Envestnet Practice Management Series
Big Step Forward: Moving Toward A Universal Fiduciary Standard
With the January 22 release of its 200-plus-page Study on Investment Advisers and Broker-Dealers, the SEC has recommended a common fiduciary standard for both registered investment advisers (RIAs) and brokers. »»
Annual Client Review: One of the Best Ways to Connect with Your Clients
A “best practices” client meeting is a chance to crystallize your unique approach as a client-centric financial advisor. Think of the structure and style of your annual reviews as prototypes for areas that you want to improve this year and into the future. »»
Advisors and Technology -
How Can Technology Do More to Grow Your Advisory Practice?
Successful firms – those with higher revenue, AUM, and better client retention – deliberately invest in technology, and they maximize the value of existing in-house technology. Additionally, technology can support the transparency and documentation that regulators increasingly require. »»
Look Beyond the Boomers:
Generations X and Y Are Your Next Opportunity
Is it true that young millionaires are “skeptical of [the] need for advisors”? That’s what a recent study is telling us. But, as with most ideas in the financial advisory field, it is not that simple. In fact, there is evidence that younger generations are beginning to seek professional advice. The catch is that they do not necessarily want the same kind of help that their parents and grandparents want. »»
Challenge for Advisors: Help Retiring Clients Face Reality
Although numerous studies conclude that a large number of Americans have not saved enough for retirement, boomers have been conditioned to expect a carefree and happy retirement – the kind where the couple stands on a beach holding hands, or smile while the grandkids play in the foreground. Couple high individual expectations with an economy that surprised our most brilliant financial leaders, and you have a dilemma that calls for skills like yours -- a large measure of communication and practical knowledge-based information. »»
Behavioral Finance and Building Your Fiduciary Brand
Several hundred thousand individuals offer financial advice in the U.S. – as planners, registered reps, accountants, attorneys and insurance representatives. If prospects are overwhelmed by the number of choices, then it is up to you to simplify decision-making for them. Reduce the number of options they perceive. One way to do that is to create a sense of trust from the beginning, supported by your message of fiduciary responsibility and to establish your brand around it. »»
Strengthen Trust, Grow Your Business: Make Sure Clients Know the Scope of Your Responsibility to Them
A client or prospect might read every word of the New York Times and the Wall Street Journal. Or he might catch barely two minutes of news on the car radio. Either way, the onslaught of news about financial reform is creating a chance to strengthen client trust and the relationship in general. Take advantage of the heightened awareness, and communicate your responsibilities as an advisor. »»
Investing (including mutual funds and ETFs) carries risk, including the loss of principal, and there can be no assurance that any investment strategy will provide positive performance over a period of time. The asset classes and /or investment strategies described above may not be suitable for all investors. Investors should first consult with an investment advisor before investing. Investment decisions should be made based on the investor’s specific financial needs and objectives, goals, time horizon, tax liability and risk tolerance. When investing in managed accounts and wrap accounts, there may be additional fees and expenses added onto the fees of the underlying investment products. For a complete description of all fees, costs and expenses, please refer to the Envestnet Form ADV Part 2A or Form ADV Part 2A - Appendix 1 as applicable. Past performance is no guarantee of future results. Neither Envestnet, PMC nor its representatives render tax, accounting or legal advice.
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