Smile if you make more money than your friends.
Archive for the ‘Financial Advisors’ Category
Divorce Can Make You Happy, But Money Doesn’t
Ignore the Offspring of Your HNW Clients at Your Peril
Prepare your clients’ heirs to receive their inheritance; you’ll have a better chance of becoming THEIR financial advisor instead of just being mom and dad’s. Here are two facts that should scare any financial advisor: First, over 90 percent of heirs change advisors promptly upon receiving their inheritance. Second, 70 percent of those heir families lose their assets and family cohesion after receiving their inheritance. Read the rest of this entry »
Credit Card Agreements Are 31 Pages. FAs, Welcome the New Consumer Financial Protection Bureau
According to Overlawyered.com, a fabulous website by a Cato scholar, “Credit card agreements now average 31 pages long.” Read the rest of this entry »
Merrill’s Revamped Discount Brokerage, Good for Merrill but Bad for FAs?
Our cover story for August, Don’t Talk to Chuck: With its revamped discount trading platform, Merrill has, in effect declared open warfare on Chuck Schwab and its discount peers,” is starting to draw feedback. The article has been among our most viewed articles on our website since we posted it two weeks ago. And my phone is ringing. Read the rest of this entry »
Fido Brags, We’ve Already Bagged $7bn in Breakaway Broker Assets
The war for assets continues, and the trend for disgruntled brokers to go to RIA land continues. TD Ameritrade tells us that its pipeline of breakaway brokers is at record levels, and Schwab says it gained 32 percent in client assets in its Advisor Services unit in the second quarter of 2010 versus last year. And Fido today announced that it bagged $7bn in new assets from 95 individual brokers and teams in the first half of 2010. Read the rest of this entry »
Baird’s CEO Purcell’s Daily Routine as Told to the FT, If You Care
Robert W. Baird is based in Milwaukee, but CEO Paul Purcell, like his brother Phil who once ran Morgan Stanley in New York, commutes from his home in Chicago — in a Chevrolet van “equipped with a desk, computer, fax, printer, TV, fridge and three phones.” Here is his daily routine as told to the FT in its Business Diary column. Read the rest of this entry »
Are Advisors Idiots, Peddling Bad Investing Advice?
Yesterday, the Wall Street Journal posted a story, Ten Stock-Market Myths That Just Won’t Die. Brett Arends writes, “At times like this, your broker or financial adviser may offer words of wisdom or advice. There are standard calming phrases you will hear over and over again. But how true are they? Here are 10 that need extra scrutiny.” You probably should read the story — your clients may hve.
Advisors Say Quality of Asset Manager Websites Affects Product Sales
Surprise! Financial advisors use the web now more than ever and the quality of an asset manager’s website matters! The better the manager’s site, the more assets it can gather. Read the rest of this entry »
Want to Be Successful on Wall Street? You Need “Tony D.”
Know a young person who wants to pursue a career as a registered rep and needs training to pass the Series 7? Check out the Tony D Series 7 realty “TV” show on UBATV.com. “I am the guy who has spent the last 20 years of my life training inexperienced bushy tailed day dreamers to pass their tests to become millionaires,” says Tony D. Read the rest of this entry »
Hintz’s Outlook for Wall Street: More Advisors to Flee Wirehouses
Brad Hintz, the respected Wall Street analyst at Bernstein, put out an interesting research report a few weeks ago at a SIFMA conference. He seems somewhat bullish, noting that ETF AUM are back to pre-bear levels; hedge fund assets are flowing in again. He says corporate profits and capital expenditures are rising and that advisors will flee the wirehouses and that the registered investment advisory space will continue to grow. Here are some of his interesting conclusions relating to the financial advisory space: Read the rest of this entry »
