Page 42 - Investment Advisor September 2021

and strategic portfolios, 2) life and legacy planning and 3) Hightower Advisors’ Hightower Center for
enhanced and expanded impact initiatives centered on values- Leadership (HTCL), launched in 2020, is a
based investing, next-generation preparation, the firm’s wom- two-year education and training certificate
en’s advisory institute and supporting the military veteran program designed to empower and engage
community. The program’s goal is to put measurable mile- soon-to-be partners, lead advisors, relationship managers, opera-
stones in place for clients by creating a road map to meeting tional professionals, business managers and those involved with
their life and legacy goals while creating consistent messaging strategic decision-making. It provides simulation-based training
throughout all of Beacon Pointe’s 21 nationwide offices and on team dynamics, operations decisions, equity structures and
advisory teams. organic growth. A subset of HTCL is the Advisor Growth Series,
a 20-week program for growth-minded advisors of weekly meet-
BNY Mellon Wealth Management ings, small group lessons, and monthly check-ins and exercises
has introduced Active Wealth, a that take advisors through the steps necessary to propel business
framework that empowers high- growth while networking and collaborating with peers.
net-worth and ultra-wealthy clients
to build and sustain their wealth using five key practices: Schwab Advisor Services’ RIA
investing, borrowing, spending, managing taxes and fees and Benchmarking Study produces
protecting assets and legacy. To better equip advisors, the peer data that lets advisory firms see how their businesses are
technology, digital and advice team launched AdvicePath, performing in the marketplace, with insights on key perfor-
whose interface and visualizations allow advisors to perform mance indicators relative to their peers that encompass asset
financial projections for their clients by adjusting portfolio and revenue growth, financial performance, sources of new
allocations and spending habits. The presentation is designed clients, services and pricing, technology spending, staffing
to provide an effective way to communicate to clients their levels and productivity. In 2020, the study introduced the Firm
current statement, risks, success and sustainability. Performance Index, which evaluates participating firms of all
AdvicePath’s intuitive workflow requires minimal training and sizes and lifecycle stages according to 15 metrics that align
can be used by advisors immediately. with Schwab’s Guiding Principles for Advisory Firm Success,
to arrive at a holistic assessment of each firm’s performance
Clarity 2 Prosperity, a financial training, across key business areas.
coaching and IP development organiza-
tion, launched the Bucket Plan Certified SmartAsset’s Live Connections,
Designation that provides a credential for a client acquisition program for
advisors who have mastered the education and tools needed to advisors, was rolled out near the peak of the pandemic, and
deliver a holistic plan in simplified terms to clients. The certi- quickly picked up 400 new advisors. It is exclusively available
fication indicates that an advisor can deliver a Best Interest to fiduciary financial advisors on the firm’s SmartAdvisor plat-
Planning Process and a customized, product-agnostic financial form. Live Connections reduces advisors’ marketing burden by
plan, which takes into account the client’s income needs, time eliminating the time they spend prospecting, contacting and
horizon, volatility tolerance and tax situation. This process has following up with potential clients. Prospects are vetted
been incorporated into the American College of Financial through an online questionnaire that details critical informa-
Services Retirement Income Certified Professional curricu- tion — financial goals, investable assets and preferences for
lum, and has been recognized by FINRA. working with an advisor — to connect them with a fiduciary
who best meets their needs. SmartAsset’s in-house concierge
CUNA Mutual Group, with its Behavioral team connects consumer prospects directly with advisors.
Finance Advice program, aims to help
advisors structure a practice that uses Succession Resource Group rolled out a
the concepts of behavioral finance to expand opportunities to four-part webinar series in 2020 to assist
connect with clients. An understanding of a client’s values the growing number of advisors who are
provides crucial context for a financial goals conversation, and actively looking to grow inorganically, but have limited or no
assists the advisor in educating and advising clients. The val- acquisition experience. Marketed as an “AUM Accelerator Series,”
ue-added educational initiative is built around the behavioral the four hourlong interactive webinars and supporting materials
finance methodology of conversation and engagement to are designed to provide the next generation of advisors with tools
empower advisors to help guide and prepare clients for and resources they need to be successful in growing their busi-
unplanned life events, improve client decision-making through ness and offering an orderly transition for advisors looking to exit
a values-based approach and differentiate themselves as a the business. The firm has worked with more than a dozen com-
trusted counselor and partner to those they serve. panies, each of which has made it available on their intranets.

40 INVESTMENT ADVISOR SEPTEMBER 2021 | ThinkAdvisor.com