http://registeredrep.com/columns/anne-field/ en-us http://registeredrep.com/columns/anne-field/finance_slow_growth_hustle After launching a practice two years ago, an RIA is ready to take the next step: ramping up growth in assets and revenues. But he's not sure how to do it. For advice, we turned to our panel of experts: Philip Palaveev, president of Fusion Advisor Network, an Elmsford, N.Y.-based network of advisors; Chip Roame, managing principal of Tiburon Strategic Advisors, a Tiburon, Calif.-based market research anne-field Tue, 01 May 2012 12:00:00 EDT http://registeredrep.com/columns/anne-field/finance_human_behavior Behavioral finance suggests investors are often irrational when it comes to money. Some financial advisors are having great success incorporating the principles of behavioral finance with clients. anne-field Fri, 30 Mar 2012 13:02:00 EDT http://registeredrep.com/columns/anne-field/new_town_new_strategy_1227 anne-field Sun, 01 Jan 2012 09:00:00 EDT http://registeredrep.com/columns/anne-field/finance_serving_interferes_service Patrick Berry is a Navy SEAL and active reservist, but it's interfering with the growth of his practice. anne-field Tue, 01 Nov 2011 12:00:00 EDT http://registeredrep.com/columns/anne-field/romancing_new_clients_1003 The first three months of a client relationship are crucial. Every practice should have a set of systems in place to make sure nothing falls through the cracks. anne-field Sat, 01 Oct 2011 12:00:00 EDT http://registeredrep.com/columns/anne-field/finance_reaping_rewards_radio_0901 It isn't cheap or easy, but for many financial advisors a radio show is an invaluable prospecting tool. anne-field Fri, 09 Sep 2011 13:40:00 EDT http://registeredrep.com/columns/anne-field/clearing_hurdles_growth_0630 Three years ago, William White and his partner got serious about growth. White had teamed up with a fellow Merrill Lynch advisor 10 years before, expecting to see assets and revenues of the Martin White Group, their joint Chicago practice, start soaring. But, unlike White's book, his partner's business was mostly transaction-based and it took a while to transfer to a more fee-based model. Then there were market ups and downs. The result: Growth of about 4 percent a year over the next eight years — a far cry from the doubling of revenues and assets White had expected. Then, in 2008, the partners determined it was time to make a major shift. They were going to take steps to expand the business significantly. “We drew a line in the sand,” says White. To that end, they moved to Oak Brook, Ill., to save time on their commute, brought on a junior advisor who could take over their accounts of $250,000 to $1 million, and streamlined their investment process. Now, White can spend considerably more time working directly with clients and, as a result, he's been able to bring in additional assets; they now are about $500 million. Revenues are up about 15 percent from the year before, and White thinks he'll be able to double them over the next five years. anne-field Thu, 30 Jun 2011 10:15:00 EDT http://registeredrep.com/columns/anne-field/take_vacation_without_losing_clients_or_your_head_0527 Not long ago, Chad Nehring did something he hadn’t done for 12 years: He took a real vacation. Although Nehring runs his Appleton, Wis.-based practice, Conceptual Financial Planning, with a partner, he bears most of the responsibility for day-to-day client work. As a result, he never felt free to pick up and leave the firm, which has about $30 million in assets, for anything more than a day. And when he did take a long weekend, he spent much of the time checking his Blackberry and voicemail and returning calls. But, about six months ago, he hired a new customer service assistant who was not only fully registered, as his previous staffers had been, but also had a CFP. Confident his employee could handle just about any situation that might arise, Nehring went on a week-long cruise to the Caribbean with his wife, a trip that rendered him virtually unreachable by cell phone or email. Lo and behold, as soon as he left, a long-time client called his office in a panic. The client, a public school teacher, was suddenly faced with the decision of whether or not to retire. But Nehring’s assistant handled the crisis on her own, without a hitch. Now, says Nehring, he’s planning his next trip. “I realize I need to do this some more,” he says. “I can’t go another 12 years without a break.” anne-field Fri, 27 May 2011 10:01:00 EDT http://registeredrep.com/columns/anne-field/finance_getting_employees_accept_0420 Rather than pushing change through as quickly as possible, get your employees involved and ask for their input. You'll have much greater success at making your changes work for you and your business. anne-field Fri, 01 Apr 2011 12:00:00 EDT http://registeredrep.com/columns/anne-field/finance_new_kid_block_2 Our experts offer a real-life financial advisor advice about how to rebuild his book of business in a new place. anne-field Tue, 01 Feb 2011 12:00:00 EDT http://registeredrep.com/columns/anne-field/finance_succeeding_succession Have you thought seriously about when and how you're going to retire? And who'll take over the practice? You haven't? Well, you're in good company. A quarter of firm owners lack an exit plan, according to a 2009 survey by Rydex/SGI's AdvisorBenchmarking. And more than one-third don't have a timeline for when they're going to leave the business. But, the fact is, you are probably going to retire one anne-field Wed, 29 Dec 2010 07:00:00 EDT http://registeredrep.com/columns/anne-field/finance_balancing_act_costcutting Ria firms are beginning to see some recovery in revenue, but profit margins haven't picked up. Firms are turning to technology for new efficiencies as they look for growth. anne-field Wed, 01 Dec 2010 12:00:00 EDT http://registeredrep.com/columns/anne-field/finance_headhunter William spiropoulos wants to expand his business by adding on wirehouse advisors, but he's having a hard time finding ones who are a good fit. anne-field Mon, 01 Nov 2010 12:00:00 EDT http://registeredrep.com/columns/anne-field/finance_making_book_work Getting a book published can be great for business, but you have to choose the approach that works for you and do it right. anne-field Fri, 01 Oct 2010 12:00:00 EDT http://registeredrep.com/columns/anne-field/finance_listen_clients How to ask for feedback and what to do when you get it. anne-field Wed, 01 Sep 2010 12:00:00 EDT http://registeredrep.com/columns/anne-field/finance_fixed_business Over the years, we've offered expert advice to financial advisors with business problems in our “Fix My Business” column. We thought it was time to check back in with some of the advisors we counseled to see how they fared. anne-field Sun, 01 Aug 2010 12:00:00 EDT http://registeredrep.com/columns/anne-field/finance_valuing_oddball_advisory Finding a buyer for a practice with an intensely loyal, highly specialized client niche can be tough. anne-field Tue, 01 Jun 2010 12:00:00 EDT http://registeredrep.com/columns/anne-field/finance_wirehouse_ria Perhaps you can never be too rich or too thin. But you can have too many choices. There are many ways to go from Wall Street to independence these days. anne-field Thu, 01 Apr 2010 12:00:00 EDT http://registeredrep.com/columns/anne-field/finance_sale What to consider when you're selling your practice. anne-field Mon, 01 Mar 2010 12:00:00 EDT http://registeredrep.com/columns/anne-field/cold_calling_is_back0201 If you visit William Mundy at his Blue Bell, Pa. office, chances are good you’ll find him with his ear pressed to the phone, pitching his services to people he’s never met: That’s right, cold calling. anne-field Mon, 01 Feb 2010 10:32:00 EDT