Planning and Advice

Decorative pattern

Planning and Advice

Compliance resolutions for 2010

I’ve had it. This year I’m going to do things differently. I’m going to learn from my mistakes. I’m going to chart a new course and follow it to become a better advisor; and a better me. Forget the gym. I’ve wasted too much money not going there. Forget dieting. Doritos are delicious. No, I’ve […]

By Harper Fraze |January 1, 2010

5 min read

Decorative pattern

Planning and Advice

Pay attention to turnover rates

Your advisor may recommend a long-term approach, but how many funds follow that advice? One thing that I find intriguing about the mutual fund industry is how often it contravenes its own collective advice. Comparing word and deed can lead to some fascinating insights. A practical example I would offer is in regard to portfolio […]

By John J. De Goey |December 24, 2009

6 min read

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Planning and Advice

How advisors can convey value

Advisors did a lot of hand holding in 2008 and 2009. And it’s been worth it. The worry’s fading for clients and advisors are able to show the advantages of sticking to the plan. Participants in our 2009 Dollars & Sense roundtable had these thoughts about recent shifts in client relationships: Kathleen Peace, CFA, CFP, […]

By Staff |December 21, 2009

4 min read

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Planning and Advice

Clients rate their advisors

While most clients like working with sociable advisors, friends aren’t what they’re seeking when they shop for advisors. Every client we spoke with was clear they wanted a strictly professional relationship with the advisor, no different from a physician or an accountant. All are wary of aggressive product-pushers, and appreciative of advisors who remain mindful […]

By Staff |December 21, 2009

7 min read

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Planning and Advice

Don’t make friends with clients

Sandra called out of the blue and wanted to see me again. I cringed, guessing what she would be coming for. Although she was a talented musician, she had been underemployed for almost a year. She’d been in to see me already twice to claim mea culpa and withdraw significant funds from her retirement plan […]

By Michael Berton |December 21, 2009

3 min read

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Planning and Advice

Knowing what your clients want

Knowing what clients want is the key to unlocking more successful relationships and building a stronger financial planning practice. The trouble is, chasing client desires through different market environments can make the most seasoned advisor’s head spin. After all, in the middle of a bull market, how many of your clients are looking for security? […]

By Alison MacAlpine |December 21, 2009

12 min read

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Planning and Advice

Flat fee or minimum assets — that is the question

When I left my position at one of the banks to set up my own practice many years ago, I ran some numbers to determine the true cost of keeping and servicing a client. I had always envisioned a practice as described by the master, Nick Murray: working with just 100-200 households that want financial […]

By Robert Abboud |December 18, 2009

4 min read

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Planning and Advice

Get used to busybody clients

As the economy recovers, one challenge will be to keep client greed under control, and work through the process of how best to collaborate on investment decisions. “You’re always going to have a client that heard or saw something on TV,” says Rob Kelland, CIM, FCSI, Portfolio Manager, Director Wealth Management for ScotiaMcLeod, “But the […]

By Philip Porado |December 17, 2009

2 min read

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Planning and Advice

Additional services bring advisors more business

Advisors must do a better job of making clients aware of ancillary services they can provide – especially tax planning and preparation – either within their own offices or through affiliates, say participants at our 2009 Dollars & Sense roundtable discussion. James R. Taylor, CLU, Financial Health Management, Toronto, noted 47% of advisors responding they […]

By Kanupriya Vashisht |December 17, 2009

2 min read

Decorative pattern

Planning and Advice

Advisors must find client stress points

Where do clients feel the financial pinch? Our 2009 Dollars & Sense roundtable participants had these comments: Doug Gleed: The usual stresses are still there with debt, such as the mortgage and credit that have been there for awhile. James Taylor: They’re thinking about how economic changes might impact them if there are changes in […]

By Staff |December 17, 2009

2 min read

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