Advisor Resources
Jun 02, 2023 Clients are essential to your success as a financial advisor, and you may spend a significant amount of time engaging with the ones that you have and prospecting to find new clients to work with. How many clients do you need? A good average number of clients per financial advisor to have is usually in the range of 50 to 150. But you may need fewer than that if you’re primarily targeting high-net-worth individuals. Finding your ideal number of clients can depend largely on your goals as an advisor. Need more clients? SmartAsset’s SmartAdvisor tool takes the hard work out of getting qualified leads. Read More...
Jun 02, 2023 A career in financial planning can be rewarding, but it can also be demanding if you’re spending a significant amount of time each day prospecting, networking or meeting with clients. You might be asking this question: can I be a part-time financial advisor? The short answer is yes, it’s possible to work as a financial advisor on a part-time basis. Doing so can allow for greater flexibility, though there are some potential downsides to consider. If you’re looking for ways to save time as you scale and grow, SmartAdvisor takes the guesswork out of connecting with prospects. Read More...
Jun 01, 2023 Being a financial advisor often means wearing multiple hats and it’s easy to feel that there aren’t enough hours to fit everything in. Making the best use of your time is important for increasing productivity and focusing attention on activities that are likely to yield the biggest return for your business. Time management for financial advisors is mainly about discipline and creating a routine that helps you make the most of your daily round. If you’d like to save time prospecting, SmartAdvisor can deliver tailored leads to your inbox. Read More...
May 23, 2023 Growing an advisory firm requires a coherent strategy. A 2023 survey conducted by Janus Henderson Investors and the Financial Planning Association (FPA) examines ways advisor firms can encourage growth. Read on to see the three ways advisor firms nurture leads and grow assets under management (AUM). If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
May 23, 2023 Knowing how to prospect as a financial advisor is essential for growth and success. And while it’s important to focus on retention to keep the clients you have, a certain amount of turnover is inevitable. Prospecting is central to a good client acquisition strategy and there’s more than one way to do it. If you’re looking for a shortcut to make prospecting easier, SmartAdvisor can bring qualified leads to you. Read More...
May 23, 2023 Managing time wisely is key to boosting your productivity as an advisor and working effectively toward your goals. A typical day in the life of a financial advisor can span a variety of activities, from managing back-end tasks to meeting with clients to prospecting. Knowing how to structure your daily round can ensure that you’re prioritizing those activities that are most important for your business without stretching yourself too thin. If you’re looking for a quick and simple way to free up time in your daily schedule, SmartAdvisor can take the guesswork out of connecting with prospective clients. Read More...
May 22, 2023 When your advisory business is in growth mode, how you spend your time matters. Focusing on profit-producing activities such as client acquisition and retention is a top priority, but you might find your days being eaten up by time-consuming administrative tasks. Hiring a virtual assistant can ease some of your workload and free up valuable time in your schedule. Virtual assistant services for financial advisors can span a wide range of activities. If you’re ready to simplify prospecting, SmartAdvisor can send leads straight to your inbox. Read More...
May 04, 2023 As a financial advisor, you may dedicate a lot of your time to helping clients create a workable retirement plan. However, it’s also important to consider what your personal exit strategy might look like once you’re ready to retire. Succession planning for financial advisors isn’t that different from succession planning for other businesses. Though there are a few unique challenges to consider. We'll go over what they entail. If you’re still focused on scaling your business, SmartAdvisor can make it easier to connect with prospects. Read More...
May 04, 2023 Starting a financial advisor business is an opportunity to share your knowledge and expertise to help clients reach their financial goals -- and, of course, to earn a living for yourself. If you’re a newly minted financial advisor, you might decide to start your own firm versus working for someone else. Or you might feel that the time has come to leave your current firm behind and strike out on your own if you’re already an established advisor. Knowing how to start a financial advisor business the right way can set you up for success later. You can also use SmartAdvisor to start connecting with your first clients. Read More...
May 03, 2023 Getting started as a financial advisor requires a certain amount of planning to ensure that your business has everything it needs to succeed. Setting specific goals for your first year can give you some targets to aim for as you begin the process of marketing your business and acquiring new clients. Tracking your progress and performance against those goals can help you figure out what’s working -- and what’s not -- as you scale and grow. You can also use SmartAdvisor to jumpstart your business growth and begin connecting with clients right away. Read More...
May 03, 2023 The 2024 presidential election and anticipated 2025 sunsetting of the Tax Cuts and Jobs Act (TCJA) are creating tax-related uncertainty for advisors and clients alike. But there is still time for clients, especially high-net-worth individuals, to prepare accordingly. Read More...
Apr 26, 2023 Buying a financial advisor practice could be a wise investment if you’re interested in scaling an existing business. If the purchase includes a stable client base, that could open the door to an increase in your revenues. Likewise, you might consider acquiring a practice if you’re just getting started and want to hit the ground running with already clients in place. As you’re researching how to buy a financial advisor practice, consider using SmartAdvisor to connect with prospects locally. Read More...
Apr 20, 2023 Goal setting is an important element in your success as a financial advisor. Having clear goals to work toward can give you the motivation you need to scale while helping you to develop a focused plan for doing so. Some of the most common financial advisor goals include growing your client base and increasing revenues. If you’re new to setting goals as an advisor, it helps to know where to start. You can also explore the possibilities of expanding your reach with SmartAdvisor. Read More...
