Advisors Are Better at Client Service than at Practice Management

Tibergien, Mark; Palaveev, Philip
October 2002
Journal of Financial Planning;Oct2002, Vol. 15 Issue 10, p50
Academic Journal
This article focuses on the results of a survey of U.S. financial advisory practices in 2002 by the Financial Planning Association. In 2001, most advisory firms experienced growing revenue but declining professional productivity, higher professional compensation, and growing overhead expenses. The stock market certainly took its toll on the assets of existing clients, the typical firm was successful in retaining clients and offsetting the decline in assets managed in bringing in new clients. The typical advisory practice in the study brought in 20 new clients in 2001, with median new assets of 5 million dollars. Advisors find themselves under severe time pressure and respond to it by adding administrative staff when they should be bringing in junior professionals and building leverage in their practices. Advisors add junior professional employees but set them up for failure by not establishing client processes and not delegating work to the junior professional out of fear of loss of control.


Related Articles

  • How the Other Half Plans. Kitces, Michael E. // Financial Planning;Jul2004, Vol. 34 Issue 7, p64 

    Discusses the need for analytical experts by financial planning firms in the U.S. in 2004. Duties of an analytical expert; Sources where analytical experts can be found; Ways financial planners can find an appropriate place for their technical skills. INSET: Becoming a Back-Office Expert.

  • The Personal Touch. Brenoff, Ann // Financial Planning;Mar2011, Vol. 41 Issue 3, p95 

    The article discusses the growing demand for concierge services by financial planning firms and certified financial planners (CFP) in the U.S. as of March 2011. It states that the concierge services needed are vast, from renegotiating fees, bills and taxes, to providing insurance packages and...

  • WHAT IS YOUR SIMPLE, REPEATABLE STATEMENT OF VALUE? Kuzmeski, Maribeth // Retirement Advisor;Feb2014, Vol. 15 Issue 2, p22 

    The article discusses the Simple, Repeatable, Statement of Value (SRSV), which is easy to remember for financial advisors in the U.S. Explained are the steps in building SRSV that consider questions like the financial advisor, the task of the advisor, the niche and the memorable work done by the...

  • The Hot Job of Financial Planning&hellip.  // Journal of Financial Planning;Feb1998, Vol. 11 Issue 1, p16 

    Comments on the article featured in "U.S. News & World Report" about financial planning. Popularity of the career in financial planning; Demand for financial planners in the banking, brokerage and mutual fund fields; Failure of the magazine to mention designations or licenses.

  • Internet Highway Report...  // Journal of Financial Planning;Feb1999, Vol. 12 Issue 2, p18 

    This section presents a list of web sites relevant to financial planners and financial planning in the U.S.

  • Tasking the Task Force: When Is a CFP® Certificant a Fiduciary? Thompson, Duane R. // Journal of Financial Planning;Mar2004, Vol. 17 Issue 3, p22 

    This article addresses issues concerning fiduciary standards in financial planning in the U.S. In a news release, the Certified Financial Planner (CFP) Board noted that it would be choosing, among members for various standing committees in 2004, volunteers for a task force begun in 2003 to...

  • Observer.  // Journal of Financial Planning;Jan2006, Vol. 19 Issue 1, p28 

    The article presents news briefs related to the financial planning industry in the U.S. as of January 2006. Spectrem Group reported that a large proportion of investors in the country are interested in investing in mutual funds. The energy generating sector of the nation is performing well since...

  • CE Quiz March 2005.  // Financial Planning;Mar2005, Vol. 35 Issue 3, p125 

    Presents a quiz to financial advisers concerning financial planning issues in the U.S. Information on the distribution rule which apply to beneficiaries if the owner of the individual retirement account dies before the required beginning date; Rate of maximum tax for gold exchange-traded funds...

  • Trading Places. McGee, Suzanne // Financial Planning;Sep2008, Vol. 38 Issue 9, p59 

    The article discusses the move of planners, investment advisors, and other wealth managers to change firms in the U.S. It is noted that for many advisors, switching firms or launching their own shop can be dangerous, since clients can feel neglected or taken for granted. In addition, if the...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics