Switching firms can cost advisers 19% of assets: Cerulli

first_imgApproximately one-fifth (19%) of client assets are lost when advisers change firm affiliations, in addition to clients the advisers had planned on leaving behind, research by Cerulli Associates has found. Advisers identify the ability to build financial value (74%) and a desire for greater independence (67%) as the top reasons for changing firms, but they shouldn’t ignore the risks involved in such a move, Cerulli said in a release.“Unplanned client attrition is a significant concern among advisers, particularly those who consider breaking away to an independent channel,” according to Cerulli’s Michael Rose. “It is critical that advisers perform an honest self-assessment of the strength of their client relationships, and the share of their client base that could be at risk as a result of breaking away.”In addition to client attrition, advisers switching firms identify operational matters (77%), learning new technology systems (75%), and revenue lost during the transition period (71%) as the top challenges they experienced. The high ranking that advisers gave to operational challenges, such as opening new accounts and dealing with account transfers, means firms that investing in technology and operational personnel should have an advantage when it comes to recruiting and retaining advisers, Cerulli said.[More: Holding on to clients in any market]last_img read more

Pukpuks to play Zimbabwe on Saturday

first_imgDebutants at the Cup of Nations, the Pukpuks were thumped in their opening match to Hong Kong 51-5.But a much improved performance on Tuesday this week saw the Pukpuks pile on some points in the second half despite going down to defending champions Russia 49-19.For Zimbabwe, they lost to Russia in round one, but only by a narrow 19-15 score line. They then suffered their second defeat to Hong Kong 34-11 in their next match.The Pukpuks and Zimbabwe game is scheduled for 2pm (4pm PNG time) on Saturday at the Hong Kong Football Club.The final of the Cup of Nations on Saturday will be a rematch from last year with hosts Hong Kong to take on Russia also at the same venue. The match will start at 5pm (7pm PNG time).The current points ladder:Hong Kong (10), Russia (9), Zimbabwe (1), PNG (0). Photo credit: Hong Kong Rugby Union Facebook Page)last_img read more