Putting a Freeze on Credit Thieves: A Look at Your Protection Options

wall-street-journal-equifax

Following the Equifax hack, consumers can protect their credit lines by requesting a fraud alert, a security freeze or credit monitoring

Consumers who have been affected by the Equifax Inc. EFX -9.73% data breach and seek to protect their credit lines may find themselves navigating a confusing maze of new terms, costs and responsibilities.

Security Freezes

A credit freeze will prevent a new creditor from accessing a consumer’s credit report. This move prevents anyone from opening a new line of credit in the name of the consumer who enacted the freeze.

David Edwards, president and wealth adviser at Heron Wealth in New York, says those who are past the stage where they’re job hunting, applying for a mortgage or opening new credit lines for other reasons should consider putting a freeze on their credit. He’s advising his clients, most of whom are past that stage, to do so, he says.

Those who may need a credit check to open a new line of credit can always ask the potential lender which credit firm they plan to check the credit history with, then unfreeze their credit with just that credit firm to allow the check, then replace it afterward, Mr. Edwards says. He recently froze his credit with just three five-minute telephone calls, he says.

Credit Monitoring

Even if other steps are taken, experts say consumers may want to consider having their credit monitored for suspicious activity. Such a service will generally alert consumers to credit inquiries, new credit lines and other important changes to one’s credit profile.

But consumers who want credit monitoring shouldn’t sign up for it with one of the credit firms, Mr. Edwards says. He suggests they go to a service such as Identity Guard, LifeLock or myFICO instead.

“I would never get credit monitoring from the credit bureaus. Consumers are not their customers; banks, credit cards and auto lenders are their customers,” he says.

Read the entire article on Wall Street Journal.

 

Want to Know How Your Clients Value You? Ask Them!

david-edwards-heron-wealth

This time we hear from David Edwards, president of New York City-based Heron Wealth. He explains how a client survey transformed how he thought of his work.

When I started my career as a financial advisor 25 years ago, I was very focused on stock performance. I thought of myself as a stock picker and I defined my value using a very specific mandate: I was an expert in U.S. mid-cap stock picking and growth.

Around 2000 my clients began asking me personal questions that had nothing to do with stock picking. They wanted to talk about their retirement plan, or saving up to send a grandchild to medical school, or buying a vacation home, or even their divorce.

At first, I would tell them to call their financial planner, their trusts & estates attorney or their accountant. But that wasn’t the answer my clients were looking for. I was the guy with my hands on their money, and they wanted answers from me. I began doing financial planning and estate planning for my clients, but still considered my true value to be my work as an investment manager.

Then in 2007 I surveyed my clients to find out how they valued the firm. As part of the survey we asked clients to rank 10 reasons why they liked working with us. When we tabulated the results, investment performance came in sixth place overall. The number one reason was trust. As one client wrote, “Good news or bad, you will always hear it first from Dave.”

These results completely surprised me. Up to that point I had assumed my job was to beat benchmarks. But the survey showed me I wasn’t in the U.S. mid-cap stock-picking business anymore — I was in the “good advice” business.

Read the full column at Financial Advisor IQ

 

IRA Rollovers Are No ‘Slam Dunk’ Under DOL Rule

tax-planning-nyc

No matter what politicians in Washington, D.C., decide to do next with the Department of Labor’s new fiduciary rule, planning experts see at least one legal wrinkle as likely to survive.

By the rule’s very definition of what it means to be a fiduciary, advisors are going to need to closely review how they treat rollover IRAs when clients leave an employer’s 401(k) plan or retire.

At Heron Financial Group in New York, which manages $300 million, president David Edwards says he expects implementation of the DOL rule to raise awareness by investors of their rollover options.

As a result, he’s exploring a host of new software services coming to market promising to automate his indie RIA’s longstanding rollover review process.

“We think that taking advantage of new technology in this area is going to be increasingly important for a growing firm like ours – it’s going to help us remain in a strong position to keep up with the rising demand for rollover advice,” Edwards says.

