No Result
View All Result
SUBMIT YOUR ARTICLES
  • Login
Monday, September 15, 2025
TheAdviserMagazine.com
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
No Result
View All Result
TheAdviserMagazine.com
No Result
View All Result
Home Financial Planning

Tips for financial advisors to grow their business

by TheAdviserMagazine
3 months ago
in Financial Planning
Reading Time: 8 mins read
A A
Tips for financial advisors to grow their business
Share on FacebookShare on TwitterShare on LInkedIn


Enjoy complimentary access to top ideas and insights — selected by our editors.

A good advisor works to stay informed on the latest economic trends, market demographic changes and new strategies for growing their clients’ investments. But it can be difficult to stay ahead of the curve when everything from proposed tariffs to regulatory moves change at a moment’s notice.

These factors, plus the looming great wealth transfer, have wealth management leaders changing up their approaches.

In a May study published by McKinsey titled “The New Face of Wealth,” which polled more than 13,000 U.S. and European investors, the firm predicted that by 2030, assets controlled by U.S. women will jump from $18 trillion in 2023 to $34 trillion. But right now, advisors manage only 47% of female wealth as opposed to the 55% of male assets they oversee.

Furthermore, a greater share of women start working with a financial advisor later in life than their male counterparts. Around 35% of women started working with advisors after the age of 45, whereas 28% of men decided to do so at the same age.

Dawn C. Abernathy, a financial planner with Core Planning in Chesterfield, Missouri, told Financial Planning that building bridges with new female clients starts with hearing out their wishes and concerns, then continuing to encourage them on the pathway to meeting their goals.

“Advisors can make women more welcome through meeting them at their level of investing expertise and educating them as a peer with transparency,” Abernathy said.

READ MORE: Advisors share go-to strategies for connecting with women clients

Customer bases aren’t the only thing that has changed over the last few years.

Remote work was once a rarity in the financial services industry but became commonplace at the height of the COVID-19 pandemic and in the years to follow. Metropolitan markets like California and New York are still hotspots for new entrants to the profession, but other regions, such as New Mexico, West Virginia and Arizona, have seen 75% or higher increases in talent volume.

For advisors seeking to expand their books of business beyond their office, remote consultations with prospective and existing clients could be a viable option.

Aaron Cirksena, founder and CEO of MDRN Capital in Annapolis, Maryland, told FP that he saw the shift to remote client meetings happening two years ago after repositioning his firm to virtual-only and a similar change among his clients.

“The whole reason was because … I asked my in-person clients who lived five minutes from my office if they wanted to come back in and meet with me in person, and 80% of them said, ‘No, we’ll just keep doing Zoom meetings. It’s easy,'” Cirksena said.

READ MORE: 5 must-know tips for financial advisors going virtual

Below are expert insights into similarly important trends such as launching an independent registered investment advisor, the importance of building relationships with clients, purchasing a book of business and more.

Portfolio results

When, if ever, is the right time to launch an RIA?

Consolidation, costs and workload are all factors that play into an advisor’s decision to launch an independent RIA. While some see it as a means of building up a book of business that aligns with their goals, others see the monetary headaches.

The pros seem to outweigh the cons, as annual data released by compliance firm COMPLY and the Investment Adviser Association, a trade group, showcased a record-setting trend of the number of RIAs registered with the Securities and Exchange Commission over the last 12 years.

“I’m glad I took this step when I did — I just wish I had taken it sooner,” Kevin Thompson, CEO of Fort Worth, Texas-based RIA firm 9i Capital Group, told FP when speaking about the January 2023 launch of his company. “This has been the best thing I could have done in this business, but I was not ready to do it earlier, and I had to make sure I was prepared for what was coming.”

READ MORE: When should a financial advisor launch an RIA?

Coin in a glass bottle Image blurred background of business people sitting counting money and a retro white alarm clock, retirement, finance and saving money for future concept.

The nuanced values of an RMD tax strategy

Required minimum distributions, the lowest dollar amount that retirees must withdraw from their accounts each year, bring a host of tax and liquidation challenges down on investors. But when it comes to the tax difficulties, advisors can help ease their clients’ burdens.

The strategy involves delaying tax payments on retirement account distributions, which can be done when retirees spread out withholding-free payments on a quarterly or per-month basis, until the end of the year. At year end, a retiree takes a larger distribution to cover taxes on the previous distributions.

Keith Fenstad, vice president and director of wealth planning at Tanglewood Total Wealth Management in Houston, told FP that this delay option is often underused by advisors and can help simplify the tax payment process.

“Even if that request is made in December, the $4,000 of taxes withheld is spread across the previous quarterly tax payment periods,” Fenstad said.

