Wealth Think

From New York and Chicago to London and Hong Kong, there are plenty of locations to launch a new financial firm. But where should aspiring entrepreneurs begin?

Most advisors are accustomed to the idea that, for the sake of growth and development, it's important to think of their practice as a business. But, many forget that this makes them the CEO and requires a particular mindset.

In light of looming changes in industry regulations and advances in current technology, advisors need to act now when it comes to making data and document management electronic, Timothy Welsh of Nexus Strategy, said at FPA Experience in San Antonio on Sunday.

With the financial crisis as the backdrop and the fiscal cliff and regulatory changes on the horizon, "you know that how you manage your practice is not going to get easier," said Bill Winterberg, of FPPad.com.

Ed Slott, Your IRA Expert, examines how often your clients can perform Roth conversions, how to hand Roth deferrals, and what happens to IRAs when a spouse dies.

Advisors need to help clients focus on their long-term plans by demonstrating the risks of short-term emotional decisions.

If you want to attract new clients, spend time talking about the benefits that people will have by working with you. Too many advisors talk mostly about their process. The problem with that is people don't care about your process.

As the trend toward independence continues, the opportunities raise questions from those advisors who are considering making the move. Shirl Penney of Dynasty Financial has created a helpful list of frequently asked question (and answers) for advisors who are thinking about going independent.

Firms come and firms go, but there has to be a bit of nostalgia for Smith Barney.

Hedge funds can do a lot of things to raise more capital, but the best strategy might have more to do with communication than anything else.