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3 Bad Client Types to Avoid and When to Fire Them

3 Bad Client Types to Avoid and When to Fire Them | Trust Advisory Group | Scoop.it
Bad clients cost you time, money and opportunity. Here are three to get rid of asap.
Trust Advisory Groups insight:

The 80/20 rule tells us that 80% of our revenue comes from the best 20% of our clients. Equally true: 20% of your clients will cause you 80% of the grief. When advisors prune their client lists to remove those that aren't the right fit for them, it frees up time and energy that can be used to acquire new clients and give more attention to their best clients. This article on INC explains how to identify three types of potentially problematic clients. In many cases, the clients who aren't a great fit for your practice also aren't terribly happy with you, so helping them find a new advisor can be a great win-win. And when the time comes, TAG can help you transition those clients to a new advisor with ease to show them the love they deserve. 

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Making The Transition From Financial Advisor To Business Owner

Making The Transition From Financial Advisor To Business Owner | Trust Advisory Group | Scoop.it
#FASuccess Ep 164 with Julia Carlson on how transitioning out of a financial advisor role and adopting EOS helped give her time to focus on growing her firm.
Trust Advisory Groups insight:

This podcast features Julia Carlson, founder and CEO of Oregon-based Financial Freedom Wealth Management Group. She shares her personal experience of an unexpected life event that resulted in a quick transition from the firm’s lead advisor to its business owner instead. Carlson talks about the real-world challenges of trying to let go of the significant control over your own businesses when life throws a curveball.

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What Every RIA Should Know About the Shifting Regulatory Landscape

What Every RIA Should Know About the Shifting Regulatory Landscape | Trust Advisory Group | Scoop.it
Part of putting clients first may be knowing what will happen to them if you get hit by a bus.
Trust Advisory Groups insight:

Read the original article by William McCance, President and CEO of TAG Group, Inc.

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5 Client Loyalty Strategies to Help You Retain More Clients

5 Client Loyalty Strategies to Help You Retain More Clients | Trust Advisory Group | Scoop.it
Discover five of the best client retention strategies that you can implement right away to boost client loyalty and retain more of your hard-earned clients.
Trust Advisory Groups insight:

When it comes to retaining clients, there are a few tips that should always be at the forefront of an advisor’s mind. Once an advisor has established his/her client base, they may fall into the trap of becoming complacent by assuming that the client’s loyalties won’t be swayed. In reality, that’s not how true loyalty is built, and there is much more work that goes into maintaining a lasting client-advisor relationship. Because financial services are such a relationship-driven industry, going out of your way to share personal values, be transparent, and maintain regular communication while periodically stopping to gauge your client’s satisfaction through a series of checklists will take you far in building the long-term trust and loyalty that is the cornerstone of your business.

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How financial advisers can retire well — instead of ‘dying at their desk’

How financial advisers can retire well — instead of ‘dying at their desk’ | Trust Advisory Group | Scoop.it
Lack of succession planning is reaching crisis levels
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MONEY MATTERS Episode with Bill McCance

MONEY MATTERS Episode with Bill McCance | Trust Advisory Group | Scoop.it

50 Fiduciary Standards for 50 States? How a lack of uniform regulation could ultimately increase costs for clients.

 

 

Trust Advisory Groups insight:

Trust Advisory Group's Bill McCance met with Christopher Hensley on a recent episode of MONEY MATTERS to discuss Fiduciary Standard Regulations and Succession Planning. Listen in as they talk about how a lack of uniform regulation could ultimately increase costs for clients.

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Sequence of Returns Risk - How It Can Make or Break Your Retirement

Sequence of Returns Risk - How It Can Make or Break Your Retirement | Trust Advisory Group | Scoop.it
Trust Advisory Groups insight:

A key concern of sequence risk is predicated on the fear that the economy will collapse at some time during the investor’s investment time horizon and impair their ability to meet their retirement goals. Because the impact of sequence risk is magnified by the economy’s condition and the amount that the investor withdraws each year, it’s critical that advisors are able to appropriately advise on how much a client is able to withdraw each year in dynamic economic environments and still be able to remain on track to meet his/her goals. In this article, the author evaluates portfolio returns under varying withdrawal levels and economic conditions.

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How independent financial advisers can help themselves to retire

How independent financial advisers can help themselves to retire | Trust Advisory Group | Scoop.it
With a good plan, the right people, and adequate time, retirement is possible.
Trust Advisory Groups insight:

Read the original article by William McCance, President and CEO of TAG Group, Inc.