One of the software service providers he’s checking out is FeeX. Last month, the New York-based tech developer rolled out an advisor-enhanced service platform to review IRA transfers and 401(k) rollovers. “It’s certainly true that the DOL rule now requires advisors to offer prudent analysis of fees and services involved in rollover decisions,” says David Goldman, a FeeX executive.

Read the full article at Financial Advisor IQ

 

How Some Savvy FAs are Overtaking ‘Basic’ Robos

ria-new-york-city

Robo advice for mass-affluent investors keeps evolving. But brick-and-mortar advisors aren’t standing still. In fact, some traditional FAs are taking into their own hands ways to automate more sophisticated types of holistic planning – from philanthropy to tax strategies and healthcare issues.

“We’d all like to work with 200 families if possible and create more scale in our practices,” says David Edwards, president of Heron Financial Group in New York, which manages $300 million. “But most of our legacy technology platforms are only built to let us comfortably handle maybe 80-90 clients at a time.”

He’s now exploring different online tools to help expand his account aggregation and asset allocation processes. “There are many new off-the-shelf software packages that you can integrate together to take the busywork out of the comprehensive financial planning process,” Edwards says.

For instance, Heron Financial uses a mobile app, Mobile Assistant, that helps Edwards turn client meetings into easy-to-disseminate notes in Redtail, the firm’s CRM system.

It also feeds into Edwards' efforts to automate client report generation. “Previously if I had meetings at 9:30, 11:30 and 2:30, by end of day I couldn’t remember what I had agreed to do,” he says.

Read the entire article on Financial Advisor IQ

 

Advisers find summer slowdown has become a thing of the past

financial-advisor-nyc

Advisers worry about burning out as demands come in 24/7 and 365 days a year

Summer isn't what it used to be, according to financial advisers.

June, July and August used to be slower months when clients vacationed and advisers would recharge themselves and their practices, completing long-term projects aimed at business development and other operational improvements.

But more and more, clients are hitting the beach and other destinations with iPads, laptops and mobile phones — and all of that out-of-office time gives them extra bandwidth to ponder their finances.

"Clients have been emailing all summer from their beach chairs, pounding us with questions about the markets and their accounts," said David Edwards, president of Heron Wealth.

While he welcomes all communications with clients, he said he's worried about burnout if summers don't offer advisers some catch-up time.

Read full article at InvestmentNews

 

Heron Wealth Recognized as One of Top 50 Fastest Growing Independent Financial Advisory Firms in the U.S.

heron-wealth-nyc

Smart Fiduciary Strategy Results in 30% Annual Growth at Fee-Only Wealth Management Firm

NEWS PROVIDED BY Heron Wealth - July 25, 2017, 07:55 ET

NEW YORK, July 25, 2017 /PRNewswire/ -- Heron Wealth, a SEC Registered Investment Advisor based in New York City, was named to Financial Advisor magazine's 2017 Top 50 Fastest Growing Investment Advisors list. Heron Wealth provides financial planning, investment advice, and estate planning for individuals and families. The 2015-2016 growth rate of 30% was achieved organically through the addition of new families and assets, not through acquisitions or mergers with other independently owned and operated firms.

The overall ranking in the annual survey is based on assets under management. To be eligible, firms must be Registered Investment Advisors and provide financial planning services to individual clients.

NOTEWORTHY GROWTH

Heron Wealth grew from $72 million in assets as of January 2013 to $295 million through July 2017. "We plan to double assets over the next three years, and double again within seven years to $1 billion," Edwards said. "We will continue to deliver the high touch experience our clients expect, but also derive the revenues necessary to support our continued investment in human capital, technology, cyber security, compliance, and operations," added Edwards. "In an environment of rapid industry evolution, our goal it is to lead peer firms by 18 months."

BUILDING FOR THE FUTURE

"The future is bright for Heron Wealth, but more importantly, we are now positioned to serve younger individuals as they move through the early accumulation years into their peak earning years. These clients can approach such goals as saving for a child's education or enjoying a fabulous retirement with confidence thanks to proper planning, saving and investing over the course of time," Edwards noted.

