January 18, 2024

SUBSCRIBE | NAPFA.ORG | NAPFA Advisor Archive

January 18, 2024

Content:
INSIDE THIS ISSUE FEATURES IN EVERY ISSUE

INSIDE THIS ISSUE

PRACTICE MANAGEMENT

Incentive Compensation Strategies for the Paraplanner Career Path
By Kelsey Brennan
Hiring a paraplanner can be a smart move for RIAs seeking growth and a potential internal succession plan. But how do you ensure that they stick around? Define their career path and structure attractive compensation that might include different kinds of bonuses or phantom equity.

PRACTICE MANAGEMENT

Feedback Conversations: Pitfalls and Solutions for Effective Feedback Conversations
By Erin O’Malley
“Can I give you some feedback?” might be six of the most fear-inducing words said in a business setting. Learn how to avoid the common pitfalls of giving feedback without a plan, being judgmental, and telling instead of asking. This can make “Can I give you some feedback?” a welcome question.

SUCCESSION PLANNING

Communicating an Advisory Practice Merger or Acquisition to the Clients
By Tiffany A. Markarian
A merger or acquisition of an advisory practice can make all affected parties anxious. Poor communications increase your firm’s transition risk—the loss of profitable clients or assets post-transition. That’s why your client communications should follow the steps outlined in this article.

MEET YOUR INSURANCE NEEDS HERE!

Now powered by Gallagher Affinity, Ryan Insurance Strategy Consultants assist Fee-Only Advisors and their clients with Life, Disability, and Long-Term Care insurance planning. We also oversee the design, implementation, and administration of Group Insurance Membership Benefits for NAPFA members and their employees.

Learn about your NAPFA benefits.

FEATURES

BOOK REVIEW

Wealth is Women’s Work: An Overdue Book
By Jenny Martella
Peggy Ruhlin has written the book many in the field of financial advice have long been waiting for. Wealth is Women’s Work: How Women Can Make a Long-Term Impact with a Career in Wealth Management presents the problem well: Women now control the majority of American household wealth but represent only 15% to 20% of all financial advisors.

PRACTICAL OBSERVATIONS

Finding the Right Path: Why Going Solo Isn’t Always the Right Answer
By Ryan Derousseau
Hanging up one’s own banner as a financial planner has not only become a rite of passage but almost an expectation. There’s value, however, in numbers as you begin to build your client base.

COACH'S CORNER

5 Problems RIAs Face Organizing Their Back Office
By Charesse Spiller
You may deal with inefficiencies in key back office areas, and taking the time to diagnose exactly what’s going on can help save you time and money. Here are five key problems and solutions that you can implement today.