Professional Services

Tuesday, April 24, 2012

8 Habits of Highly Productive People

While your co-workers start every day enjoying a cup of coffee together in the break room, you're barely able to find time to call your doctor. While they're taking lunches, you're rushing through another meal at your desk. Sound familiar? Here's the good news: This apparent discrepancy may not mean you've got a bigger workload or that you're a harder worker. Instead, it may mean that they've mastered certain time-saving skills and habits that you haven't-until now. From prioritizing your workload to learning which projects don't need to be perfect, read on to discover eight workplace habits that'll boost your productivity and lower your stress levels.

1. They make it a point to take breaks.
   Americans seem to think that constantly working is synonymous with being productive, but unless your brain is functioning at its maximum level, you may not be getting as much work done as you think. "[Taking breaks] is like hitting the reset button. It helps you empty out your 'brain cache' so you have room to refill it," says Christine Hohlbaum, author of The Power of Slow: 101 Ways to Save Time in Our 24/7 World. First and foremost, she recommends taking lunch every day-and leaving your desk to do it. "When you have a 'working lunch,' it's just not very efficient. At some point you're going to lose attention," she says. Ultimately, eating while you work will cause you to suffer on two fronts: you won't be able to pay attention to your food-a surefire way to overeat-and you won't be giving your work the proper attention it deserves. In addition to a "real" lunch break, Hohlbaum suggests allotting time for other breaks as well. She recommends taking five minutes in the morning, before starting work, and at least a 10- to 15-minute break in the afternoon. Whether you take a short walk, read a book or stare out of the window with a cup of tea, it'll help you recharge and improve your overall productivity. "It's really important to take time off because otherwise your brain will reach a saturation point," Hohlbaum says, explaining that when this happens, it becomes hard to focus on even the simplest task. "At that point, you need to push away from your computer and take a break."
    
2. They start their day off on the right foot.
   According to a recent study at the Fisher College of Business at Ohio State University, if an employee is in a bad mood when they arrive at work-whether because of familial problems or a stressful commute-it can decrease their productivity by as much as 10% that day. So unless you come in to the office every day in a great mood (and who does?), start your day with 5 to 10 minutes of time dedicated to decompressing. "Create a ritual. Maybe it's meeting in the coffee break room or going around the office to greet everyone. It doesn't matter what you do, as long as you foster a sense of connection [with your coworkers]," Says Holhbaum. "Swinging by to say 'hi' to your colleagues when you walk in gives you a sense of focus. When you feel you're part of a bigger effort, you feel more connected to why you're there and that can make all the difference in the world." Re-focusing your mind at the beginning of the day will also create a sense of calm, helping you to disregard outside stressors and zero in on your daily tasks. "If we're actually able to start the day centered, then we'll have a longer tolerance period before we get off track," Holhbaum says.
    
3. They make mindful food choices.
   You are what you eat, and eating a heavy mid-day meal will often make you feel lethargic for the rest of the afternoon. "Consider what you're eating at lunch. If you're having that post-pasta slump at 2 p.m., and need java or cookies to pep back up, maybe you should try a salad or something a bit lighter so you won't lag," suggests Hohlbaum. The key is keeping your blood sugar levels steady throughout the day, according to Kari Kooi, RD, corporate wellness dietician at The Methodist Hospital in Houston, who recommends three light meals and two snacks at regular intervals. "Heavy meals can make you feel sluggish because they require more energy to digest," Kooi says. "[A quality lunch] will consist of a fiber-rich carbohydrate, like water-rich veggies, and a lean protein, like chicken or fish," she says. And what does Kooi suggest you avoid? "A highly processed meal, like some of the frozen meals in the grocery store, will not give you the sustainable energy you need. The less processed the better when it comes to keeping your energy levels up." When you hit that midday slump, Kooi suggests going for proteins like mixed nuts and fruit instead of the usual energy-zapping pretzels, cookies or candy, which cause your blood sugar levels to spike and then drop and may even make you hungrier, according to Kooi.
    
4. They keep a flexible to-do list.
   Making a daily list of to-dos is a great way to stay on top of your work. However, there is one pitfall-it can make you inflexible. "A lot of people feel their day's been wrecked if they have to change their plan, but the most effective people understand that's part of the job," says Vicki Milazzo, author of Wicked Success Is Inside Every Woman. "I always start my day with a plan, but by 9 a.m. I've busted that plan." However, according to Paula Rizzo, a master list-maker and founder of ListProducer.com, it's important to keep some form of a to-do list, no matter how much your day changes. For example, Rizzo begins her days with a master list, which she continually updates throughout the course of the day to note the items that haven't been done or to add tasks as they crop up. Before leaving work, Rizzo will make a fresh list for the next day. The key, she says, is referencing the changing list throughout the day to keep herself on course. "Just putting a little extra work into it will keep you on track."
    
5. They use technology with intent.
   In today's 24/7 all-access world, it's hard to get a handle on technology use. While it's impossible to avoid it altogether, you can be disciplined about how much time you spend perusing the Web. Set aside a specific time, say 15 minutes after lunch, to scroll through your social networking sites or other favorite websites-and stick to it. Or try something like Google Chrome's website blocker, which allows you to set restrictions to your online time by either totally blocking your favorite websites or just restricting the timeframes within which you are allowed to check them. In addition to surfing the Internet, it's important to watch your email habits. Whether you give yourself 15 to 30 minutes at a set time each day to check your personal email, or you allow yourself brief intervals between tasks, Holhbaum says the key is to be very mindful of the time you're spending checking your non-work inbox. "Have a very clear distinction between what's personal and what's work. If that's a part of your 'OK I need to zone out for a little bit' time, that's fine. But you need to be clear and be mindful of what you're doing." Even work-related emails can become a distraction if not properly managed. Ask yourself if email is the best method of communication, or if you're better off calling the person. "Sending 100 emails isn't [always] going to be the most productive thing. And as we know, emails beget emails. They're like little rabbits," Hohlbaum jokes. "If it's a one-way communication, for example forwarding an airplane itinerary, you don't need to have any answer [so email works]. But if you want detail or you know the person won't respond right away by email, pick up the phone," she says.
    
6. They balance their workload.
   Different tasks require different levels of concentration, which you can use to your advantage. Start by identifying-and placing-the tasks you have into two categories: weeds and intensive work. Weeds are small, manageable things such as handling email, phone calls and minor organizational tasks. Intensive work is anything that requires an extended period of concentration, such as management tasks, preparing presentations, writing or editing. "Miscellaneous routine tasks are like weeds in your garden; we all have them, and no matter how often we try to get rid of them, they never go away," says Milazzo. "Yet they do have to be handled, and pulling a few weeds can provide a restorative break from more intensive work." Milazzo recommends splitting up long sessions of intensive work with regular 15- to 30-minute intervals of weed pulling. This way, you'll accomplish a variety of tasks while not burning out on one type of work.
    
7. They put perfectionism in its place.
   While turning in perfect work has been encouraged since kindergarten, that attitude can be counterproductive if it's not managed. It's important to pick your battles. "Women, by nature, are somewhat perfectionist," says Milazzo. "So we need to distinguish what requires perfectionism," she says. Of course you want to put your best foot forward in all situations, but if you're strapped for time, prioritize. If, for example, you're writing an informal memo or email to a co-worker, give it a quick look and spell-check it, but resist the urge to re-read it three times over. If, on the other hand, you're creating a brochure for your company or preparing an important presentation, then that's the time to put all of your perfectionist tendencies to good use.
    
8. They know how to say "no."
   It's easy to get distracted or overwhelmed at work. But one of the secrets of highly productive people is that they learn when and how to say "no." For starters, say "no" to whiners, complainers and distracting people. One way to do that, according to Rizzo, is by wearing headphones. "That sends the message that you're busy and it drowns out the noise as well," she says. When it comes time to say "no" to the boss, tread lightly but firmly. You don't have to spell out n-o per se; rather, ask her to prioritize what's most important given what's on your plate. "When an employee does that, the boss usually comes to their senses and they get it," Milazzo says. "You don't want to make your boss the enemy; you want your boss to know you're there for the company, and that you're there for them. If they know that, they're more likely to listen to what you say."

This post has been brought to you by The Ultimate Estate Planner, Inc., providing practical, tested and proven technical and marketing products to help estate planning professionals throughout the country build their practices.  Connect with us on Facebook, Twitter or LinkedIn.

Source: WomansDay.com by Alexandra Gekas
Photo Credit: Thinkstock

Tuesday, April 10, 2012

Attract, Engage & Work with Families with Taxable Estates and Their Advisors

For decades many of us, as wealth strategies planners, have wondered not only how but if we should attract, engage and work with affluent families and those with complex taxable estates.  Their advisors are more protective.  The solutions are more complicated and create larger liability.  Though the fees may be greater, are they enough to cover the time and effort – especially if we only do it occasionally?

The Laureate Center for Wealth Advisors has the training and education needed to attract, engage, and implement work in the taxable estate arena.  You owe it to yourself and your clients to learn more about The Laureate Program, especially if you desire to:

• Quarterback a team of advisors or be called in as a team member;
• Find your quiet confidence as a leader and resource to clients and their advisors;
• Identify, explain, and implement complex tax, wealth, legal, and other technical strategies in an understandable client language;
• Price for your intellectual property and the value you create;
• Improve closing techniques while practice with energy, freedom, and passion;
• Have an effective, process-oriented, and profitable business, not a job

This program should seriously be considered by wealth strategies practitioners and advisors interested in the Families with Taxable Estates market and having the quiet confidence to quote six digit fees.

Below is a summary of The Three Pillars of the Laureate Curriculum: Counseling, Practice Management, and Case Studies. These pillars seem to separate the successful cases from the wildly successful and have helped to truly address the clients’ concerns, increase advisor compensation, and provide an established process through review, design, and implementation.

Counseling – Interpersonal Labs

The training and counseling labs provided through the Laureate Program helps each member decide and recognize which type of client you would like to work with.  We believe that expanding from a “client engagement” to “client partnering” deepens the relationship and leads to more productive plans and results.

Client Partnering achieves the client’s specific goals through the process of Review, Design, and Implementation through authority on and clarity of:

• Problem and what’s behind it;
• Possible Solutions often resulting in former goals as less or not important; and
• Implementation and commitment to solution, timeline, and responsibilities for new goals.

In Client Partnering we facilitate a safe environment to explore the client’s and advisor’s true drivers.  The common characteristics of facilitating a safe environment are:

• Rapport – a continued feeling of connection
• Relevance – current personal perspective related to the subject
• Expanding engagement
• Encouraging “new and clearer thought about the situation and what’s behind it”
• Understanding and committing to “We Can Help”
• Proactive commitment to process
• Expectations – setting, continuously reaffirming, achieving, and “whole plus one”

Practice Management - Processes & Protocols

Processes that worked before may not support a practice serving wealthy clients.  Practitioners need to review and fine tune their processes and systems to support themselves and their team’s implementation, considering changes in technology.  It is even more critical to continue to include the other collaborative advisors in communications, being sensitive and respectful to each professional and his or her role.

In short, continue to enhance your protocols on how you and your team interact with clients and advisors.  Remember to work on, not in, your practice.

Case Studies – Review, Design, and Implementation

It is important to stay abreast of changes caused by new laws, economic conditions, financial products, and the impact of the media.  Even though counseling and practice management are stronger players in attracting and engaging families with taxable estates, financial, tax and legal competency is required to design and implement successful client strategies.  Through the technical and strategic training provided by The Laureate Program, we not only teach the “ins” and “outs” of stand-alone strategies but the more integrated strategies that should, or should not, be used together in the more hands on world of wealth strategies planning.

The art of working with affluent families is in the combining and layering of strategies that we have learned in order to accomplish our client’s deeper goals – identified through counseling. Laureate Program Members, through the Three Pillars of study and its members’ various professional experiences, continue to learn and practice to not only the variations of combining and layering complex strategies through case studies, but also ways to present these strategies to clients in an understandable fashion.

Enjoy Practicing Law – Join The Laureate Program today!

The Laureate Program facilitates discussions and provides process on how to counsel at a deeper level, manage our practices with more process, and to practice case studies that challenge ourselves, make more money, and appreciate what we do.  Collaboration is king! Join The Laureate Program to learn more about how working with affluent families can be profitable and pleasurable with the right team of advisors at the table.

The Laureate Center for Wealth Advisors provides cutting edge training from industry leaders in advanced wealth, business, estate, and income tax planning. This year’s three 3-day session starts May 10-12, 2012. Visit www.laureatecenter.com or call (858) 200-1919 for more information.

This post has been brought to you by The Ultimate Estate Planner, Inc., providing practical, tested and proven technical and marketing products to help estate planning professionals throughout the country build their practices.  Connect with us on Facebook, Twitter or LinkedIn.

Wednesday, March 14, 2012

4 Tips for a Better Assistant (and More Efficient and Productive Advisor!)

Kristina Schneider here.  I am currently the Executive Director for The Ultimate Estate Planner, Inc.  However, I used to be President and Estate Planning Attorney, Philip Kavesh’s, full-time Executive Assistant with respect to his law firm, Kavesh, Minor & Otis, Inc.  So, I’m very aware of and experienced in the types of duties involved in being an assistant to a busy professional.  I take pride in being able to say that I’ve been with Phil for almost 8 years now, which is longer than just about any other assistant that he’s had over the past 30+ years of practice.  That being said, I am providing to you 4 simple tips to having a better working relationship between assistants and advisors.  These principles and tips can be applied to any assistant for any type of professional, whether you’re an assistant to an attorney, financial advisor, life insurance agent or any other professional outside of the estate planning community.