"Much of our marketing is directed to GenXers and Millennials," Edwards explained. "We have two advisors who are in their 30s. We give them support and mentoring, and get them in front of prospects as quickly as possible. Our training process is built around 'grow with your clients."

ABOUT HERON WEALTH AND DAVID EDWARDS

David Edwards is president and founder of Heron Wealth, which provides financial planning, investment advice, and estate planning to individuals and families across the United States and overseas in Europe and South America. Review Heron's video Plan, Grow, Keep!

Edwards is a member of the Investment Adviser Association, serving on the Legislation and Technology committees. Edwards was selected to serve on the eMoney Advisory Board in March 2016. Serving on the Advisory Board allows Edwards to contribute to the ongoing success and development of eMoney's financial planning and digital wealth management technology while keeping him in the loop on future developments and innovations within the financial services industry.

Prior to founding Heron Wealth, Edwards was associated with Morgan Stanley, JP Morgan and Nomura Securities where he developed investment products and quantitative trading models. For fun, Edwards competes frequently in sailing regattas from New England to the Caribbean and coaches a home town team in New York Harbor.

Chasing HENRY, the Hottest New Prospect

investment-advice-planning

Advisor David Edwards tells ThinkAdvisor how his firm attracts and serves clients who are "High Earners, Not Rich Yet"

Forget about “Where’s Waldo?” The search is on for HENRYs. That is, “High Earners, Not Rich Yet.” Forward-thinking advisors are pursuing this millennial subset, a young demographic packed with potential, as New York City-based advisor David Edwards, founder-president of Heron Wealth, told ThinkAdvisor in an interview.

Edwards, managing $295 million in assets, began prospecting for and cultivating HENRYs about four years ago. These clients now bring in 5% of revenue. Why pursue “High Earners, Not Rich Yet”? Because the vast majority of Edwards’ clients are aging baby boomers.

He realized that winning the accounts of folks 25 to 34 years old with lucrative jobs was a smart, necessary move to carry on his successful independent practice once the older generation dies off.

Edwards even has a young certified financial planner on his team who devotes her time exclusively to prospecting for and serving HENRYs.

These men and women comprise a distinct marketsegment — the term was originally defined with respect to families — whose advisory needs are different from those of their elders. For example, HENRYs are focused on financial planning, grappling with a load of student loan debt and how to save for a house or apartment.

Read the full article at ThinkAdvisor

 

David Edwards of Heron Wealth: On Evolving with the Times and Building a Platform for Success

heron-wealth-new-york

Working with top advisors like David Edwards, founder and president of Heron Wealth is a real joy. Marie Swift of Impact Communications spoke with David to uncover some of his secrets to success. David provides some great insights for fellow financial advisors. There are lots of great ideas and much to emulate here.

Click here to listen to the audio recording.

A transcript of the interview is posted below.

MARIE SWIFT: Hello and welcome back to Best Practices in the Financial Services Industry. This is your host today, Marie Swift, and I'm joined today by David Edwards, who is the founder of Heron Wealth a New York-based fiduciary investment advisor and wealth management firm. Today we are going to be talking about how Dave has intentionally built a wealth management business that is growing in leaps and bounds. I would say, Dave, that you are a shining light for all the advisors that will be listening to this audio. Welcome to the show.

DAVID EDWARDS: Good afternoon Marie.

SWIFT: Thank you so much for your time today. I was reading the white paper that recently came out, of which you were the main focal point. It was put out by eMoney, and it focused on your client service model and how you've grown as an independent wealth management firm since your inception. It focused particularly on the last three or four years. So let's talk a little bit about your hyper-productive team – I love that phrase – and how you are building such a successful and enduring company. So, what would you like to share about your strategy?

