I wrote at the time that Don Trone stood out at the recent fiduciary summit meeting hosted by TD Ameritrade; here, you can see why. Instead of talking about "what's best for the client," he says that "best for the client" is only the beginning. You also have to have procedural prudence, best practices and ethical discernment as part of the service. Also in this issue of Financial Advisor, Philip Palaveev looks at practical ways to groom successors as you transition your advisory firm, Joel Bruckenstein does your shopping for you and finds the best scanners for the price at various price points, and Mark Hurley looks ahead at the business challenges that advisors will have to navigate through.
[Read more »]
When you get a chance, read IA editor John Sullivan's editorial in this issue of Investment Advisor for perhaps the most ill-informed comment on the fiduciary debate you will ever see. He basically says that the whole fiduciary idea is crazy because, well, one of the broker-dealer executives said that his videographer wouldn't get any advice if we adopted a fiduciary standard. Can't we get him in front of Congress to illustrate the actual [harmful] effects of this dumb legislation? "Fiduciary Follies," he calls it. (http://www.thinkadvisor.com/2013/08/26/fiduciary-follies) Incredible.
Meanwhile, I have a feeling that the broker-dealer executives who contribute to the roundtable discussion are going to feel uncomfortable with the relaxed conversation where they said what they really think about fiduciary, the DOL and about FINRA regulation. (Example: why do people think that if you're doing commissions, you're a salesman?)
Mark Tibergien offers a practical guide to creating a focused vision for your firm and executing on a plan, while Angie Herbers talks about how NOT to train advisors, and then how to put them on a fast track to becoming lead planners at your firm. They, plus Dan Skiles and Tom Giachetti, have become the value proposition for the magazine that is pandering embarrassingly to the BD audience who represent a core group of advertisers.
[Read more »]
There's a lot to like in this issue of Financial Planning magazine. I personally find it interesting that Commonwealth--one of the two best BDs in our marketplace--is allowing its reps to drop their FINRA licenses and still work with the company. I suspect that this is the wave of the future, and really is the only way that the BD community will be able to hang onto its top advisor affiliations in the long run.
I wish Glenn Kautt could have offered a few more details about his firm's merger experience, but the (I consider it cruel) space limitations of the column meant that he had to truncate and leave out the list of best practices of both firms, and what it means to staff for a 100% increase in clients.
The key message from the cover article is that you need to start preparing, now, to offer advice on health-related costs in retirement and assisted living issues that come up in your aging client base. Meanwhile, Ed Slott offers a look at potential upcoming legislation regarding IRAs and qualified plans--some good, some not so good.
[Read more »]