Assistant Tip #1: Block Off Regular Times with Your Assistant (and Other Key Staff!)

One of the ways that we have tackled all of the multiple deadlines and tasks that we have on our plate every day is by making sure that Phil has a regularly scheduled time to meet with his assistants (literally scheduled appointments on his calendar).  In addition to his assistants, he also does this for other key staff members in his firm, such as his associate attorneys, Director of Marketing, bookkeeper, office manager, etc. - - basically, anyone that may require his time for advice, answers, direction or otherwise.

In fact, Phil has blocked off an entire day each week to do this.

The reason this is so effective is that it provides him 4 other virtually interruption-free days to work.  Daily staff meetings can take up a lot of time, especially those “impromptu” meetings that are not on the calendar.  On Mondays, all of the staff members that have meetings with Phil are expected to come to the meeting well-prepared with a list or agenda of the matters for which they require Phil’s time and attention.  This has allowed us, as staff, to learn how to prioritize our work and to put off any non-urgent, non-important items for our scheduled weekly meeting time with him.

Not only does having a scheduled meeting time allow for Phil to be more efficient, but it allows us, the staff, to be more efficient as well. 

Trust me, coming from the perspective of an assistant to a busy professional, we need to meet with you.  There are issues and matters that come up that simply require your attention.  Having a set meeting time each week (and for some busier professionals, it may require an interim meeting with certain staff) allows your assistant and staff members to be reassured that they will have an opportunity to meet with you and get the time that their job requires of you in order for them to effectively perform their job duties.  This structure also results in your staff learning to handle more minor matters by themselves, thereby empowering them to become better decision-makers and more productive.  Additionally, Phil defers any non-urgent and non-important items to the weekly meeting as well, which has decreased the number of times he interrupts his own staff.  It’s a win-win for everybody!

I know that some of you may be thinking that this tip seems like an obvious one, but I have spoken to several assistants and even some attorneys and advisors and know that many do not have regularly scheduled meetings together.   By “regularly scheduled” I mean you never violate this blocked time by taking other appointments or doing other work!  So, if you don’t do so already, sit down with your assistant and key staff members and schedule a specific time to meet with them on a regular basis (either once a week or even twice, if necessary).  Once you do so, I guarantee you that you will begin to find you and your staff members working much more efficiently and effectively together - - allowing you to do more of the things you love to do!

Assistant Tip #2: Remember to Use CPR—It Just Might Save Your Life!

One of the most overlooked (or possibly unknown) techniques that most busy, successful executives and their administrative staff use is what I like to call “CPR”.  No, I’m not talking about the medical emergency procedure that can save someone’s life in a life-threatening situation.  What I’m talking about is a simple, yet effective, technique that can and should be used each and every single day—Clean, Plan and Relax.

Sounds pretty simple and obvious, right?  Let’s go into more detail about what this technique entails.

Clean – Some people may say, “Oh, my work area may look messy and disorganized, but I know where everything is and it hasn’t impacted me or my business at all!”  This may be true and I understand that we all have different habits when it comes to the organization of our desks and offices (and our lives!), but it is important to realize what kind of impact having a cluttered office or desk can indirectly have on you. 

First and foremost, if you’re a busy executive, it may make your clients (as well as your employees) a bit uneasy.  You can be on the ball with everything you do, but your office and desk will say a lot about you (even if you don’t think it does or you don’t want it to).  It can take away from your credibility as a professional who is capable of handling important matters such as one’s legal and financial matters.  For assistants, it may make your boss and coworkers a bit uneasy about entrusting you to handle certain tasks.

And, for both assistants and executives, it also affects you indirectly by how it can impact you subconsciously while you’re at the office. 

Picture it…you’re an assistant to a busy professional.  You wake up a few minutes late and are rushed to get ready for work, caught in traffic while on your way to the office (maybe we feel this more—we’re in LA!), and you rush up to your office, open the door and what do you see?  Papers strewn all over the desk, folders, files and mail all over the place.  Pens, paperclips, and an empty water bottle (lord knows how long that’s been there!).  A notepad with your quick scribbles all over it with things you need to do, some done, some not, some crossed off, some not.  Now, you turn on your computer, you’ve got clutter on your desktop, in your e-mail inbox, all your electronic files scattered everywhere.  What kind of impact do you think that will have on you?  Are you calm, cool and collected?  Or, do you feel more frazzled?

And now, picture this.  Same scenario—with the rushing to get ready and the traffic to get to the office—but now, picture walking into an office with a clean desk.  A desk with a small stack of folders and paperwork, with a notepad on top marked “To Do List” with today’s date.  Pens, paperclips and supplies in cups and organizers where they belong and a computer with folders, files and an e-mail inbox that is arranged so that it is easy to find what you need, when you need it.  How does that change how you feel about your day?  How does that impact what you do when you first get in?  Are you spending time sorting through the piles or getting right to the first thing on your “To Do” list?  And, thus, how does this scenario change how productive you will be?

We’ve said it before, we’ll say it again.  An organized, efficient, “A+” assistant best supports an efficient and successful professional.

Plan – Remember that “To Do List” we referenced in the above scenario?  That to do list and its creation and implementation is what is what I call “Plan”. 

After you’ve had an opportunity to clear your desk and organize yourself, the next step is to Plan.  This involves reviewing your notes, sifting through the paperwork and going over your calendar to determine a game plan for the next day.  In the process of putting together the items that you need to do for the next day, it would make sense to prioritize each task.  Essentially, you are creating a road map for when you walk in the door, you know what things come first, second and third.  And, if you’re an assistant to any busy executive, I know there’s always that unpredictable “Other Tasks as Assigned” item (handed to you in haste!) that comes up each and every day.  At least with a game plan in your pocket, you can take on those unplanned tasks and still make sure that you do not let any of the important tasks you had to complete slip through the cracks - - or at least let your boss know what may fall through if you switch gears, and let him or her “make the call”!

Along with creating a to do list at the end of each day, it is highly recommended that at the end of the workweek you even look further ahead and plan a general list of things that have to get done the following week.  This is a great reference point for when you’re creating your daily to do lists.

Relax – Last, but certainly not least, we are at the final component of this wonderful technique and probably the most enjoyable (that’s for sure!).  And, that is…Relax! 

Once you have been able to train yourself and develop this technique as habit, you will find that you are able to leave the office feeling relaxed, renewed and ready for the next day.  What a wonderful feeling that is - - to leave looking at a tidy and organized work area!

