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Bank Reps on the Move -- Update
For bank reps looking to advance their careers, there’s no better news than a promotion or a job offer that’s too good to refuse. Here’s a sampling of bank reps who were recently promoted or moved to new organizations to assume roles of greater responsibility.
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2012 Program Managers - Honorable Mentions
The upcoming issue of Bank Investment Consultant will feature our annual Top Program Managers. And later this week, we’ll have a slide show of the winners. In the meantime, here’s a peek at those who just missed the cutoff (in alphabetical order). Plus, here’s a link to last year’s winners.
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10 Ways Advisors Can Stand Out in the Crowd
Investors have no shortage of people to go to for advice. In addition to hundreds of thousands of financial advisors, they can turn to financial websites, blogs and financial shows on television. With such fierce competition, how can advisors stand out from the crowd? Consultant Paul Werlin, president of Human Capital Resources, has a few ideas. In a story in our upcoming May issue, Werlin identifies 10 ways advisors can set themselves apart in a crowded market. Here’s a preview.
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Bank Reps on the Move
For bank reps looking to advance their careers, there’s no better news than a promotion or a job offer that’s too good to refuse. Here’s a sampling of bank reps who were recently promoted or moved to new organizations to assume roles of greater responsibility.
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10 Ways Boomers Can Avoid Savings Shortfalls in Retirement
What’s scarier than dying? Outliving your savings, say scores of Baby Boomers. The fear is understandable. Today, a healthy 65-year-old couple has at least a 40% chance of living into their 90s with health-care costs expected to be a significant challenge. Here’s a 10-point checklist from the Women’s Institute for a Secure Retirement, an education and advocacy group, to help Boomers avoid retirement shortfalls.
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The Art of the Close
You don’t have to act like Alec Baldwin in Glengarry Glen Ross to close a sale. But you do have to know a little something about human nature and psychology. Here’s a preview of an upcoming story in our April issue called “The Art of the Close” by Rick Rummage.
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7 Steps to Segment Your Book...and Boost Revenue
Want to see your revenue leap within 30 days? Focus on the clients who produce most of your revenue. In our upcoming issue of BIC, you can read consultant Todd Colbeck’s advice on how to segment your book of business to do just that. Meanwhile, here is a high-level overview.
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Bank Reps on the Move
For bank reps looking to advance their careers, there’s no better news than a promotion or a job offer that’s too good to refuse. Here’s a sampling of bank reps who were either promoted or moved to new organizations to assume roles of greater responsibility in recent weeks.
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5 Tips for Building Customer Loyalty
It’s an advisor’s dream: Having customers as devoted and loyal as the adoring fans at a Lady Gaga concert. The customers would follow the advisor from bank to bank or even to a different channel in the same way that rock star groupies follow their favorite performers. Building that kind of loyalty, of course, isn’t easy. It takes time and perseverance. Rick Rummage, founder and CEO of the career-consulting firm The Rummage Group, has five tips for advisors who want to build a strong following among their customers. Here’s how they can achieve the advisor equivalent of rock star status.
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Bank Reps on the Move (January 25 - February 9, 2012)
For bank reps looking to advance their careers, there’s no better news than a promotion or a job offer that’s too good to refuse. Here’s a sampling of bank reps who were either promoted or moved to new organizations to assume roles of greater responsibility from January 25 to February 9 of this year.
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Bank Reps on the Move
For bank reps looking to advance their careers, there’s no better news than a promotion or a job offer that’s too good to refuse. Here’s a sampling of bank reps who were either promoted or moved to new institutions to assume roles of greater responsibility from Jan. 11 to Jan. 24 of this year.
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Producer Profiles of 2011: 12 Advisors Stand Out
The nation’s bank advisors are as diverse as the U.S. itself. Here are 12 who were profiled in our magazine this year, each with different investment philosophies, market niches, and business development approaches. Their interests, too, are just as varied, making each producer stand out on many levels.
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SLIDESHOW: BIC’s Top 50 Bank Reps
Here are this year’s best bank-based financial advisors and the secrets to their success.
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The Picture of Success: How To Determine Your Profile
Most people never do the type of research required to get into the right career in the first place. So we’re here to help with a backlog of stories to help you determine your own profile.
