We closed this issue in the wake of Hurricane Irene, which savaged parts of the East Coast, hitting Vermont and North Carolina especially hard. Our closing also came days before the 10th anniversary of the 9/11 terrorist attacks—a tragedy that so many of us vividly remember.
Catastrophes, natural and otherwise, are a part of life—the part that we all want to avoid but have to face. And in light of that, this month we devoted our cover story to disaster preparedness and how advisors can help their clients in the aftermath of such events.
For our cover story, "Rallying the Recovery Team," On Wall Street senior editor Lorie Konish talked in detail to a team at Janney Montgomery and found out what they did to show their clients that they are more than just financial advisors and indeed, people who care about their clients as people. Most of the time, the advisory community feels compelled to focus primarily on the technical side of the equation—whether it is building the most tax-efficient portfolio or using the latest financial product or investment strategy. But the best advisors keep the needs and wishes of their clients first.
Konish also wrote about the management shake-up at Bank of America Merrill Lynch. In "Will BofA's Leadership Change Hurt the Thundering Herd?" Konish delves into the departure of Sallie Krawcheck (perhaps the best known and formerly one of the most powerful women on Wall Street). But Konish doesn't leave it there. She also examines what David Darnell, the new head honcho for Merrill will do for the financial advisors there. Will he change the compensation structure? Will advisors head for the door? Will the Bank of America corporate culture finally take over?
Our marketing guru Todd Colbeck tells advisors how to calculate the worth of their practice in "Five Steps to a Smart Succession Plan."He defines the different types of capital you have to understand in order to determine the maximum worth of your business.
Finally, we say goodbye to our long time art director Mike Vella. I, personally, will miss him most of all. All of us here wish him the best in his new endeavor.