This CPR does not take very long to pick up or implement each day, although for some of you, the initial “clean up” and office and desk organization may take a little more time.  But, it’s like what mothers always tell their children about cleaning up their room, “After you’ve done it once, it’s just about maintaining!”  Same concept here.  Once you have taken the initial step to organize and de-clutter your desk and your office, then it’s just about maintaining from there.  Maintaining is so much easier, too!

Trust me, as someone who by late afternoon often doesn’t know where her to do list begins or where it ends, taking the final 10 minutes or so of the day to clear off the paperwork on my desk, organize anything I may need into folders and neat piles, and putting together my to do list for the next day—it’s the best 10 minutes you will ever spend throughout your day and you will begin to see its effects immediately.  You will feel better about your day when you leave the office.  You will feel better about coming in to work.  You will be a better assistant and all of those around you will begin to benefit from your organization, efficiency and, probably most importantly, your confidence!

So, that’s it!  Seems simple, but it is often underestimated and overlooked.  Next time you are struggling to keep your “head above water”, just remember to use CPR!

Assistant Tip #3: 5 Ways to Get Yourself Electronically Organized and Be More Efficient Throughout Your Day

Staying organized with your paperwork, your desk or office space and your To Do List is still probably only half of what’s involved to completely stay organized throughout your day.

How should your boss - - like most busy professionals - - spend much of his or her day?  Hopefully, as an advisor, in front of a client.  Phil has always said that if the advisor is not in front of a client, they’re not making any money.  But, what about you, as an assistant?  Where do you spend most of your day?  I would venture to say that most assistants spend probably a good 75-80% (or more) of their day in front of a computer.

So, that brings us to an important question.  How “electronically organized” are you?

While the running joke amongst my friends, family and co-workers is that I have some OCD tendencies about my level of organization, I must give credit to this attention to detail and organization (both in “real life” and electronically) as the reason I am able to juggle as much as I do.  I took a course on how to manage priorities and deadlines, "Managing Multiple Priorities, Projects & Deadlines" by Fred Pryor Seminars.  It was very informative and, in this course, I learned that one of the biggest time-wasters for people in the workplace is losing and looking for things.  How much time have you spent this week looking for something?  How about today?  Hopefully, not too much.  But, if you have ever spent more than a couple of minutes looking for something, the disruption to your work and efficiency is huge by the end of the day.  That’s why it may be high time for you to spend some time organizing yourself.

I’d like to present to you some helpful ways to organize yourself electronically.  This could be helpful to busy executives, too!  (That means you, boss!)

Clear Your Inbox.  When I come in the office each day, I open up Microsoft Outlook to find nothing there until I hit that “SEND/RECEIVE” button.  It’s my way of making sure that anything that comes into my inbox is new and unread.  I am aware that unread messages are bolded, but in Tip #1, I talked about what a cluttered desk can do to one’s psyche.  Imagine what hundreds, if not thousands, of e-mails in your inbox (your e-desk, if you will) does to one’s psyche.  (I’m sure your IT guy would love you too, because you won’t get that message that says you’ve reached your mailbox capacity, either!). 

So, what do you do with all those e-mails?  Delete them?  It depends.  I’m a believer that you may never know when you may need a particular e-mail at any given point.  This is why Outlook has created such a wonderful thing called “Folders”!  I create larger categories, as you will see below.

I assist Phil on issues that relate to his law firm, Kavesh, Minor & Otis (“KMO”), as well as with The Ultimate Estate Planner, Inc. (“UEP”).  Additionally, I assist Phil in monitoring his e-mail (which includes his list serve subscriptions).  I keep these folders all separated, as it helps me find things immediately when I need it.  As you can tell from the image above, those folders then have sub-folders.  Those sub-folders will be even more specific to allow me the easiest way to find an old e-mail.  What’s great is that those e-mails are always there and won’t need to be pulled up from the Archives, if you have to go searching for them.

Set Up Rules for Your E-mail.  As mentioned above, I have separate folders for the various e-mail that I monitor, which includes Phil’s subscriptions to multiple list serves.  I am able to do this by setting up Rules inside Microsoft Outlook.  I only do this for the purpose of separating out the type of e-mail (KMO e-mails versus UEP e-mails, my e-mails from Phil’s e-mails and Phil’s list serve e-mails).  I do not recommend that you use the Rules feature for any and all kinds of e-mails.  That will just result in more work later on and tens to hundreds of different folders you will have to monitor to check for new e-mail.  This is just to segregate large stuff. 

To setup Rules for your e-mail in Microsoft Outlook, go to Tools and select “Rules and Alerts”.  A menu will pop up that will allow you to create, edit, delete and manage your Outlook e-mail Rules.

You will be able to then set the parameters of the rule, which can be based on where the e-mail was sent, who sent the e-mail, what the subject includes, and then what you want Outlook to do with the e-mail.  For the purpose I am recommending, you will set the rule to “Move it to a specified folder” and then you will want to specify which folder you want the e-mail to be moved to.  Voila!  No more list serve e-mails cluttering your inbox and, if you’re like me and you monitor multiple e-mail addresses, there’s no confusion about whom the e-mail was intended for.

Clear Your Computer Desktop.  One of my hugest pet peeves is having a ton of icons on the computer desktop.  Again, going back to what clutter does to the psyche - - the cleaner and simpler you can keep things, the better.  Have you ever saved something to your computer or your desktop and spent far too much time trying to find it?  It’s very simple.  Just like my advice in the past about keeping your office and desk organized, keep your computer desktop clean too.  Some of you may be thinking, “But, it makes it so easy to have everything available at my fingertips.  I don’t want to have to go looking all throughout my computer to find a program or folder.”  Not a problem.  It’s very simple, actually.  Just start utilizing the “Quick Launch” toolbar at the bottom of your screen.

Simply right click on your toolbar at the bottom, go to “Toolbars” and select “Quick Launch”.  You may already have it checked, which means you already have it.  But, now is the time to put the applications and folders on the toolbar that you want to be able to access quickly. 

Here's what I have.

(click to enlarge)

I keep the “Show Desktop” button on, which minimizes all windows when you need to easily access your desktop.  I keep my Internet Explorer button handy for accessing internet, along with the various folders and drives that I may access frequently.  Then, I have all of the other programs and applications available on the drop down (when you click the >> arrows).

Other than my Recycle Bin, the only other thing that I have on my desktop is a folder I call my “Current Works in Process” folder, which has shortcuts and documents that I want to quickly access and includes items I’m working on currently.

Folders, folders, folders.  Aside from e-mail, there’s another place on your computer that you may also need an e-filing system of some kind and that’s either on your computer directory (My Documents) or, for some, may even be on a centralized server setup for your office.  Just like keeping a tidy desk, a tidy computer desktop and a tidy Outlook inbox, keeping your electronic files tidy and organized is also equally as important.

