6 Key Insights from Fidelity's 2024 RIA Benchmarking Study

Building The Billion Dollar Business

Mind The Business: Small Business Success Stories

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Understanding Taxes as a Newly Formed Small Business - Part 2 of the Small Business Starter Kit 28:24

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In our second installment of the Small Business Starter Kit series - we’re tackling a topic that’s sometimes tricky, sometimes confusing, but ever-present: taxes. Hosts Austin and Jannese have an insightful conversation with entrepreneur Isabella Rosal who started 7th Sky Ventures , an exporter and distributor of craft spirits, beer, and wine. Having lived and worked in two different countries and started a company in a heavily-regulated field, Isabella is no stranger to navigating the paperwork-laden and jargon-infused maze of properly understanding taxes for a newly formed small business. Join us as she shares her story and provides valuable insight into how to tackle your business’ taxes - so they don’t tackle you. Learn more about how QuickBooks can help you grow your business: QuickBooks.com See omnystudio.com/listener for privacy information.…

大约1年之前 11:49

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In this episode, Ray Sclafani discusses key insights from Fidelity's 2024 RIA Benchmarking Study, highlighting challenges and opportunities for financial advisors. The episode covers declining margins and productivity, shifting client demographics, the prevalence of fee discounting, and the importance of both organic and acquisitive growth strategies. Additionally, the episode emphasizes the evolving product offerings and the critical role of technology adoption in enhancing operational efficiency. Ray Sclafani concludes with strategic initiatives that firms should prioritize for future success.

6 Key Insights

Both margins and productivity are declining
Client demographics and wealth tiers are shifting
Fee discounting remains prevalent and potentially problematic
Both organic and acquisitive growth strategies are driving success
Product and service offerings are evolving
Technology adoption is driving enhanced efficiency

Key Takeaways

Both margins and productivity appear to be declining.
Client demographics are shifting towards younger clients.
Larger firms are leveraging M&A to fuel growth.
Technology adoption is driving enhanced efficiency for advisory firms.
Improving marketing efforts is a top priority for firms.

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Building The Billion Dollar Business