The Daily Brief
Advisor No-No’s

Advisor No-No’s

Beware. | Fuse/Thinkstock

Practice management coaches will often tell you what you should be doing to attract clients. But what turns clients off? Writing on The Motley Fool, Todd Campbell says there are five things that should have prospects running the other way. This includes advisors who try to do everything, accept every client, rely on pricey products, turn over a portfolio excessively and skirt a client’s questions.

Getting Up to Speed on Family Dynamics

A "modern" family.

Among high-net-worth investors, “modern” families—those who are blended, multigenerational, have same-sex parents or older parents—are nearly as common as the traditional family structure (with a mother, father and 2.5 kids) and the cohort that is single or married without children. Today, less than half (46 percent) of wealthy World War Two-generation families, one-third of boomers and only a quarter of millenials identify as traditional (of course, many of those millenials may yet end up in "traditional" families, given time.) But financial services firms and advisors haven’t caught up, according to a recent survey by UBS of over 1,000 investors with more than $1 million in investable assets. Seven out of ten of these wealthy investors feel that financial guidance and solutions are generally geared toward traditional families and therefore not for them. But according to the survey, modern families need financial advice, estate planning, and new rules over marriage and tax benefits.

eMoney Adds Riskalyze To emX Select Dashboard

eMoney's client-facing dashboard.

Riskalyze continued its summer of integration on Tuesday with a new partnership: This time eMoney Advisor’s emX Select dashboard. Advisors using the emX wealth management platform can now access Riskalyze’s technology and view clients’ Risk Numbers within the dashboard. The integration helps emX Select, which eMoney founder and CEO Edmond Walters wants to be a single digital portal for an advisor’s entire wealth management process, keep up with a competing dashboard offering from TD Ameritrade, which already integrates with Riskalyze.

Evolution or Revolution?

A foreign concept to millennials. | Nomadsoul1/iStock/Thinkstock

According to a recent survey conducted by CreditCards.com, more than 33 percent of millennials have never owned a credit card. Compared to Gen Xers who recall signing up for credit cards when they began college, millennials seem to be at an impasse and proves a major disjunction between the way Gen Xers and Gen Yers handle their finances. Via a Corporate Insight survey from earlier this year, millennials are taking a more hands-on approach with their money than their older counterparts; they are more skeptical of the financial services industy, therefore more invested in conducting their own research, reaching out to their peers with questions via social media, and working in tandem with advisors before making major decisions. 

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