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10 Steps to a Disaster Recovery Plan for Advisory Firms
It seems more and more common lately that when you turn on the T.V. or open your Internet browser there is breaking news of some sort of disaster. From direct financial disasters such as market volatilities to weather related disasters like floods, tornados and fires, to even more large-scale disasters like earthquakes, tsunamis and nuclear crisis; disasters are unavoidable.
But how prepared are you to deal with a major disaster, or other unexpected events that can trigger change?
Here are 10 steps that should help you and your firm build a disaster recovery plan so you can be prepared should the unimaginable arise:
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5 Business Imperatives for Successful Wealth Management Firms
Asset management firms recorded average profitability of 28% through 2010 and the first half of 2011, according to a new McKinsey report, and independent asset managers will control two-thirds of all assets under management by 2015.
Here are five business imperatives successful wealth management firms will need to heed over the next three years:
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7 Key Components for Every Advisor’s Social Media Plan
Getting started in social media is a lot like getting started in investing. It pays to have a plan. And, much like investment planning, TJ Gilsenan, the Web Savvy Advisor, says social media planning involves assessing where you are now, determining where you want to go, and establishing a plan to get there. If you are like most advisors, you’re probably just getting started. For you less is more. When it comes to your social media plan, start with the big picture. Focus on broad subject matter areas first, then zero in on the details. Here are seven broad components to include in your social media plan:
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8 Ways Financial Advisors Can Boost Client Referrals
8 Ways Financial Advisors Can Boost Client Referrals
It’s no secret that client referrals are essential to an advisor’s growth. The hard part is implementing an effective strategy. Indeed, only one in five financial advisors say that seeking a referral is a “regular routine and a key reason for my success,” according to a recent SEI survey. Moreover, nearly half say they’ve asked just a “small percentage” of their clients for a referral.
John Anderson, head of Practice Management Solutions for the SEI Advisor Network, says he was only partly surprised by the survey’s findings. “Asking a client to refer you to someone can be uncomfortable and if you often hear ‘I don’t have anyone in mind right now’ or ‘I’ll let you know’ it’s easy to get discouraged.” Too often, advisors rely on passive, or unsolicited, referrals from clients.”
If that sounds like you, here are 8 ways for you to boost your referral-acquiring skills: -
7 Ways Bernie Madoff’s Scam Forever Changed Advisors’ Lives
To many, the Bernard Madoff scandal is fast becoming a distant memory. After all, the jaw-dropping news of his arrest in December of 2008 has since been overshadowed by everything from Japan’s nuclear disaster to the near-default of the United States.
But financial advisors are continually reminded of Madoff as they deal with everything from added compliance responsibilities to increased mistrust from the public. Here’s a look at seven ways the scandal -- and other smaller ones, including the Allen Stanford scandal -- have impacted life for financial advisors. -
Seven Books for Every Advisors' Summer Reading List
With Memorial Day Weekend approaching, check out some must-reads (and why your fellow advisors are recommending them.)
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Looking Back: On Wall Street's 20 Years in Covers
On Wall Street Magazine is celebrating its 20th anniversary. Take a look at how the magazine has evolved over the past two decades.
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Five Ways To Capitalize On The New Estate Laws For 2011
According to Brian Ullmann, a financial consultant at Fresno, Calif.-based Ford Financial Group, new changes in estate planning and tax laws in 2011 will give investors and their families more options and flexibility to move around and share large sums of cash without incurring -- or saddling heirs -- with a stiff bill. Check out five essential things to consider that could help your clients as they consider the new regulations.
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Who Are Wall Street’s Top Operational Executives?
Who Are Wall Street’s Top Operational Executives?
No trade settles and no payment gets made without this critical behind-the-scenes talent. Usually, you only hear about them, when things go wrong. But they make their organizations tick. Here are profiles of eight of the best.
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Who Are the Industry's Top Branch Managers
They are problem-solvers. They are cheerleaders. And they roll up their sleeves to work alongside their advisors these Top 10 Branch Managers for 2010.
Check out On Wall Street's and MainStay Investment's/New York Life's 4th Annual Branch Managers of the Year Awards
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Snapshots from the 2011 Peak Advisor Alliance Excell Meeting
Over 400 independent advisors met in Chandler, Ariz., to discuss strategies to expand their business. Check out a variety of images from the four-day event.
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A Closer Look: The Top 20 Bank Program Managers
While we spend most of the year covering the advisors, we set aside the May issue of Bank Investment Consultant to celebrate their bosses. Check out our list of the top 20 and find out what puts the top managers on top.
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Repercussions and Lessons: Examining the Flash Crash a Year Later
A year ago, the Dow Jones Industrial Average plunged 998 points almost out of nowhere in the middle of a seemingly normal May afternoon. Here’s what the market looked like going into that day, and what the industry has done to make sure it doesn't happen again.
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Eight Questions for Developing Your Marketing Plan
Financial advisors usually decide to develop or revisit their marketing plan because revenue growth has not met their expectations. According to Kirk Hulett, a senior vice president of strategy and practice management for Securities America, often they look at marketing tactics, such as advertising and public relations, long before they consider the cause of the problem.
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5 Mistakes Advisors Make in Their Marketing
Advisors can choose from a variety of marketing approaches, from drip direct mail to syndicated radio, but finding what works can be a long, frustrating and expensive search. Kirk Hulett of Securities America identified five common mistakes that advisors make in their marketing. Addressing these before they happen can help ensure you get the most from your marketing budget.
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Seven Tips to Help Your Clients Negotiate with the IRS
With the federal tax deadline upon us, what can your clients do when they find themselves at odds with the IRS? Don't despair. The IRS has set up a channels for people to pay what they can, when they can. Your clients can improve their chances of getting a better deal for themselves by following some simple tips.
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Mobile Apps 101: 10 Must-Have Applications for Every Advisor
Financial advisors may have initially been slow to embrace mobile apps, but a flurry of new applications are making it easier than ever for money managers to help themselves (and their clients) from any mobile device. Here's a look at 10 must-have mobile apps for financial advisors in 2011.
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Tax Planning at the Midnight Hour: 7 Tips to Help Your Clients Beat the Deadline
With the April 18 tax filing deadline fast approaching, Grant Thornton wants to assure American taxpayers that there’s no need to panic. Check out seven last-minute tax tips for your clients that may be procrastinating.
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Execution Time: The Ten Steps in a Trade
Trading is the heartbeat of the financial planning industry. All told, sell-side firms will spend $14 billion this year to speed up how fast they can execute orders, according to Tabb Group. At stake: Millions of dollars in trading profits, on an annual basis. Per millisecond. Check out a step-by-step look at what goes into high-performance execution of a trade, in every fraction of a second.
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Nine Simple Steps to Avoiding a CFP Rule Violation
Tired of the admonitions, suspensions, and fines? Check out some simple tips to avoid getting red flagged by the CFP Board
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Is Advisor Compensation Surging?
Advisors in general are back in the pink, making more money, gathering more assets under management and generally feeling upbeat about their prospects.
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What Can Advisors Do If Their Clients Safety Nets Are Ripping?
"Between the rising costs of healthcare and the unpredictability of the market, financial planning for retirement is now more important than ever," says Scott Loochtan of Retirement Planning Group. What can planners do to help their clients prepare.
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Power Givers: Philanthropic Women Helping Women
With 61% of wealth now in the hands of women, and the majority of the world’s poor being women, it makes sense that wealthy women are giving powerfully. Some of the women on our list are big names, while others are rising stars.
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Financial Fumbles: How the Economic Crisis Sacked 10 Pro Athletes
From Hall of Famers to Super Bowl champions, here’s a look at ten current and former professional athletes and how their wallets were impacted by the financial turmoil of the past five years.
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Eight Long-Term Care Traps
If your clients are considering long-term-care insurance, you might want to steer them clear of the following typical mistakes.
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101 Client and Referral Event Ideas
If your client and referral events seem a little stale, freshen them up with these creative ideas for activities, themes and locations.
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What Are the Ten Best Tax Prep Software for Advisors?
Tax time is fast approaching; April 15 is less than 6 weeks away, and the IRS waits for no one. You can fork out a few hundred dollars to your tax accountant, or you can try it yourself with tax software and save big dollars.
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Don't Friend Your Enemies: The Insecurity of Social Media
Financial firms are still trying to develop coherent social media strategies. But don’t race into it: the risks are not well understood.
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Snapshots from the 2011 BISA Conference
For three days, 650 bank investment advisors assembled in Hollywood, Fla., for insights and ideas on the industry. Check out some of the images in this photo gallery.
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Top 10 Books to Motivate Your Team
Searching for a little inspiration? Maybe something to push your team a little harder? Check out the list created by Impact Books.