Apr 19, 2023 Many retail investors are interested in index strategies but lack an understanding of how they work, according to a recent survey. In fact, many retail investors say they want more information on index funds. But they don’t recall their financial advisors ever speaking to them about these investment products. Those were among the findings of FTSE Russell’s inaugural " Retail Investor Survey," which polled over 1,000 Americans with and without financial advisors in late 2022. Here’s a look at some of the survey’s most interesting revelations related to index strategies, and how they could help your business. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Apr 19, 2023 Advisors often work with high-net-worth clients and are able to understand the expectations wealthy clients have about managing their finances. The good news is that some of those takeaways can be applied to clients who are not high-net-worth individuals. Read on to understand four lessons advisors can take from high-net-worth clients – and how they can be applied to any client. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Apr 10, 2023 With the Federal Reserve raising its benchmark interest rate month after month, rates on lending products have climbed as well. Certificates of deposit (CDs) are no different. The average rate on a six-month CD has ticked back up to just below 1%, significantly above the lows of 0.14% in recent years. With all that going on, financial advisors might ask, is the certificate of deposit back? Whether you’re looking for short-term savings or a long-term place to invest, is this a product worth recommending? Read More...
Apr 03, 2023 When it comes to Social Security, age 67 is considered full retirement age. But it hasn’t always been that way. Originally, the Social Security Act of 1935 set the retirement age at 65 years old. The age increased to 67 in the 1980s. Today, a bipartisan group of politicians on Capital Hill is seeking to increase the retirement age to 70, while Republican presidential nominee and former South Carolina Gov. Nikki Haley also supports raising the retirement age. For advisors and clients, this creates a challenge. How do you plan for clients' golden years and run financial projections when their retirement age is uncertain? Read on to understand how advisors run retirement simulations for their clients in an always-changing retirement landscape. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Mar 29, 2023 Estate planning attorneys and financial advisors be aware: Artificial intelligence, including tools such as ChatGPT, may have the ability to shake up legacy planning in a powerful way. In fact, ChatGPT recently passed the bar exam, scoring high marks without working up a sweat. This capability spells a big shift on the horizon for lawyers and other professionals who work closely with the legal industry. For financial advisors, this could impact the estate planning process, which is typically handled in collaboration with estate planning attorneys. Read on to understand the impact of AI within the realm of estate planning. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Mar 23, 2023 Making a name for yourself in the financial advisor space can be a test of your entrepreneurial and creative skills. There’s steady pressure to keep pace with trends and stay up to date on the latest tech innovations. And not to mention competition from established and newer advisors. Knowing how to build a financial advisor practice without getting overwhelmed is key when growth is your long-term goal. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Mar 23, 2023 Becoming a financial advisor is a career path you might consider if you enjoy helping others and have a passion for finance. Like any other profession, there are both advantages and disadvantages to working in the financial services industry. Weighing the main pros and cons of becoming a financial advisor can help you decide if it’s the right field for you. If you’re ready to kick off your financial advisory business but want to do it in a streamlined way, take a look at SmartAsset’s SmartAdvisor platform. Read More...
Mar 21, 2023 Many economists agree that a federal default would be catastrophic. If Congress refuses to raise the debt ceiling, which House Republicans have threatened to do unless President Joe Biden's administration grants them certain policy concessions, the economic damage could be swift and severe. Moody’s Chief Economist Mark Zandi has testified, for example, that default could include a deep recession and up to 7 million jobs lost. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Mar 17, 2023 With cybercrime increasing at a high rate in recent years, advisors can’t afford to overlook its impact on themselves and their clients. Cybercrime has increased by over 600% since the start of the COVID-19 pandemic and is expected to nearly double over the next three years, according to data cited in a white paper created by cyber security company Digital Privacy & Protection. We’ll discuss what advisors need to know to help their clients and the next steps they should take to safeguard client information and assets. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Mar 17, 2023 When President Joe Biden signed SECURE 2.0 Act into law in late December 2022, advisors began digesting the provisions of the legislation. The changes inside SECURE 2.0 range from new rules related to 529 college savings plans to when retirees should take their required minimum distributions (RMDs). With so much to sort through, advisors may be overlooking some of the details of the act. To understand what most advisors are missing about the SECURE 2.0 Act, SmartAsset spoke to experts in the field. Read on for their insights. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Mar 14, 2023 How do financial advisors get more clients? It’s a commonly asked question and one that you might have pondered many times if you’re hoping to scale and grow your business. There’s no magic secret or key to how to grow your client base as a financial advisor. Instead, it’s all about applying strategies that are designed to put you on prospects’ radars and convert them to clients. You can also work with SmartAsset’s SmartAdvisor platform to find new clients to help you reach the next stage of growth. Read More...
Mar 14, 2023 Acquiring new clients is essential for fueling growth in your advisory business but there’s no single way to approach it. Some of the most effective client acquisition strategies for financial advisors can include cold calling, digital marketing or in-person networking. If you’re ready to ramp up growth in your business, it helps to know what to include in your marketing playbook. You can also work with SmartAsset’s SmartAdvisor platform to hit your next stage of growth. Read More...
Mar 14, 2023 Acquiring new clients is one of the top priorities for your business. But client retention is equally important. A high client turnover rate can be detrimental to your bottom line. And it may deter new prospects from seeking you out. That’s not what you want when your focus is on growth. Adopting some of the top financial advisor-client retention strategies can ensure that you’re creating a loyal client base that will stick with you for the long term. You can also work with SmartAsset’s SmartAdvisor platform to attract new clients to your business. Read More...
