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2014 IA 25; Why Clients Fire You; Advising Doctors: May Investment Advisor—Slideshow

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It’s that time of year again. Every year, the editors of Investment Advisor, Research and ThinkAdvisor argue over who the most influential people in the industry are. We trade names until we get our list down to just 25 deserving people (and the occasional pair). This isn’t just an exercise in cooperative input, but a way to identify what pressures will be put on advisors and the industry as a whole.

For example, this year several key trends emerged. Are robo-advisors a legitimate threat? What can we do about the next generation of clients and advisors? Will we ever see a decision from the DOL and SEC on that F-word no one is afraid to say, fiduciary?

Mike Patton explains the simple reason clients fire their advisors, and offers some suggestions for the less simple task of keeping them.

Finally, Olivia Mellan and Sherry Christie share insights from eight advisors who have built thriving practices around doctors. These high-net-worth clients have a reputation for being difficult that is only partly deserved.

The IA 25 for 2014The IA 25 for 2014

This is the 12th year that we have published the IA 25, our annual list of the most influential people in and around the advisor industry. All the editors of the Investment Advisor Group—of Investment Advisor and Research magazines and ThinkAdvisor—weighed in over several months to choose individuals who in our judgment have been influential, are influential and likely in the future will influence the markets; how advisors invest and plan retirement for clients; and who will affect the regulatory and legislative environment in which advisors operate.

In nearly every instance, an editorial staffer interviewed the honorees on our big list, which for convenience sake, we’ve split up into different categories. Brief vignettes of those interviews occur here, but throughout the month of May, we’ll be posting enhanced versions on ThinkAdvisor.

Read the full article.

Why Clients Fire Their AdvisorWhy You Get Fired

Why do clients leave their advisor? What makes a client choose one advisor over another? Fortunately, there has been a great deal of research on the subject of human behavior. Unfortunately, the research contains a great deal of subjectivity.

However, Mike Patton, president of Integrity Wealth Management, argues that there is one chief reason a client leaves an advisor: The advisor failed to meet the client’s expectations. Although seemingly simple, there’s a complex set of factors that goes into how humans set and prioritize their expectations and how they judge when they’re not being met.

Read the full article.

Physician Assistance: How to Advise Doctor ClientsPhysician Assistance: How to Advise Doctor Clients

Most advisors prefer to work with higher-net-worth people, and for many advisors, medical doctors and dentists constitute a key client group. However, others shy away from doctors as clients because of the stereotype that they’re cheapskates or won’t follow the advice they’re given.

How true is this image? Can financial advisors provide real value to doctors and build strong bonds with them? Have the economic changes in the medical profession, highlighted by the Affordable Care Act, made it easier or more difficult for advisors to efficiently serve medical professionals?

To explore this issue, Olivia Mellan and Sherry Christie spoke with eight advisors who have chosen to work with doctors. Here are their views—and some tips on how to turn brief consults into relationships.

Read the full article.


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