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The Management Letter

The Newsletter for Branch Office Managers and OSJs

October 10, 2011

How to Guide Your FAs through Turbulent Times
Managing Retirement Account Withdrawals in Volatile Markets
UBS Says Headhunters Playing Dirty, Unfairly Smearing the Firm
Working With Pro Athletes: Dream Clients Can Also Be A Nightmare
Future of Social Media Regulation Will Be Shaped By ‘Poster Children’
A Big-Shouldered RIA in Chicago Leaves Raymond James for Full Independence

Feature Story

How to Guide Your FAs through Turbulent Times

By Susan Konig

As the market volatility that re-emerged this past August continues, advisors in your branch are likely feeling the kind of pain and anxiety they did at the height of the financial crisis in 2008. (In August, amazingly, we found that many clients of FAs we spoke to were not worried and keeping the course.) But, FAs do tell us that clients are paralyzed, not wanting to make any investments. Investment company institute mutual fund flows show that retail investors have been pulling money out of domestic equity funds for five years running. So many investors have lost faith in financial institutions and “big” business in general -- (the “Occupy Wall Street” movement is just one indicator) -- that clients’ fear is growing.

What’s an FA to do? They’re still responsible for helping their clients make sound investment decisions that will help them meet their goals. And, branch managers must guide and motivate FAs to keep a positive attitude. While doing so can indeed be challenging in times like these, industry experts says that there are a number of things that can make a real difference in your advisors’ lives and, consequently your own. Below are some tips:

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Today's News

Managing Retirement Account Withdrawals in Volatile Markets

By Stan Luxenburg

Retirees have long struggled with a difficult question: How much can you spend each year without going broke? Before the financial crisis, many analysts suggested that it was safe to make an initial withdrawal of about 4 percent of assets. But after markets collapsed in 2008, some advisors began suggesting that the old rule of thumb needed to be amended. “There are times when it is not realistic to stick to a 4 percent withdrawal rate,” says Christine Fahlund, senior financial planner with T. Rowe Price.

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UBS Says Headhunters Playing Dirty, Unfairly Smearing the Firm

By John Aidan Byrne

The U.S. wealth management arm of UBS is accusing some headhunters of playing dirty tricks. That’s as the business, UBS Wealth Management Americas (WMA), rides out the sensational trading scandal at the London offices of UBS, pushing forward with recruitment plans and gathering assets, people familiar with the firm told Registered Rep. Despite extensive media coverage describing nervous financial advisors and clients at the firm, insiders contend that much of this unflattering coverage is over-the-top. And it is partly fuelled, they charge, by headhunters for rivals seeking to destabilize UBS WMA.

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Working With Pro Athletes: Dream Clients Can Also Be A Nightmare

By Charles Paikert

In theory, working with professional athletes sounds like a wealth manager’s dream come true. The players are famous, have a lot of money and usually need a lot of help. But be careful what you wish for, say veteran observers: working with professional athletes can also be a nightmare.

The latest firm to take the leap and target the potentially lucrative, but also perilous, pro athlete market is Constellation Wealth Advisors, the fast-rising New York and Silicon Valley-based wealth manager that has racked up approximately $4.5 billion in assets under management in just four years.

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Future of Social Media Regulation Will Be Shaped By ‘Poster Children’

By Diana Britton

The industry will shape the future of social media regulation, as FINRA auditors get out in the field and see how reps are using social media, said Stephen Selby, director of regulatory services for LIMRA, during a webinar Friday afternoon.

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Featured Blog Post

A Big-Shouldered RIA in Chicago Leaves Raymond James for Full Independence

By Jerry Gleeson

Financial Strategy Network LLC, a Chicago-based practice with $550 million in assets under management, has broken away from Raymond James Financial Services and launched its own full-service registered investment advisor. The four partners in the practice—Jim Weil, Craig Richart, Jeff Toner, and Steve Merdinger—will custody with Pershing Advisor Solutions. FSN caters to clients with net worth of $2 million to $20 million; the average portfolio is $1.5 million, Weil said in an interview with Registered Rep. today.

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