I assist Phil with tasks related to his law firm, to The Ultimate Estate Planner, Inc., as well as some personal items.  Therefore, I have three separate main folders: KMO (for his law firm), UEP (for Ultimate Estate Planner) and PJK (for Phil).  This keeps these items separate.  Depending on whether I have a letter, document, contract or some other electronic file I may have to file away, I determine whether it’s related to these.  This makes locating files much easier.  And, of course, like with the Outlook folders, each of these main folders has sub-folders that categorize them in even further detail (including by year for some). 

Honestly, whatever works for you is best, but just keep in mind that the more you can categorize and be detailed in how you name files and file away electronic files, the easier it will be to find things.  Think about it - - would you rather sort through 100 folders, which then each contain 10 sub-folders with 5 appropriately filed documents, or sort through one large folder with 5,000 files?

Naming Files.  And, of course, the previous brings me to this final tip, which is the “science” of naming electronic files.  I am teased at times for having extensively long file names, but my system has yet to fail me.  I will use brief (2-3 word) descriptions, event names, revision dates and whatever else that may be useful to help identify what a document contains.  This helps in organizing and determining if certain versions you have are older, as well as preventing you from having to open up each document to identify what they are.  Combining very carefully thought out file naming with file folder organization is really a match made in heaven for any assistant, as well as any busy executive!

I know that these tips may seem like common sense, but after years of assistant experience and working with different people, I can honestly say that while it may seem “common”, it’s not commonly practiced.

Even implementing just one or two of these tips will make any assistant (and executive) more efficient and is a huge step towards becoming more “electronically organized”.  Keep in mind, when an assistant becomes more efficient, it frees up her or his time to do the types of truly important tasks that can really benefit a busy executive.  And, the same goes for executives and their level of productivity!  So, what are you waiting for?  Clean up that computer desktop, clear out that inbox, start utilizing folders and create easily identifiable e-file names.  You will be glad you did!

Assistant Tip #4: The 4 "D's" of Being a Better Assistant (and More Efficient Executive, too!)

Whether you’re a busy executive or the assistant to a busy executive, you know the feeling of having far too many things to do in a day than hours available, right?  There are a lot of different tips and ways that you can handle such a workload.  One such technique of determining how to handle a heavy workload is something that Phil actually taught to me.  It’s the 3 “D’s”: Do It, Delegate It, or Destroy It!

Start by looking at your To Do List - - which I hope all of you have, because if you’re not, that’s a whole other story for developing habits for efficiency and organization (see Assistant Tip #1).  It’s important to list your tasks in a To Do List, so you can then determine where each task falls under the 3 “D’s” below. 

DO it.  The first of the 3 “D’s” is DO it.  There are some tasks that you, and only you, can do.  These tasks are the ones you determine need to stay on the To Do List and, from there, you can prioritize which ones need to be done in what order.

DELEGATE it.  The second “D” is DELEGATE it.  This is one that most people struggle with, especially those Type A personalities and perfectionists.  It really involves a lot of trust in others and was definitely an area that I personally struggled with.  I felt like I couldn’t delegate a certain task somewhere else because it might not get done right or I know how Phil would like to have that done and the time and extra work involved to train and supervise someone else to do it would not be worth it, so I should just do it.  That mentality really started to affect my level of efficiency, because now I was unable to complete certain things because of a lack of time or other priority projects repeatedly bumping them. 

Ultimately, I had to determine that nobody would ever be able to learn how to do certain tasks and allow me an opportunity to delegate unless I started to give up some of the control and started trusting others to take on those tasks that could be delegated away.  As a result, we were able to free up my time to do the things that I do need to do and, frankly, that I enjoy doing (like blog writing and interacting with attorneys and advisors on a daily basis!). 

Start by delegating some relatively simple tasks that you ordinarily take on, if there are others in your office that could be doing them instead.  For example, there can be some downtime for your receptionist between answering phone calls and assisting clients, which is great for doing certain tasks like sending out letters or putting together manuals. 

Delegating some more complex tasks may take a leap of faith, but you may be pleasantly surprised to find what others can take on when empowered to do so.  In fact, don’t tell Phil I told you this, but it took him some time to realize that I was capable of writing.  He started to build up a level of trust in me in the area of writing and has since allowed me the opportunity to assist him in doing initial drafts of correspondence, proposals and contracts and has now entrusted me to post blog entries (for UEP and his law firm), modify both company’s websites, create monthly newsletters for the law firm, and even draft some of the marketing pieces!  (Thank you, Phil!)

Whether the task is simple or requires some training and supervision, once you learn to build up that trust and feel comfortable to delegate tasks to others, you will find that a lot more can get done.  What’s that lovely saying?  You can do more in teams than as an individual?  Something like that.

You probably won’t be able to jump in the pool right away, but you will need to dip that first foot (and, if you’re like me, maybe it’ll just be that first toe!) into the water! 

DESTROY it.  Last, but certainly not least, my favorite of the 3 “D’s” is DESTROY it.  This is one of those where if you can use it and simply “destroy” a task, it’s great.  However, unfortunately, not all tasks that are on our plate are capable of being “destroyed”.  But, destroying tasks is necessary when you have far too much on your plate and you must weigh the benefits versus the cost to take on such a task (and, remember, your time is money too!).  It’s okay to decide not to do things!  If you can’t “destroy” a task, then at the very least, you may determine it necessary to DELAY it until other tasks that are more important are completed.  And, that may also allow you an opportunity to delegate as well! 

So, the next time you feel overloaded with things to do, go through your To Do List and determine what tasks you can DESTROY (or, at the very least, delay), DELEGATE to someone else, and the ones that you will have to DO.  Better yet, make this determination immediately when items come to you and get placed on your To Do List!  I’m sure once you master this, you will free yourself up so that you’re starting to do the tasks that you need to do, and hopefully the ones that you enjoy, too!

Well, that’s it for the tips to being a more efficient assistant.  I hope that you found these tips helpful and since it’s usually the busy professionals reading our blogs and e-mails, you might want to be sure to pass along this blog entry to your assistant!  If you’re interested in having me personally come in and consult with your assistant and even train him or her on some of the concepts mentioned in this blog entry, please feel free to contact me directly and I can give you more information about what services we have available. 

ABOUT THE AUTHOR.  Kristina Schneider has been with The Ultimate Estate Planner, Inc. since July 2004, providing administrative support to Mr. Kavesh, along with sales and customer service support for clients and prospective clients. Kristina was originally brought on to coordinate and facilitate all of the "Missing Link" Boot Camps and served as Phil's Executive Assistant at the Law Firm of Kavesh, Minor & Otis for over 7 years.  Kristina currently assists both companies with marketing, including e-mail newsletters, blogs, and the company websites.  Through Kristina’s direct hands-on experience in Phil's law firm, Kristina has been able to assist numerous professionals - - and equally as important, their staff - - in the successful implementation of Phil's products and systems.  Kristina graduated with a Bachelor's of Science Degree in Business Administration from Pepperdine University in 2004.   She currently resides in Los Angeles and, in her spare time, enjoys playing club basketball, reading and writing, including assisting various companies with their blogs.  She is a big hockey fan (thanks to Phil) and enjoys cheering on the Los Angeles Kings.

