*******************************************************************************
Please click the image above to view the table of contents for Tiburon's Financial Advisor Business Plans & Industry Networking Research Report |
|||
The purpose of this report is to provide readers with an initial understanding of business plans & industry networking opportunities, including written business documents, publications, trade groups, conferences, designations, & coaches. This is Tiburon’s second draft of this report.
The first draft of this report was written in 2007; that draft was published by consolidating prior Tiburon research into one report.
This is Tiburon’s second draft of this report; this draft includes dozens of additional firm profiles and more comprehensive profiles of some core Tiburon clients, including the American Bankers Association and the Financial Planning Association.
Key Findings
This report has a long list of interesting facts to share:
Evolution of Financial Advisor Business Plans & Industry Networking Opportunities
This chapter outlines the evolution of financial advisor business plans & industry networking opportunities, including Market History, Market Definition, Market Growth, Market Segmentation, Publications, Trade Groups, Conferences, & Designations, Financial Advisor Coaches, & Key Issues.
Publications
- Financial Advisor, Financial Planning, the Wall Street Journal, Investment Advisor, and Registered Rep are each read by nearly half or more of all independent reps
- Independent reps are most satisfied with the Wall Street Journal, Investors’ Business Daily, and the Journal of Financial Planning
- Many publications receive moderate satisfaction scores, with daily business newspapers The Wall Street Journal and Investors’ Business Daily leading the way
- Tax Professionals read a wide variety of publications across all financial planning models; the investments-oriented publications are read very little amongst tax professionals who refer away their financial planning business
- Tax professionals give the highest satisfaction scores amongst publications to the National EA Journal and the Wall Street Journal
Trade Groups, Conferences, & Designations
- American Institute of Certified Public Accountants and Independent Insurance Agents & Brokers of America each have more members than the other top ten trade groups combined
- Trade Group Conferences are good for many reasons, including practice management help, contacts & networking, and technical training
- The AICPA is the leading trade group amongst CPAs
- There are now two retirement counselor designations - Certified Retire
ment Counselor and Chartered Retirement Planning Counselor
Financial Advisor Coaches
- Financial advisor coaches may help some advisors with business building processes
- Lloyd Williams, Sarano Kelley, and Leo Pusateri are most frequently mentioned as coaches by full-service brokers
- While some full-service brokers are very satisfied with financial advisor coaches, others question the need for coaching
- Bill Bachrach, Tom Gau, and Dan Sullivan are the three most popular financial advisor coaches
- Tom Gau and Bill Bachrach are the two most popular coaches for independent tax professionals
Key Issues
- Fee-based financial advisors rated the strength of the fee-based financial market as a 9.1, with uniformly high scores
- The average fee-based financial advisor interviewed rated his/her desire to grow his/her business as a 9.1
- Fee-based financial advisors rated the competitive threat from other financial service companies entering their market as a 4.3, with generally low scores
- Industry Sources argue that advisors must systematize business procedures to generate higher profits
- Industry sources argue that financial advisors should conduct client surveys; a variety of rules of thumb can be applied
- Written business documents include business plan, succession plan, policies & procedures manual, compliance manual, & client agreement
To better understand the developments for Financial Advisor Business Plans & Networking, executives can purchase Tiburon's Financial Advisor Business Plans & Industry Networking research report where the key findings highlighted above are covered in greater detail. Please contact Sarah Sage at SSage@TiburonAdvisors.Com or 415-789-2540.
Additional Information
The following links will open specific pages on Tiburon's web site:
*******************************************************************************
Tiburon Strategic Advisors
Tiburon Strategic Advisors, based in Tiburon, CA, was formed in 1998 to offer market research & strategy consulting services to all types of financial institutions and investment managers:
- The firm has served over 300 corporate clients and completed over 1,100 projects since its founding, and today, its knowledge base includes mutual fund distribution, separately managed account programs, alternative investments, wealth management, insurance products, banking services, the fee-only financial advisor market, the CPA firm market, the family office market, & various international markets
- Tiburon holds a series of CEO Summits semi-annually for its executive-level clients. Tiburon CEO Summit XVI is scheduled for April 15-16, 2009 at the Ritz Carlton Hotel in New York, NY, followed by Tiburon CEO Summit XVII, scheduled for October 7-8, 2009 at the Ritz Carlton Hotel in San Francisco, CA. Attendance is by invitation only and attendance at each Summit is managed to between 100 and 125 senior industry executives. Visit the CEO Summits section of Tiburon's web site for details on current and past CEO Summits, including attendee lists, meeting agendas, & highlights. Please contact Tiburon's Managing Principal Chip Roame at CRoame@TiburonAdvisors.Com or (415) 789-2541 if you are a Tiburon client and have an interest in attending a future Tiburon CEO Summit
- Tiburon has published forty-seven ~300-400+ page research reports, which offer detailed analyses of growing business segments; each is available for $5,000; these reports can be ordered by contacting Sarah Sage at SSage@TiburonAdvisors.Com or (415) 789-2540
- Tiburon offers an annual research report access program, whereby dozens of clients receive all Tiburon reports published within a year for $25,000; clients can subscribe to Tiburon's 2009 Research Report Access Program by contacting Sarah Sage at SSage@TiburonAdvisors.Com or (415) 789-2540
- Tiburon also offers a database access program, whereby it shares its 300,000+ person industry executives contacts database with dozens of clients for $25,000 per year (distributed quarterly); clients can subscribe to Tiburon's Database Access Program by contacting Sarah Sage at SSage@TiburonAdvisors.Com or (415) 789-2540
- Tiburon offers thirteen online business benchmarking tools that are available to all types of financial advisors in an effort to help them benchmark their business practices and build more successful businesses. The sites include www.BrokerBestPractice.Com for wirehouse & regional brokers, www.FABestPractices.Com for fee-based financial advisors, www.IndependentRepBestPractices.Com for independent reps, and www.PrivateBankerBestPractices.Com for private bankers. Almost 5,000 advisors have used these tools. By completing one of the online surveys, financial advisors can access a FREE copy of the relevant comprehensive Tiburon research report, which summarizes and analyzes the collective results
- Tiburon's weekly research releases, like this one, are emailed for free to interested industry executives, media representatives, conference planners, and individual financial advisors. Over 55,000 industry executives now receive these releases. Feel free to sign up to receive future research releases at Tiburon's web site (www.TiburonAdvisors.Com) if this release was passed to you by a colleague and you would like to receive them directly in the future
- Tiburon plans to expand its workforce in 2009. Specifically, the firm plans to add two-to-three incremental principals (the most senior role at the firm) and several more research managers in 2009.
- Tiburon has built three executive programs (CEOs-in-Residence, Financial Advisor Roundtable, and Consulting Fellows) in an effort to bring the experiences of additional senior level industry executives to Tiburon clients. Feel free to contact any of the members of Tiburon’s executive programs directly or ask that they be included in any ongoing Tiburon project.
*******************************************************************************