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Matt Oechsli
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Richmond: “I do everything for my clients, they
love me, and at the risk of sounding arrogant, I get introduced to their
friends, clients and colleagues without asking,” Warren explained in
sort of a frantic staccato. “But I’m killing myself. I can’t go
on at this pace or I’ll be dead next year.”
Sounds quite dramatic, doesn’t it? But after a rather lengthy
discussion, Warren confessed that he’d been working on this issue for
over two years. Still alive and well with a healthy business, over $100
million of assets and north of $1 million in production, Warren wasn’t
some young Turk sharing an assistant with five others. He’d been
working with his own personal assistant for a number of years. I
recognize that many advisors would love to trade places with Warren;
however, many veteran advisors are facing similar challenges – letting
go of control. They can’t let go.
For example, after Warren finished explaining all he had to go through
to procure the proper documents for a client and his attorney (the
attorney also referred the client) — how he succeeded, how only he
could’ve done it and how pleased both were — I asked, “Couldn’t
your assistant have handled that task?”
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Investors will refer their family and friends to their
advisor if they’re satisfied with the service. For financial practices
that seek to recruit advisors, the game plays by much the same rules.
(And RIA recruiting is a trend still in full trot, say RIA platform
firms: The breakaway broker phenomenon continues.)
“A happy advisor talks. An unhappy advisor talks as well, sometimes
more,” as John Hyland dryly puts it. Hyland ought to know; a founding
partner of Morristown Financial Group in Morristown, N.J., Hyland is
benefiting from good word on the street. Last year Morristown, the
largest branch at LPL Financial by gross production, recruited 70
advisors, bringing the total to 172. Gross production more than doubled,
to $25.1 million, the practice reports. With $3.6 billion in assets
under management, Hyland says he expects to bring on another 70 to 100
advisors this year and a “significant” boost in AUM.
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Registered investment advisory firms were furiously busy
getting hitched last year: they did the highest number of merger and
acquisition deals recorded in at least seven years. According to a
report released by Schwab Advisor Services Wednesday, RIA firms did a
total of 109 deals in 2010 representing $156 billion in assets, up from
70 deals representing $103 billion in assets in 2009. Last year's
dealmaking even surpassed the prior record of 88 deals set in 2008.
Schwab started monitoring m&a transactions in 2003.
The boost in M&A activity was constant throughout 2010. During the first
half of last year RIAs did a total of 40 transactions representing $30
billion in assets under management, the strongest first half on record,
according to Schwab. Third quarter figures were also strong.
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Even millionaires are now worried about retirement.
A new survey released by Merrill Lynch earlier this week showed
increasing concern about retirement among affluent Americans with
$250,000 or more in investible assets. But clients with $1 million or
more in investible assets are also worried, and are reconsidering their
portfolios and retirement planning approaches, say wealth managers.
“There’s a newfound feeling of vulnerability among wealthier
clients,” said Lyle LaMoth, head of U.S. Wealth Management for Merrill
Lynch Wealth Management. “They thought they had what they needed, but
now they can’t get six percent to seven percent on their fixed income.
So what they thought was ‘the number’ doesn’t feel like the number
anymore and they’re not feeling as affluent.”
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If you would like a pre-release excerpt of our
2011 Administrative Assistant Survey please visit our download center by
clicking here
.
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 Trust & Estates magazines,
at rich.santos@penton.com.
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