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Financial Advisors Impacting Retirement Readiness


Financial Advisors Enhancing Retirement Readiness

Recent research conducted by the American College of Financial Services and Allspring Global Investments sheds light on the significant role financial advisors play in improving retirement readiness for clients. The American College of Financial Services discovered a notable disparity in the financial well-being of retirees, with advised clients scoring 50 out of 100 compared to 41 for those without advice. Nate Miles, the director of retirement at Allspring, emphasized that advisors possess the necessary expertise and resources to provide individuals approaching retirement with a clearer understanding of what is required to achieve financial security.

Morgan Stanley’s Finn Unveils Profit Margin Strategy

Despite falling short of the 30% pretax profit margin target in the fourth quarter, Morgan Stanley’s wealth management unit remains optimistic about achieving its goals under the leadership of Jed Finn. At the recent BofA Securities Financial Services Conference, Finn outlined the strategy to increase high-margin, full-service clients by transitioning self-directed brokerage clients and bank customers into advisory clients.

Guidance for Divorcing Couples

Financial advisors play a crucial role in assisting divorcing couples in avoiding costly financial mistakes such as overlooking college education funding for children, failing to update beneficiaries on retirement accounts, or prematurely canceling life insurance policies. Furthermore, advisors ensure a fair financial division and enable their clients to maintain a sustainable lifestyle post-divorce.

Strategies to Boost Growth

As financial advisors, it’s not uncommon to hit growth plateaus, even in a thriving market. Tim Gerend from Northwestern Mutual shares insights on how the right mindset and strategic actions can elevate your practice. From expanding your team to obtaining new professional credentials, there are tangible steps you can take to break free from stagnation.

Navigating a Major Merger

The recent merger between Laird Norton Wealth Management and Wetherby Asset Management resulted in the birth of Laird Norton Wetherby (LNW). Kristen Bauer, CEO of the firm, sheds light on the deliberate integration process that has proven successful. With 190 employees, including 63 client-facing advisors, and $16 billion in assets under management, LNW is strategically positioned with offices in key locations across the country.

Potential Deals on the Horizon

AssetMark, a prominent wealth-tech firm offering comprehensive asset management solutions, saw growth in its customer base and advisor numbers in the fourth quarter. Despite a dip in revenue, CEO Michael Kim hints at potential M&A opportunities to further expand the company’s scale and capabilities.

New Services at LPL Financial

At LPL Financial, advisors working with affluent clients now have access to a range of new services to enhance their offerings. These services include advanced financial planning, estate and philanthropic planning, and customized portfolio construction. According to LPL executive Jen Hollers, these additions are aimed at helping advisors stay competitive in their respective markets and attract and retain relationships with high-net-worth and ultrahigh-net-worth families.

Enhanced Offerings

Alongside these new services, LPL Financial also introduced a tax-planning service last fall, further expanding the resources available to advisors and their clients.

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