Wealth Think

Can you say “no” to referral prospects? Bill Cates says it is a critical skill if you want to expand your practice.

Many financial advisors struggle with the issue of efficiency and complain they simply don’t have enough time to execute new ideas in their practice because they are so busy managing clients. Ken Haman says advisors spend too much time responding to incoming telephone calls from clients—in fact, prioritizing the demands of various clients above their own business priorities. Its time for all of that to change.

Recruiting and hiring experienced, client-facing advisors with ultra high-net-worth experience is extremely difficult right now, with demand high and supply low.

Some of financial advisors' biggest preconceptions about switching to the RIA space -- from worries about insufficient AUM to fears about lower earnings and complex technology requirements -- were highlighted in a new report from TD Ameritrade. But the biggest myth, say advisors, is one that didn't even make the list.

If there is no silver bullet, what actions should be taken by an advisor who wants to grow his or her business? Put simply, give clients what they need, and they will give you what you need.

Building your own business, even with a team of experts behind you, requires making tough decisions regarding resources, clients and employees. But most of all it requires leadership. Dynasty's CEO Shirl Penney offers a few lessons his firm has learned as it continue to build a business.

"I think to just look at numbers on Wall Street and say, 'It looks like it's struggling' -- it's contracting in a very healthy way," said fomer Morgan Stanly Executive Bob Auer. "It's almost like a big fat guy that is losing weight. To say, 'Oh, he's just not the same guy…' No -- he's getting healthier and better."

When it comes to global investing, clients and their advisors often have varied concerns. From home-country bias to political instability, here are their most pressing worries.

Using social media is clearly possible -- some advisors have had great success with it -- and there’s no doubt that compliance is in some ways getting easier. Yet compliance is still widely regarded as a major hurdle.

As advisors, we work in a disciplined world of risk management and probabilities, while our clients rely on feelings and “gut” decisions all day long. We shouldn’t take our discipline for granted. We need to remember the vulnerabilities that lurk in the hard-wiring of the human central nervous system.