How to Add Value
The Advice Imperative
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Investment Policy: The Heart of Consulting by Stephen C. Winks. The miracle of investment management consulting is how a consultant can translate each investor's unique needs and circumstances into a custom investment portfolio which will achieve their long-term objectives. Investment policy incorporates an intimate understanding of the investor with an intricate understanding of the capital markets and investments, and establishes the parameters of the decision-making model within which the consultant works to add value for the investor. Investment policy is not only the mechanism through which the consultant adds value but is the vehicle through which the consultant establishes their credentials and builds long-term client relationships. This is why investment policy is called the heart of the investment process. (Download in pdf format)
The Asset Study by Stephen C. Winks. Would you like to create immediate credibility with your clients and prospects, and differentiate yourself from competitors? Very few investors have ever had all of their assets looked at as an investment portfolio. (Download in pdf format)
End of an Era by Stephen C. Winks. Are we at the end of the commission brokerage era? Access to financial products is no longer unique, and trade execution has been reduced to a commodity that can be obtained for free. What differentiates the financial services professional is no longer product access or trade execution, but how well they address and manage financial values most important to each client in achieving values most important to each client in achieving their long-term goals and objectives. (Download in pdf format)
ime2: The Formula for Competitive Advantage in the World of Cyber-Advice by Donald B. Trone and Roger C. Gibson. In the not so distant past, the investment advisor's principle competitive advantage was access - advisors held sole dominion over access to investment information and products. Today, investment advice is a commodity and anyone with a mouse can access any corner on Wall Street. (Download in pdf format)
SEC Examination of RIAS Focuses on Full Disclosure and Advertising Involving Exaggerated Claims by Stephen C. Winks. For consultants who have $25 million or more under advisement and are subject to practice examinations by the Securities and Exchange (SEC) every 3-5 years, the SEC will be paying special attention to disclosure and advertising issues .... The formal legal position of the major commission brokerage firms that they are not providing advice tells us how far Wall Street has to go culturally over a very short period of time to effectively make the transition to high level, comprehensive advice. (Download in pdf format)
The New Rules of Internet Marketing by Stephen C. Winks. Are commission brokerage and investment management consulting destined to converge as one very sophisticated delivery methodology for all financial products and services where high level professional investment counsel is routinely provided? Or will investment management consulting and the thesis of adding value remain a distinctly different business and grow like wildfire outside of the conventional brokerage business? (Download in pdf format)
SEI to Assume Responsibility for Account Performance in New MF/MA Platform by Stephen C. Winks. Firms like SEI are inexpensive and assume accountability for the investment results achieved in client accounts. (Download in pdf format)
Has the World Really Changed? by Richard M. Todd. An investment management consultant has a responsibility to assist clients with setting realistic expectations. Much has been written about the historical valuations of the markets and the soaring NASDAQ and technology stocks, but related investment trends should be worrisome to both clients and their advisors. (Download in pdf format)
What Is the New Economy? by Robert Morgenthau, Global Head of Marketing and Distribution, Lazard Asset Management. The new economy is about the radical effects of information on the economy as a whole. What then, is the impact of the information-driven new economy on companies? Where might the consulting business head as a result of the continuing shift into the new economy, and how should we confront these issues? (Download in pdf format)
Building Your Practice Around a Plan by John Daly, Director of Marketing, Spears, Benzak, Salomon & Farrell. The investment management consulting industry is growing almost exponentially as thousands of brokers are beginning to evolve their books toward consulting. All too often, brokers in moving their business into investment consulting neglect to do what they always advise their clients to do: have a plan. (Download in pdf format)