Advisers seeking to understand the value of their practices should think the way a private equity firm would when considering whether to invest in a startup, says David Canter, Fidelity executive vice president. "What niche or specialty do you have that your competition doesn't?" he said. "Being a fee-only adviser providing good client service isn't enough. What would make an investor interested in your business?"
You have several options when you're ready to leave your practice, writes Patrick Jinks. He explores the pros and cons of four options, including transferring your business to a family member, merging with another firm and selling your practice to a colleague.
Converting from paper to digital files can take time and money, but advisers who have done it say there are benefits. Marlo Stil, managing partner of Wealth Consulting Group, says her firm saves on compliance costs and staff time spent retrieving files, and it no longer needs an entire room for document storage.
New technologies are about to change the way financial planners work with clients, Pinnacle Advisory Group's Michael Kitces told attendees of FPA Retreat 2012 in Scottsdale, Ariz. Planners increasingly will communicate with their clients virtually, without the need for quarterly meetings and traditional reports. Planners also will help clients navigate a strategy rather than provide expertise and answers.
This blog writer wants to know how you feel about business trips -- do you loathe or look forward to them? "On one hand, it's work. And work is work, no doubt about it," Francesca Donner writes. "On the other hand, there's something thrilling about getting away from it all and spending one or two nights sleeping in a hotel room." This feature offers a chance for input.