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Council Post: The 80/15/5 Rule For Financial Advisors

Council Post: The 80/15/5 Rule For Financial Advisors | Trust Advisory Group | Scoop.it
Financial advisors are small business owners. If they aren’t consistently offering their expertise, they are not maximizing their profitability and may be putting their business at risk.
Trust Advisory Groups insight:

The 80/20 rule has several applications in finance, and not just in relation to value and revenue. According to one study of how financial advisors spend their time in an average week, many spend only 20% of their time meeting with clients, devoting the remaining 80% of their time to administrative tasks, management, and marketing. This is despite the fact that providing expertise to clients is the only true activity that produces revenue. In this article, one expert from the Forbes Advisory Council recommends financial advisors spend 80% of their time with clients, 15% of their time expanding their knowledge and expertise, and 5% of their time doing hiring and team building activities.

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How Advisors Can Increase Retention with the 80/20 Rule

How Advisors Can Increase Retention with the 80/20 Rule | Trust Advisory Group | Scoop.it
You can increase trust and retention by communicating regularly with your clients and following the 80/20 rule.
Trust Advisory Groups insight:

If 80% of a financial advisor’s positive business results are driven by only 20% of their clients, what does that say about that financial advisor’s relationship with their clientele? In this article, the author suggests the 80/20 rule should be applied to an advisor’s communication practices so they can earn more trust from their clients and drive better business results. Specifically, the author suggests devoting only 20% of your communications to discussing business with clients while the remaining 80% is devoted to building trust and offering additional value. While this may sound counterintuitive, it’s an essential step to take in an industry that is wholly dependent upon trust and transparency.

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Values Check—Getting the Most from Life

Values Check—Getting the Most from Life | Trust Advisory Group | Scoop.it
It’s time to take a breath and reflect on where you are now—personally, professionally and spiritually.
Trust Advisory Groups insight:

The author notes that most people spend more time planning their vacations than they do planning their lives. Taking just a couple of minutes to read this article provides a great opportunity to step back and gain some perspective. Providing a handy list to get you started, the author encourages all of us to take the time to identify those values in life that are most important to us and reflect on where we are today. 

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Financial Planners are Retiring Faster Than They Can Be Replaced

Financial Planners are Retiring Faster Than They Can Be Replaced | Trust Advisory Group | Scoop.it
Older financial planners are retiring at twice the rate new ones are entering the field.
Trust Advisory Groups insight:

The growing age gap between younger and older advisors is nothing new, so why are so few advisors doing anything about preparing for succession, particularly when statistics show that client retention falls off drastically after a sloppy transition? The good news for both advisors and clients is that the industry is finally starting to open its eyes to the importance of careful succession planning.

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Survey: Half Of Advisors Don't Expect To Grow In The Next Five Years

Survey: Half Of Advisors Don't Expect To Grow In The Next Five Years | Trust Advisory Group | Scoop.it

Advisors are pinning their optimism for growth on demographic change and a continuing bull market, according to a recent survey – but nearly half of the respondents don’t expect to grow at all.

Trust Advisory Groups insight:

This article recaps some interesting results from the fourth wave of the Bloomberg Media Financial Advisor Study. While half of advisors expect their practice to remain the same over the next five years, some expect the bull market in equities, changing demographics and a resolution of trade disputes to lead to growth in the industry. Interestingly, about half of advisors think that growth will be fueled by clients who are brand new to the advisory industry. And, as many of the existing clients transition into retirement, almost 70% of advisors said they plan to address decumulation and potential wealth transfer by introducing themselves to their clients’ children and beneficiaries.

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Financial Planners are Retiring Faster Than They Can Be Replaced

Financial Planners are Retiring Faster Than They Can Be Replaced | Trust Advisory Group | Scoop.it
Older financial planners are retiring at twice the rate new ones are entering the field.
Trust Advisory Groups insight:

The growing age gap between younger and older advisors is nothing new, so why are so few advisors doing anything about preparing for succession, particularly when statistics show that client retention falls off drastically after a sloppy transition? The good news for both advisors and clients is that the industry is finally starting to open its eyes to the importance of careful succession planning.

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‘There’s a big, big problem’: Unrealistic valuations stifling RIAs' succession plans | Citywire

‘There’s a big, big problem’: Unrealistic valuations stifling RIAs' succession plans | Citywire | Trust Advisory Group | Scoop.it
Valuation expert Carla McCabe said at the Investments and Wealth Institute conference Monday are overvaluing their businesses.
Trust Advisory Groups insight:

Carla McCabe, valuation expert and vice president of Truelytics, says that advisors are robbing themselves of finding external buyers by demanding too much money for their book of business. She says the best succession plans result from 7 - 10 years of strategy and preparation — and regular updates as things change.

