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News and Analysis for Independent Financial Advisors

Financial plan In general usage, a financial plan[1] is a series of steps or goals used by an individual or business, the progressive and cumulative attainment of which is designed to accomplish a financial goal or set of circumstances, e.g. elimination of debt, retirement preparedness, etc. This often includes a budget which organizes an individual's finances and sometimes includes a series of steps or specific goals for spending and saving future [[]]. This plan allocates future income to various types of expenses, such as rent or utilities, and also reserves some income for short-term and long-term savings. A financial plan is sometimes referred to as an investment plan, but in personal finance a financial plan can focus on other specific areas such as risk management, estates, college, or retirement. Context of Business[edit] In business, a financial plan can refer to the three primary financial statements (balance sheet, income statement, and cash flow statement) created within a business plan.

LIMRA Conference Highlights: How Financial Advisors Can Use LinkedIn, Facebook, and Twitter to Connect and Grow « SEI's Practically Speaking SEI's Practically Speaking The following is a guest blog post by Amy Sitnick, Senior Marketing Manager for the SEI Advisor Network and self-described social media addict. Connect with her on LinkedIn or follow her on Twitter. It’s good to get away from the office once in a while and immerse yourself in your discipline. I recently attended the LIMRA / LOMA Social Media for Financial Services conference and came away energized about the opportunity for social media marketing, in our industry, RIGHT NOW. In case you missed it, the conference has also been widely written about online. • Top Social Media Tweets from the Financial Services Industry • Social Media Insights from Nine Experts For me, it was good to live and breathe social media for three days. LinkedIn – The New Yellow Pages Nowadays, everyone does their research online before buying any product or service. What you can do: • Fully complete your LinkedIn profile: Don’t skimp here. Facebook – The Home for Life Events Twitter – Real-time Conversations Amy Sitnick

How to Pick a 2013 Medicare Part D Plan Retirees get to choose a new 2013 Medicare prescription drug plan during the annual enrollment period from Oct. 15 to Dec. 7, 2012. Premiums, covered medications, and out-of-pocket costs change each year, so it's a good idea to shop around for a new plan even if you're happy with your current coverage. Here's how to pick a Medicare Part D plan that will best meet your prescription drug needs in 2013: Compare premiums. Retirees will need to shop around for new plans to avoid sometimes significant premium hikes. [See How to Get Retiree Health Insurance Before 65.] Consider other out-of-pocket costs. [See New Retirees: Avoid These Mistakes.] Examine the formulary.

Recruiting & Hiring: How Advisors Can Attract Millennials The financial planning profession is finally feeling the pressure of years without an established career path. The field has lost potential new entrants to others that pay higher -- at least initially -- and many students don't even follow through on their studies to bother taking the CFP examination. There is heavy competition for the relatively few unattached experienced advisors, mainly due to the fact that firms can assign client responsibilities to these hires immediately, without extra training, and expect them to start generating revenue immediately -- especially if they have an existing book of business. Yet with big demand and small supply, prices are high (and continue to escalate) for this type of advisor. Meanwhile, for the few firms that do seek out younger talent, there is a battle raging for the top-of-the-class newly minted graduates of CFP Board-registered programs. There are many reasons for this. First, you need to understand them.

HSBC Planning - Home | HSBC Bank UK Four Ways to Attract Affluent Clients Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Last week, I wrote about a California advisor who transitioned her book to focus on affluent clients. Central to her success was the understanding that marketing to affluent investors requires a different approach. Here are four strategies that I have seen help many HNW advisors attract clients. Follow Dan on You Tube – a new video every week Sign up for Dan’s new YouTube channel, with 300 short video tips for your business To sign up: Click here Strategy One: Become the safe choice Successful HNW advisors typically have fewer than 100 clients and a high minimum-asset threshold, allowing them to deliver a personalized and high-quality experience. But many HNW advisors go beyond assets in the clients they target. So why then do most businesses still operate as generalists? You can read more about Porter’s views here.

Obamacare Aims to Close Medicare 'Doughnut Hole' NextGen Is Coming. Are You Ready? - Platinum Strategies Born in 1981, I belong to Generation Y. I’m also an investment advisor representative and a consultant to 960 financial professionals. Because of where I personally fit in, the conversation about what the next generation wants from financial advisor relationships intrigues me. In most respects, I believe my generation wants the same things other generations want: sound advice for a reasonable price, accessibility, communication, transparency. In other respects though, I must acknowledge that Generations X and Y each display distinct traits that advisors should understand and adapt to if they plan to be in business 20 years from now. Many advisors have built their business models around serving Baby Boomer retirees and pre-retirees – a strategy that has made sense for a long time, and will likely continue to make sense for a time. Approaches that work with older clients can actually alienate younger clients and prospects who may view them as dated or out-of-touch. Transparency matters.

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