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10 Ways for Advisors to Use UMAs to Build a Stronger Business
Advisors face two major challenges in today’s environment: intense competition for client assets and pressures on profitability. Kelly Coughlin of GlobalBridge says unified managed accounts have evolved to provide a solution to both challenges at once. But how can advisors use these products to grow their business?
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What Are the Five Top Fines Brokers Face?
According to a study of FINRA enforcement actions, brokers collectively paid 1,310 fines valued at $45 million in 2010, or roughly $35,000 a fine. But what activities should advisors avoid to avert the wrath of regulators?
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Six Cautions About Roth IRA Conversion
With tax season upon us, most advisors are looking for ways to help clients maximize their tax savings. But with some converting to Roth IRAs, the folks at Allianz offered some cautions to help navigate rocky conditions.
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Retirement Crisis Checklist
Americans held $15.6 trillion in retirement assets at the end of the third quarter of 2009, according to the ICI, but as we emerge from the Great Recession, advisors and investors want to know what they need to do to retain and grow assets from here. UCLA's Shlomo Benartzi provided some insights.
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Retirement Crisis Checklist
Americans held $15.6 trillion in retirement assets at the end of the third quarter of 2009, according to the ICI, but as we emerge from the Great Recession, advisors and investors want to know what they need to do to retain and grow assets from here. UCLA's Shlomo Benartzi provided some insights.
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Top 10 Activities of Million-Dollar Producers
A study of million-dollar producers conducted by Peak Advisor Alliance indicated that 10 key activities accounted for approximately 75% of their average week. Check out the countdown!
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5 Questions Brokers Face From SEC Audits
Broker-dealers had better be prepared to handle some tough questions on their procedures and controls to mitigate risk and can no longer pass the burdens of meeting SEC requirements to junior managers.
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An Advisor’s Photo Essay from the T3 Conference
For three days, almost 500 advisors and 75 exhibitors came to Weston, Fla., for the T3 Conference. Mike Byrnes of Byrnes Consulting sent some images highlighting the event (including looks at his favorite talks, one booth’s crazy attire and the best evening party.)
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10 Ways for Advisors to Use Email Marketing More Effectively
A recent study indicates that 49% of consumers share content online at least once a week, with 86% being shared through email. Email sharing even beat out Facebook (49%) and Twitter (4%). By marketing your content via email, you tap into a great opportunity to create valuable content that your recipients will want to share. Our new technology blogger, T.J. Gilsenan examine how.
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Seven Tips for New Advisors
The financial services industry can be a great career choice but unfortunately, a lot of new advisors never make it past the first couple of years. And as anyone who’s been in the business just a few years can tell you, getting past the licensing requirements is the easy part. Advisor Keith Weber offers seven to help new advisors to turn a job into a career.
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11 Ways Brokers Need to Protect Themselves from FINRA
The Financial Industry Regulatory Agency will begin formally examining the operations of broker-dealers this year. Here are 11 holes to plug, based on a FINRA letter to chief compliance officers on Feb. 8.
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Snapshots from the TD Ameritrade Conference
Advisors braved bad weather to attend TD Ameritrade Institutional Conference in San Diego. Check out some images from different folks that attended the event.
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An Advisor’s Photo Essay: TD Ameritrade Institutional Conference
For three days, advisors descended on San Diego for the TD Ameritrade Institutional Conference. Mike Byrnes of Byrnes Consulting sent some images highlighting the event. (Including looks at his favorite talks, speakers, and even the best booths.)
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11 Essential Tech Tools for Financial Advisors
Technology can set advisors apart and lack of technology can put them behind the eight ball. We chatted with independent RIA Tad Borek to get his thoughts on what tools are essential for 2011. (Surprisingly, his list did not include the iPad.)
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12 Fundamentals to Better Marketing
Financial advisors want to know the most important key to becoming a top producer. Most think the answer must be a magical new product, an innovative new sales idea or a remarkable new marketing strategy. However, their jaws drop when they learn the truth - its all about marketing.
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SEC vs. Brokers: Keeping Score
If there is a spread in how closely brokers are watched by regulators, it is widening. The SEC, by its own, count is examining far fewer brokers' operations than just two years ago. Here are the numbers, that show the cost of complexity in bringing cases against broker-dealers.
