As the financial advisory landscape continues to evolve, the traditional commission-based compensation model is being challenged by a more client-centric approach—fee-based compensation. In this era of heightened transparency and accountability, financial advisors are recognizing the benefits of transitioning from commissions to fees to better align their interests with…
Being busy doesn’t always equate to productivity. Run as hard as you want, and if you are on a hamster wheel, you are going nowhere fast.
You’ve done your research, talked with other financial advisors, and found a TAMP that provides the services and support that you, your firm, and your clients want. What’s next? How do you get started? What should you expect in the onboarding process?
Are you considering a break-away move to start your own practice? Transitioning to independence as an advisor can be a big and rewarding move. However, it’s easy to feel overwhelmed if you aren’t sure where to start in the transition process. Building a new firm requires establishing a…
A common question we are asked by advisors is, “How can I improve the client experience?” The answer to this question is quite simple, ask your clients.
What is making more advisors interested in breaking away to pursue independence? Some of the top reasons that advisors choose to start their own firms include a higher earning potential, more freedom to make decisions for their clients, business autonomy, and professional legacy. However, not all paths to…
You know what they say: Two heads are better than one. In the case of financial advisory practices, that might be three, four, or many more.
Market volatility, economic concerns, and rising inflation are just a few of the current issues causing advisors to take a deeper look at their business offerings. When the climate is uncertain, business owners are smart to diversify their options and avoid keeping all their eggs in one basket.
Individuals can’t control economic and market conditions. However, business leaders can certainly take steps to mitigate the negative impact of market volatility and improve profitability by being prepared. Financial advisors have an important role to play in keeping their clients informed, providing timely insights, delivering prompt service, and…
As a financial advisor, the idea of building a business plan can seem a low priority—merely an exercise for entrepreneurs trying to launch a startup. But as a business owner, you may know that you should take care of it, but you also know that it’s going to…
John Lococo, executive financial wealth manager at First Street Wealth Advisors in San Jose, CA, transitioned to a fee-based business over 15 years ago. Here’s his story.
Financial advisory practices have changed over the years and are increasingly shifting away from commission-based models toward fee-based models. To understand this trend and the forces that are influencing it, we examine the pros and cons of different compensation models.
When talking about increasing practice revenue, the terms growing and scaling are used almost interchangeably, sometimes implying that one is a requirement of the other, as in “scaling for growth.” The implication, in this case, is that increasing operational efficiency facilitates exponential growth.
Managing invoicing, investment research, staffing, and the small galaxy of other back-office tasks leaves little time left over to focus on your own future. How do you grow your practice when you're already spending all your time managing the day-to-day operations?
It’s an ongoing debate – working with a wirehouse vs. being an independent advisor – and there are passionate proponents on both sides. Still, if you are a financial advisor pondering a move, you must get past all the noise and look within. Why? It’s a personal decision,…