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Advisers helping clients talk to their children about money

Advisers helping clients talk to their children about money | Trust Advisory Group | Scoop.it

Resources help parents share appropriate financial lessons with kids from six to 16.

Trust Advisory Groups insight:

Most people with families will tell you that their main concern is protecting and providing for their children. While the clients themselves may have found their own success, they often find themselves struggling to pass on financial literacy and savvy to their children, which increasingly becomes a concern when thinking about ensuring their children’s financial well-being. This creates an excellent opportunity for the advisor to step in and provide bite-sized financial literacy education to help the client accomplish this; such examples might include teaching money-related concepts to children at an early age or otherwise passing along easily digestible financial lessons via email. By doing so, the advisor not only provides some much-needed peace-of-mind for the client but more importantly enhances his/her working relationship with the next generation as well.

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Preparing for the $30 trillion great wealth transfer

Preparing for the $30 trillion great wealth transfer | Trust Advisory Group | Scoop.it
The coming great wealth transfer of $30 trillion in assets from baby boomers to their heirs is creating challenges for clients and advisors alike.
Trust Advisory Groups insight:

As the Baby Boomer generation continues to retire and pass their wealth down to their next of kin, the financial advisory industry must also prepare for a major transition of its own.

 

Since advisors often focus their attention on the main breadwinner in a family, when that key member passes away, the relationship with the rest of the family tends to fall apart as well. In fact, studies have shown that over 66% of children fire their parents’ financial advisors after inheriting wealth.

 

Ultimately, all successful client-advisor relationships are built on trust, so when advisors neglect to build a rapport with other members of their client’s family, it becomes incredibly difficult to retain that family’s business when the original client passes on. A few ways to accomplish this include involving the family’s children into financial discussions from an early age or encouraging their clients to bring their children into meetings with advisors when the time is right. An MFS client survey showed that 79% of respondents said such discussions were “extremely/very helpful” in retaining their parents' advisors.

 

By initiating these types of discussions from an early age, advisors stand a better chance of reducing the likelihood of client defection when the wealth transfer finally occurs, thereby maintaining generational client bonds.

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Need A Succession Plan? A Boston-Area Hybrid RIA Can TAG In

Need A Succession Plan? A Boston-Area Hybrid RIA Can TAG In | Trust Advisory Group | Scoop.it
One Boston-area hybrid RIA believes it has cracked the succession planning code.

Earlier this year, Trust Advisory Group, a $300 million AUM firm based in Woburn, Mass., launched “TAG 2.0,” a program designed to link aging independent advisors with smaller books of business with trained next-generation successors to allow them to transition out of their practice at their own pace.

Succession plans remain a troubling blind spot for the financial industry – according to TD Ameritrade’s FA Insight People and Pay 2017 study, only 37% of RIAs reported having an adequate succession plan in place, and throughout the study’s eight-year history, the number of firms self-reporting an adequate succession plan has fluctuated between 32% and 43%.

But the problem is much more severe among smaller advisors, said John Cadigan, Trust Advisory Group’s national sales manager.

“Something like 80% of advisors with $50 million or less do not have a succession plan,” he said.  “It’s an industry-wide issue, considering that 30% of advisors will age out of the business over the next five to 10 years. It’s almost at a crisis level for the industry in that they’re not prepared for such a demographic shift.”

It’s become such an issue that SEC, Finra, the Department of Labor and some state securities regulators have considered requiring succession planning for advisors, and wirehouses like Wells Fargo have started rolling out and updating their own succession programs.

According to William McCance, president and CEO of the Trust Advisory Group, TAG 2.0 was born while he was mapping out the future of Trust Advisory Group.

“We have an age problem,” McCance said.
Trust Advisory Groups insight:

Trust Advisory Group, Ltd. and its innovative TAG 2.0 program are featured in the December issue of Financial Advisor Magazine.

