The Enduring Advisory Firm: How to Serve Your Clients More Effectively and Operate More Efficiently

PRAISE FOR THE ENDURING ADVISORY FIRM

"Mark and Kim present a fresh, and refreshing, look at the business of financial advice. Deeply researched and with one of the finest analyses of demographic and gender dimensions, The Enduring Advisory Firm provides a uniquely practical guide at a critical juncture of increasing demand and shrinking (and aging) supply. With characteristic iconoclasm and a healthy dose of contrarian thinking, this book is smart and entertaining. It′s a great read and very important too."
Tim Kochis, JD, MBA, CFP®, CEO, Kochis Global; former CEO and Chair, Aspiriant

"If your goal is to grow your advisory firm buy this book, read it, highlight it, and then read it again. Mark Tibergien′s expertise has proven invaluable to our firm, and his knowledge is communicated in these pages. Mark and Kim have great vision for where the business is going and how to stay ahead in the ever–changing world of wealth management."
Brittain Prigge, Partner, Head of Relationship Management, Balentine

"As I read The Enduring Advisory Firm, I found myself taking notes on critical information to share with our leadership team. This is a must–read book if you are passionate about growing a successful and profitable advisory business. Mark and Kim know the business and the challenges we face and, most importantly, how to tackle the big issues."
Greg Sullivan, President and CEO, Sullivan, Bruyette, Speros & Blayney, LLC

Preface xi

PART I: THE STATE OF THE ADVISORY BUSINESS

CHAPTER 1 Key Business Trends 3

CHAPTER 2 What Business Are You In? 15

PART II: THE ROLE OF DEMOGRAPHICS AND THE ABILITY TO GROW

CHAPTER 3 A New Paradigm for Relating and Growing Relationships 31

CHAPTER 4 The Mature Client 41

CHAPTER 5 The Baby Boomers 55

CHAPTER 6 The Generation X Client 69

CHAPTER 7 Millennials 83

CHAPTER 8 Generation Z and Beyond 93

CHAPTER 9 Investing Women 99

PART III: BRINGING CHANGE TO YOUR PRACTICE

CHAPTER 10 Transforming from Practice to Business 119

CHAPTER 11 Culture Wars 135

CHAPTER 12 A Vision and Leader for the Future 153

Index 173

MARK C. TIBERGIEN is CEO of Pershing Advisor Solutions, a BNY Mellon company. A regular columnist for Investment Advisor magazine, he is the author of Practice Made Perfect, How to Value, Buy, or Sell a Financial Advisory Practice, and Practice Made (More) Perfect.

KIMBERLY G. DELLAROCCA is managing director, BNY Mellon. In addition to her global marketing leadership role, Kim directs one of the industry′s most expansive thought leadership programs and has overseen the publishing of more than 125 studies and papers on the critical topics facing financial services firms today. Kim is invited to speak internationally and her views have been quoted more than 100 times in industry and mainstream publications, including The New York Times, Bloomberg, The Financial Times, Wall Street Journal, and USA Today.