Enhancing Client Retention in Financial Advisory Firms: A Strategic Overview   As an Advisor or Financial Advisory firm you may generally employ 2 common strategies to retain clients, but if you are independent, one approach stands out as most effective. Let’s first look at the two approaches and then discuss steps you should be taking […]

For the 4th year in a row,  the IRS has waived RMD’s for inherited IRAs subject to the 10 year rule.  The waiver applies to those inherited IRA’s established as a result of IRA owners who passed away 1/1/2020 which are subject to the 10 year rule. IRS Notice 2024-35 can be found here The

Growing firms often face the dilemma of nurturing talent internally or hiring externally. External hires, a tempting quick solution to increasing capacity needs, often results in cultural mismatches and unexpected training needs. Furthermore, when hiring experienced employees you are paying a premium in the form of higher compensation, usually with the hope they are able to

Growing a Financial Advisory firm requires a systematic approach to talent management. A comprehensive Employee Value Proposition (EVP) centering on four pivotal factors: Material Offerings, Opportunity to Develop and Grow, Connection and Community, and Meaning and Purpose is critical. These elements, essential in attracting and retaining the top talent necessary for your firm’s growth, are

Streamlining Preparation for Financial Advisor Client Review Meetings    Client review meetings are more than periodic updates; they are pivotal for reinforcing client relationships and identifying growth opportunities. Client service associates play a critical role in ensuring these meetings are fruitful. Here’s a streamlined approach to preparing for these key interactions.  1. Defining the Scope

Navigating the Waters of Difficult Client Interactions: Transforming Challenges into Opportunities In the realm of client-facing roles, encountering difficult clients is par for the course. While your natural inclination might be to dodge these challenging interactions, they present a unique opportunity to shine. Difficult clients can serve as a catalyst for showcasing your commitment, skill,

All those quick keyboard shortcuts you can never remember when you need them.  And a few you probably wish you knew before!! Excel Shortcuts Print and post near your computer for easy reference. The Employee Training And Education Partner for Independent Financial Advisory Firms   Subscribe to receive our latest thoughts delivered to your inbox

How does a Financial Advisory firm differentiate itself in a highly competitive industry? Historically, training and development has been a primary tool. Advisors invest substantial time, finances, and resources into enhancing their expertise, showcasing their dedication to clients and potential clients. This dedication extends to their team members, with many client-facing professionals boasting impressive resumes

For those seeking to grow a Financial Advisory firm, the term “staffing scalability” is well known but the lesser known “staff elasticity”  may be even more important. Both play a pivotal role in ensuring your firm can adapt to sudden, and unavoidable, increases in business, safeguard client satisfaction, and maintain a healthy conversion ratio of

Successful advisors recognize the value of a team well versed in navigating the passing of a client.  The benefit is not only to the client’s heirs but to their own firm’s long term success.  Navigating the transition of a deceased’s assets to beneficiaries is a complex financial and legal transaction often completed during a time