Wealth Think

Are you concerned about information technology security? So is Dave Grant. Check out some strategies he is using to assuage his fears.

Readers reacted loudly to news that the CFP Board sanctioned former chairman, Alan Goldfarb for selecting “fee only” and, later, “salary” to describe his income on a form on the FPA website.

When we think about post-traumatic stress disorder, we typically envision combat, tornadoes, and hurricanes. But PTSD is not limited to life-threatening events. Events threatening financial security (and even career-security) can be very traumatic.

Instead of comparing clients to a benchmark, investors want their advisors to assess performance based on specific goals, according to Catherine McBreen, president of the Millionaire Corner – a research organization focused on understanding investor decision-making.

When Wells Fargo Advisors held a conference to discuss elder financial abuse, it seemed at times like nearly every one of the 200 people in attendance was personally acquainted with a family member or friend who has been victimized. But Danny Ludeman, the CEO of Wells Fargo Advisors, write that perhaps that’s not surprising, given the scope of the crime and the rate at which it’s growing.

To put it bluntly, James Gandolfini’s estate is a mess. His faulty estate planning provides a good lesson of the types of complications that can arise for clients who rely heavily on a will.

Readers weigh in on HSBC’s decision to put its advisors on salary.

Generating referrals is not a numbers game. Referral Coach Bill Cates says that it is better to get one great referral than a litany of names.

Most advisors like to think they know a thing or two about marketing, but Dave Grant says he didn’t realized the impact his 3-year old would have had on building his business and its marketing strategy.

Bottom line: clients (and advisors) need to expect down periods. And, you need to be prepared to manage more emotions than money during your career as an advisor.