According to a seasonal fact file compiled by Zurich-based financial advisory firm Chase Belgrave, St Nicholas, the origin of our Santa Claus, was believed to be the bishop of Myra, Lycia, in what is now Turkey. Legend has it that he gave marriage dowries to three poor girls by dropping the gold coins in purses down the chimney and into stockings hanging by the fire.

Picture: Martin Morrell

They dont simply leap from someones head and become a force.

Innovation requires tremendous bursts of creativity, entrepreneurial spirit and endeavors that carry out inspired ideas, said George Kinder, who many call the father of holistic planning.

Creating a culture that fosters innovation requires impassioned people who are willing and able to stand up to criticism — usually harsh criticism. It also requires an environment that rewards thinking outside the box and taking risks.

Advisory firms should examine carefully whether their cultures are open to stimulating and supporting innovation. They will need a pioneering spirit in the coming years as they face tough decisions.

Among the pressures bearing down on the advice business are digital platforms, which are expected to continue expanding across the landscape. Advisers will need innovative solutions for determining the services clients value, who their best clients are and even how they deliver services.SPARKS BURN OUT

Still, not all important ideas that fulfill client needs lead to an innovation. Lots of sparks burn out quickly.

Its hard for successful companies to try and commercialize new things, said David Duncan, a partner at consulting firm Innosight. Its a real struggle to find new sources of growth, to find real solutions.

It will be essential for advisory firms to thoughtfully craft the products and services they offer in the marketplace, however, because all their competitors will be doing the same thing. Successful advisers who want to stay ahead will have to push for new features and services.

Think Apple founder Steve Jobs driving researchers to perfect the iPad when consumers were still giddy over the iPhone. Or Richard Branson requiring Virgin Atlantic to create a top-of-the line meal experience for passengers as other airlines shaved costs by eliminating even the peanuts.

Ted Jenkin, co-chief executive of oXYGen Financial Inc., sought to create an advisory experience for young families and business owners in 2007, a time the rest of the financial services industry was focused on how to handle the approaching wave of retiring baby boomers.NEXT BLUE OCEAN

We watched the wirehouses and banks circling the baby boomers like sharks in the ocean and we asked ourselves, whats the next blue ocean going to be? Mr. Jenkin said, referring to a strategy of finding a new market for services. We felt it was Gen X and Y.

He started to imagine how these tech-focused individuals — none of whom had ever known a world without television or few of whom had experienced a car ride without mobile phones — would want their financial services delivered.

Today, oXYGens two Atlanta offices have signature Oxygen Bars in their lobbies, along with iPads and gaming systems so waiting clients can work or entertain themselves.

Employees dont have desktop computers. They work from laptops and tablets so they can move around, work from anywhere and collaborate as necessary, Mr. Jenkin said.

The idea of catering to Gen X and Y is increasingly in vogue in the advisory space, but seven years ago, Mr. Jenkins concept drew many raised eyebrows.

In fact, Mr. Duncan said, in all industries, those who champion innovation are likely to encounter blowback. Whether its strong criticism or healthy skepticism, innovators often endure reproach.

Mr. Kinder felt the heat in the 1990s, when he concentrated his advisory business on helping clients discover and finance their personal passions instead of offering them investment products.

The objections came mostly from those who were attached to the product sales approach to financial planning, he said.

The passionate and immediate response from clients helped give him the confidence that he was on to something with his life planning movement.

Clients asked how come no one else had done this before, said Mr. Kinder, who has since written two books on the subject and created the Kinder Institute of Life Planning to guide advisers on developing life plans for clients.

Now, two decades later, even brokerage executives encourage advisers to talk more with clients about their life goals and philanthropy. Many even have implemented goal-based planning processes.

Mr. Kinder conceived of life planning by thinking deeply about what he would appreciate as a client.

Thinking about what customer need is not being met, or not being met satisfactorily, is one of the great sparks to innovation, according to Mr. Duncan. The emphasis then becomes what can be done to address the need.

A technological development applied to something other than what was intended is another innovation trigger, he said.

For instance, 3M Post-it Notes came out of a failed chemistry lab experiment. Researchers working to develop strong adhesives realized that a weak but residue-free gluing agent might be good for something else altogether, Mr. Duncan said.

A third common innovation spark is through a seismic shift in regulation. In other words, new rules can create a whole new set of needs, Mr. Duncan said. An example is the Affordable Care Act, which has given rise to new health care consulting practices for businesses, including some advisers.WHAT IS NOT NEEDED

But in Joe Durans case, its all about finding what doesnt need to be done. The chief executive of United Capital said innovations at his company begin by looking at what things it should stop doing.

It forces us to ask, How do we get out of doing this? and pushes us to think differently, Mr. Duran said.

Thinking differently is the best way to create a spark that leads to innovation, he said.

In creating a national financial advisory firm, Mr. Duran used technology to create a personal and interactive client experience that integrates behavioral finance research.