This post has been brought to you by The Ultimate Estate Planner, Inc., providing practical, tested and proven technical and marketing products to help estate planning professionals throughout the country build their practices.  Connect with us on Facebook, Twitter or LinkedIn.

Thursday, February 23, 2012

How to Thrive in the Under $5 Million Estate Market

By Philip J. Kavesh, J.D., LL.M. (Tax), CFP^®, ChFC, California State Bar Certified Specialist in Estate Planning, Tax and Probate Law

I and many practitioners have over the years built successful practices on what I call the “middle market”, that is, estates valued anywhere from $500,000 to $5 million.

This level of estate planning practice faces a number of challenges today unlike any we have had in the past.  Our services have become commoditized into mass produced documents, with increasing low-priced competition from the internet, do-it-yourself packages, non-attorney paralegals and bargain-priced attorneys.  Plus, with the new $5.12 million Federal Estate Tax exemption amount for 2012, there is now reduced need for advanced--level estate tax planning and post-death administration. 

Should You Even Stay in the Under $5 Million Market?

Given all these challenges, I have heard many practitioners say that it is time to quit the under $5 million market.  I couldn’t disagree more. 

First, the greatest potential market share is comprised of less than $5 million estates.  I have read various statistics which estimate that estates over $5 million represent less than 2% of the overall estate planning market.

Second, the middle market consists mainly of those described as the “Millionaire Next Door” (profiled in the famous New York Times’ bestseller of the same name by Thomas J. Stanley).  These are the “Moms and Pops of America”, the great unserviced, silent majority, who don’t typically have a long-term, fixed attorney relationship.  Maybe they have worked with an attorney here or there for a specific matter or maybe for a “one-shot” estate plan, but they have basically been “orphaned” by the legal profession.  These are the easiest people to reach, close and get to refer their other friends to you.

Third, if you have a high net worth practice, by also offering planning to the middle market you can generate the cash flow you need to live on while you are “hunting white elephants”.

Fourth, you can develop a volume practice in this middle market that will allow you to retire someday!  If you have only a few, high net worth, “high touch” clients that require you to always be meeting with them, it will be much harder to transition them and it will be a far greater risk if you try; if you lose a few large clients, that’s a big hit on your total revenue.  If you have more of a volume practice, you can gradually turn over your clients to your junior associates and phase down (that’s what I’ve done).

Assuming that I have now convinced you to stay in this middle market, how do you overcome each of the challenges that I’ve pointed out and not only survive, but thrive?

Fight Back Against Commoditization and Low-Priced Competition

Some practitioners have just ignored these issues and have decided to do something completely different (or the opposite), focusing only on the “high touch” approach, over-servicing a few clients at higher fees.  The problem is, in this middle market, will there be enough of these types of clients willing to continue to pay significantly higher fees?  Will you be able to generate enough consistent cash flow?  And, if so, how much constant work will you have to put in for each client, that will effectively reduce your net profit? 

Consider the possibility of having two practice models side-by-side, like low and high end models in a Mercedes Benz showroom.  Maybe you can retain your high touch model for larger estates and a different model for estates under $5 million.

My approach to the under $5 million market is different than the high touch model.  I accept that we have become a “commodity” and show prospective clients why mine is better.  Where in any industry there is a Coca-Cola, there’s always room for a Pepsi.  You can actually leverage off the marketing done by the other competitors in your market.  Check out what they offer versus what you offer and show people how to comparison shop as part of your “consumer education” marketing approach.

For example, you can emphasize the importance of counseling as a part of what they get when they work with you, an estate planning attorney.  Emphasize that attorneys have, in the past, been called “counselors at law” and how important it is to see a skilled professional to assist with important choices, such as the following. Who should be the Trustee? Should there be Co-Trustees?  Independent Trustees? Distribution Trustees?  Who should be guardians?  Who should be the health decision makers?  How and when should each beneficiary receive his or her inheritance in the best manner?  And, of course, there is the counseling necessary to resolve special issues with blended families (children of prior marriages), LBGT couples, business succession planning, specific bequests and equalization formulas.  Emphasize how there are many decisions to be made, even before “filling in the form” or preparing their document - - and that “one-size-fits-all” planning may be the worst thing that people may do!

You also want to emphasize why your “hard package” (yes, your commodity!) is better and more complete.  This is also, of course, how you will justify the value of your higher fees.  This is not a technical article, but there are many unique features to your Basic Living Trust plan that probably do set you apart from plans of your competitors - - everything from “flexible” A-B trust provisions, HIPAA and Medicaid features, and custom-fit beneficiary trusts (lifetime, spendthrift, special needs and beneficiary defective asset protection trusts - - with special flexibility features like powers of appointment and trust protector powers). You can also emphasize the additional features of your overall trust plan, what I call the “support mechanisms” that make sure that the plan will actually work properly when the time comes - - things like title transfers, or adjunct materials like an Owner’s Manual and Health Document Emergency Card (such as Docubank).  You can also add on, for people with larger IRAs, a Stand-Alone IRA Inheritance Trust.  Finish by simply posing the question, “Do those other low-priced plans do all this?”

You also can emphasize service after the sale, which they don’t get from the low-priced competition.  Some practitioners utilize a maintenance program at an additional fee, but I favor a free service package approach with the under $5 million market.  I’m not going to get into here the reasons why.  In either case, you can provide such things as periodic updates or seminars as laws and planning techniques change, a newsletter, periodic review meetings and a free Trustee meeting when the time comes that the Trustor is disabled or passes.  Be sure to “show and tell” prospective clients all the things that set you apart.

Combating the Reduced Need for Advanced Level Estate Tax Planning and Post-Death Administration

Even in the middle market, there are still a few simple, advanced level building blocks that can be placed onto the Living Trust foundation.  The key is to emphasize not so much the estate tax benefits of these planning devices, but more so their asset protection benefits, income tax benefits and succession management benefits (keeping assets in the family).  When describing these simple advanced techniques to middle market clients, just like with your basic product, you want to emphasize how your advanced product is also superior.  Examples of these products are: Dynastic Flexible Irrevocable Gifting Trusts (“dynastic” may mean even utilizing another state situs and by “flexible” I mean power of appointment and trust protector features that permit change of Trustee, beneficiaries and how and when they get their inheritance); LLCs and Self-Settled Trusts, particularly if clients own a business or rental real estate (again, possibly in another state utilizing better asset protection laws); Life Insurance / ILIT, emphasizing estate building and its use later as a “family bank” to acquire more property and wealth or, for use in equalization of bequests, and designing them too as “flexible”); CRTs for sales of appreciated assets without capital gains tax; and, QPRTs as a way to hedge peoples’ bets about estate tax in times of uncertainty, particularly in the middle market where they may not want to make substantial gifts of investment assets they may need later to live on.