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How to battle sequence-of-returns risk

How to battle sequence-of-returns risk | Trust Advisory Group | Scoop.it
Retiring during the longest-running bull market in history can be scary, as some begin to wonder when the good times will end.
Trust Advisory Groups insight:

One of the most significant concerns that clients face is the risk of outliving their assets. There are many factors that play into this, such as how much can be withdrawn each year, the investment time horizon, what level of risk-adjusted returns are being targeted, etc., all of which are also a part of sequence risk. Given the uncertainty surrounding the economy and where it’s headed, advisors should be able to help clients evaluate each of these factors specific to their circumstances in a manner that minimizes impacts to their portfolios. In this article, the author examines four simple methods and products that investors can use to mitigate such risks.

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How Does Sequence Risk Impact Your Retirement Money?

How Does Sequence Risk Impact Your Retirement Money? | Trust Advisory Group | Scoop.it
With sequence risk, you may earn a lower return in retirement than you had planned. Here's how it impacts you in your retirement years.
Trust Advisory Groups insight:

Retail investors have lately been demonstrating a preference for passive management instead of active management over the negative perception of management fees and their actual added value to investors. In light of this while also being cognizant of the fact that most clients have certain liquidity requirements for their portfolios, it is more important than ever for advisors to consider sequence risk in the context of active management and its impact on client portfolio returns. But what exactly is sequence risk, and what role does the economy play in magnifying the impact of such a risk? In this article, the author breaks down in layman’s terms the critical components of sequence risk for a retirement portfolio and discusses basic measures of mitigating this.

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Tipping Point: Why Ken Fisher's Lewd Remarks Matter

Tipping Point: Why Ken Fisher's Lewd Remarks Matter | Trust Advisory Group | Scoop.it

A typical fireside chat at an event in October quickly turned into a firestorm after billionaire investment advisor Ken Fisher made crude remarks that have sparked a renewed discussion on the treatment of women in financial services.

Trust Advisory Groups insight:

TAG in the News

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3 Bad Client Types to Avoid and When to Fire Them

3 Bad Client Types to Avoid and When to Fire Them | Trust Advisory Group | Scoop.it
Bad clients cost you time, money and opportunity. Here are three to get rid of asap.
Trust Advisory Groups insight:

The 80/20 rule tells us that 80% of our revenue comes from the best 20% of our clients. Equally true: 20% of your clients will cause you 80% of the grief. When advisors prune their client lists to remove those that aren't the right fit for them, it frees up time and energy that can be used to acquire new clients and give more attention to their best clients. This article on INC explains how to identify three types of potentially problematic clients. In many cases, the clients who aren't a great fit for your practice also aren't terribly happy with you, so helping them find a new advisor can be a great win-win. And when the time comes, TAG can help you transition those clients to a new advisor with ease to show them the love they deserve. 

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Flood of RIA sales pushes industry toward a buyer's market

Flood of RIA sales pushes industry toward a buyer's market | Trust Advisory Group | Scoop.it
Record M&A activity in the second quarter is seen as just the beginning.
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Survey: Half Of Advisors Don't Expect To Grow In The Next Five Years

Survey: Half Of Advisors Don't Expect To Grow In The Next Five Years | Trust Advisory Group | Scoop.it

Advisors are pinning their optimism for growth on demographic change and a continuing bull market, according to a recent survey – but nearly half of the respondents don’t expect to grow at all.

Trust Advisory Groups insight:

This article recaps some interesting results from the fourth wave of the Bloomberg Media Financial Advisor Study. While half of advisors expect their practice to remain the same over the next five years, some expect the bull market in equities, changing demographics and a resolution of trade disputes to lead to growth in the industry. Interestingly, about half of advisors think that growth will be fueled by clients who are brand new to the advisory industry. And, as many of the existing clients transition into retirement, almost 70% of advisors said they plan to address decumulation and potential wealth transfer by introducing themselves to their clients’ children and beneficiaries.

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What is the SECURE Act? How Could It Affect Your Retirement?

What is the SECURE Act? How Could It Affect Your Retirement? | Trust Advisory Group | Scoop.it
This far-reaching bill is aimed at increasing access to tax-advantaged retirement accounts and preventing older Americans from outliving their assets.
Trust Advisory Groups insight:

Here is a test insight explaining an interesting perspective to the linked article. Test test test. 

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Values Check—Getting the Most from Life

Values Check—Getting the Most from Life | Trust Advisory Group | Scoop.it
It’s time to take a breath and reflect on where you are now—personally, professionally and spiritually.
Trust Advisory Groups insight:

The author notes that most people spend more time planning their vacations than they do planning their lives. Taking just a couple of minutes to read this article provides a great opportunity to step back and gain some perspective. Providing a handy list to get you started, the author encourages all of us to take the time to  identify those values in life that are most important to us and reflect on where we are today.

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