Retirement Russian Roulette, Liquidity Event Mistakes And More

Larry Roth, CEO, Wealth Solutions Report

The Latest In Recruiting, Bizarre Industry News, Organic Growth Strategy, Wealthtech Improving Operations And Growth Through Leadership Expansion

To My Fellow WSR Community Members:

Whether you enjoy spending time in casinos or would prefer the buffet, you have to admit the allure of the roulette wheel. For those who play the game, the thrill of a small ball falling into a seemingly random place and either taking something small from you – or rewarding you with a large sum – fulfills the need for thrill-seeking and adventure.

No retirement planning here

Of course, roulette is the exact opposite of how you plan for retirement, and especially the Russian version in which you can suffer tremendous loss. One of the experts we spoke with this week chose that exact analogy for traditional retirement strategies.  

It’s a strong analogy, but the truth is we don’t know where the markets are going next and given the uncertainties, we cannot complacently follow traditional plans and assume capital appreciation will always come through for us. This week, we bring you the views of experts on the shift toward income-focused retirement strategy.

We also cover other topics important to your practice, including the latest in organic growth strategies and how workflow management can improve operations, as well as the latest bizarre industry happenings, a new installment of the Weekly Recruitment Roundup and a wealthtech platform provider’s expansion of its leadership bench.

In addition, we’re excited to launch a new column – Liquidity Events – that will bring you the latest insights and commentary on maximizing the goals of your private business owner clients when selling their firms through estate, legal, tax and wealth strategies.


This Week’s Issue

Here’s what we have on tap this week:

Legal strategy for liquidity
  • What are the top three mistakes sellers make approaching a liquidity event? In our inaugural Liquidity Events column in the Upmarket section, Donna Thrane, Senior Director, Choreo LLP, and Jaclyn Vary, Vice Chair of Estate Planning and Business Success Practices at Calfee, Halter & Griswold LLP, each explain three mistakes and how to avoid them, with Thrane taking the wealth manager’s perspective and Vary addressing the legal perspective.
Low-hanging fruit
  • What are the latest organic growth strategies? Our Upmarket section also includes Angie Herbers, Managing Partner of Herbers & Company, sharing with us how organic growth strategy is adapting to the current landscape, including a trend toward more training on closing leads, more emphasis on speed of service and one key low-hanging fruit many advisors aren’t aware of. 
Potential clients ghosting you?
  • This month’s installment of Bizarre Industry Bazaar walks us through the latest in unusual and unsavory events including a fund for investing in K-pop, advice on potential clients ghosting advisors, the first cryptocurrency insider trading conviction, the end of woes for the Fairfield smoothie advisor, a movie producer that scammed BlackRock and Wells Fargo “restructuring” a whistleblower out of a job. 
  • How can you improve operations? In the Digital Domain, Meghan Rutherford, Customer Training & Onboarding Manager at Hubly, shares how workflow management technology can assist operations managers, bring remote employees closer and improve understanding and morale, especially in the back office.

In case you missed it, last week we covered Docupace’s expansion of its leadership bench by appointing John Stilo, Sebastian Skwarek, Florence Royce, Nouman Jan and Debbie Miller to leadership and management roles across the organization in our Digital Domain section and spoke to CEO David Knoch about how these appointments dovetail with the firm’s growth initiatives.

We look forward to hearing your thoughts and suggestions, as well as any questions you’d like us to anonymously ask to a panel of experts. 

LinkedIn is the perfect place to share these stories with your friends and colleagues!

Have a great week!

Cheers!

Larry Roth, CEO

Wealth Solutions Report

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