Small-business owners are typically a self-reliant lot, and this fact cuts two ways for financial advisors who would serve them. On the positive side, the advisor who gains access to a small-business owner has reached the decision maker, the...
Wealthy clients weigh a lot of factors when choosing a financial advisor cost of services is one of them, but it is far from the most important. Indeed, according to our research, low-cost provider considerations are rarely a decisive part of a...
Much has been written in this space about how to attract, service and retain affluent clients, but there has been precious little about what actions to avoid. Drawing from my firm's research, here are 10 transgressions virtually guaranteed to...
Financial advisors who fancy themselves wealth managers are having trouble walking the talk. This is the most significant finding of our recent research into the business of wealth management. In past columns, we've argued that adopting a wealth...
Creating a constructive outlook for the coming year. William Blake once wrote, If the doors of perception were cleansed everything would appear to man as it is, infinite. At the risk of trivializing his statement, Blake's wisdom means something to...
The coming year will bring forth unprecedented opportunities to attract wealthy clients. In 2005, an estimated 17.4 million U.S. households will have annual incomes exceeding $100,000. Further, the number of millionaire households, which jumped...
In the wake of the improprieties and scandals of the past few years, the financial services industry is abuzz with talk of ethics and image. One of the key questions firms are asking is what role, if any, branding plays in their credibility and in...
Anyone who has ever let household chores get the better of him is well-acquainted with the most significant obstacle facing wannabe high-net-worth advisors: inertia. You can look at those cracks in the bedroom ceiling every day when you lie down...
Playing out of position is something that rarely works out long term it's true in sports and it's true for financial advisory teams. Pressing a baseball catcher into one-time duty at first base, or turning a quarterback into a receiver for a play...
There's an old saw in business that says the success of a company depends not on size but on filling a void in the marketplace. A small 24-hour convenience store can't compete with Safeway or K-Mart, but then Safeway and K-mart can't compete with...