But, as the ranks of advisers nearing retirement grows, there is a need for formal succession plans, TD Ameritrade says.
Most executives interviewed by Cerulli believe that home-office discretion will increase as “underperforming advisers are identified and persuaded to use portfolios created by the headquarters consulting group.”
Elite retirement plan advisers are using new and proven tactics to meet the growing demands of plan sponsors in an evolving industry.
The head of retirement and investment solutions at Pershing discusses the impact that uncertainty around the fiduciary rule is having on firms and clients throughout the DC plan industry.
The head of DCIO sales for Wells Fargo describes an encouraging trend in the way advisers are defining their value and assessing pricing that is fully rationalized and fair to both the client and the firm.
Some firms also report handling certain rule preparations or implementation activities poorly in some ways and well in other ways.
The system engages fiduciaries and advisers throughout the process, allowing them to see their plan investments and understand why each fund is becoming more or less aligned with their needs.
Eighty-three percent of advisers believe a fiduciary standard will benefit the growth of their practice, regardless of the status of the DOL rule.
CFP Board released a draft of proposed revisions to its Standards of Professional Conduct for a 60-day public comment period, running through August 21, 2017.
The recent study suggests advisers base their decisions on company goals and client needs to maximize potential growth.
“Advisers who embrace technology—especially solutions to more efficiently handle tedious recurring client-service tasks—are going to be the ones who scale, grow and ultimately win.”
This is particularly true as investors age.
The most popular practice management programs this past year dealt with Social Security and managing portfolios in light of uncertainty in the markets.
There were 44 transactions in the first quarter, up 29% from 34 in the first quarter of 2016.
New Cerulli Associates research identifies “pain points” at the root of advisers’ decisions to change firms—and what leadership can do to address staff concerns before losing key advisers.
Advisers widely like to use social media to cultivate client relationships—but they see limits on the value of social media interactions, with the vast majority passing on premium social media marketing services.
A new rule will reduce guaranteed lifetime income from the military’s pension by 20%, but financial advisers are keen in helping service members offset the potential losses.
Their practice management programs also help attract and retain advisers.
Establishing scholarship funds and more carefully considering the benefits of diversity in the hiring processes are just a few of the ways an increasing number of firms say they are committed to improving industry diversity.
The motivation is growth, particularly boosting assets and revenues, expertise and clients, and ensuring that a succession plan is in place.