Another area in which financial advisors and financial planners can render a great service both to their own clients and to the general public is by assisting financial regulators in stopping investment scams. Aided by the rise of the Internet, financial fraud, including investment scams targeting the elderly, is an increasing problem. Meanwhile, regulators find …
Financial advisors and financial planners face several challenges in advising widows. For one, members of the financial services consulting practice at Boston Consulting Group find that nearly half of new widows seek to change financial services providers within the first year after their husbands’ deaths. This is largely because an increasing number of women are …
Much of the financial services industry puts intense strategic focus on building a large aggregate book of business with high net worth clients. In effect, they look to apply the 80/20 Rule to their operations, trying to augment their bases of financial assets by attracting a few very large clients rather than many more small …
Wealth Management – Key Issues and Considerations Read More »
In serving high net worth clients, financial advisors and financial planners need to assess their attitudes towards charitable giving. For clients with an interest in philanthropy, helping them to systematize their approach to giving, as well as to increase the impact of what they give, can be a vital service that increases their satisfaction and …
Clients and households are increasingly more likely to divide their financial assets among multiple financial advisors as their wealth increases. This is an old, long established phenomenon that is common knowledge within the financial services industry. However, recent studies conducted by Cerulli Associates (a consulting firm specializing in market research related to financial services) indicate …
A squawk box is a speaker commonly found on the desks of financial advisors (brokers) and traders, providing virtually nonstop reports about important news, trends, transactions and sales initiatives. The trading desks, securities analysts and retail sales management are the prime contributors to the commentary on a firm’s squawk box. Most frequently, the squawk box …
A key consideration for financial advisors is time management, especially as their books of business grow. Here are some key considerations in juggling the competing imperatives of client satisfaction and compensation maximization. Client Penetration: Managing time effectively depends on knowing your clients, especially the total picture of their finances. In particular, a client who has …
Stewart grew her catering business and built a reputation as an expert in entertaining. Her first book, Entertaining, was a huge success and soon led to television appearances, more books, and a gig as Kmart spokesperson in 1987. In 1990, Martha Stewart Living magazine launched and Martha Stewart Weddings was published. The same year, Martha …
Social network analysis is built upon database analysis techniques such as collapsing and matching, which seek common denominators (such as names, addresses, birth dates, phone numbers, bank accounts, prior insurance claims, cars, etc.) and closely bound behavior (patterns of activity that seem related) that link what appear to be, on the surface, unrelated individuals, companies, …
Merrill Lynch High Net Worth Specialists: In the late 1990s, Merrill Lynch formed a group of five high net worth client and product specialists to assist financial advisors in serving this client segment. At the time, according to long-established Merrill Lynch tradition, financial advisors got to keep any clients whom they prospected. As a result, …