Mar 14, 2023 Becoming a chartered financial analyst means first passing the CFA exam. It’s not uncommon to spend 300 hours or more studying for each of the three levels of the exam, meaning you’re looking at a total investment of 900+ hours to prepare. If you’re going to be spending that much time studying, it’s important to choose CFA exam prep materials that can help you achieve the results you’re seeking. Financial professionals also seek out advice. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area. Read More...
Mar 10, 2023 The 4% rule for calculating portfolio withdrawals has been a tool advisors use to help clients plan for retirement since its inception in the 1990s. In that time, it's become perhaps the most well-known retirement planning rule of thumb. But the 4% rule, which seeks to identify a safe withdrawal rate that will allow a client's savings to last 30 years, isn't settled science. It continues to be debated and researched. In fact, a recent analysis called into question the very methods used to calculate safe withdrawal rates, namely Monte Carlo analysis. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Given the recent spotlight on safe withdrawal rates, we wanted to see what financial advisors on the ground think about the famed 4% rule – and withdrawal rates in general – in 2023. Here’s what financial advisors should know about the changing landscape and how to implement new withdrawal strategies into their practice. Withdrawal Rate Is Only a Starting Point The 4% rule is a nice rule of thumb that clients should understand, but it shouldn’t dictate a person’s plan for retirement income, says Matt Sampson, a certified financial planner and senior investment advisor at Arnerich Massena in Portland, Ore. That’s because safe withdrawal rates don’t always take investment fees and taxes into consideration, he said. The 4% rule is also based on a 50/50 composition of stocks and bonds, which may be an unrealistic asset allocation for today’s retirees. Meanwhile, the 30-year time horizon that the 4% rule assumes may not apply to every retiree's life expectancy. “In today’s market environment of high inflation and potentially moderating returns, we caution investors about utilizing generic rules of thumb in creating their retirement plan,” Sampson says. The withdrawal rate methodology can be a “great starting point for any financial plan,” but it’s only the initial step in the process, says Josh Sailar, a certified financial planner and partner at Blue Zone Wealth Advisors in Los Angeles. “Risks change, people change and as such, they need to have a plan that considers variability,” Sailar says. “While the rule considers various market environments over that time, it does not consider human behavior and the ability to adjust to asymmetric risk/reward periods.” Retirement Requires Dynamic Planning The 4% rule and similar strategies generally take a static approach to retirement income. Sure, they adjust for inflation to ensure a retiree’s annual withdrawals maintain their purchasing power, but they don’t account for people’s varying spending needs throughout retirement. After all, some research shows that retirees’ spending habits change throughout retirement, traveling in the shape of a smile on a graph. That is, consumption levels start out higher early in retirement, and dip during the middle phase before increasing again toward the end of a retiree’s life when medical and long-term care costs are more common. As a result, advisors say retirement plans should be more flexible. “We focus on building dynamic financial plans based on customized modeling, which respond to the evolving needs and goals of clients, and believe this is a much sounder way of ensuring a sustainable retirement,” Sampson says. Giving Your Clients an Alternative Building a more customized strategy for a client, one that doesn't rely on the 4% rule or a different safe withdrawal, starts with honest dialogue about their income and spending expectations in retirement. From there, you can develop a nuanced plan that's tailored to meet their dynamic needs at different points in their retirement journey. For example, instead of a safe withdrawal rate, Sailar and his firm seek to identify each client’s unique hurdle rate. Also known as a minimum acceptable rate of return, a client's hurdle rate is the minimum return they require from an investment. The hurdle rate process for retirement income is similar to the pension model or liability matching, Sailar says, as it structures investments to meet a specific liability during a given time frame. “We can have an open conversation with the client about all the things they want out of their retirement years and whether or not we can achieve those wishes considering an appropriate amount of risk,” Sailar says. “In contrast, the withdrawal rate assumes you should only distribute a certain (percentage) of your assets at all times so that you can weather all market cycles.” Perhaps a client wants to spend 70% of their assets during what Sailar calls the early “go-go” years of retirement when they’re still able to travel. The client may plan to taper their spending later when they won't be as active. As a result, they'd have a higher hurdle rate – meaning they would require a more robust return from their investments – during these earlier years and a lower hurdle rate later. “As investment professionals, we then select the optimal mix of investments that we believe can achieve that hurdle rate and we have an open dialogue with the client about the potential risks associated with that asset mix,” Sailar says. Bottom Line While the 4% rule and similar strategies that rely on calculating a safe withdrawal rate are nice rules of thumb, financial advisors say more is typically required when developing a comprehensive retirement plan. Safe withdrawal rates assume a retiree’s spending habits will remain static. In reality, they will likely vary over the years. Effective retirement income planning needs to be more dynamic and flexible to address a person’s evolving financial needs. Identifying a client’s hurdle rate is one alternative to building a retirement plan around the oft-cited 4% rule. Tips for Growing Your Financial Advisory Business Let us help you grow your business. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. We match certified financial advisors with right-fit clients across the U.S. Expand your reach. SmartAsset’s recent survey shows that many advisors expect to continue meeting with clients remotely following COVID-19. Consider broadening your search and working with investors who are more comfortable with holding virtual meetings or spacing out in-person meetings. Photo credit: ©iStock.com/skynesher, ©iStock.com/filadendron, ©iStock.com/Goodboy Picture Company Read More...