EDWARDS: So, let me divide the last twenty years into two phases. For fifteen years, I ran a solo practice, taking care of maybe 50-60 families with about $75 million in total assets. That suited my life while raising two children. Well, those children went to college in 2011 and I was facing the next 15 to 20 years of my career and thinking about what I wanted to accomplish with all that spare time. I decided to build my firm to a billion dollars in assets. If you think about moving from $75 million to a billion dollars, you can't do that as a solo practitioner.

I spent some time trying to understand the form of a well-run wealth advisory firm: the structure is a pyramid. Not a pyramid scheme, that would be bad, but it is a pyramid. At the bottom of the pyramid is your core foundation. It's technology, operations, cybersecurity and compliance. That has to be rock solid. On top of that, you build your service package. For us it's financial planning, investment advice and estate planning. That has to be rock solid, as well. On top of that you can build a marketing and business development process. And on top of that is management. If each of the lower layers is rock solid, management is not that big of a deal.

So, by understanding exactly the structure of my firm, I was able to hire very talented people to fill in the roles of compliance, training, portfolio management and financial planning. I was also able to hire outside vendors for compliance, cybersecurity, marketing, PR and technology. The transformation was that I no longer spent 80% of my time running the firm. I spent 80% of my time talking to clients and prospects, which is the fun part of my job. It's what I want to do every day.

Read the full interview at Impact Communications

 

Investing after the End of the Golden Age

financial-planning-nyc

Journal of Financial Planning contributor Daniel Kern, and investment adviser David Edwards, founder of the Heron Financial Group | Wealth Advisors, discussed the impact of the “golden age” of investing in the “new normal.” Find out why financial advisers and their clients will need to adapt a less favorable outlook for markets, and how lowering return expectations doesn’t mean that returns will be negative. Their discussion is followed by a live Q and A, moderated by FPA Knowledge Circle host Ray Benton.

The seminar can be heard here.

 

Evolve or Dissolve: A Story of Wealth Management Transformation

wealth-management-new-york

David Edwards presented the story of how he evolved his wealth advisory practice from a solo practice managing $75 million to a team operation managing $300 million in 5 years.

The replay can be viewed here.

The presentation was sponsored by TrueLytics, a platform of tools that combine real industry experience and big data that allows Financial Advisors to strengthen, benchmark, and value their practice.

Fidelity: How eAdvisors Elevate the Client Journey and Outperform Peers

investment-advisor-nyc

The gap between independent RIAs who are keeping up with evolving technologies and those who aren’t is widening. And that’s stunting growth for advisors who aren’t acting proactively to keep on top of a rapidly evolving marketplace.

At least that’s what Fidelity finds in a new study published Tuesday looking at industry trends in high-tech adoption. As part of its research into firms using the latest electronic tools – including everything from interactive website software to advanced CRM programs and integrated back-office systems – the custodian has developed a list of tech-savvy “eAdvisors.”

By upping his tech game, New York-based advisor David Edwards says he’s seen asset growth at his indie RIA jump more than 360% in the past six years. “The single biggest transition for me was going from doing everything myself to using technology to empower my staff to operate without me,” says the president of Heron Financial Group, which manages $295 million.

With a team of five support staffers, he’s making "a 100% commitment” to delegating responsibilities through greater use of a Redtail CRM suite.

For example, the veteran FA says he can now take notes on client orders and send them directly to his operations manager. After transactions are complete, Edwards and his crew automatically have a paper trail documenting their moves. So does the investor.

“I’m easily saving 10 hours a week by more effectively integrating this type of technology across our entire operations,” Edwards says. “And that’s giving me more time to talk to clients.”

Another productivity enhancer he’s implementing is greater use of his main financial planning software, eMoney, to aggregate data for new clients who might hold their assets at different brokerages. “We used to spend anywhere from two to four hours just entering various portfolio data – much of which could be obsolete a month later,” Edwards says.

Clients are telling him they really appreciate such a high-tech system. “What they’re judging us against these days,” Edwards says, “are the online experiences they’ve become used to at interactive service providers like Uber and Amazon.”

