Add one more winner to last week’s blockbuster LPL-Fortigent deal: the rapidly growing business of providing outsourcing services to wealth managers....
A legacy branch manager with Wells Fargo Advisors on the East Coast—let’s call him Joe—says he hasn’t had a raise in his base salary in more than a decade, despite the fact that revenues at his branch have increased tenfold, and he is now doing “about seven times the amount that I did back then.” ...
I am very fortunate as a financial advisor to have an amazing group of clients I work with each day. I consider it an honor to have been given this responsibility by the households I am responsible for; helping people invest for the future is my life’s work and the relationships I have now with clients mean a lot to me both professionally and personally. But it was not always thus....
Joseph L., a 60-year-old veteran rep in New York says, for years, he had planned to retire at 63, soon after his youngest child finished college. Alas, the market pummel took a beating beginning in 2007 and his 401(k) plan took one along with it. Joseph has awakened to the fact that he could still be working at the ripe age 70...
What a heck of a summer. In August, Mr. Market behaved like a schizophrenic. Such volatile conditions, no doubt, cool clients’ ardor for risk. For most, the challenge of merely keeping their clients calm takes precedence over seeking greener pastures at other firms. ...
Advisors need to get in front of the volatility. Develop a recovery strategy for clients, contact them proactively, press them for new prospects, and expand your own social activities for prospecting possibilities. ...
A few years ago, when Chuck Goldman sold his highly-successful automotive plastics business based in Leominster, Mass., for tens of millions of dollars, Rob Cotter— producing manager of a Wells Fargo Advisors branch in nearby Worcester—wasted no time going after him. But it wasn’t Goldman’s account he wanted; he already had that. ...
Wells Fargo Advisors’ is looking for recruits in out of the way places. In April, Kent Christian, president of Wells Fargo Advisors’ financial services group, told a Securities Industry and Financial Markets Association conference that the aging FA population is creating a shortage that will seriously impact the industry and investors, and which he believes “cannot” be solved by recruiting from rival firms...
Chicago -- “We’re holding small social events for clients; some bring a guest, and everyone has a good time, but…” Bob began. “We struggle with the followup. We’re not contacting any of the guests because we don’t want to appear salesy. Do you have any suggestions?” ...
You’re not likely to find many branch managers like Jim Pekelder these days. He’s a complex director for Wells Fargo Advisors in Omaha, overseeing 31 reps in his own branch, and another 30 spread among a half-dozen smaller offices. Pekelder’s complex assets total about $5 billion, certainly enough to keep him busy (and well-compensated). But, with the help of a junior partner, he also manages 1,200 of his own client accounts worth about $130 million in assets.
That would make Pekelder a very busy man—and somewhat of a rock star, frankly. But like anybody else, Pekelder entered the industry as a lowly young rep, and like other reps of his vintage, he endured seven corporate mergers and five back office conversions—only to come out the other side as the manager of a large complex....
Few advisors are bringing in new clients, much less new affluent clients. But elite advisors have mastered high-impact activities that garner results.
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A bunch of social media services have emerged to help financial services firms comply with regulations and make the most of social networks to build business. They've got big plans for 2012.
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