Mar 07, 2023 When it comes to advising high-net-worth clients, financial advisors have a lot at stake. That's especially true when it comes to helping clients steer clear of common mistakes and pitfalls. “Addressing common client mistakes looks different with high-net-worth clients because the impacts of mistakes are magnified,” says Craig Toberman, certified financial planner and founder of Toberman Wealth. “With a high-net-worth investor, seemingly small mistakes have the tendency to compound over time, resulting in large potential losses in realized wealth.” To understand the common mistakes high-net-worth individuals make and how to address them, SmartAsset spoke to experts in the field. Read on for their insights. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Mar 03, 2023 Recently, buzzy artificial intelligence tools have demonstrated the capability to shake up nearly any industry. That includes financial advising. In recent months, artbots like DALL-E have shown how they can create works of art, while chatbots like ChatGPT can write text. In both cases, the software seems to have made the jump into genuine creativity, work once thought reserved for humans. And programmers continue to demonstrate and expand their software’s ability, sending ChatGPT through both business and law school exams, where it earned passing marks. All of this technological advancement raises the question: Where can this technology go next? Specifically, will AI tools change the future of financial advice? To answer this question, SmartAsset reached out to several experts in the field of financial technology. Here are their thoughts on how tools like ChatGPT will apply to the financial advising business. (If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform.) Read More...
Feb 28, 2023 Some financial advisors may be tempted to wash their hands of taxes and leave them to the accountants. But that approach doesn't ensure the best outcome for their clients. Great financial advisors know that, while the calendar has turned over on 2022, there is still work to be done before it is left behind. And that work is around taxes. Every financial decision has a tax implication, and sufficient planning is not done until the taxes have been considered and reported correctly to the IRS. With that said, here are seven pitfalls financial advisors can avoid as they work their way through the tax-filing season. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Feb 23, 2023 Joining one or more professional organizations can be a smart move for any advisor who’s interested in scaling. Financial advisor professional organizations often provide opportunities for networking, enhancing your education and building a sense of community. If you’re looking for a way to connect with other advisors or stay in tune with industry trends, it’s helpful to know which organizations are worthwhile. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Feb 23, 2023 Taking the CFP exam can be an important step in advancing your career and it’s important to prepare for it thoroughly. Utilizing CFP exam prep materials and resources can help you better understand the scope of the test and what to expect on exam day. You could do a self-guided study but if you’d like something more structured, you may be interested in finding the best five CFP exam prep courses. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Feb 21, 2023 Each year, thousands of freshly certified financial planner (CFP) professionals enter the industry. In 2022, more than 9,600 new certificates were issued, which was a gain of 5% in a single year. As the CFP designation has grown in popularity, more than 213,000 worldwide professionals now hold the title. The U.S. has the largest community of certified financial planners, with more than 95,000 spread across the country. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Feb 17, 2023 Tuning into financial podcasts can be a great way to track the latest industry trends and developments, level up your marketing game or simply learn new skills that you can use to grow your business. With so many financial advisor podcasts to choose from, it can be difficult to decide which ones are worthy of your time. To make that task easier, we’ve rounded up a list of highly-rated podcasts for advisors. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Feb 16, 2023 For advisors, 2022 wasn’t just a year defined by high inflation and market volatility. It was also a blockbuster year for mergers and acquisitions (M&A) within the wealth management sector. In 2022, a record number of transactions were announced, according to Echelon Partners, a boutique investment bank that closely tracks M&A within the wealth and investment management industries. That's the 10th consecutive year in which M&A reached a record. While consistent growth has defined wealth management M&A for a decade, should registered investment advisor (RIA) firms expect more of the same in 2023 and beyond? Or are the M&A tail winds dying down? Here are some important trends to keep in mind when surveying the wealth management industry’s M&A landscape. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Feb 15, 2023 Networking can be a great way to build your professional contacts list and engage with prospective clients. After all, you’ve likely heard that it’s who you know, not what you know, that matters in business. And that’s true to some extent, since making the right connections at the right time could help open doors. Knowing how to network as a financial advisor can be key to growing your business. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Feb 14, 2023 Social media offers virtually endless possibilities for scaling your business and its value is not to be underestimated. With billions of people using social media channels to connect and consume information, advisors are increasingly taking notice of its possibilities. For instance, nearly 19% of advisors say social media outreach is their primary marketing focus for 2023. If you’re not leveraging the benefits of social media for financial advisors yet, it could be the right time to revisit your marketing strategy. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Mar 23, 2023 The last cyclical recession wiped out financial services. Entire firms melted down, and professionals, ranging from personal advisors to institutional investors, lost their jobs. In 2023, talk of a recession is on the horizon again. Now, however, the larger economic signals are decidedly mixed. And for financial advisors, this raises the question: Will there be a recession in 2023? And, importantly, how vulnerable are financial advisors to layoffs this time around? There are some mixed signs already. Several firms, including Morgan Stanley and Goldman Sachs, have already announced layoffs. But Morgan Stanley reportedly spared its financial advising divisions. And while the industry remains solid, with an overall gain of 1,100 jobs in January, financial services layoffs are a reason for concern. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Mar 31, 2023 Consumers and investors aren’t the only ones worried about inflation. Rising prices remain top of mind for financial advisors, who continue to field questions from clients about inflation's impact on their financial plans. The good news is that inflation appears to be slowing. Since peaking at 9.1% in June 2022, inflation has fallen modestly each month, clocking in at 6.5% in December. Of course, that doesn’t mean prices of goods and services are going down – only that they’re increasing more slowly than in the previous month. As the Federal Reserve continues to raise interest rates to quell red-hot inflation, financial advisors appear most concerned with how these countermeasures will impact their clients. If 2021 and 2022 were both about helping their clients cope with higher spending and falling portfolio values, 2023 may be about responding to falling inflation. Here's what advisors should know about how their colleagues are approaching this topic in the new year. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Jan 31, 2023 A proposed rule from the Federal Trade Commission (FTC) could ban employers from binding up employees with non-compete clauses. If passed, this rule could increase career opportunities for millions of Americans. And it could change the way employers endeavor to keep their employees in the fold. But what would the rule change mean for financial advisors? We'll discuss the details. If you are looking to grow your financial advisory business once you become an advisor, check out SmartAsset’s SmartAdvisor platform. Read More...