Read the full article at Financial Advisor IQ

 

Heron Wealth President David Edwards participates in Expert Robo Advisory Panel

david-edwards-heron-wealth

Sponsored by the Quantitative Work Alliance for Applied Finance & Education

David Edwards of Heron Wealth joined Adam Grealish, Quantitative Analyst at Betterment,  Dan diBartolomeo, President, Northfield Information Services and Kevin R. Kelly, Chief Investment Officer, Portfolio Manager, Recon Capital Partners on a recent panel (June 20th) moderated by Jesse J Noel, MS, CFA on the subject of Robo Investment Platforms.

The topics included:

  • The current clients of RoboAdvisors and the primary areas for expansion
  • To what extent are RoboAdvisors too impersonal, uncomfortable or inflexible for many retirement investors?
  • A discussion of methods, algorithms, and ongoing research to derive the best mix for each customer at the asset allocation and fund selection levels.
  • New frontiers for RoboAdvisor technology.

Quantitative Work Alliance for Applied Finance & Education website

 

What You Should Know About 3 Major U.S. Indexes

index-investing

The size, number of companies and how they're weighted sets each index apart.

As the second-longest bull market in history rages on and many indexes keep breaking records, it's fair to wonder if U.S. stocks are overvalued and when this run will end. This is particularly important given how difficult it is for investors to outperform the major stock indexes.

New investors should not worry that stocks are overvalued now but instead systematically invest the same amount of money each month, says David Edwards, president of Heron Wealth in New York.

But investors should understand how the three major stock market indexes – the Nasdaq composite, Dow Jones industrial average and Standard and Poor's 500 index – operate. All are based on different stock pools and vary greatly in the size and number of companies as well as how they are weighted.

Don't confuse these indexes with the New York Stock Exchange, the largest in the world, with a trading floor in Lower Manhattan, or the Nasdaq Stock Market, the first electronic exchange.

Stocks in the S&P 500 index are weighted by market capitalization – the stock price multiplied by the number of outstanding shares – with a higher weight given to larger companies. The higher the market cap, the greater percentage a company will have in the S&P 500,

That means a 1 percent move in Apple (ticker: APPL), which is the world's largest tech company and accounts for 3.89 percent of the S&P 500, affects the index far more than a 1 percent move in News Corp. (NWSA), which is a mere 0.007 percent of the index, Edwards says.

The Nasdaq composite includes more than 2,500 stocks traded on the Nasdaq exchange. "Historically the Nasdaq has listed more speculative companies, but many have turned out to be high performers," Edwards says. Examples include technology companies such as Amazon.com (AMZN) and Facebook (FB) or biotech firms like Genzyme, now Sanofi (SNY), and Amgen (AMGN). "Over time, the Nasdaq composite tends to grow faster than the S&P 500, though it can be more volatile."

Read the full article at US News and World Report

 

Financial Services Casting Nets For Younger Pros as Advisors Age Out

financial-advisors-new-york

It’s no secret the investment industry has a choppy record in attracting young financial talent.

But with 100,000 brokers retiring in the next ten years, and half the industry talent age 55 or higher, according to a report from Cerulli Associates, some industry titans have had enough, and are actively recruiting much younger advisors.

Unfortunately, that may be an uphill climb, experts say.

“Young people don’t want to work in financial services because advisors’ websites mostly feature older white men – they see it as boring,” said David Edwards, president of Heron Wealth, a registered investment advisory firm based in New York City. “Or, they’ve seen ‘Wolf of Wall Street’ and think that financial advising is just ‘pumping and dumping.’”

'Grow With Your Clients'

Edwards points to companies like Oxygen Financial and his own firm as rare examples of investment companies that “get it” when it comes to landing younger advisors.

“While our bread-and-butter clients today are boomers and our oldest advisor is 55, much of our marketing is directed to GenXers or even Millennials,” he explained. “Our two youngest advisors are in their 30s. We give them mentoring and support, but we get them in front of clients right away. Right now, our training process is built around ‘grow with your clients.’”

