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While financial advisors may believe they are well-covered when it comes to discussing fees with their clients, research suggests that there is a disconnect between this perception and reality.

According to a report by State Street Global Advisors and Knowledge@Wharton,1 most advisors (95%) say they discuss fees, yet fewer than two-thirds of clients (61%) say their advisors initiated fee discussions with them.

The study goes on to note that fewer than half of clients (43%) say they understand advisory fees “completely” or even “fairly well.” This is important when you consider that nearly one-third of clients (31%) consider “reasonable cost” to be one of the most important factors in their choice of a financial advisor.2

It’s essential to get comfortable discussing fees with clients in a way that reassures them of the value your firm provides in helping them achieve their financial goals. This may be...

How to protect client information from identity theft

The massive Equifax data breach that occurred earlier this fall has shined a renewed spotlight on the issue of identity theft. Personal information on more than 143 million Americans stored by Equifax was compromised in the hack, making this the largest data security breach in modern history....

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How you can use social media to build your business

If you’re like many independent financial advisors, you’ve been hearing for awhile now that you need to start using social media to promote your business. But you’re not totally convinced yet that tweeting, liking, posting or connecting via social media is going to do anything...

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How to respond to the Equifax data breach

As you have most likely heard, late last week, Equifax – one of the ‘Big Three’ credit bureaus in the United States – admitted that its own lax security practices had allowed hackers to steal the personal identities of 143 million U.S. citizens. Data potentially accessed...

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Automation: An effective way to enhance marketing success

Advisors today are busy. Real busy. While having to manage a large book of client accounts, they also need to come up with effective ways to market themselves to drive new business.

To do this, they may want to develop and deliver content designed to educate investors about financial...

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