Jan 31, 2023 Millions of people use social media every day. And there's likely a huge gap in your marketing plan if you’re not leveraging them to promote your advisory business. Social media platforms offer an opportunity to connect with prospects and current clients on a scale that’s unmatched. Knowing how to approach social media marketing for financial advisors is essential to carving out a niche for your brand in a competitive landscape. Ready to tackle your marketing plan and start scaling your business? Here’s how to get started. If you are looking to grow your financial advisory business once you become an advisor, check out SmartAsset’s SmartAdvisor platform. Read More...
Jan 24, 2023 In a tech-driven age, digital marketing is integral to growing and scaling your advisory business. Social media is an important component, but digital marketing strategies encompass much more than that. If you’re not exploring its possibilities yet, you could be missing out on valuable opportunities to expand your client base. Being knowledgeable about the different forms of digital marketing for financial advisors can help you decide which ones to implement. Ready to tackle your marketing plan and start scaling your business? Here’s how to get started. Read More...
Jan 24, 2023 Digital marketing is reshaping the way advisors connect with prospective clients. Email marketing is one branch of that and it can be an effective way to communicate with clients while fostering trust. In short, email allows you to put your brand and messaging directly in front of your target audience. Finding success with email marketing for financial advisors hinges on developing an impactful strategy. Read More...
Jan 24, 2023 Finding new clients can take up a significant amount of time and energy in your business. And once you get them, you have to keep them. That’s where client engagement becomes paramount. Engagement is part of an overall marketing strategy and it’s essential for building long-term relationships. When it’s well-executed, financial advisor client engagement can allow you to create consistent revenue from your existing base, while potentially helping you to bring in new clients through referrals. Read More...
Jan 20, 2023 The job outlook for financial planners, professionals who help clients build long-term strategies for retirement and meet other financial goals, appears strong. According to the U.S. Bureau of Labor Statistics, jobs in this area are projected to grow 15% from 2021 to 2031. Here are the basic stages of a financial planner’s career path, from learning the ABCs of budgeting to running a firm. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Jan 19, 2023 The bond market was one of 2022’s big question marks. Last year’s stock market took a big hit. Marked by significant volatility, the S&P 500 ended the year down about 20%. But bear markets happen, and stocks are known for their short-term volatility. On the other side, bonds aren't known for stomach-churning swings. The bond market is generally known for its stability. That’s arguably its biggest selling feature. Investors can often expect lower returns but more safety when they invest in bonds instead of equities. That wasn’t the case in 2022, though. Not only were bonds unusually volatile, but bonds and equities declined at the same time. According to research from Goldman Sachs, this has only happened a handful of times in the past 100 years. All of this raises the question: What will 2023 bring for bonds? Should financial professionals approach with optimism or caution? SmartAsset spoke with Mariam Kamshad, head of portfolio strategy for Goldman Sachs personal financial management, and Guido Petrelli, CEO and founder of Merlin Investor, to discuss. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Jan 13, 2023 Financial professionals recently received a reminder that industry overseers are closely monitoring how firms are implementing standards and practices under Regulation Best Interest (Reg BI). In mid-January, the Financial Industry Regulatory Authority (FINRA) issued an annual report that, among other topics, addresses and reviews firms' compliance with this broker-dealer standard of conduct. The takeaway: It's time to get with the program when it comes to Reg BI. Here’s what securities brokers should know. Read More...
Jan 06, 2023 As 2023 begins, advisors are looking ahead to the policy and tax changes impacting their high-net-worth clients. Those include changes stemming from the passage of Secure 2.0 Act. Read on for the 2023 policy and tax changes that advisors expect to impact high-net-worth clients. If you are looking to grow your financial advisory business once you become an advisor, check out SmartAsset’s SmartAdvisor platform. Read More...
Jan 03, 2023 For financial advisors, the new year is a great time to take stock and reset. The investment year is over. The tax harvest is in. Contribution limits have reset. And plenty of clients will be looking for a new approach. So what opportunities are there in the coming year? What were some of the mistakes from the past one? How can you improve in 2023? SmartAsset talked to Kristen Anderson, CEO and founder of the financial service for independent workers Catch, and financial planner Treyton DeVore, founder of AllStreet Wealth and Creatorbread, for their thoughts. Here are four New Year's resolutions for advisors to make in 2023. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Dec 16, 2022 If you’re interested in becoming a certified financial planner, passing the CFP exam is a necessary step. The CFP exam is a 170-question multiple choice test that’s designed to thoroughly test your knowledge about financial planning. Preparation is key, as the exam has a reputation for being difficult. Developing a plan for study and knowing what to expect on exam day can increase your odds of earning a passing grade. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Dec 14, 2022 One of the most effective ways to grow your advisory business is to increase the number of high-net-worth and ultra-high-net-worth clients you serve. Not only do these types of clients have more investable assets, but they may also be more focused on their goals which can make your job as an advisor easier. Attracting high-net-worth clients is often easier said than done, however. You can't simply start hanging around golf courses and yacht clubs to reel in deep-pocketed clients. But fine-tuning your approach and knowing which strategies to implement can help you get closer to your target when expanding your client base. Read More...
