Independent wealth management firms are the fastest growing segment of the financial services industry. Yet, a considerable amount of confusion exists about how successful advisors can leave Wall Street’s conflicted business model for greener pastures and a better night’s sleep.
Independent Insight was created to demystify independent wealth management and explain the benefits of going independent for both brokers and their clients.
Written by veteran wealth management executives, top producing Wall Street brokers and advisors who have broken away, Independent Insight will tell it like it is. We’re going to cut through the clutter and obfuscation to deliver fact based analysis and opinions.
We’re going to tackle the topics everyone in the industry is talking about, even if they are taboo at Wall Street firms or even some established independent firms. And, we’re going to focus on the issues advisors care about most: taking care of clients, growing their book of business, having more control of your time, and securing your financial future.
As with Sanctuary’s BlogOnWealth, which focuses on strategies and insight for investors, we want to know what you think. Please feel free to comment either by name or anonymously. We want a robust dialogue, so we all can benefit from our collective insights.
Growing Assets In Difficult Conditions
In kicking off Independent Insight, we decided to highlight one of the central and timely issues facing both independents and wirehouse brokers: How to grow your business in the post-Madoff, post-financial crisis era.
In our nine-page white paper on the subject, to be released Tuesday, April 12, we detail how independent advisors and wirehouse brokers face three formidable challenges in growing their business:
1. “New normal” market returns of 4% to 6% annually, instead of 8% to 10%
2. A big drop in valuable referrals from CPAs and attorneys
3. Significant difficulties in attracting new wealth creators, GenXers and GenYers, who think most advisors over 40 are out of touch or the firm the advisor works for is untrustworthy.
In offering solutions, the paper takes an unorthodox approach. What Can Independent Advisors And Wirehouse Brokers Learn from One Another? explains how independents and brokers can a take page out of the other’s playbook to succeed. Most of the time, these are warring camps, but in today’s environment, you can’t be blind to what works.
Among other observations, the white paper details what strategies and tactics independents should borrow from wirehouse brokers to improve sales and marketing. It also shows why brokers need to be more like independent advisors if they want to rebuild trust and capture a larger share of a client’s assets.
For some people who belong to the upper class of the society, wealth is something that will just be for maintenance. They will either keep the business going to earn more or just invest their assets on a reliable wealth management firm just like Welch & Forbes in order to save their future generations from financial struggle and devastation.
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