s more important to have people remember what kind of service and performance you delivered than to simply have a collection of fans.

There has been plenty of industry buzz over the past few years around the breakaway advisor movement, a long-term industry trend that is likely to continue. However, little attention has been paid to an equally powerful industry trend: the breakaway client movement.

Ask Ed Slott: Your IRA Expert answers readers’ questions about the best way to reinvest proceeds garnered from beneficiary IRAs.

Did you ever wonder why the word "billion" seems to elicit a terrible feeling in your gut? Do you remember when a billion dollars seemed like so much money it was unattainable? Do you remember when a millionaire was considered really wealthy? Now, a millionaire is not rich and a billionaire must have done something evil to become one.

I’ll bet the amount of training an advisor receives on portfolio and client management over ten years could fill an ocean. I’ll also wager the amount of training an advisor receives on managing staff couldn’t even fill a thimble.

English novelist Lewis Carroll once said, “If you don’t know where you’re going, any road will get you there.” If you are a financial advisor who is frustrated with your current situation and would like to make a change, but are not sure where to go, this quote is particularly apt.

Ask Ed Slott: Your IRA Expert answers readers’ questions about the best way to pay for taxes resulting from an IRA conversion.

Advisors and firms need to get over their aversion to audits and, instead, use them as an opportunity to improve client service and internal efficiencies.

If a potential breakaway broker of a larger firm were to sit down and think of all the negative considerations in starting his own RIA firm, it would be hard to imagine that any sensible person would venture into that type of quagmire. However, with all these potential risks facing a prospective breakaway broker, there exists an opportunity for the established RIA firm.

As Wall Street firms continue to consolidate, many financial professionals are losing their jobs. Others are having a difficult time finding work. Very few have been able to walk away from the financial crisis completely unscathed.