Read full article at InsuranceNewsNet.com

 

Heron Wealth selected by Expertise as one of the 15 Best New York City Financial Advisors

expertise-selection-financial-advisor-nyc

Expertise Looked at 1,944 Financial Advisors in New York City and Picked the Top 15. They scored financial advisors on more than 25 variables across five categories, and analysed the results to give you a hand-picked list of the best financial advisors in New York, NY.

Says Expertise: Heron Wealth of New York City helps clients plan for their financial futures, grow their assets via investment strategies, and secure a strong financial future for family members who will outlive them. The firm gets to know its clients on a personal level and offers continuous education and guidance when it comes to budgeting for life’s transitional periods such as having a child, changing careers, or setting up an inheritance. The firm offers financial planning services that can help clients save money for short-term needs, invest with long-term goals in mind, budget for large purchases such as a home, and enjoy life while also planning for retirement.

Read the entire article here.

 

How one financial adviser lands seven-figure accounts

financial-adviser-nyc

5 steps that goosed wealth advisor David Edwards’ growth to 30%-40% a year

Do you know the “three-foot rule”? Wealth adviser David Edwards, president and founder of Heron Wealth, which provides financial planning, investment advice and estate planning to individuals and families across the U.S. and in Europe, cites it as one key element of his success.

In a nutshell, the rule says that whenever you’re within three feet of someone, you should talk to them about your business and the services you provide. Being able to network is a skill that can help any adviser thrive — and in Edwards’ case, the three-foot rule has landed him a handful of multimillion-dollar accounts.

Previously a one-man shop growing assets at a 5% annual rate, Edwards transformed his fiduciary wealth management firm by adopting a “hyper-productive” team approach that has been growing assets under management 30%-40% annually. Heron Wealth grew from $122 million in assets in January 2013 to $285 million through February 2017.

Here’s how he does it.

Read the full article at MarketWatch

 

8 Things Not to Hide From Your Investment Professional

investment-advisor-new-york

Silent or sneaky investors can sabotage their most valuable financial relationship.

Some adult shame amounts to little more than a grown-up version of hiding an empty cookie jar. But too often, the adult piggy bank is at stake. For financial managers, that can set the stage for disaster. "You cannot have trust if the client is withholding information or not telling the truth," says Mark Astrinos, a Palo Alto, California-based memver of the American Institute of CPA's Personal Financial Specialist Credential Committee. "Sometimes clients are embarrassed by their behavior," Astrinos adds. "Other times they don't want to share this information in front of a spouse." Here are eight details never to keep secret from your financial team.

Secret stashes can mean double trouble for advisors. David Edwards, president of Heron Wealth in New York City, relates this story:

"We had a situation last year where we routinely made the minimum required distribution from a client's retirement assets - only to learn he had a 'secret' retirement account from which he'd already calculated and drawn the funds."

Edwards scrambled to return the unnecessary distribution to the account as a 60-day rollover. "Even then, the client had to do extra work to report the rollover for tax filings."

Read all 8 tips at US News & World Report

 

To Build Assets Fast, Don’t Be Timid

wealth-advisory-nyc

Being gregarious can go a long way in growing your business, as MarketWatch columnist Marie Swift explains.

She cites the example of David Edwards, president and founder of Heron Wealth, in New York. The $285-million firm has grown assets 30% to 40% annually since 2013, largely because Edwards goes to prospects rather than waiting for them to come to him.

Edwards has landed multiple seven-figure clients by following the “three-foot rule,” which dictates that whenever you’re within that distance of someone, you should talk to them about your business and the services you provide.

The advisor makes a point of going where ideal clients are likely to be. That means on the water — Edwards sails competitively — or on the ski slopes, for instance.

He’s careful not to talk shop right away. Instead, he asks good questions and listens for a need to be articulated. Edward converses with about 100 potential clients a month, but is focused on those who have a financial issue or pain point that needs to be resolved soon or that they see coming down the road.

Edwards admits that his exuberant personality helps. In a day and age where so many advisers sit in their offices pushing paper or social media posts, the adage “always be social” — both in person and in digital forums — has special meaning for Edwards. “You won’t catch any fish if you don’t go to the fishing hole,” he concludes.

