Many financial advisory service professionals are aware that the need for their assistance is growing, although consumers are still a bit hesitant to spend. These independent advisors may be doing average business with their current clientele, but are not able to grow their businesses the way they’d like. Now is the ideal time to consider a Client Advisory Board to help an advisory group optimize their business model to become more client-centric and drum up additional business. There are many disgruntled clients coming from wire-houses and large stock firms who are looking for someone who values their best interests. There is no reason why that “someone” can’t be you.

Client Advisory Boards can take a look at marketing strategies to see where updates or improvements can be made. For instance, some of the most successful personal financial advisors are using Web 2.0 tools like social media sites and blogs. They also use online meeting software, provide webinars for their clients to learn financial terms and techniques, send personalized emails and provide online vaults. The board may recommend marketing techniques like brochures, seminars, webinars and newsletters. A good financial advisor will need to become increasingly more competitive in the years to come, considering the market for this profession is growing substantially, sending more and more advisors into the field.

A Client Advisory Board can provide damage control on a number of key issues that a personal financial advisor may not have ever realized. Bruce Peters of PeerHQ, a Pittsford NY advisory business consultant, said that one advisor he worked with had planned to spend the entire board meeting talking about his strategic plan for the year, but ten minutes into the meeting, he realized “they had one concern and one concern only: the advisor was switching broker-dealers and his clients were concerned that they would not get the same level of service after the switch.” These clients had many ideas about how their advisor could make a smooth transition to the new firm in a client-centric way. Peters says that, without the meeting, “Clients might have simply left the advisor and he might never have known why.”

The saying “Two heads are better than one” is certainly true of a Client Advisory Board. In fact, most boards have eight members or so, who help their financial advisor make his business more client-friendly and productive. Here, with his own little test panel, he can run marketing practices and promotions past them, ask for valuable feedback on how to improve his services or products, and set an agenda for the upcoming year. Marketing often falls short of client expectations, so it’s important that a financial advisor include key clients into the decision making to increase referrals, bring more ideas to the table and ultimately, improve business.

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In 2006, there were 320,000 available investment advisor career opportunities in the U.S., according to the Bureau of Labor Statistics. More than half of these jobs were in securities, commodities and financial investments. Additionally, 1 in 5 people worked at commercial banks, credit unions and savings institutions; and 1 in 6 were self-employed independent financial advisors. Although these jobs can be found anywhere in the country, 1 in 10 jobs were based in New York City, on or near Wall Street. Before getting their jobs, most obtained their bachelor’s degree in business, economics, finance or accounting and interned first.

Here is an idea of a typical day for investment advisors. They will begin work around 8:30 am, which entails spending some time checking voicemail, emails and returning phone calls. Online, they will review closed loan and mortgage rates and consider a few possible solicitations. At 9:30, they’ll be on their second cup of coffee as the first client steps in. The customer’s portfolio will be reviewed and the client will be given stock information, financial guidance and loan repayment advice. An hour later, they’ll enter information into the customer contact system. Lunch is at 12:30 and at 1:30 there is a meeting with another customer who is looking at maximizing retirement contributions. At 2:15, they’ll set up more appointments from the marketing department’s lead list and follow up on mortgages. At 3:45, another client wants to do something with the hundreds of thousands sitting in his checking account. At 4:30, a meeting with management to discuss the day’s transactions and prepare for tomorrow’s customers. It’s all in a day’s work for a financial advisor.

The Bureau of Labor Statistics predicts that the investment advisor positions will grow “rapidly over the next decade, especially in the banking industry.” However, the number of applicants is also expected to overwhelm the system. The industry in general is expected to grow 25% by 2016, which is much faster than the average for other occupations. Nearly all Americans who are retiring will need to consult a retirement advisor at some point. Retiring baby boomers are expected to account for most of the growing demand.

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In this unruly sea of financial transactions and market uncertainties, Americans look to an investing service like Moody’s for guidance. With over 1,000 independent financial advisors, Moody’s represents a large body of professional economic experts. In their latest prediction, the financial market will continue to suffer throughout 2010. This month, Moody’s VP Craig Emrick stated, “We do not believe asset quality deterioration for the U.S. banking industry has reached its peak, and we therefore anticipate multiple quarters of losses for a large number of rated banks.” He added that 44% of the banks they rated showed net losses this year, but some residential real estate transactions have “caught up and surpassed [expectations] by some measures.”

