Financial advisers are usually good at providing clients with wealth-building guidance, but they aren't always good at running their businesses, consultant Stephanie Bogan writes. Mapping a vision for the firm, maintaining a business owner mindset and implementing methods for a seamless client experience will help advisers improve their businesses, she adds.
It makes business sense to fire a client in some instances, writes Mark Palmerino of CCR Wealth Management. These include poor economics, bad chemistry or behavior that presents a risk to the firm's reputation.
Four simple steps can help advisers turn prospects into clients, including taking prompt action within a week of receiving leads and reaching out to leads at least five times during that week, says lead-generation service SmartAsset. Advisers may want to consider expanding their workday outside normal business hours to show flexibility -- even if it's just one night or weekend per month -- and they should stay as organized as possible by keeping track of all communication.
The Securities and Exchange Commission has launched HoweyCoins, a bogus website that highlights the risks of being swayed by promises of extraordinarily high returns via cryptocurrency investments. When users choose to "buy coins now," they are taken to an official SEC site that notes they could have been duped and lists the warning signs of a fake offer.
The Financial Industry Regulatory Authority has proposed requiring broker-dealers and associated persons to make insurance information available during arbitration proceedings. FINRA said the proposal is a response to concerns by broker-dealers about "prejudice by limiting the circumstances under which insurance coverage information could be presented to arbitrators."
Sens. Todd Young, R-Ind., and Cory Booker, D-N.J., have introduced legislation to create a federal commission to look for ways to improve retirement security for private-sector workers. The commission would consider proposals to help the mobile workforce and gig and part-time workers, and would review policies from other countries, including the mandatory retirement savings systems in some Scandinavian nations, Young said.
Financial institutions are adopting military tactics and employing former military personnel as they work to prevent cybercrime. Mastercard has set up a cybersecurity command center run by a former Delta Force officer, at least a dozen banks have opened similar hubs for gathering intelligence, and "combat drills" that test responses to simulated cyberattacks have become routine.
Americans have an average of $84,821 saved for retirement, with a third of baby boomers having $25,000 or less, according to Northwestern Mutual's 2018 Planning & Progress Study. The study found that 66% of Americans believe they'll outlive their savings, and 78% are either "somewhat" or "extremely" concerned about having enough money for their retirement years.
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