Read full article at Barron's

 

Trump tax proposal leaves advisers in the dark on estate tax repeal

estate-tax-planning-trump

The broad-brush tax proposal released Wednesday by President Donald J. Trump repeated his campaign pledge to repeal the estate tax, but failed to provide financial advisers with any additional detail regarding its form.

That leaves advisers in estate-tax limbo, which they've largely been in ever since the prospect of a broad tax-reform package gained steam following November's presidential election.

The estate tax is a federal 40% tax levied on estates exceeding $5.49 million for individuals and roughly $11 million for married couples. Estates receive a step-up in tax basis at death, which dilutes the impact of paying capital-gains tax on inherited assets.

The federal tax raised $17.1 billion for the government in 2015. Many states also levy their own taxes, the asset thresholds and percentages of which vary.

A wealthy, elderly client of David Edwards, president of Heron Financial Group, passed away in January this year, and her estate is on the hook for a few millions dollars in tax. If the federal estate tax is repealed this year, that bill could disappear.

"I told them so far, 'Don't count on it,'" Mr. Edwards said.

Many observers expect an estate-tax repeal as part of any tax-reform package — which in and of itself isn't guaranteed, due to Democratic opposition and potential opposition from hardline conservatives who are loath to balloon the federal deficit.

Mr. Trump is, among other things, calling for a reduction in the corporate tax rate to 15%, a lowering of the top marginal income tax rate to 35%, and doing away with the alternative minimum tax.

An estate-tax repeal could take a variety of forms that would have different planning implications.

Observers note, though, that the estate tax would likely reappear in 10 years' time, even if it is repealed.

This is because Republicans would need several Democrats to support tax legislation in order to achieve a supermajority — 60 votes — and avoid a filibuster, something observers believe is unlikely due to philosophical disparity between both parties regarding taxes.

"The Democrats are dead set against it. It's dead on arrival as far as they're concerned," Mr. Edwards said.

Read full article at InvestmentNews

 

Use the "3 foot rule" to land seven-figure accounts

investment-advisor-nyc

Do you know the "three-foot rule"? Wealth adviser David Edwards, president and founder of Heron Wealth, which provides financial planning, investment advice and estate planning to individuals and families across the U.S. and in Europe, cites it as one key element of his success.

In a nutshell, the rule says that whenever you're within three feet of someone, you MUST introduce yourself and get a conversation started. Being able to network is a skill that can help any adviser thrive -- and in Edwards' case, the three-foot rule has landed him a handful of multi-million-dollar accounts.

Here's how he does it.

"I had the best vodka and soda of my life at a high-end bar in London last year" Edwards says as he recalls how, using the three-foot rule, he began a conversation with a man from North Carolina who was enjoying a cold beverage in that same bar.

"I introduced myself asking what brought him to London," Edwards said. "We chatted about various topics, eventually talking about what I do. He told me that he was looking to change financial advisors but that it might be a while since he was going through a nasty divorce. We exchanged business cards and I followed up with him a month later. Long story short, he ended up investing $2 million with my firm."

Go where ideal clients gather or are likely to be: Edwards makes sure he has "outposts" in places he loves and would be frequenting anyway -- even if he weren't a wealth manager always seeking new clients for his growing New York City-based business. For instance, Edwards competes in sailing regattas from New England to the Caribbean and coaches a hometown team in New York Harbor. "I hang out in places where my ideal clients are likely to be -- the ski slopes in Utah, polo matches in the Hamptons, sailing regattas in the Caribbean," Edwards said.

"I even talk to younger prospects - HENRYs -- high earners, not yet rich -- at Heron's cooperative workspace in Manhattan where, with just a little bit of conversation and chutzpah, I identified two very good potential clients for one of my younger wealth managers. It's amazing what just rubbing elbows can do. While most people are sitting in the corner looking at their phones and tablets, I reach out and engage people as they refill their water bottles and grab a fresh cup of coffee."

Read the full article at Morningstar