Of course not all advisory services are right 100% of the time and investors do lose money on AAA rated financial products — sometimes a lot of money. More than one investor has appealed to district judges, complaining that they were misled by “deceptive ratings.” In the past, Moody’s has countered this argument that their opinions and investment advice are protected by First Amendment/Free Speech rights. On September 2nd, in a landmark decision, U.S. District Judge Shira Scheindlin rejected these First Amendment claims and ruled that investors are allowed to sue these companies. “It reminds me of when the courts finally ruled a tobacco victim could sue a cigarette company,” said David Einhorn, 40, a hedge fund manager who is betting against Moody’s Investor Service. “The damage in this case is large, relative to the ability to pay.” Even so, Moody’s spokespeople said they are “confident” that this judgment will turn out well.

Some people have argued for reform of Moody’s Investor Service and other rating agencies like it. “Ratings services still exert significant influence, if only because clients still adhere to old methodologies,” William H. Gross of the Pacific Investment Management Company (PIMCO) told the NY Times in an email. Some argue that a government advisory council should oversee the rating process, since, in the end, it is the government that winds up bailing out these failed financial institutions like Lehman Brothers. Others say the issuer-payer model that was introduced in the seventies needs to be eliminated because it’s a conflict of interest.

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No matter what industry you work for, you likely want to establish yourself as a knowledgeable professional. The best employees eat, sleep and breathe their profession, always looking to learn more — whether it’s at a training session, a seminar or simply by reading a book. Successful entrepreneurs and investors are often found listening to a business podcast, which helps individuals learn financial lingo, stock information, product information and the latest industry trends. Subscribing to a particular podcast is a great way to remain current and informed on all the latest topics in your area of interest. You’ll often find many tidbits to share at the water cooler!

According to US News & World Report, there is an investment business podcast for everyone. Writer Katy Marquardt recommends “Money Girl: Part of the Quick & Dirty Tips series,” which has a new show each week regarding investing mistakes, scams, stock info and personal finance advice. “Wallstrip” (owned by CBS) has stock information and market analysis presented in a humorous way, with segments examining True Religion jeans, online communities like www.dogster.com and more. “Mad Money Machine” is hosted by a big Jim Cramer fan and reviews the latest Mad Money recommendations weekly. “The Disciplined Investor,” hosted by Andrew Horowitz, is for independent financial advisors and stock investors who want to remain informed.

It can be difficult to choose a business podcast that really engages you, especially when there are so many different focuses. One type of podcast is aimed at management advisory and leadership skills building. According to Staci Wood at Small Business Trends Radio, the top podcasts in this area include the Business Explained Podcast by Stever Robbins (which delivers timely business news from an executive standpoint); MeetInnovators with Adrian Bye (interviews with the most influential managers); DishyMix with Susan Bratton (lessons from individuals in advertising, marketing and social media); Help! My Business Sucks! with Andrew Lock (a controversial podcast helping entrepreneurs get more done while still having fun); Total Picture Radio with Peter Clayton (empowerment interviews); Harvard Business Ideacast (suggestions from management leaders); and Project Management War Stores with Wayne Thompson (interviews with business leaders).

A business podcast can act as a retirement advisor or a personal financial advisor. Individuals can gather all the latest industry news on stocks, bonds, market activity and new opportunities. Business executives often use podcasts to remain abreast of current news, marketing techniques and stock information. You can learn financial lingo, tips and tricks that will help you manage your day-to-day finances more effectively. You can also learn how to stay motivated and be a great leader — all while commuting to work, exercising at the gym or waiting in line at the grocery store.

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As Americans ponder investing in an uncertain economy, they are actively seeking better portfolio managers and advisory services that put the client first. In the past, a financial advisor received commission based on the amount of stocks moved. However, this presented a conflict of interest as many investors felt like they had been duped into hopping on the band wagon just before a stock tanked. “Investors may be looking for a better option for their wealth management needs as they reevaluate their financial situations and start to reenter the market,” said Tom Bradley, president of TD AMERITRADE Institutional. “They are turning to the independent registered investment advisor who has a fiduciary responsibility to act in their best interest, provides highly personalized customer service and a competitive fee structure.”