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Seven Bullish Trends for 2011
The outlook for investors in 2011 is as positive as we have seen in years, according to Joseph R. Dancy, an adjunct professor of law at Southern Methodist University and manager of the LSGI Venture Fund L.P. The demand for crude oil and coal are well above anticipated levels due to robust global economic growth food prices are expected to continue to rise due to adverse weather patterns, ethanol production, and disappointing crop yields.
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Seven Critical Habits for Profit-Oriented Advisors
James Carney, president and chief executive officer of ByAllAccounts, says profitable and effective practices are changing their priorities and being more progressive in their thinking this year. He laid out seven habits that will help firms regain profitability.
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Who Are Wall Street's Richest Executives?
According to Wealth-X, the top executives at the ten biggest banks and asset managers on Wall Street have an average net worth of $210 million. Their combined net worth is at least $2.1 billion. Check out the top ten
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7 Deadly Sins That Hurt Performance for Advisors
Almost every advisor is committing one or more of the seven deadly sins. This is not a reason to beat yourself up, but an opportunity to improve your effectiveness.
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Eleven Market-Shaking Events for 2011
Each year, Janney Capital Markets produces a list of events it deems reasonably likely could shake the markets. Check out the surprises Janney expects could make for a bumpy ride in 2011.
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Six Things That Could Go Right (Or Wrong) in 2011
BlackRock’s Bob Doll announced some pretty bullish predictions for the year ahead. But what are the potential upside and downside risks for 2011? Understanding these risks could make or break this year.
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Financial Planning's Top 10 Stories of 2010
The year of the Flash Crash, debt crises in developed economies and regulatory reform gave financial planners plenty to discuss with their clients. The magazine looked behind these headlines and others to give industry professionals leading-edge insights into how their profession would cope and thrive.
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The Five Best and Five Worst Move in Financial Planning in 2010
The financial planning profession could be considered the more sensible, reserved and certainly nascent corner of the financial services industry, on a whole, but even youngsters need an occasional dose of introspection, especially after an eventful 2010. We took a look back at where the industry went right (and where it didn’t), whether it involved wading deeper into social media or missing the mark on CRM systems.
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Preview: The 2011 On Wall Street Recruiters' Roundtable
You probably don't often get a chance to sit down and talk to a roomful of recruiters. Fortunately, we did it for you. We recently spoke with the headhunters above about the job market for financial advisors. We discussed the big stories: The state of recruiting, acquisitions, corporate culture, branch managers, the size of deals in coming years, and more. Check out our January issue for the full story, and enjoy some of the intriguing quotes from our roundtable.
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Where the Wealthy Live: The Top 11 States for 2011
If wealth advisors knew where the largest number of ultra-high-net-worth individuals were concentrated, they could target them better. Which is why the intelligence firm Wealth-X ranked the states with the most wealthy individuals.
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Reexaming the Top 40 Advisors Under 40
In On Wall Street's fourth annual ranking, the young hotshots of The Street talk clients and strategy. Here's how this year's top 40 advisors under 40 stack up.
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10 Must-Read Books for Advisors
Looking for a stocking stuffer for your favorite financial planner? Check out the 10 best-selling books for advisors from Amazon.com.
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A Closer Look at the Top 50 Bank Reps
Bank Investment Consultant magazine honored the industry's best bank-based financial advisors for 2010. We'll take a closer look at what makes them so great.
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10 Top CIOs on Wall Street
Collapsing margins – but serving customers better. Integrating complex platforms – then setting up standard-setting data centers, out of fresh cloth. Here’s how 10 top CIOs became the best on Wall Street.
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What Are the Industry's Top Mutual Funds?
S&P Equity Research, a division of the New York-based credit rating agency, identified 29 funds that achieved the highest overall five-star quantitative ranking in each of their respective categories, and gave them gold, silver and bronze placements.
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Images from the FPA Conference
For four days, financial planners descended on the Denver Convention Center (left) for the annual FPA Conference, which delivered information, tips and advice to help practitioners build a better business.
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Snapshots from the Schwab IMPACT Conference
For four days, advisors descended on Boston for insights on practice management, regulatory changes to help improve their business.
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Top 10 Fund Websites for Advisors
Kasina ranked the best mutual fund websites for advisors. The 12th annual survey is based on 156 different factors, including content, functionality and user experience, putting 42 advisor-facing websites through their paces. The following is a countdown of the top sites.
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Snapshots from FP's Influencer Awards
As part of its 40th Anniversary celebration, Financial Planning magazine honored six practitioners that have made significant contributions to the financial planning industry.
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