Holding Onto Clients: Start by Listening In my blogs over the past few weeks we've discussed how unmet expectations lead to client departures (see my Oct. 8 blog, Matching Client Expectations With What You Offer: the Portfolio). In this post, I'd like to highlight a few things advisors can do to help retain clients. Most advisors understand that when a client leaves, the client feels their actions are justified. When a client leaves an advisor they do so based on the information they possess. One problem is that there are a number of quality strategies pertaining to money management. As foolish as this may seem, put yourself in the place of the client. There are several things a client can do to increase their odds of picking a highly qualified advisor. In my view, clients need to know what they should expect from you and their portfolio. People want to be heard!
Destra Capital Investments :: Destra Focused Equity Fund (NASDAQ: DFOAX) Tickers: A Shares DFOAX · I Shares DFOIX · C Shares DFOCX CUSIPS: A Shares 250 64T 502 · I Shares 250 64T 809 · I Shares 250 64T 601 Investment Objective The Fund's objective is to seek long term capital appreciation. Investment Strategy and Philosophy The Fund’s portfolio managers believe that sector and industry performance is correlated with particular stages of the business cycle. fund performance as of 05/31/12 Month End as of 05/31/12 Quarter End as of 3/31/12 Destra Focused Equity Fund Inception Date: April 12, 2011 A Shares Max Sales Charge: 5.75% Expense Ratio A: Gross 29.24% / Net 1.61% Expense Ratio I*: Gross 26.04% / Net 1.33% At NAV Annual With Load S&P 500 Index A 2% redemption fee will be imposed on certain redemptions or exchanges out of the Class I shares of the Fund within 90 days of purchase. Included in the Fund’s Class A shares expenses is a distribution and service (12b-1) fee of 0.25%. Investment Process Click chart to zoom Investment Process, Parallel Tracks Portfolio Structure
Referral Dos and Don’ts: CPAs, Lawyers Grade Advisor Pitches Turnkey asset manager Loring Ward is doing more than helping advisors better understand portfolio theory and strategy these days. It just wrapped up a three-day conference in Austin, Texas, that aimed to help about 80 reps boost referrals. "We handle investments, but we're really in the relationship business. That's what this conference was about," said Steven Atkinson, head of advisor relations, in an interview with ThinkAdvisor. During the event, a group of CPAs and estate planning attorneys gave “live” feedback about advisor presentations. (The discussion was moderated by Michael Maslansky, head of maslansky + partners, a strategic communications firm.) “We recorded a few advisors and their answers to the questions these types of professionals ask and then showed it to the panel,” Atkinson said. “The main takeaway from the exercise was that this is not about getting referrals. The CPA and attorney panelists seemed to find discussions about potential partnerships unappealing.
Guggenheim Funds Firm Reaps Huge Growth Fulfilling Advisors’ To-Do Lists This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, click the "Reprints" link at the bottom of any article. October 10, 2013 Inc. 500 company has grown 1,218% by providing extra hands for busy advisors Robert Fross of Platinum Advisor Strategies. The companies on the Inc. 500 list of fastest growing privately held companies are a diverse lot, to be sure, but one of them — No. 362 to be precise — has achieved its meteoric rise by propelling financial advisors' businesses. Inc.’s stats show Platinum Advisor Strategies has grown 1,218% over the past three years, reaching 2012 revenue of $2.3 million—three years after its 2009 founding. And it is the unmet needs of beleaguered financial advisors that are fueling that rapid-fire growth, according to Platinum’s CEO and co-founder, Robert Fross. Employees of The Villages, Fla. “In our business, we have coaches to tell advisors what to do.
Millennial Consumers: Engaged, Optimistic, Charitable [STUDY] A study comparing Millennials with non-Millennials sheds light on some of the key behaviors and attitudes of the generation. Currently numbered at 79 million — and growing in influence — Millennials are expected to outnumber the Baby Boomer population 78 million to 56 million by 2030. The Boston Consulting Group recently surveyed 4,000 Millennials aged 16 to 34, as well as 1,000 non-Millennials aged 35 to 40. The report's complete findings are available online. Here's a summary of the key takeaways of the survey, and what marketers and companies need to keep in mind as the generation continues to become more dominant. Millennials are actively engaged in consuming and influencing In contrast to the stereotypical view that they are lazy and entitled, Millennials are extremely optimistic about the ability of business and government to influence global change. Millennials favor recommendations from peers or friends Millennials are "digital natives" The upshot?
Wealth Management Marketing The 9 Things You Must Do After You Sell Your Business Selling your business is an exhausting and totally consuming ordeal that leaves you with little time to think about your business, yourself, and your post-sale circumstances. But, the sale will end, and the future is uncertain. Will you stay in the business? If so, for how long? After 31 years in the M&A business, I’ve learned that fewer than 25% of entrepreneurs have pre-planned the sale of their business. As a result, nine practical suggestions were developed. 1. 2. 3. 4. 5. 6. 7. 8. 9.
Life After the Beach - What's Next After You Sell Your Business - Not long ago, a former client shared with me his thoughts for someone considering the sale of his or her business. His advice: Think about what happens after the sale. I probed a little deeper as to what he meant. It wasn’t the common issue of how long you may have to stay involved with the business after the sale. What he meant was to think about what it means to go from being the CEO of a successful business to either being retired or starting a new venture from scratch. Of course, he is right. Perhaps a majority of business sellers have at least some regrets about having sold their businesses. There is nothing wrong with first thing after completing your obligations in a business sale being a vacation. If you find yourself selling your business without knowing your next step, maybe a sabbatical, one purpose of which is to consider your options, is the best idea. The most successful business sellers I know are the ones that had a concept of what was next. Planning your exit strat
untitled Email Note: This post has a Texas bias and a version of it ran in the San Antonio Express News. However, there is no open-carry here on this blog, so you can bring your children. I suggested in a recent post that it’s nearly impossible to fund a new business and there’s really no good way to go about it. The best thing you can hope for is just to be born rich. However, in the interest of keeping the American Dream alive (at least until Trump wins in November) I’ll mention a few non-traditional avenues to investigate if you’re starting a new company and looking for funding. Each of the following non-bank options are lenders, meaning you’re getting a loan rather than a direct investment in your business. Prosper.com Prosper is not a small business lender per se, but rather an online source of 3-year fixed interest rate personal loans of up to $35,000. In my state, Texas, you cannot be a lender on Prosper, but you can be a borrower. LiftFund Able Lending Does it work? NextSeed