There are many reasons why a registered investment advisor excels over a mutual funds manager. First, many clients want a person who can paint their financial portraits, who can speak to them concerning goals and objectives and who is really looking out for their best interests. Secondly, clients want options, easy access and direct access to the manager of their accounts. Annual reports and performance attribution can help clients keep better track of their performance as well. At the end of the day, an RIA is paid more like a mutual fund manager than a stock broker, bringing home a low fee (sometimes just 0.35% of what you’ve invested).

More and more Americans are moving away from wire-houses to independent financial advisors, according to a June 2009 TD Ameritrade survey of registered and independent investment advisor professionals. Over 80% of RIAs surveyed reported an increased influx of clients over the last six months. The top three reasons why new clients transferred to the RIA advisory services include dissatisfaction with service, advice performance or fees at full-service brokerage firms (34%); to receive better advice that is in their best interest, rather than the broker’s best interest (21%); or to receive more personalized service with a more competitive fee structure (17%).

The career path of a registered investment advisor usually begins with a Bachelor’s Degree in business, finance, accounting or economics. Many RIAs then go on to work for a wire-house or large investment/stock products firm. After a few years of experiencing the burn-out firsthand, these workers will transfer over to a RIA advisory services firm like Schwab, Ameritrade or Fidelity. To make the switch, workers will need to obtain an RIA certificate from the state. Next, they usually have to take an exam and pay the $150 fee. To grow one’s business, a financial advisor usually holds lunches with prospective clients and conducts many meetings to get the business going. According to www.payscale.com, the average salary for an RIA is around $60,000, although portfolio managers can make over $80,000.

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“There is at least the potential that we will see a lost generation of investors; those who are unwilling or not able to stay committed to it, and those who are newer investors, and who have only lost money in stocks,” says Lance McIntosh, senior VP at Ragen MacKenzie. He says many of his clients don’t even want to hear stock info; they’re looking to pull out entirely and keep their portfolios at a certain level. It’s hard to find a financial advisor who is willing to put your own interests at the forefront, when so many advisors are struggling to survive themselves. To help, Barron’s financial magazine put together a trustworthy list of 1,000 best performing financial advisor professionals for 2008-2009. Many of these advisors come from brokerage houses and units of banks, rather than Wall Street firms.

Barron’s top financial advisors are primarily listed by state, although there were also some financial advisor winners who emerged across the board. Merrill Lynch, for instance, had 239 of its advisors make the list. Even though the company was teetering on the verge of bankruptcy before being acquired by Bank of America last year, their established presence in every state has helped them remain afloat in troubled times. “We are continuing to set the standard by which other advisory firms are measured,” explains SVP Dan Sontag, head of Global Private Client’s Americas Advisory Division. “Our growing number of advisors on the Barron’s list reflects the strength and depth of our entire field.”

Clarfeld is another one of the top financial advisor firms in the nation. “Just as impassioned scientists don’t go to the laboratory in search of a Nobel Prize, we never perform our services for the sake of winning awards or rankings,” the company states. “Yet, truly, we are at once humbled by and proud of this special moment in our firm’s evolution and the recognition we have received from one of the premier financial publications in the world.” For over 28 years, Clarfeld has focused on value-added services like tax planning, investment management and financial planning.

It’s a tough time for the financial advisor today. In a recent study conducted by the Financial Research Corp, 40% of advisors surveyed said they experienced staff cutbacks this year, 31% reported cuts in marketing support and 27% said their compensation structures declined. Across all channels, 61% of top-level financial advisors said they spent more time meeting with clients. “We call this the advisor pinch,” explains Margaret Rorick, senior VP of research at FRC. “They have to do more with less and are getting more questions from clients. Advisors have to do more of the back office work and spend more time meeting with clients. They have to do more research to come up with answers and provide education for clients. That makes it harder for them. And not many people stop and feel bad for advisors.”

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