Financial Planning - January/February 2024

FIGHTING THE TIDES

With few new advisors coming into the industry but total U.S. assets growing rapidly, Morgan Stanley, Wells Fargo, Merrill and others are having to up their compensation game and distinguish themselves in other ways if they want to capture a larger share of the wealth pie.

With trillions in assets likely to be handed down in coming decades, financial planners shouldn't wait to establish rapport with investors' children.

Two experienced chief investment officers break down the reasons clients are keeping their cash out of the conversation, and why advisors should work to crack the code.

Ford shares how he rose from cold-calling as a broker to becoming head of wealth at one of the country's biggest banks, and what's next for his team.

Despite recruiting efforts, firms have struggled to bring in new blood, making retention more important than ever.

After hiring a U.S. fine art specialist from the gallery world, the Swiss wirehouse is doubling down on its art-world connections to attract ultrarich Americans.

A new Cerulli report suggests that one of banks' best opportunities to grow in the coming years is right under their nose, with a client segment they often ignore.

Some argue the standard-setting organization could be doing more to expel 'bad apples' from the industry.

The proposals would let firms sign up for a pilot program to test remote branch inspections and require less frequent in-person exams of supervisors' home offices.

Baby boomers tend to be viewed as one group. But thanks to the Great Recession, younger boomers have had a much harder time saving for retirement.

Planners and their clients can use the annual cost-of-living adjustments as a helpful reminder to consider tweaks to retirement savings and strategies, experts said.

Baby boomers may be wealthier, but millennials have benefited from a number of retirement reforms, new research shows — and they still have more time to save.

Some think lending to businesses outside the banking system can reap outsize rewards for advisors who are willing to do their homework.

According to Cerulli Associates, technology is not only helping advisors become more efficient but also influencing decisions related to how and where they practice.

By combining strategic queries with compassion and empathy, financial advisors can convey the message that older clients' legitimate fears around loss are understood.

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