FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.
A billionaire’s “secret to success” is great advice for finance managers (Investment News)
In an interview with InvestmentNews’ Brad Johnson, Ron Carson, the CEO of $6 billion wealth management firm Carson Wealth, shared a billionaire client’s “secret to success” that he took to heart and applied to his own business: “Hire the best people you can and get the hell out of the way.”
He also shared three other pieces of advice: 1) Piggyback on other organisations’ large events where members of your target market will be, 2) Make your clients happy and ask them for referrals, and 3) Create systems and processes for your business.
Bear Bryant is best known as the longtime head coach of the University of Alabama football team. One of his most famous quotes was “offence sells tickets, but defence wins championships.”
Alliance Bernstein’s Sammy Suzuki, Kent Hargis, and Chris Marx argue that this maxim is also applicable to investing: “a spectacular stock pick or a prescient call ahead of a dramatic price movement will grab investors’ attention. But it’s the less glamorous efforts to not lose money that will build wealth in the long run.”
Rich women are more “advisor oriented” than rich men (Think Advisor)
The latest Global Wealth Monitor from Phoenix Marketing International suggests that affluent women are more “advisor oriented” than affluent men, meaning that they’re more likely to regularly consult their advisors or let their advisors make most of their financial decisions, reports Danielle Andrus.
Michael Oppenheim, a former JPMorgan investment advisor, was sentenced to five years in prison after he admitted to stealing at least $20 million from client accounts to fund a gambling addiction and trade in stock options, reports Nate Raymond.
Prosecutors said that Oppenheim sometimes persuaded clients to let him withdraw some of their money by claiming he would invest in low-risk municipal bonds. Other times he just took money without permission.
Salesforce officially entered the financial services technology market (WealthManagement.com)
Salesforce publicly launched the Financial Services Cloud, its first industry-specific client relationship management product on Tuesday, reports Ryan W. Neal.
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