Up is down in the broker-dealer world; when the investment
markets are performing well, recruiters lament the fact that their independent
BD has trouble recruiting reps who don’t want to upset their production
levels.That means higher signing
bonuses for the bigger producers. Meanwhile, look at what Joel Bruckenstein is worried about these days in
the tech space; many advisors are lagging behind in the onboarding experience and
underspending on their financial planning software packages.
If you already know about NexGen, then the cover article of this month’s Journal isn’t going to tell you a lot more, but there are undoubtedly a lot of younger advisors who have never heard of the organization. Feel free to forward this review and the link to the full article to people who might fit that category.
Meanwhile, Vern Hayden offers an eight-day process for recovering from a major setback, and Jerry Miccolis and Marina Goodman wonder why we are recommending diversified portfolios when diversification fails right when it is needed most--during severe market downturns. There’s also an article on bitcoins as a diversifying investment that I didn’t give a high rating to--even though it was somewhat breathlessly touted by the editor in her opening notes. Was I wrong? Or was she?
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Wade Pfau comes out and says it: when you’re facing higher-than-normal stock valuations and zero return from your fixed income portfolio, it’s a tough time to start taking retirement income distributions from your portfolio. This may, in fact, be one of the toughest times in history. Philip Palaveev wonders if your firm has a “real” CEO (you probably don’t), and Joel Bruckenstein gives positive reviews for the new Junxure Cloud software. Altogether, this was a good issue of Financial Advisor magazine.
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Have you received your September issue of Investment Advisor magazine? It hasn’t arrived here, and it seems like it is coming out later and later--and sometimes it doesn’t arrive at all.
Taking the articles from the magazine’s website, we have the annual roundtable discussion with the CEOs of the broker-dealers of the year. It gives you an interesting look at the other side of the table in the BD world, in recruiting, in handling rep requests to approve products they know they can sell, FINRA, the SEC and the fiduciary standard.
Meanwhile, Mark Tibergien says that many advisors are too uncomfortable discussing their fees--and too shy about raising them. The conclusion: if clients see the value of your services, then price isn’t really an issue. Angie Herbers talks about the fact that there is no quick road to success, but she has identified a fairly certain road that will get you there, if you have the patience to go through four phases of internal improvement.
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