Dec 14, 2022 If you're good with money and working with people, you may be interested in becoming a financial advisor. There's more than one way to become a financial advisor, of course, and countless certifications and specialties to pursue. But whether you're changing careers after years of working or just finishing college, there is a clear path to entering this profession. If you're interested, read our six steps on how to become a financial advisor. If you are looking to grow your financial advisory business once you become an advisor, check out SmartAsset’s SmartAdvisor platform. Read More...
Dec 12, 2022 When looking ahead to 2023, advisors should keep an eagle eye on a range of investing trends and market factors. Nobody has a crystal ball, but after a whiplash-inducing 2022, investing experts are considering the forces that will shape 2023. For more insights into the market trends that advisors and investors should watch for in the coming year, SmartAsset spoke with Connor Spiro, a certified financial planner and senior financial consultant to John Hancock’s Advice Team. Here are the top three on his list. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Dec 09, 2022 Working with professional athletes – whether they play for the NFL, NBA, WNBA, MLB, NHL, MLS, NWSL, MMA, WWE or another sports league – presents unique challenges. Every athlete has a different career timeline and goals. And every athlete tends to have a different support system. To understand what advisors need to know when working with professional athletes, SmartAsset spoke with several financial advisors who work with clients in the sports world. For these clients, the stakes are particularly high. "The margin of error is incredibly small," says Tyler Martin, certified financial planner, certified private wealth advisor and director of financial planning at Stonebridge Wealth Management. "The difference between a ball and a strike is about the same margin an advisor gets in this space," he adds. "Client experience and execution are crucial." Read on for what advisors need to know when working with professional athletes – and what lessons they can apply to their regular, non-athlete clients. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Dec 07, 2022 Is it worth paying a financial advisor to manage retirement funds if you are confident in your own financial investment strategies? I feel like I have a solid understanding of long-term investment strategies. And as such, I feel the roughly 1% of managed assets that I would pay for any outside advice would exceed the gains I might see. True, it is important to get outside opinions to compare best practices with investments, but the famous Warren Buffett investment bet – in which he pitted a low-fee index fund against an actively managed portfolio of hedge funds – makes me leery of trusting any professional investor. -Mike You’re absolutely right to ask this question. If you feel comfortable investing on your own, what’s the point of working with a financial advisor whose fee of 1% of assets under management could chip away at your investment returns? I reached out to a network of advisors for their take on this query. They were quick to stress that the services a financial advisor may provide can justify the cost. But many of them also suggested that clients consider whether 1% for bare-bones investment management is worth the fee. "Managing investments is (or should be) only a small part of what financial advisors do for their clients,” says George Gagliardi, financial advisor at Coromandel Wealth Management. “If your advisor is only managing your assets and charging 1%, find another advisor. You are overpaying." Here's how to determine whether it makes sense for you to work with a financial advisor. (Note: The advisors quoted in this article are only speaking for themselves. Your own experience may vary, and not everyone will find working with an advisor worth the cost, depending on their situation.) Read More...
Dec 06, 2022 When providing financial advice on cryptocurrencies, certified financial planner (CFP) professionals have fresh guidance from the CFP Board. The governing organization published a notice recently in response to questions about applying the CFP Board’s “ Code of Ethics and Standards of Conduct” to advice on cryptocurrencies and cryptocurrency-related assets. (CFP professionals commit to following the “Code and Standards,” which includes duties related to competency and ethics.) While CFP professionals aren’t barred from – or required to – offer advice on crypto-related products, there are certain duties they must follow. Here’s what advisors should know. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Nov 30, 2022 As the New Year arrives, financial advisors should be looking ahead to 2023, understanding what tax changes will impact clients and what they can do to plan ahead. For financial advisors, the 2023 tax year won't be chock-full of major tax surprises. Still, advisors should update and maintain financial planning strategies to accommodate any tweaks and updates. To understand what advisors should know about 2023 tax tweaks, SmartAsset spoke with Les Williams, wealth strategist and tax specialist with RBC Wealth Management, about five tax changes that financial advisors should know. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Nov 22, 2022 For some reason, financial advisors will frequently tout tax-loss harvesting as an incredible opportunity, skipping over the fact that it is ultimately a consolation prize for having lost value on an investment. There is absolutely a case for tax-loss harvesting and the potential tax benefits that come from it. But like any tax-planning strategy, tax-loss harvesting requires nuance and communication with clients. Here's what advisors get wrong about tax-loss harvesting: Forgetting that not all income (or loss) is created equal Missing that most tax-loss harvesting is a delay tactic Overlooking how tax-loss harvesting emphasizes losses Assuming tax-loss harvesting is a differentiator If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Nov 22, 2022 Before 2022 comes to a close, advisors should kick off discussions with clients on a range of subjects, including retirement, investing, insurance and taxes. For many of these topics, there are year-end deadlines or contribution cut-offs that are important to note. Missing them could result in penalties, higher tax bills and other financial repercussions. Conversations to Have With Clients Watch the SmartAsset webinar below To determine which topics advisors should surface to clients before year-end, SmartAsset spoke with Elliot Herman, partner and chief investment officer at PRW Wealth Management LLC. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Nov 18, 2022 Young Americans are poised to inherit and grow significant wealth. But when it comes to meeting them where they are – notably, on various digital feeds where they tend to take in financial advice via video – financial advisors aren't on the same page. Many advisors may not feel comfortable – or have the compliance blessing – to participate on these platforms. But that doesn't mean they should ignore them entirely. Instead, they can take away lessons from the youth-driven digital advice landscape and hone their marketing strategy to envelope this emerging client base. Here’s what advisors should know about how young folks are growing wealthy, where they're turning for financial advice and how advisors can connect with them. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Nov 08, 2022 USA Today will publish its inaugural "Best Financial Advisory Firms" list in April 2023, according to the digital news organization. The aim is to publish a guide to the top registered investment advisors (RIAs). The company says that results will be created from an online survey, developed by Statista, a market research firm. Here's what advisors should know about the upcoming rankings. If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform. Read More...
