Fiduciary proposal a marketing godsend

Newspaper and television have been talking about the Department of Labor’s pending proposal of a new standard of fiduciary duty for anyone giving retirement advice. The proposed new regulations have many advisors shaking in their boots.

They fear a big disruption in their business plans, costing them sizably less revenue. No longer will they be able to specialize in high commission products that are merely “suitable” for prospects. If there is a suitable product or plan that is better ( i.e.offers lower commissions) for the prospect, the advisor is legally bound to propose it.

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Is the number one ‘practice killer’ killing your practice?

Most financial professionals approach prospects in a way that gets the door slammed in their face.

I’m talking about how most advisors ask strangers to meet with them for a portfolio review and to get a second opinion.

Not that that’s a bad idea, but it’s too much, too soon. You’re asking a stranger to take a giant leap.

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Changing Firms? – The Best Practices!

By Rick Rummage, guest blogger

Most advisors will change firms three or four times over their careers. But the specifics of making a career move in the best way for you remain elusive. Say you’ve accepted an offer with a new company – now what? When should you start? How should you resign? How do you move your book? How do you handle a non-solicit? What does your first day look like? At my firm, the Rummage Group, these are the pressing, and understandable, questions we get most often from advisors. Here is what I try to convey to them.


The most rewarding part of being an advisor is building a client base that will follow you to the ends of the earth —or at least to a new firm. Most advisors’ books are worth a small fortune if they are being used in the most advantageous way possible.

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10 New Habits That Will Skyrocket Your Financial Advisory Practice in 2016

We are all creatures of habit. Good habits make life immeasurably easier. Bad habits make life hard.

But here’s a fact you may not have considered: Habits are not simply good or bad. Some are better than others. They make our lives easier. We can put many of our activities on autopilot, saving us from exhausting ourselves with endless decisions.

I believe the simplest, easiest and most effective way to improve ourselves is to replace a bad habit with a better one. For example, I replaced biting my fingernails with carefully keeping my nails smooth with a clipper and a file.

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