Your post-death administration may go down for estate tax purposes, but if you have done better lifetime planning, which includes continuing trusts for beneficiaries (even if they are beneficiary-controlled trusts), you clearly have more opportunity for next-generation planning, such as when testamentary limited powers of appointment need to be exercised.  And, even if clients come in for administration meetings where there is little more to do than a distribution deed, there is always an opportunity to make referrals to other professionals (who hopefully will refer back to you), such as a CPA or financial advisor, or to work with the client’s existing advisors and establish new business relationships.

Obviously, I could go on further in much more detail; however, given the limited space of this article, I trust that this will give you a good starting approach to being successful in the middle market.  Perhaps, in a future article, we can address another issue or “challenge” so many practitioners in this market face - - how do you attract and bring in these clients?

This post has been brought to you by The Ultimate Estate Planner, Inc., providing practical, tested and proven technical and marketing products to help estate planning professionals throughout the country build their practices.  Connect with us on Facebook, Twitter or LinkedIn.

Photo Credit: westbound415.com

Friday, February 10, 2012

The eBoot Camp's Valentine's Day Gifts to You

Phil Kavesh here to share with you a very special Valentine’s Day Gift that I am passing along from a dear friend of mine.

A little over a year ago, I had the fortunate opportunity to pick up a copy of The eBoot Camp’s President, Corey Perlman’s, book entitled, The eBoot Camp: Proven Internet Marketing Techniques to Grow Your Business.  Some of my favorite marketing minds and authors had endorsed the book for small businesses and as a self-proclaimed internet dinosaur, it was not only an easy read, but I could tell that Corey knew what he was talking about.

Corey then informed me of a 2-day Seminar he was holding where he would spend time with me and other attendees on the concepts of internet and social media marketing for our businesses.  More so, he was going to give us hands-on, personal consultations about our website and our current internet marketing plans.  I was convinced that I needed to go, but the seminar was in Florida and my schedule wouldn’t allow it.  He then offered me the option for a personal consultation while he spent a week with several other businesses in Los Angeles - - an offer I couldn’t refuse.

It was time and money well spent and we have already incorporated a lot of Corey’s ideas into not only my law practice, but with The Ultimate Estate Planner, Inc. as well. 

Corey sent me an e-mail this morning with my Valentine’s Day gifts from him.  Good thing Kristina and Megan monitor my e-mail, because I might have deleted it (joking of course, Corey!).  It was filled with different offers that I asked Corey if we could pass along to all of you and he replied back with a resounding, “YES!”.  So, here you go.

The eBoot Camp’s Valentine’s Day Gifts to You
by Corey Perlman

Gift #1: A Tip

Engagement is an important piece of the social media puzzle and occasions like Valentine's Day are great for connecting with your prospects and customers. 

If you're going to send out a Valentine's Day email or post to your social media sites, here are a few tips:

• Give sincere appreciation. Valentine's Day is about telling people how you feel. Take the opportunity to tell your customers, contacts, fans, co-workers, etc. that you appreciate them and are thankful for their business. 
• Use video or pictures. Two years ago, I posted Happy Valentine’s Day on my Facebook business page and got very little in the form of engagement. Last year, I also included a cute video of a lion and his trainer reuniting after being separated for a year. It got a lot more responses and engagement from others. Videos and pictures are worth 1,000 words! 
• Ask them to engage! Ask for a funny Valentine’s Day date story or ask them to 'like' your post if you helped remind them to go get something special for their significant other. 

________________________________________________________

Gift #2: A Video 

My friend Erik Qualman (Social Media Revolution) is at it again and shot a great social media video with a Valentine's Day theme. Enjoy and share it with your community as well: http://www.youtube.com/watch?v=6vY9Nd3Pft8

________________________________________________________

Gift #3: A Free Webinar 

Time is limited, budgets are thin. But we all know social media is here to stay. I will share five tips YOU can implement right now to increase your reach and see a better return on your web marketing efforts. If you're in charge of your social media marketing, don't miss this session. 

It will be February 23rd from 12pm-1:15pm EST. 

Here's the link to register: 

Social Media Webinar: 5 Ways to Maximize Your Efforts

________________________________________________________

Gift #4: A Deal

We're at about 50% capacity for our 2-day Workshop in Atlanta, so we're going to have a great group of entrepreneurs, business owners and marketers. 

At the 2-day on March 22nd and 23rd, you will:

• Receive recommendations to improve your Website.
• Make sure you rank well on Google.
• Start a Wordpress blog and learn how to update it. 
• Makeover your LinkedIn profile. 
• Learn to use Twitter efficiently and effectively - never miss a Tweet about you or your business.
• Start using Google+ and I'll share why it's going to rival Facebook and Twitter. 
• Work on strategies for better email marketing and video marketing.
• Leave feeling confident on exactly what you need to do on the web to be successful.

Deal #4 - You're getting $200 off the price. 

Deal #2 - You get to bring a colleague for free. 

Deal #3 - I'll give you a 1-year subscription to our Geek for 1-Hour a Week program. 

That's about $2,000 worth of a DEAL! 

Register between now and February 14th (pssst- that's Valentine's Day!) 

Here's the link: www.ebootcamp.com/seminars

Corey really helped my practice out and got the ball rolling for me to enter the 21^st Century in marketing.  If you aren’t ready to commit to his seminar, then at the very least, visit the eBootCamp’s website, sign up for his e-mails, read his Blog, and connect with him on Facebook, Twitter, and LinkedIn.

This post has been brought to you by The Ultimate Estate Planner, Inc., providing practical, tested and proven technical and marketing products to help estate planning professionals throughout the country build their practices.  Connect with us on Facebook, Twitter or LinkedIn.

Photo Credit: eBootCamp.com

Wednesday, January 25, 2012

Top 10 Trends in Wealth Management

Reposted from AdvisorOne

Whither wealth management? The industry will continue to undergo radical changes that began in 2008, according to a detailed, 30-page Aite Group wealth management report released Friday.

In a report that identifies the top 10 trends that Aite foresees for wealth managers in the coming year, the Boston-based research and advisory firm warns that many of those trends will affect business models, profitability pressures, investor requirements and more.

“Wealth management firms will be required to quickly and frugally rethink the way they do business in order to be successful in a challenging market environment," says Aite in the introduction to its “Top 10 Trends in Wealth Management, 2012” impact note.

