“What are the biggest fears we face in adopting an entrepreneurial mindset, and how do we overcome them?”
“A merger of firms may work in terms of the financials but show gaps in cultural terms where, say, a white-shoe firm that caters to Old Money seeks to link its fate with a dress-down outfit that specializes in tech executives.”
"Just as clients rely on you for advice to secure the future of their finances, you can turn to insurance to protect the future of your firm."
"Whatever niche you pick, in time you will develop the true expert’s ability to rationalize complexity as your practice matures in its specialization."
"You may not realize it, but in the course of working with your clients, you and they have created a culture together."
"Following the typical PR playbook can rob you of opportunities to underline that your business was built by its leaders as an expression of their passions."
"To be of lasting worth, to enhance your business by helping you attract the kinds of clients you work with best, a value proposition has to be honest and accurate."
"The demise of the defined-benefit pension and a broad-based move away from health insurance tied to specific employers are making many workers question the wisdom of hitching their financial wagons to a single company."
Chalice Financial Network and Succession Link Combine on One Platform for Easy Member Access Chalice Marks One Year Anniversary of Acquiring Succession Link with Growth from 37,000 to Over 50,000 Members!
"Start by viewing your digital marketing primarily as a way to be helpful."
"A business owner has to be a genuine self-starter, a constant innovator, and her or his own most relentless taskmaster."
"Financial advisors thinking of going independent know that owning their own business is an efficient way to get their expertise into the marketplace. It’s not without challenges, but the rewards of being an entrepreneur run deeper than you might think —- even if you’ve been contemplating the move for a while."
"Generally, there are two reasons for buying a financial advisory business. The first is that you do not want to build a practice from the ground up, and, therefore, you would rather purchase a ready-made business, so to speak."
“Having a succession plan forces you to understand the real value of your practice and how to pass it on to your maximum benefit.”
“Human advice based on an experienced and professional evaluation of a client’s situation isn’t going away.”
"According to Pershing’s latest Real Deals report, M&A activity between RIA firms has reached an all-time high in terms of proportion of overall industry transactions. Just 10 years ago, most financial acquisitions involved an RIA being sold to an institutional buyer or a group of investors. Over the past five years, though, deals between RIA firms have accounted for nearly half of all deals."
"Independent financial advisors are often called entrepreneurs. It is because their personalities are suited to “going it alone.”
"With Regulation Best Interest finalized and moving further toward implementation, independent financial firms and advisors are coming together to make the new rule’s common standard of care a reality. Although many questions remain, the Financial Services Institute (FSI) is pleased that our profession has embraced Reg BI and is gathering significant momentum toward compliance. At the same time, unfortunately, disparate fiduciary proposals in the states threaten to undermine this momentum."
"For the past 20 years at least, it’s been assumed that small firms are doomed, especially small financial-advice firms. The only way to get them the economies of scale and viable transition strategies they need — the assumption goes — is to roll them up into bigger firms until the ‘independent” RIA landscape is dominated by several dozen national entities.
Chalice, quite simply, says “no” to this paradigm."
"According to the Financial Times, digital marketing is: “The marketing of products or services using digital channels to reach consumers.” The key objective is to promote brands through various forms of digital media. In short, digital marketing is a huge component of modern businesses and the way they reach consumers."
"The lure of independence is stronger than ever. Close to half of potential breakaway brokers feel even more strongly about going independent than they did at the end of 2018, with 44% percent saying they will make the move in the next year. As this trend is on the rise, we are seeing more and more independently owned firms on the market."