Foresight Wealth poaches new partner from Beehive State rival
Foresight Wealth Management LLC, a Salt Lake City-area advisor with $307 million in overseen assets, this month welcomed Chris Light as its newest wealth advisor and partner.
Light previously spent 13 years -- his entire career to date -- at Salt Lake City's Lafavi Wealth Management Inc., with $385 million of overseen assets, most recently as senior vice president. See: Advisor spotlight: Mormon duo use SEI, a radio show and their faith to succeed as RIAs.
At Foresight, Light will work with high-net-worth individuals and with businesses, with an emphasis on creating sophisticated retirement plans for entrepreneurs. Light's arrival brings Foresight's advisor head count to 15.
Founded in 2010, Draper, Utah-based firm was named one of the fastest-growing firms in the country on the Inc. magazine 5000 list In 2016. It offers wealth management, 401(k)s and insurance planning to individual and corporate clientele. See: Warranties and guarantees come to the 401(k) game but can insurance really put the client first?
A graduate of Penn State University with a BS in Finance, Light also holds Series 7, 65, 63 certifications and a life insurance & variable contracts producer's license.
"As cliché as it may sound for somebody in my profession to say, I truly am deeply passionate with helping families grow and protect their wealth," Light said in a statement. "I truly love what I do and gain such joy from helping people achieve all that is important to them."
Ironically, after writing this article, I was reviewing an RIA’s website for compliance with advertising rules and regulations. In the firm’s library of current financial planning topics, I found an article referring to the earnings limit if you are collecting Social Security benefits before reaching your full retirement age. The article went on to provide the earnings cap for 2002, a fairly good clue that the information had not been updated since that year. As Bill and TJ correctly pointed out, you’re not putting your best foot forward when you keep stale information on your website.
I think a good policy for advisors to implement is a website review in conjunction with annual updates to Form ADV.
Any information stated about the firm on the website, including fee schedule, an advisor’s background and experience, or AUM figures as Abromowitz point out should match those found in Form ADV.
It’s up to the Chief Compliance Officer to review all website materials, at least annually, to verify that they are in compliance with the firm’s regulatory filings and mandatory disclosures.
Lastly, an outdated copyright (e.g. 2005) or “latest news” article from 2007 is a quick way to turn prospects off to a new firm. If a firm can’t keep its website current, imagine how they might manage financial plan and investment follow up. I’m not saying there’s a 1-to-1 correlation, but it’s one area where advisors must make a good impression.
Great article. I’d add that advisors may not be seeing the real cost of an outdated website – lost revenue. As more and more people turn to the web to gather information/source solutions for their problems, being visible to them at the very moment they are searching is paramount. What is the value to your practice of connecting with an investor at the moment he is using Google to research financial planning? or an ira rollover? Imagine how lucky you would have to be to find this guy at the same right moment through direct mail or a seminar. By searching Google for financial planning, he’s identifying himself as your next client.
What does this have to do with outdated websites? Search engines love fresh content. To have any hope of appearing on the first few pages of Google’s search results your website must have fresh content. This content should be more than just updated AUM or fee schedules. Blog posts, e-newsletters, and 3rd party articles are all great examples of rich content. Do this and you dramatically increase your chances of being in front of exactly the right people at exactly the right time.