Insurable Interest Canadian Insurance Blog

Recruiting a diverse team also fosters innovation and adaptability. A workforce that combines traditional expertise with modern perspectives is better equipped to navigate industry changes. Firms should also consider implementing mentorship programs that pair experienced advisors with newer team members. This collaboration can facilitate knowledge transfer, bolster confidence and create a culture of continuous learning. 3. Lean into configurable technology and integrations. Unlike the wirehouse model, independence allows for adoption of agile technology, which advisors should prioritize. This flexibility enables RIAs to integrate solutions rapidly, enhancing efficiency and scalability. A recent survey from Fidelity shows that firms embracing tech-related best practices report higher-than-average efficiency, stronger growth, better client experiences and increased advisor satisfaction. According to the survey, tech-forward firms experienced a client growth rate of 20% compared to 8% for others and double the average assets under management growth rate (22% versus 11%). Additionally, advisors at “digitally empowered” firms reported higher career satisfaction (81% versus 59%), greater firm satisfaction (64% versus 44%), and higher average compensation ($489,000 versus $373,000). 4. Build strategic partnerships. Building strategic partnerships can enhance service offerings and remove barriers to growth. By collaborating with such specialists as CPAs, estate attorneys and other professionals, RIAs can provide...

It’s a very high-touch service. Your family office clients must have plenty of expectations. Correct? They do. So the sense of advisor responsibility is different for a family office. For example, with less complex clients, an expectation might be: I have a mortgage; and if interest rates come down, I’d like my financial advisor to proactively identify that issue and give me some leads on places that can refinance my mortgage and provide recommendations. Now, on the family office side, the clients want you to go out and find the best [re-fi] deal and negotiate it, fill out the paperwork and bring it to them. And that goes all the way to the administration. The distinction isn’t the strategy part or the proactive advice. It’s the administration, including filing tax returns. How much tax-related work do you do for clients that aren’t family offices? For all clients, we do tax strategy, like tax laws and what you should talk about with your tax advisor. But we don’t file the tax return. For a family office, we’re doing all the administration, preparing the documents and filing the returns. What’s Aspiriant’s organic growth strategy? Because our focus is on both our clients...

“But Vanguard is finally done with the nudges and incentives,” DeMaso added, noting one Vanguard investor holding physical mutual fund shares was told to return them or his shares would not be eligible for transition to the new platform. “Vanguard may call it an ‘upgrade’ on its transition website, but for anyone still holding on to a legacy mutual fund account or shares, this is an unwelcome change — and you don’t have a choice in the matter,” DeMaso wrote. For customers who do nothing, “Vanguard will simply transition your account to its brokerage platform, whether you like it or not,” he said. Investors also can take their money to a different provider, like Fidelity, Schwab or E-Trade, or can request a distribution — selling their shares, which could bring tax implications, DeMaso noted. The Vanguard Brokerage Account “is a modern investing platform for retail investors with a simplified web experience, access to Vanguard’s mobile app, and greater accessibility to a wider variety of products, including Vanguard ETFs,” Vanguard said in an emailed statement Friday. The company is working to transition customers on the legacy retail platform to a brokerage account, the Vanguard said. CityWire wrote about the transition earlier...