Read more: Financial advisors are divided over this RMD tax strategy

Advice

Uncertainty makes advisors an economic North Star for investors

For Margaret Franklin, CEO of the CFA Institute, the professional development and training organization that certifies chartered financial analysts, market volatility impresses two key responsibilities on advisors: hear out client concerns and keep them focused on long-term goals.

The rise of private markets and the great wealth transfer to spouses and younger generations are creating fresh challenges and opportunities for advisors, most of which require pivoting to underrepresented markets.

“More than $80 trillion is expected to transfer to the next generation, and they’re looking for ethical, informed, professional advice,” Franklin said while speaking at the CFA Institute LIVE conference in Chicago last month. “This is a massive opportunity and, of course, an associated responsibility. … Yet, despite this, the talent gap is significant.”

Read more: Beyond calculators: Advisors’ growing role in uncertain times

Senior couple planning their investments with financial advisor

Relationships with advisors are worth their weight in gold for clients

For some clients, the relationships that they build with their financial advisors hold more value than the investment advice they receive.

This conclusion was drawn from the results of the inaugural “Wealthtender Voice of the Client Study” by Austin, Texas-based lead-generation service Wealthtender, which analyzed 2,568 client reviews from over 200 advisors in 35 states and Washington, D.C.

The results found that 89% of reviews focused on relationships and emotional trust, against the 10% that were focused on investment management.

“It gives us the opportunity to make sure we’re moving forward together,” Mai Yang, founder and financial planner at Heartworth Financial in St. Louis Park, Minnesota, told FP. “You always want honest and direct feedback from clients. … We monitor them closely, we use them in marketing and are always thankful when we receive positive feedback.”

READ MORE: Clients value advisor relationships over investment advice, study shows

Deal handshake

Business partnership meeting concept. Image businessmans handshake. Successful businessmen handshaking after good deal. Group support concept.

Adobe Stock

What goes into buying a wealth book of business?

Success in buying or selling a book of business means doing more than just looking at the number of clients and amount of assets under management. Success hinges on everything from client expectations to negotiations between parties.

Michael Blake, founder of strategic consulting firm High Score Strategies, told FP that the first point of friction is often valuing the book, and that the most effective strategy for doing so is to estimate the cash profits that the book is predicted to generate.

“What percent of the book of business will go away when the owner does,” Blake said. “How profitable are the customers that remain? How long will the customers remain after the book of business is sold? What is the seller willing to do to ensure the transition of the book of business to the buyer?”

READ MORE: How financial advisors can buy a wealth book of business



Source link

Tags: advisorsBusinessfinancialGrowTips
ShareTweetShare
Previous Post

Steady Hiring, Shifting Risks: 5 Ways to Strengthen Your Job Prospects

Next Post

Hellmann’s Real Mayo Stock-up Deal: Squeeze Bottles 3-Pack only $7.59 shipped!

Related Posts

edit post
Mortgage Rates Today, Monday, September 15: Heading Lower

Mortgage Rates Today, Monday, September 15: Heading Lower

by TheAdviserMagazine
September 15, 2025
0

Mortgage interest rates are lower today, continuing the mostly downward trend we've seen this September.The average interest rate on a...

edit post
Associate Advisors, 9 Ways To Stand Out In Your First 90 Days

Associate Advisors, 9 Ways To Stand Out In Your First 90 Days

by TheAdviserMagazine
September 15, 2025
0

Starting a new role as an associate advisor can be exciting – and nerve-racking. The onboarding period, which typically lasts...

edit post
Top 10 Smart Ways Protect What Matters Most Every Stage Life

Top 10 Smart Ways Protect What Matters Most Every Stage Life

by TheAdviserMagazine
September 14, 2025
0

Each part of life brings fresh tests and duties. The hopes you have now, like making a home, ke͏eping well...

edit post
*HOT* NFL Officially Licensed T-Shirt and Full Zip Hoodie Set only .48 shipped!

*HOT* NFL Officially Licensed T-Shirt and Full Zip Hoodie Set only $53.48 shipped!

by TheAdviserMagazine
September 13, 2025
0

Whoa!! This is a hot deal on this NFL Officially Licensed Licensed T-Shirt and Full Zip Hoodie Set! {Sponsored by...

edit post
*HOT* Amazon Grocery Canned Pinto Beans as low as alt=

*HOT* Amazon Grocery Canned Pinto Beans as low as $0.67 each shipped, plus more!

by TheAdviserMagazine
September 13, 2025
0

Stock up on pinto beans with this deal! Amazon has these Amazon Grocery Canned Pinto Beans, 15.5 oz for just...

edit post
Hanes Knit Sleep Pants 4-Pack only .98, plus more!

