Slideshow 5 Smart Takeaways From IMCA

Published
  • May 01 2015, 12:16pm EDT
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5 Smart Takeaways From IMCA

More than 1,800 IMCA members showed up at the association's 30th annual conference in Las Vegas this week. Sessions at the event touched on hot topics in wealth management, including behavioral finance, generations differences among clients and how to adapt to the advance of robo advisors. Here are some of the smartest takeaways from the event.

5 Smart Takeaways From IMCA

"Poker players make better investors because they embrace a long-term mindset and understand odds more than most investors," says gambling champion Annie Duke.

For advisors to really help their clients, Duke said during her session on decision making, they need to get them to truly understand investing odds and focus on process rather than outcomes. Read the full story here.

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5 Smart Takeaways From IMCA

"The no. 1 issue with clients is helping them overcome their own biases, as well as advisors', " said Jack Cohen, CIMA, CPWA, and a CFP with Baird in Alpharetta, Ga., pictured above.

Michael Liersch, director of behavioral finance at Merrill Lynch, who spoke at the conference, told advisors that using insights derived from behavioral finance, they can see matters through a client's eyes, and thereby more quickly identify what's important to them and what solutions might be available. To read more, click here.

5 Smart Takeaways From IMCA

"Never underestimate the power of free," says co-author of the wildly popular Freakonomics book series and radio podcasts Stephen Dubner.

Dubner's humor was the highlight of Freakonomics for the Financial Services Industry, which included a series of unusual anecdotes. For example, he discussed what happened in an economic experiment with monkeys that were taught how to use money to purchase food, and why walking while drunk can be even more dangerous than driving while drunk. For more coverage click here.

5 Smart Takeaways From IMCA

"My takeaway is that we are going to be judged by our clients, by the quality of the questions we ask them, and that we have to ask really good questions to really understand what motivates them, what they're concerned about and where they are headed, where they want to go. And then we have to listen to their answers, like we listen to the most important stuff in the world, " says Kathleen Weber, CIMA, CFP, of the Weber Nagan Group at Morgan Stanley in Bellevue, Wash. Weber had just attended "Information Under Management: Creating a Powerful Client-Discovery Process," hosted by James Bergeron of Nuveen Investments. Read the full story here.

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5 Smart Takeaways From IMCA

With robo advisors taking market share from their traditional brethren, wealth managers are being urged to showcase how their services can make a real difference for clients and prospects -- or face the consequences, said Jud Bergman, chairman and CEO of Envestnet during a panel session on robo advisors. He cautioned against thinking that web-based firms are nothing more than recommenders of low-cost index funds. “It’s a mistake to think of robos as just an ETF solution; that's just where we are today,” he said.

"If a prospect came in with a diversified portfolio created by a robo advisor and asked 'What do you add beyond this?' What’s your answer?” panelist Scott Welch, the founder of UnconstrainedThought, a D.C.-based consulting firm, asked the crowd. For more coverage, click here.