Industry News
Wealth Management
Top stories summarized by our editors
8/14/2020

It is a best practice for advisory firm owners to always have an accurate valuation for their business, write Harris Baltch and Andrew Sclater-Booth of Dynasty Financial Partners. Knowing the value of your business "is like having your personal will and living trust prepared, notarized and on file," they write.

Full Story:
WealthManagement
8/14/2020

Conversations about reverse mortgage options are important for advisers to initiate when they present the right solution to a particular client's problem, according to a recent RMD webinar that featured experts including Evelyn Zohlen, founder of Inspired Financial and 2020 chair of FPA. "A reverse mortgage is a very important tool in the toolkit, and you bet I want to be able to hold that one out when it's right for that particular client," Zohlen said.

8/14/2020

Referrals are often the best way to attract more quality clients to your practice, so it's crucial that your name is top of mind so "when clients hear a friend express a financial need, they immediately think of you," writes Kristine McManus, chief business development officer, practice management, at Commonwealth Financial Network®. She outlines four steps that will resonate with your current clients so they can ultimately help bring in new ones, no matter the market conditions.

8/13/2020

Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi, D-Calif., talked on the phone Wednesday but got no closer to agreement on the next coronavirus relief bill. This was the first time they had spoken since negotiations ended Friday.

Full Story:
The Hill
More Summaries:
Steven Mnuchin
8/13/2020

The Securities and Exchange Commission has highlighted compliance issues it wants financial advisors and firms to focus on during the coronavirus pandemic. Among them are increasing conflicts of interest, supervision of employees working remotely and protection of investor assets.

8/13/2020

The coronavirus pandemic has highlighted the importance of financial advisory firm portals, which have seen a 20% increase in use, writes Eric Clarke, CEO of Orion Advisor Solutions. Firms with portals that aren't keeping up need to talk to their custodians and technology providers, Clarke writes.

8/13/2020

Whether you use target marketing to focus on niche groups or blanket marketing to reach everyone, the key is how you measure success, writes Philip Richardson, founder and president of The Richardson Group. The focus should be on the return you get for the dollars you spend, Richardson writes, and you should aim for more than 10 times revenue for every dollar.

8/13/2020

Renting a home instead of owning may better suit some retirees who don't want to be burdened by maintenance or property taxes. Other reasons to rent include tapping your home equity and living in a home that better suits your needs.

Full Story:
Money Talks News
8/13/2020

Transparency in alternative investments is crucial to give investors confidence during periods of uncertainty, says Anthony Chereso, president and CEO of the Institute for Portfolio Alternatives. "As the [Securities and Exchange Commission] moves to modernize the exempt offering framework and valuation practices, it's imperative the industry is coordinated in our efforts promoting best practices and that we hold ourselves accountable as we implement and adapt to new and better standards for investor protections and capital access," Chereso says in a Q&A.

Full Story:
The DI Wire
8/13/2020

Returns from nontraded net asset value REITs increased 2% in the second quarter, after decreasing 4.5% in Q1, according to the Stanger NAV REIT Total Return Index, which is down 2.6% this year. "This performance only serves to highlight the benefits of a nonlisted REIT vehicle, providing a real estate-based return without the extreme ongoing volatility of the traded market," says Kevin Gannon, CEO of Robert A. Stanger & Co.

Full Story:
The DI Wire
More Summaries:
Robert A. Stanger