A financial advisor hedges a great deal of their success on the broker-dealer they choose to affiliate with. The broker-dealer controls the price points for revenues by setting advisor payout percentages, and it controls the price points for expenses by setting trading costs and fixed technology expenses, among other things.
By now, we’ve all heard the tales. Maybe your neighbor’s identity was stolen, a credit card was compromised, or an account was hacked, spilling personal information into the unseen corners of the dark web.
I started in this business in 1983 with the Cigna Corporation doing fee-based financial planning on a consultative basis to clients. Cigna was one of the first firms to introduce a sophisticated comprehensive planning approach to helping clients meet their needs.
Prior to the launch of our broker-dealer, we saw a need for a more intuitive user experience when interacting with our firm. As we sat down at a conference table overlooking Tampa Bay in the early hours of a cool March day, our team had an epiphany.
Hey folks – Bill Hamm here. As we get closer to the broker-dealer launch, I wanted to cover some important parts of starting this new journey and what it means for IFP.
We’ve all heard the same spiel from a self-proclaimed marketing expert at a conference. There, engulfed in dim, fluorescent lighting, a person on stage casually ran through their PowerPoint presentation where you may have heard the acronym SEO accompanied by the words “Content is King”.
In an industry driven more and more by technology, automation, and artificial intelligence, success still hinges on something very tricky: humans.
Ugh, humans; we’re a mess. We bounce back and forth in a never-ending cycle between failure and success, mediocrity and greatness, logic and delusion, and just about every state in between.
Staying relevant is critical to our futures, individually and collectively!
The S&P 500 was introduced in 1957 as a benchmark index designed to track the value of the 500 largest companies in the United States.
Seniors exhibiting signs of diminished mental capacity are one of the most troubling and sensitive issues advisors face. If this happens, a client may no longer be capable of making his/her own financial decisions.
Everyone likes a way to track their performance. Whether it be through reviews at work, stepping on the scale at the gym, or performance of an investment account, humans like feedback.
The US Dollar Index (‘DXY’) is an index that values the US Dollar relative to a basket of major currencies. When the index goes up, the US Dollar is strengthening versus this basket, and when the index goes down, the US Dollar is weakening relative to the basket of major currencies.
Problem solvers are the cogs that fuel innovation. Throughout history, they’ve come and gone, solving some of life’s greatest mysteries. Someone sees something that they don’t like and try to fix it.
So, you officially have your own conveniently located office inside a bank or credit union. Any day now, a flood of customers that came in to open a checking account or make a deposit are going to step into your office and ask for help, right?
We started this year with a commitment to focus on three distinct areas: communication, data, and training. I’m pleased to say that over the past 12 months, we’ve made major strides in all three areas, in addition to a few others.
You have heard much about the results of the new definition of fiduciary released by the Department of Labor (“DOL”). Few pieces of regulation have been as long-awaited, as hotly contested, or as little understood.
If you have been in the industry long enough, you’ve heard horror stories about advisors changing firms or breaking away, only to lose a majority of their clients. This story is the same across numerous channels, including wirehouse, independent, and insurance-based or bank broker-dealer-affiliated advisors.
In my line of work at IFP, I often have to build relationships with some unfamiliar faces. This means I’m constantly breaking out of my comfort zone, having some off-topic discussions, and turning those conversations into fruitful business arrangements.
Major parts of the Department of Labor’s (“DOL(’s)”) new fiduciary rule may- ultimately- oh, so sssslowly- meet their demise. We among the industry have watched in agony with each new twist and turn, spent countless hours reviewing and analyzing the rule and may now wonder what value has been gleaned from all the trauma.
President and ERISA Counsel, IFP Plan Advisors
We have heard about the DOL’s new fiduciary rule ad infinitum. However, some advisors may continue to miss the message that the reach of the rule extends well beyond traditional, employer-sponsored retirement plans.
If I were selling you a Rolex, would you rather pay me $6,000 or $120 for it? Maybe I have a Ferrari I’m getting rid of and I want to give you the option to take it off my hands for either $200,000 or $4,000.
1. A Misaligned Business Model:
Advisors serve client niches and don’t try to be all things to all clients, as do firms.
More and more Financial Advisors are serving client niches, and finding a great deal of success in being a specialist to their clients.
Comfort – it’s what happens when you stop showing up to your not-so-new-anymore job 30 minutes early. It’s what happens when you start letting yourself eat in the car because the new car smell has worn off.