2020 has been an unprecedented year. Our generation is facing its first pandemic and we are learning and adapting to life that involves PPE, N-95 masks, social distancing, distance learning, working from home and so much more. And as though that were not enough, as I write this, there is news of an earthquake in…
“ . . . growth is the keyword these days. You need to grow. Everybody wants to grow. The question is how to grow. So, I think it’s primarily a combination of best practices and scale. And they go hand in hand.” – Charles Paikert, Senior Editor, Financial Planning Charles Paikert is…
Rumors regarding the death of the independent RIA are premature, at best. The independent RIA model remains a popular business model for serving the financial needs of high net worth individuals and families. We have evidence of that – Pinnacle Advisory Group has been an independent RIA for more than 25 years and is now…
The world today offers more choices about how we live our life and how and where we work. The financial industry is no different. Traditional wire houses (think Merrill Lynch), large independent broker dealers, and RIAs of all sizes allow advisors to pick the best fit for how they would like to run their practice.…
We already know that there are not enough hours in the day to get everything done. We hear it all the time. Time management studies1 show advisors are time constrained and our conversations with advisors confirm exactly that. There is too much to do and not enough time to do it all. It seems that…
In a recent blog, Michael Kitces, Pinnacle’s Director of Wealth Management cites a Cerulli Associates report stating that the number of financial advisors who are outsourcing investment management is on the rise. He goes on to argue those numbers will continue to grow as advisors focus more on financial planning as part of their value…
At its core, the wealth management business is a relationship business. Finding, building and maintaining relationships takes time. But the one resource universally in short supply is time. Putting aside for a moment technical proficiency and interpersonal skills, time may be the single most important resource needed to succeed in the wealth management business. And…
In his bestselling book Being Mortal, author Dr. Atul Gawande describes two models of how physicians have traditionally chosen to relate to patients. The first is a more paternalistic approach where the medical authority, who of course is seeking what is best for the patient, simply tells them what to do. “’Take the red pill. …
One of the rewarding aspects of my position as Director of Strategic Partnerships is the opportunity to share some of the best practices, as well as warn about the pitfalls I’ve learned from financial planners around the country. There are some common threads to their concerns and the following articles that recently came across my…
The math is simple. The longer an advisor can postpone a sale, the more cash is put in his/her pocket. Whether the sale happens today or five years down the road, the sale proceeds will always be there. In the meantime, an advisor can bank additional income. Indeed, an advisor may be better off waiting…