PLANADVISER Weekend Newsdash
Week ending July 6th, 2018

Happy Friday, readers! Did you know that only about a quarter of financial advisers in the U.S. have any type of formal succession plan in place? This is despite the fact that regulators have strict requirements for the way clients are to be treated during either an expected or unexpected ownership transition. Perhaps even more troubling, advisers are much more likely to have a goal in place for how much they hope their business will be worth when it is sold than they are to have crafted an actual succession plan. Collected below is a series of timely articles on this topic and other pressing practice management matters. We encourage you to share some of what you learn with a client or colleague.

Editor's choice
A Mere 27% of Advisers Have a Formal Succession Plan
When it comes to valuing and transitioning their business, 61% of advisers have a goal for the value, and 48% used a recurring revenue multiple to calculate that goal. Read more >
Peers Play a Big Role in Adviser Relocations, Independence Decisions
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. Read more >
Skill in Fiduciary Discretion Discussions Brings Lots of Low-Hanging Fruit
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.” Read more >
Data Scientists Play New Role in Financial Services Vertical
Back in October 2016, James Rhodes became Morningstar’s first chief data officer; reflecting on his first 18 months in the role, he says the financial services industry is only just beginning to embrace big data. Rhodes’ hiring actually coincided with another first for the firm—the appointment of Mitch Shue as chief technology officer. The company also expanded its global headquarters in Chicago via the addition of more than 29,000 square feet of space specifically designed for its technology employees. Read more >
Advisers Fret Lack of Support and Limited Autonomy
A new survey of advisers published by Schwab Independent Branch Services suggests client-facing staffers are “brimming with entrepreneurial drive,” and as a result they are increasingly drawn to independence. Read more >
LPL Recalibrates Retirement Business for the Long-Term
Bill Beardsley, head of Retirement Partners at LPL, gives his take on the firm’s decision to close the Worksite Financial Solutions program, and on his plans for lasting growth in the DC retirement space. Read more >
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The U.S. faces a $4 trillion retirement savings gap heading in the new year, but both public and private solutions are coming online to help more people prepare adequately for life after work.

Employees Favor Retirement Plans That Substitute Annuities for Bonds

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Wealthspire’s leadership calls the acquisition “a significant opportunity to plant a flag on the West Coast and demonstrate our growing national scope.”

Plaintiffs File ERISA Excessive Fee Lawsuit Against VCA

The lawsuit claims the veterinary hospital network’s retirement plan, which has more than $500 million in assets, should have paid lower fees for recordkeeping and administrative services.

Retirement Industry People Moves

Portfolio Evaluations adds senior fiduciary consultant; Voya Investment Management to acquire Tygh Capital Management; and Alan Biller and Associates makes key promotions.

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