Deals & People May 28, 2008

Decker Appointed to Lead Evaluation Associates

A Connecticut institutional consultant has tapped Bryan Decker as its new Managing Director and Chief Investment Strategist as part of a top management shakeup.
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An Evaluation Associates news release said the company also named David Hyman as Senior Consultant & Director of Consulting Services and appointed Steve Formanek as Director of Operations & Compliance.

“We view these changes as a positive demonstration of our commitment to our clients,” said Edward Brown, Milliman’s Employee Benefits Practice Director, in the announcement. “We recognize the need for clear direction & priorities and are committed to working with our clients to surpass their expectations.”

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Decker told PLANADVISER.com that the new management structure was designed around service lines with he, Hyman, and Formanek sharing general firm management responsibilities.

Decker replaces Steven C. Case who was named to his leadership post in May 2007.

“It just wasn’t a good fit,” Decker told PLANADVISER.com. “There were different views about the direction of the organization and there was an agreement by all of the parties to part ways.”

Decker has been with the Norwalk, Connecticut, firm since 1993 and all research asset class directors will continue to report to him. Hyman joined Evaluation Associates in 1999 and Formanek has been with the firm since 1988.

In Practice May 28, 2008

Money Talks

Clients want more than numbers from their advisers.
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A recent study by the Financial Planning Association confirms that adviser communication is significantly important to client trust and retention. That does not just mean spouting off technical talk, but also knowing and relating to clients.

In “Research: Communication Issues in Life Planning,” authors Anderson and Sharpe surveyed FPA members and their clients. According to the study, clients who strongly agreed with the statement “I feel that my financial planner really tries to understand what I want in the financial planner-client relationship” were:

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  • more likely to strongly agree that they have no interest in transferring to a different planner;
  • more likely to indicate that they were very satisfied with the relationship they have with their financial planners;
  • more likely to strongly agree that they frequently recommend their financial planners to others.

The authors found that weaving qualitative and quantitative discussions together is most effective in financial planning conversations. “Client communication that is focused solely on collecting financial data or on delivering financial advice is no longer enough to sustain a competitive advantage,” the report says.

The study concludes that empathetic planners are valued by clients, who appreciate advisers who make an effort to truly know them and their financial lives. In fact, the study recommends more advisers seek out classes to help interpersonal skills—which aren’t taught in financial planning courses.

Information on purchasing “Research: Communication Issues in Life Planning” is available at www.ShopFPA.org.

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