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Financial Planning > Behavioral Finance

Predicting an Independent Future; Shining at Client Negotiation: June Research—Slideshow

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The June issue of Research magazine covers territory ranging from the future of the independent advisory space to why annuities are so popular in Chile.

In the cover story, “The Future of Independence,” thought leaders including Ric Edelman, Mitch Anthony and Elliott Weissbluth weigh in on how independent advisors will serve post-boomer generations and how technology is transforming the independent sector.

The feature article “Becoming Fluent in Client Negotiation” discusses techniques for improving advisor-client communication and collaboration. In the latest Finke on Finance feature, Michael Finke considers “Financial Planning: Art or Science?”

Business Lab, a new column by advisor-consultant Katherine Vessenes, explains the techniques she recommends to her advisor clients—and how she has implemented them in her own fast-growing advisory practice. Her opening topic: the details advisors must master in order to make a great first impression.

In this month’s Annuity Analytics column, Moshe Milevsky visits Chile seeking insights into the South American country’s booming annuity industry and lessons that can be applied elsewhere.

To preview the June issue of Research, click through the following slides.

The Future of Independence

In this month’s cover story, Ellen Uzelac interviews thought leaders on how the independent advisory business is going to be transformed. Excerpt:

Signs of a seismic shift are everywhere—among them: a talent shortage, unthinkable price compression and a technological revolution that has legs. “We are at a tipping point right now,” Fairfax, Va.-based Edelman Financial Services Chairman and CEO Ric Edelman says about the technological advances he believes will sweep the industry. “We are at the knee of the curve. The next five years are going to be startling to most people. It’s not merely that change is coming, it’s the speed with which it is coming.”

After years of baby boomer-this and baby boomer-that, one other notable signal is the almost urgent attention that is now being directed at next-generation wealth accumulators and how best to serve their needs.

Read the full article.

Becoming Fluent in Client Negotiation

Jane Wollman Rusoff draws out expert opinion on how advisors can master the intricacies of negotiating with clients. Excerpt:

“It’s not me against you—it’s us against the problem,” stresses Raphael Lapin, Harvard-trained founder of Lapin Negotiation Strategies ( and author of Working with Difficult People (Penguin, 2009).

“You need to change the conversation,” says the Los Angeles-based Lapin, “from supplier-customer to a collaborative problem-solving, consulting conversation. You almost have to act like a therapist in defining the problem and then helping the client understand and articulate it.”

Read the full article.

Financial Planning: Art or Science?

Michael Finke considers where the financial advisor’s work fits on the spectrum of human talents. Excerpt:

Is financial planning an art or is it a science? According to Rachele Bouchand, a financial planner in Bellevue, Wash., “financial planning is an art that uses scientific tools. You have to have both. I love getting to know my clients as people—their hopes, dreams, and fears—and using advanced techniques to find the best solution for them.”

Most would agree that this sounds like a reasonable description of financial planning. It combines interpersonal skills and intuition with financial theory mixed in with a lot of applied knowledge. But what is the difference between science and art?

Read the full article.

Chile’s Annuity Puzzle

Moshe Milevsky goes to Chile to understand its booming annuity sector. Excerpt:

Now, lest you suspect I am talking about small sums in a small country, each year more than 20,000 life annuity contracts are voluntarily issued in Chile. This is the second highest number in the world after the grand-annuity-daddy of them all, the U.K. (selling 400,000 policies per year). Remember, though, Chile has a population of 17 million people and its insurance companies issue more life annuity policies than the U.S., Japan or Germany.

Read the full article.

6 Ways to Not Blow Your First Impression

Katherine Vessenes launches her new column, Business Lab, with advice on how advisors can make a favorable impression on prospects and new clients. Excerpt:

Many of our clients come to us in jeans, casual clothes and even gym clothes and wet hair. Some advisors use this as an excuse for their own poor professional image. I hear a lot of financial advisors say they feel they should dress like their clients dress. If that were true, I would look like a schlub much of the time.

Read the full article.

See the contents of the June issue.


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