Nov 08, 2022 Personal and professional development are central to your success as a financial advisor. The ability to grow and adapt can help you to better serve your clients and strengthen your business. Reading books about business, finance and self-improvement can aid in developing the skills necessary to reach your goals. If you’re looking for something new to add to your personal library, here are the best books for financial advisors to read now. Read More...
Mar 20, 2023 Losing clients can be a frustrating experience and when it happens to you, you may be left wondering what you could have done differently. There are a number of reasons why clients leave financial advisors and there may be more than one cause at work. Understanding some of the most common reasons why clients choose to move on can give you insight into how to better serve the investors you work with. You can also work with SmartAsset's SmartAdvisor platform to replace your clients or to hit your next stage of growth. Read More...
Aug 31, 2022 A custodian is integral to your advisory firm’s operations as you’ll need a secure place to hold client assets. Working with a quality provider can also help to improve efficiency, which can be instrumental in driving your firm’s success. It’s important to know what factors to consider when selecting a financial advisor custodian. Are you a financial advisor looking to get new clients? Consider signing up for SmartAsset's free financial advisor matching service. Read More...
Aug 12, 2022 The current bear market and widespread economic anxiety may have financial advisors feeling squeamish as they watch assets under management (AUM) shrink and clients worry. But upticks in market volatility may have a silver lining: It increases demand for financial advice. According to research from Cerulli Associates, a desire for more financial advice tends to rise among investors following periods of increased volatility. For financial advisors, this trend can present an opportunity to demonstrate value to potential clients and strengthen ties with existing clients. Here’s what advisors should know. If you have questions specific to market volatility, a financial advisor can help . Read More...
Aug 11, 2022 Clients are becoming more aware of the certified financial planner (CFP) credential, according to the CFP Board’s latest metrics. The Board has endeavored to showcase the CFP mark's value via a public awareness campaign – and has raised fees, in part, to support that mission. Client familiarity with the CFP certification may make it a more valuable credential to advisors. Here’s what to know. Read More...
Mar 20, 2023 Surprise! Surprise? For financial advisors, scoring placement in a “top advisor” list pays off. According to research from the University of Kentucky, being named a top advisor increases assets under management (AUM) and client accounts for individual advisors and their firms. These effects are magnified for smaller firms and newer advisors, the paper says. Here’s what financial advisors should know about the benefits of being "the best." Read More...
Jul 21, 2022 Workplace 401(k) providers are working as matchmakers, hooking up investors with wealth managers and fostering advising relationships that can last into retirement. Financial advisors who can onboard clients before retirement and navigate the transition between the asset-accumulating and asset-decumulating phases may stand to benefit from this trend. Here’s what advisors should know about this client base. Read More...
May 06, 2023 Retirees are confused about enrolling in Medicare, according to a 2022 survey from Sage Growth Partners and Healthpilot. Notably, 33% of respondents have a financial advisor, but only 2% use that advisor to help plan their selection. Understanding Medicare can help financial advisors best direct clients in choosing plans, reducing health care expenses and protecting retirement savings. Let's take a look at how advisors can help Medicare-eligible clients. If you're looking for a qualified financial advisor, SmartAsset's free tool can match you with up to three financial advisors who serve your area. Read More...
Jul 14, 2022 For the second consecutive year, investment advisor compliance professionals ranked marketing and advertising as their No. 1 compliance worry. Driving this ongoing angst is a new Securities and Exchange Commission (SEC) marketing rule, which updates advisor marketing practices, and must be followed by Nov. 4, 2022. Here’s what advisors should know about trending compliance concerns and the SEC marketing rule. Read More...
Mar 20, 2023 Retirees don’t accurately understand their risks in retirement, according to a recent analysis from the Center for Retirement Research at Boston College. The brief, authored by Wenliang Hou, finds a disconnect between how retirees rank perceived risks and their objective exposure to those dangers. Advisors should take note: Understanding retirees’ blind spots in relation to actual retirement risks helps financial advisors serve clients more effectively. Read More...
May 27, 2023 Model portfolios, which provide financial advisors with a prebuilt framework for investment portfolio design, are surging in popularity. Assets following model portfolios grew to $349 billion as of March 2022, according to financial services firm Morningstar. That’s an estimated 22% increase between June 30, 2021, and March 31, 2022. Here’s what financial advisors should know about the model portfolio landscape and the pros and cons of these financial vehicles. A financial advisor could help you create a financial plan for your retirement needs and goals. Read More...