Hanes Knit Sleep Pants 4-Pack only $19.98, plus more!

by TheAdviserMagazine
September 13, 2025
0

Walmart has some great deals on men’s sleepwear right now! Walmar has this Hanes Knit Sleep Pants 4-Pack for only...

Next Post
edit post
Hellmann’s Real Mayo Stock-up Deal: Squeeze Bottles 3-Pack only .59 shipped!

Hellmann’s Real Mayo Stock-up Deal: Squeeze Bottles 3-Pack only $7.59 shipped!

edit post
The Debate That Never Ends

The Debate That Never Ends

  • Trending
  • Comments
  • Latest
edit post
California May Reimplement Mask Mandates

California May Reimplement Mask Mandates

September 5, 2025
edit post
What Happens If a Spouse Dies Without a Will in North Carolina?

What Happens If a Spouse Dies Without a Will in North Carolina?

September 14, 2025
edit post
Who Needs a Trust Instead of a Will in North Carolina?

Who Needs a Trust Instead of a Will in North Carolina?

September 1, 2025
edit post
Does a Will Need to Be Notarized in North Carolina?

Does a Will Need to Be Notarized in North Carolina?

September 8, 2025
edit post
DACA recipients no longer eligible for Marketplace health insurance and subsidies

DACA recipients no longer eligible for Marketplace health insurance and subsidies

September 11, 2025
edit post
Big Dave’s Cheesesteaks CEO grew up in ‘survival mode’ selling newspapers and bean pies—now his chain sells a  cheesesteak every 58 seconds

Big Dave’s Cheesesteaks CEO grew up in ‘survival mode’ selling newspapers and bean pies—now his chain sells a $12 cheesesteak every 58 seconds

August 30, 2025
edit post
Is Your Identity the Next Trillion Dollar Asset?

Is Your Identity the Next Trillion Dollar Asset?

0
edit post
Markets are starting to price in economic overheating – UBS (SP500:)

Markets are starting to price in economic overheating – UBS (SP500:)

0
edit post
Professors think students are prepared for the workforce— nearly half of students disagree and feel unready even for entry-level roles

Professors think students are prepared for the workforce— nearly half of students disagree and feel unready even for entry-level roles

0
edit post
4 Ways Americans Are Handling Economic Pressures in 2025

4 Ways Americans Are Handling Economic Pressures in 2025

0
edit post
Migrating to the New Client Contact Structure

Migrating to the New Client Contact Structure

0
edit post
Netanyahu: We must be self-sufficient in weapons

Netanyahu: We must be self-sufficient in weapons

0
edit post
Markets are starting to price in economic overheating – UBS (SP500:)

Markets are starting to price in economic overheating – UBS (SP500:)

September 15, 2025
edit post
Is Your Identity the Next Trillion Dollar Asset?

Is Your Identity the Next Trillion Dollar Asset?

September 15, 2025
edit post
Professors think students are prepared for the workforce— nearly half of students disagree and feel unready even for entry-level roles

Professors think students are prepared for the workforce— nearly half of students disagree and feel unready even for entry-level roles

September 15, 2025
edit post
NRF Europe Innovators Showcase: Retail Tech To Watch

NRF Europe Innovators Showcase: Retail Tech To Watch

September 15, 2025
edit post
Minimum Tenure Personal Loans for Quick Fixes

Minimum Tenure Personal Loans for Quick Fixes

September 15, 2025
edit post
Bitcoin Dips Under 4.5K While Gold, Stocks Head Higher

Bitcoin Dips Under $114.5K While Gold, Stocks Head Higher

September 15, 2025
The Adviser Magazine

The first and only national digital and print magazine that connects individuals, families, and businesses to Fee-Only financial advisers, accountants, attorneys and college guidance counselors.

CATEGORIES

  • 401k Plans
  • Business
  • College
  • Cryptocurrency
  • Economy
  • Estate Plans
  • Financial Planning
  • Investing
  • IRS & Taxes
  • Legal
  • Market Analysis
  • Markets
  • Medicare
  • Money
  • Personal Finance
  • Social Security
  • Startups
  • Stock Market
  • Trading

LATEST UPDATES

  • Markets are starting to price in economic overheating – UBS (SP500:)
  • Is Your Identity the Next Trillion Dollar Asset?
  • Professors think students are prepared for the workforce— nearly half of students disagree and feel unready even for entry-level roles
  • Our Great Privacy Policy
  • Terms of Use, Legal Notices & Disclosures
  • Contact us
  • About Us

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.