Many investors don’t trust financial advisors, but wealth manager Isaac Presley suggests a way to bridge that gap, in a recent article on the CFA Institute’s Enterprising Investor website. “Instead of viewing sales as a game to win, we must view it as a puzzle to piece together,” he writes. Advisors should take a page from Ian Altman’s and Jack Quarles’ book Same Side Selling: A Radical Approach to Break Through Sales Barriers, which proposes a new way of thinking about sales: Finding Impact Together (FIT). Finding is the discovery process. Impact means focusing on how you can solve a client’s problem. And finally, Together is “collaborative and cooperative process that puts the client’s perspective first. And if it’s not a problem, don’t try to force an unnecessary fit.”
The European Wealth Group announced plans to acquire Boca Raton-based independent broker/dealer firm Newbridge. The deal is scheduled to close in late 2017 or early 2018, and comes in conjunction with EWG’s announcement of plans to rebrand as Kingswood “to reflect the global nature of the business.” Newbridge boasts a nationwide network of approximately 220 advisors, 12,000 clients and $1.7 billion AUM. This acquisition doubles EWG’s AUM.
Yesterday, Eidoo, a cryptocurrency wallet company, took out a full-page ad in The Wall Street Journal which read, "Maybe Jamie will fire you. But you will be free to trade in the crypto world." The jab is directed at JPMorgan CEO Jamie Dimon, who called bitcoin "worse than tulips bulbs" and "a fraud" while speaking at a Barclays financial conference in September. He also stated that he would fire anyone at his firm for trading bitcoin. Though such an ad in The Wall Street Journal can cost over $350,000, Eidoo seems unruffled by the expense. According to its website, the startup has raised more than 79,000 ether tokens in an initial coin offering, equivalent to more than $23 million.