May 27, 2023 The Securities and Exchange Commission (SEC) is requesting public input on whether "information providers" – specifically, index providers, model portfolio providers and pricing services – may act as "investment advisers" under the Investment Advisers Act of 1940. Some industry watchers contend that these financial businesses aren't adequately regulated considering the influence they have on others' investment decisions. Placing these providers under this designation could open the door to new regulatory scrutiny. It could also impact how financial advisors and consumers engage with these businesses. Financial professionals should take note. A financial advisor could help you create a financial plan for your retirement needs and goals. Read More...
May 29, 2023 Customer relationship management (CRM) software can be vital to running and scaling your advisory business. The right CRM can make it easier to organize and store data for existing clients while helping to generate new leads. It can also help you to run your business more efficiently and save time by automating certain tasks. Using this type of software could improve conversions and boost revenues. But what is the best CRM for financial advisors? If you’re looking for a new customer relationship management software program, we’ve rounded up some of the best options for financial services. Read More...
May 29, 2023 Having a website for your advisory business matters for remaining visible in a competitive landscape. The best financial advisor websites are the ones that are designed to convert and turn casual visitors into loyal clients. “Having a website as a financial advisor is extremely important,” says Nicole Webster, creative consulting with M&O Marketing in Southfield, Michigan. “It’s a great way to establish an online presence and, most importantly, build credibility.” But what goes into a good advisor website, that is, a successful social media presence? These tips can help you build a site that attracts prospects’ attention - and keeps it. Read More...
May 29, 2023 Staying attuned to client needs and delivering solutions to help them reach their goals is one of the hallmarks of a good financial advisor. These are skills you may have acquired during your initial financial advisor training and now want to fine tune so you can better serve your client base. Or you may be in the early stages of your career and looking for some guidance on how to be the advisor your clients need. These tips can help you find success on your journey to becoming a better financial advisor. Read More...
Mar 20, 2023 Finding success as a financial advisor matters for growing your business to a sustainable level. But that may mean encountering various obstacles and challenges along the way. This is not unusual in itself but how you approach the bumps in the road can affect the results you’re able to achieve. Wondering how to be a successful financial advisor? Here are some of the most important characteristics shared by advisors with thriving businesses and full client lists. Read More...
Mar 20, 2023 Connecting with prospective clients in the digital age means having a strong online presence. That includes being visible on social media, maintaining a professional website and creating engaging content. If you have yet to formulate a wealth management content marketing strategy, you could be missing out on valuable opportunities to grow your audience and expand your client base. Read More...
Jul 27, 2021 Clients are the centerpiece of any successful advisory business; without them, it wouldn’t exist. But they aren’t all alike in terms of their goals, needs and financial situations. This is where understanding client segmentation for financial advisors becomes crucial. Knowing how to segment your book can help you improve your efficiency and profitability. At the same time, it can allow you to better serve your clients’ needs and help them further their financial goals. Read More...
Mar 20, 2023 Finding success as a financial advisor means establishing a careful balance between two core activities: meeting the needs of your current clients and generating leads to new ones. Lead generation is a vital part of scaling an advisory business. And you may be spending a fair amount of time and money trying different tactics to connect with prospects. If so, it’s important to ensure that you’re getting the best return on investment possible. Having some go-to financial lead generation strategies in your playbook can ensure that your efforts aren’t wasted. Read More...
Mar 31, 2023 Marketing is one of the most important aspects of running a successful advisory business. Without a clear strategy for promoting your advisory services, you may find yourself treading water instead of pushing ahead with your growth goals. It's important to take the time to develop a workable financial advisor marketing plan before diving into any marketing activities. Ready to tackle your marketing plan and start scaling your business? Here's how to get started. Read More...
Jun 17, 2021 A website can be an invaluable part of your financial advisor marketing plan and it’s important that it makes a good first impression. This is where having a strong financial advisor bio can work in your favor. When a prospective client clicks through to your website's biography page, they should be able to glean two key pieces of information straight away: who you are and how you can help them. A bio that’s well-written and addresses both of those things succinctly can help to turn a cold visitor to your website into a warm lead. Read More...
Mar 20, 2023 Scaling your advisory business demands a solid marketing and lead-generation strategy. While financial advisor marketing is increasingly focused on digital channels, there’s still a case to be made for just picking up the phone. “Cold calling is one of the oldest, time-tested marketing methods in existence,” says David Wright, executive director of practice development at M&O Marketing in Southfield, Michigan. Wright, who coaches independent financial advisors on how to grow their businesses, says that cold calling can be particularly effective for new advisors who are seeking to generate leads in a cost-effective way. Having some cold calling scripts for financial advisors to follow can make it easier to execute this marketing tactic. Read More...
May 19, 2021 For financial advisors, prospecting is essential to attracting new clients and scaling a practice. Finding and developing leads that may turn into prospects can be time-consuming, however. And if you don’t have the right strategy in place, even finding prospects in the first place can be hit-or-miss. That’s where getting advice from successful financial advisors can help. With that in mind, we’ve rounded up some of the best prospecting tips from financial advisors to help you accelerate your business growth. Read More...
Mar 20, 2023 A solid client base is central to your success as a financial advisor. But without a defined plan for marketing yourself, making connections can be an uphill - and ultimately unsuccessful - slog. “A marketing strategy can single-handedly make or break an advisor’s practice,” says Dan Biagini, chief distribution officer at Foundations Investment Advisors. Whether you’re a new advisor who’s just getting started with marketing or you’re ready to revamp your existing marketing plan, here are five tips that can help with increasing your reach and cultivating stronger client relationships. Read More...
