Potomac Fund Management Hires Your Dedicated Fiduciary® to Provide Personal Financial Advice for Staff
Potomac, an investment strategist firm for financial advisors, rolled out a new employee benefit that covers the cost for employees to get financial advice from well-known advisor Vance Barse, CPWA®, AIF® and his firm, Your Dedicated Fiduciary®.
“How do I sell my financial advisory practice or book of business?” Vance Barse, CPWA®, AIF®, who has lectured on succession planning and successfully acquired a retiring advisor’s practice, outlines succession planning strategies for financial advisors and wealth management firms in his latest article for InvestmentNews.
Whether price pressures are transitory or not, with inflation now hovering at a 31-year high, financial advisers and their clients are starting to focus on how to adjust portfolios for the kind of cycle that many financial planners have never confronted.
The cost was “suffocatingly expensive,” said Barse.
Barse also had to consider a healthcare option that met the needs of a growing family. An extra $50 to $100 per month seemed worth the peace of mind in knowing their two children would be cared for, he said.
Barse expects more consolidation in the RIA space, and more private equity taking minority stakes in RIAs.
“I think that wave will continue and gain momentum as the average advisor in this country matures toward the right-hand side of the age bell curve, and people want succession planning, “ he said. “There’s never been a better time to sell than right now. And sellers are getting very handsome premiums, terms and conditions.”
Vance Barse, founder of Your Dedicated Fiduciary, pointed out that diversification has never been easier with the advent and steady influx of customized exchange-traded fund strategies.
“The worst meeting I’ve had was when a couple was referred to me given a very large dollar amount of concentrated stock in the estate. The husband started belittling the wife in front of me, telling her, ‘You brought absolutely nothing into this marriage. Our net worth has been me, all me!’ I promptly closed the meeting and sent them on their way, ending with, ‘We don’t do that here.’”
Tax Smart Investing – Vance on CNBC.com: When It Comes to Investing, It’s Not Just How Much You Make, It’s What You Keep After Taxes
The coronavirus pandemic that has pummeled the stock and bond markets has led many investors to take a closer look at their investment portfolios. While investors are urged to avoid changing their long-term investment strategy during corrections and bear markets, these selloffs can actually create an opportunity to enhance long-term portfolio objectives.
“Given the Fed’s recent rounds of truly unprecedented monetary stimulus, I’ve been re-reading Danielle DiMartino’s Fed Up, which should be required reading for all stewards of capital.”