Innovations for next year include an emphasis on the middle office, which he describes as all the processes that take place before and after client meetings. The goal is to eliminate any double data entry, he said.

Its about creating scale and constantly asking, What is our core competence? Mr. Duran said. We want to stay with what we do great.

Advisory businesses that create a culture that encourages and supports innovation are more likely to remain relevant to clients and to stand out among other firms — two factors important to asset growth.

If you are trying to enable your organization to be more innovative, you need to tell [staff] what you want them to do and incentivize people to do it, Mr. Duncan said. That means designing career paths and incentives to reward innovative behavior.

For example, he said, give employees dedicated time to pursue their disruptive ideas during the workday, instead of requiring the heroic innovator to make it happen working nights and weekends.

In addition, leaders need to be exhibiting and supporting the behaviors the firm wants all employees to adopt, Mr. Duncan said.

Businesses also need to make resources — which can include technology, people or money — available to explore and develop innovations, he said.

Often a company is scoffed at when it introduces an innovative product or service, but the best eventually break through and become part of the established industry. Developing an innovative culture can help your firm be the early bird that gets the worm.

PALO ALTO, Calif., Dec. 23, 2014 (GLOBE NEWSWIRE) -- Cellular Biomedicine Group, Inc. (Nasdaq:CBMG) (the Company), a biomedicine firm engaged in the development of effective treatments for degenerative and cancerous diseases, is pleased to announce today that options (Options) to purchase an aggregate of 1,000,000 shares of the Companys common stock have been exercised at an exercise price of $8.00 per share, bringing an aggregate of $8,000,000 in exercise proceeds to the Company.

The Options were originally issued on July 2, 2014 to investor Francis Leung Pak To, a veteran Hong Kong investment banker. The Options were exercisable for three years at an exercise price of $8.00 per share. Prior to the exercise, Mr. Leung assigned 620,000 options to existing and new investors, which were immediately exercised in full. 

Mr. Leung has over 30 years of experience in investment banking, in particular, the field of corporate finance involving capital raising, mergers and acquisitions, corporate restructuring and other general financial advisory activities, and principal investments in Hong Kong and the PRC. He is currently the Chairman (Greater China) and a managing partner of CVC Asia Pacific. On a personal basis, Mr. Leung is a seasoned growth capital investor.

The early exercise of the Options demonstrates our investors confidence in the Company and is contributing to the long-term development of the Companys immune cell therapy platform, commented Dr. William Wei Cao, Chief Executive Officer of Cellular Biomedicine Group. The additional cash proceeds will allow Cellular Biomedicine Group to accelerate and expand the scope of its 2015 strategic plan while fortifying the balance sheet to attract new investors. We look forward to releasing the Companys interim Phase IIb clinical data for Rejoin(TM) human adipose-derived mesenchymal progenitor cell (haMPC) regenerative medicine treatment for Knee Osteoarthritis (KOA) in the first quarter of 2015.

About Cellular Biomedicine Group

Cellular Biomedicine Group, Inc. develops proprietary cell therapies for the treatment of certain degenerative diseases and cancers.  Our developmental stem cell, progenitor cell, and immune cell projects are the result of research and development by scientists and doctors from China and the United States. Our flagship GMP facility, consisting of eight independent cell production lines, is designed, certified and managed according to US standards.  To learn more about CBMG, please visit:

Forward-Looking Statements

Statements in this press release relating to plans, strategies, trends, specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as may, will, expects, plans, intends, estimates, potential, or continue, or similar terms or the negative of these terms. Although CBMG believes the expectations reflected in the forward-looking statements are reasonable, they cannot guarantee that future results, levels of activity, performance or achievements will be obtained. CBMG does not have any obligation to update these forward-looking statements other than as required by law.

CONTACT: Sarah Kelly Director of Corporate Communications, CBMG +1 650 566-5064 This email address is being protected from spambots. You need JavaScript enabled to view it. Vivian Chen Managing Director Investor Relations, Grayling +1 646 284-9427 This email address is being protected from spambots. You need JavaScript enabled to view it.

(C) Copyright 2014 GlobeNewswire, Inc. All rights reserved.

In an unexpected U-turn, Australian policy-makers have decided to reject the repealing of the just recently deployed Future of Financial Advice (FOFA) rules applying to all Australian financial advisers, intended to protect retail investors in the advisory and discretionary broking space.

Parliamentary debate came to a crescendo in an a rarely seen late evening sitting, where a 32-30 vote ensured currently active government changes would be scrapped. The vote effectively means financial planners will have to contact their customers and obtain permission/authorisation for trading activity to be legitimate.

The incumbent Liberal government was aiming to repeal the FOFA regulations and make financial advisory services more laissez-faire, or in other words, operate under less bureaucracy. However, such intentions have attracted unscrupulous market operators seeking to take advantage of looser disclosure measures.

Regardless of the political reasoning behind this most economic of issues, the fact remains that the advisory industry in Australia now faces a scramble to comply with the roundabout turn embarked upon by MPs.