Here are the Top 10 wealth management trends to expect in 2012:

1. Market Reshuffle, Continued. Breakaway brokers, acquisitions by broker-dealers and private equity firms and changes in how advisors and investors approach control over their money will affect the market in 2012, Aite says in its wealth management report.
   
   At the beginning of the crisis in 2008, Merrill Lynch and Wachovia Securities had to agree to be acquired, while Morgan Stanley and Smith Barney merged. “Given that these four firms represented around one-third of brokerage and advisory assets in the United States, a major portion of the wealth management market has been in transition ever since,” Aite notes.
   
   The bulk of financial advisors who decided to break away from their firm mostly comprised smaller producers who were unable to obtain a lock-in contract. Meanwhile, independent networks like LPL, Raymond James and Cetera that provided a new home for those advisors “will find plenty of opportunity in 2012,” Aite predicts.
    
2. Profitability Pressure.  The room is getting crowded as it becomes more difficult to maintain profit margins: more firms are entering the wealth management field even as lower activity levels by clients and asset levels that have not risen as hoped squeeze businesses.
   
   Competition, outsourcing and the need for economies of scale will continue to pressure wealth managers, Aite predicts.
   
   “Similarly, regulatory changes require investments in technology, staffing and training,” according to the report. “Large firms that have a tremendous amount of scale, like Merrill Lynch, have an easier time responding to increased client need for direct (i.e., online or mobile) access to their portfolios and financial information, and to justify the spending related to an online brokerage platform.”
    
3. Wealth Management Revenue for Banks.  Banks are retooling to serve high-net-worth and ultra-high-net-worth clients as the asset share held by mass-market and mass-affluent investors has fallen. As banks seek to replace income lost to new regulations, look to see them more determinedly move into the wealth management sector and woo clients to think of them as their primary service providers.
   
   “We expect more of the large banks to retune or rebrand their ultra-high-net worth groups to better capture this growing market, following on the footsteps of U.S. Bank’s and Wells Fargo’s recent re-branding of their ultra-high-net worth organizations (U.S. Bank’s Ascent Private Capital Management and Wells Fargo’s Abbot Downing group),” Aite says.
    
4. Business Model Changes. Investor behavior is changing, and so is firm behavior as profitability becomes harder to sustain. Another factor sure to exert substantial pressure on the field is the upcoming fiduciary standard, which likely will drive large firms more toward financial planning and fee-based services than a more sales-focused, commission-based approach.
   
   Aite’s analysts believe that more independence on the part of investors will require more accommodation by their advisors for their more autonomous behavior.
   
   “Advisors who can view their clients’ information online can more effectively service and provide the expert advice that investors appear to value,” the Aite report says. “In 2012, we expect firms to expand the role of client portals and to open up Web-based business applications to investors, particularly financial planning applications, in order to improve advisor productivity and investor engagement in the process.”
    
5. Self-Directed Investing.  Part of that more autonomous behavior by investors is self-directed investing, even among older clients and those with greater investable asset balances, says Aite in its “Top 10 Trends in Wealth Management, 2012” impact note. Client desires to control their own investments will require wealth managers to be able to accommodate those wishes, with platforms that allow more activities and provide more transparency on fees and performance.
   

   “Online trading platforms are no longer the bastion of the young and less wealthy,” the report says. “Based on Aite Group’s Q4 2011 survey of 1,010 investors, high-net-worth households with more than $1 million in investable assets were more likely to consider an online brokerage firm their primary investment provider than households holding between $25,000 and $99,000 in investable assets.”

6. A Less-Than-Ideal Investment Climate.  Investors have become somewhat disillusioned with conventional investing and have turned more toward gold, the use of exchange traded funds rather than equity shares and more focus on trading and less on buy-and-hold strategies.
   
   “The safest bet, in our view, for 2012 is to invest in online trading capabilities. Investors are clamoring for these services, and online brokerages may see outsized revenue increases in times of high volatility. Retail brokerage income potential serves as a natural hedge to revenue drops experienced by lower fees and net interest income,” Aite says.

7. Copy Trading. Aite Group anticipates that this will be the year when copy trading makes serious inroads into retail investing.

   Copy trading is a byproduct of volatility and allows experienced traders to trade their own accounts (the constant), according to Aite. But it also allows retail traders (the multiplier) to tag along. The net effect from a volume perspective is that a trading desk’s copy-trading volumes grow in linear fashion as new traders join.

   “Copy trading is one emerging financial service holding promise because it improves the outlook of all three pillars of wealth management (asset gathering, trading volume and fees), particularly during this period of low yields and uncertain economic conditions.”

   Of the six leading copy-trading firms evaluated by Aite Group, two firms active in forex markets (Currensee and eToro) “possessed an investor experience and trading expert screening methodology worthy of further study.”

8. Mass-Affluent Retirement-Income Initiatives.  With so many investors in the mass-affluent and lower-mass-affluent tiers determined to work longer and defer the need to draw on their retirement assets, opportunities abound to provide planning and rollover opportunities for them—and for higher-asset wealth groups as well.

   More annuities and a more holistic approach to financial planning will mark this arena, Aite believes.

   “The boomers’ life story offers up seismic opportunities for retirement income planning opportunities for all segments, but real work still needs to be done to provide retirement income planning for those in the lower-mass-affluent region (from $100,000 to $250,000 in investible assets) and beyond (for the $250,000 to $1 million client).”

9. Advisors Seeking More Control.  Firms supporting advisors' practices and their more independent business models will find more opportunity as AUM fee-based models increase, says Aite in its “Top 10 Trends in Wealth Management, 2012” impact note.

   This trend fits well with the rise of fee-based business models, and managed accounts also offer overlay fees.

   “As the managed-account industry has evolved, we’ve seen the dominance of wirehouse firms become encroached upon,” Aite says. “Other channels have come to embrace separately managed account concepts due to improved overlay portfolio management and model-based investment management practices.”

10. Mobile Initiatives.  Applications that put investors in touch with their accounts anywhere, any time are becoming ever more important, but the segment of the wealth management industry that relies heavily on advisors to work with clients has not adopted such apps as quickly as wirehouses, Aite warns.
    
    But that is changing as both advisors and clients rely more heavily on being connected at all times.
    
    “The leading online brokerage firms?Fidelity Investments, Charles Schwab, TD Ameritrade, and E*Trade?have developed applications that allow individual investors to access their brokerage and banking accounts through mobile devices. These new technologies allow online brokerage firms to move closer to their customers,” Aite reports.

This post has been brought to you by The Ultimate Estate Planner, Inc., providing practical, tested and proven technical and marketing products to help estate planning professionals throughout the country build their practices.  Connect with us on Facebook, Twitter or LinkedIn.

Photo Credit: AdvisorOne.com