Happy Friday, readers! This weekend’s mailing presents some important food for thought on the always timely topic of Practice Management. We hear from Morningstar’s first chief data officer as he reflects on the recent creation of his role and what it says about the future of financial services. We also learn how advisory and investment management firms have made strides in the previous decade in terms of adopting self-service, web-based solutions—but the existing “fixed decision tree” approach is not sufficient for the next evolution in client service. We hope you will share some of what you learn with a client or colleague.
Firms have made strides in the previous decade in terms of adopting self-service, web-based solutions—but the existing “fixed decision tree” approach is not sufficient for the next evolution in client service.
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“Personal data can tell you so much more beyond just providing insights into individual client behaviors. You can take these streams of data, clean them up and extract valuable insights that look across the book of business to highlight trends and challenges that are not really visible on a case-by-case basis.”
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Independent advisory shop founder Joe Gordon talks about winning new plan business from brokers and bank advisers who are “seriously fumbling the discussion with clients about fees and fiduciary change.”
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Speaking to attendees of the 2018 DataDisrupt conference in New York, Morningstar’s first chief data officer reflected on the recent creation of his role and what it says about the future of financial services.
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Almost half of advisers who left their firm moved along with a larger team in 2017, versus 34% in 2012, according to data shared by Fidelity Clearing and Custody Solutions; advisers moving to an independent broker/dealer more often depart as a team versus other movers.
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