The Wealth Consigliere

 

Changing Jobs

By Jeff Spears | August 29, 2014

Changing Jobs

I write blogs to share the many lessons I’ve learned in my personal and business life and to remind myself of these lessons. As a blog writer, the good news is that this list of lessons grows every day.

One area of intensive focus in my career has been why people change jobs.

It’s a topic I know something about personally.

Over the years, I’ve recruited many people to new opportunities, and it’s the focus of my work at Sanctuary. I’ve also switched jobs myself eight times – seven by choice and one by demand.

Continue Reading »

Death of the Bake-Off

By Jeff Spears | July 24, 2014

Death of the Bake-Off

The bake-off has been a Wall Street institution for decades.

The firm that fares the best in this toe-to-toe competition for new business captures the prize, which is typically a lucrative deal.

Wall Street’s usual strategy in this winner-take-all sweepstakes has been convincing a client of the firm’s omnipotence.

That old school approach is wearing thin.  

Today, prospective clients are applying an alternative criteria that factors in the firm’s corporate reputation, social conscience and the way it communicates via digital channels.

Continue Reading »

Wealth Management Y2K Event

By Jeff Spears | July 01, 2014

How Will You Respond?

WARNING: This post is very “inside baseball," but it is intended to help advisors and their clients have a productive conversation about their future.

The industry discussion about the maturing, seven-year retention loans for the top Wall Street brokers is starting to resemble the Y2K hype.

In the years leading up to 2000, most any company with a technology platform was scared into taking expensive action. Stoked by a media frenzy, companies spent freely to prevent the Millennium bug from wreaking havoc on their operations.

Continue Reading »

The Graduation Speech You Won’t Hear This Spring

By Jeff Spears | May 30, 2014

Work, Family and Friends: How Do You Achieve Balance?

It’s graduation time, and the soaring rhetoric about what’s possible is running thick across America.

Each day, another luminary delivers a mesmerizing commencement address, recounting how they became wildly successful in their field.

Amid all of the pageantry and self-congratulations is one speech you won’t hear: Success at the expense of your family and friends is a hollow victory.

In other words, there’s a lot more to life than just work.

Continue Reading »

Nothing New

By Jeff Spears | May 02, 2014

Michael Lewis, author of the recent book about high-frequency trading, lit up the business media recently with his pronouncement on 60 Minutes that the stock market is “rigged.”

Lets put aside the fact that hyperbolic soundbites, played out on a national stage, are a good way to promote a book.

If you examine Lewis’ premise, he’s off.

Continue Reading »

Don't Be Controlled By The Calendar

By Jeff Spears | April 14, 2014

As Tax Day approaches, we are reminded of the power of the calendar.

April 15 is a date all responsible citizens are required to respect. However, all too often, wealth advisors become slaves to the calendar and allow vital elements of their business to be ruled by it.

It’s a question worth examining because there’s no real reason for it.

Continue Reading »

When I Was Your Age

By Jeff Spears | March 31, 2014

My late grandfather, who was born in 1910, loved to reminisce about the good old days.

“When I was your age,” he would say, “I used to walk to school with all of my brothers. Didn’t matter what the weather was. While we were trudging along, in sometimes freezing conditions, we always had a good time horsing around.”

We clearly got the point: The good old days seemed so much better.

We all knew they were much harder, too.

Continue Reading »

Income Inequality And The $19 Billion WhatsApp Deal

By Jeff Spears | February 27, 2014

The recent news cycle has been dominated by two very different stories that fascinate us: Facebook’s eye-popping, $19 billion deal for WhatsApp and the Obama administration’s growing concern about income inequality.

How can these seemingly disparate points-of-view reconcile each other?

Through the Pareto Efficiency Criteria, a well-respected economic theory about optimal economic growth.

Continue Reading »

RIA Rankings: Should We Care?

By Jeff Spears | January 31, 2014

It’s rankings season, and we’re not dreaming of March Madness just around the corner and our chance to win a billion dollars.

We’re talking about the wealth management industry’s plethora of benchmarks: Barron’s Top 1000 Advisors, InvestmentNews’ Top RIAs, Financial-Planning’s Top 50 Fee-Only Advisors. The list goes on.

Since Wall Street’s instinct is that bigger is better, there’s glamor for both individual advisors and RIAs for topping these lists.

Continue Reading »

Disintermediate Yourself

By Jeff Spears | January 03, 2014

The history of disintermediation has been very painful for industries and professionals of all kinds.

Most never see the dislocation coming. In the information age, we’re savvy enough to realize that continual innovation will change the way we do our job.

Continue Reading »