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Matt Oechsli
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Philadelphia:
“Getting the proper support has always been an
issue at my firm,” groused Harvey during the Q & A
session following my presentation. Then he asked a question, impossible
to answer in a quick sound-bite: “How do elite advisors
develop such excellence in their support personnel?”
After a brief chuckle, I responded, “Very
carefully.” I could tell Harvey had hit on a nerve for many
of the advisors in the audience, so rather than leaving him with a
flippant response, I shared a handful of data points from our soon-to-
be-released study on support personnel. Let me give
a preview of what our study says support excellence is all about.
Every advisor recognizes that the financial crisis has made earning the
loyalty of today’s affluent investor one of the most serious
challenges they face. Today’s affluent investors
are not blaming their financial advisor personally for this
“lost decade”; they are holding them accountable
for the quality of personal service they have received. Elite
advisors recognize that it’s impossible to attract, service,
and develop loyal, affluent clients without excellent support.
Which is why they invest the time, energy, and resources into
developing best-in-class support personnel.
Read More Here >>
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The lesbian, gay, bisexual and transgender community
(LGBT) is very much on the minds of wealth managers these days, a fact
underscored by a private reception and investment symposium on “Wealth
Planning for LGBT Couples” Morgan Stanley Smith Barney is co-hosting
Thursday night at the Hotel Solamar in San Diego.
Last November, the College for Financial Planning began offering a new
designation, Accredited Domestic Partnership Advisor, to meet the demand
for specialized information about the market. And earlier this month, in
what appears to be an industry first, Northern Trust launched a formal
national LGBT and Non-Traditional Family Practice.
The numbers are compelling. The National Gay & Lesbian Chamber of
Commerce estimates a total LGBT population of between 16 million and 20
million people and 1.4 million LGBT-owned businesses in the United
States. What’s more, according to the U.S. Census Bureau and the Urban
Institute, two-thirds of same-sex couples own their own home, and close
to one-third of LGBT individuals have an annual income above $100,000.
Read More Here >>
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The SEC released its report to Congress on enhancing
investment adviser examinations on Wednesday night. The 40-page report,
delivered two days after the Jan. 17 deadline set by Dodd-Frank, clearly
states the SEC’s preference for imposition of user fees on investment
advisers as the best method for improving investment adviser oversight.
Many industry watchers and lobbyists had been predicting the SEC would
recommend handing oversight responsibilities to one or more SROs
instead.
The study and report were meant to address a trifecta of problems: a
history of weak oversight of investment advisers, current shortfalls in
SEC funding and the regulator’s rapidly expanding responsibilities
under Dodd-Frank.
At the very end of the report, the SEC recommends that Congress consider
three alternatives: 1) authorize the imposition of user fees on
SEC-registered investment advisers, 2) authorize one or more SROs to
examine, subject to SEC oversight, all SEC registered investment
advisers, or 3) authorize FINRA to examine dual registrants for
compliance with the Advisers Act. But in the guts of the report, where
it examines the benefits and downsides of each option, the SEC makes a
strong case for user fees as the best option.
Read More Here >>
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If you’re selling long-term care insurance to clients,
it’s best to stay away from carriers with a history of raising
premiums or discontinuing other types of insurance coverage.
Several insurers already have raised premiums this year. Meanwhile,
MetLife stopped selling long-term care insurance last November.
Triggering these moves is the fact that lapse rates on long-term care
coverage are lower than insurance company actuaries estimated. Because
people are holding onto their coverage, insurers are paying more claims
than expected. This is taking a toll on the carriers’ bottom line and
reserve requirements.
MetLife will continue to accept new applications for individual
long-term care insurance policies received on or before Dec. 30, 2010.
MetLife also announced that this year, it will be discontinuing new
enrollments into existing group and multi-life long-term care insurance
plans. The timing will vary based on existing contractual obligations.
Read More Here >>
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If you would like a FREE copy of our seven-page 12 Ways
to Strengthen Affluent Loyalty PDF visit our download Center.
Enjoy!
Also, if you haven’t already - join The
Oechsli Institute’s Group on LinkedIn!
Once again, we want to thank all of you who have e-mailed
comments and questions to us. We will continue to do our best to answer
each one.
If you have any topic suggestions or special requests, please contact
Rich Santos, publisher of Registered Rep. and Trusts &
Estates magazines, at rich.santos@penton.com.
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