Financial Advisory Practice Management
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Financial Advisory Practice Management
Practice Management and Industry News For Financial Advisors
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Hold the Innovation! First, Build a Solid Foundation

Hold the Innovation! First, Build a Solid Foundation | Financial Advisory Practice Management | Scoop.it
A few years ago, I asked the financial planning class that I was teaching who invented the light bulb.
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How to Find the Best Cyber Security Insurance for Your Firm

Matt Rybaltowski

A robust cyber security insurance policy can be tricky to procure, even for the most meticulous wealth management firms.
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Build Capacity by Engaging Your Staff

If you determine that your productivity is suffering because you and your team are working at full capacity, it is important to identify where, and how, you might improve efficiency.
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House Panel to Keep SEC Budget Flat as Lobbyists Lose Hope on User Fees

“The advisory industry needs “to move on to other [exam] options” like third-party audits and raising the AUM threshold for state-examined advisors, says TD's Schweiss.”
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Millennial Marketing 101

Millennial Marketing 101 | Financial Advisory Practice Management | Scoop.it
“With 21 percent of the workforce now made up of Millennials - those between the ages of 25 to 34 -- advisors may want to put a bit of muscle into acquiring these prospects. read more”
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What Does Windows 10 Mean for Advisors?

The next operating system from Microsoft, Windows 10, is expected to be officially released later this summer.
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Co-working Grows Among Advisors

Co-working Grows Among Advisors | Financial Advisory Practice Management | Scoop.it
Spaces where advisors can share common rooms, or get private offices of their own, are a growing alternative.

Spaces where advisors can share common rooms, or get private offices of their own, are a growing alternative.
AdvisoryQuest's insight:

Some great resources for locating a co-working space are mentioned in the article.

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5 Key Issues for a Succession Plan

5 Key Issues for a Succession Plan | Financial Advisory Practice Management | Scoop.it
In recent statements, SEC Chairwoman Mary Jo White has indicated that some requirement for succession planning will be incorporated into the much-heralded and anticipated uniform fiduciary duty rule being crafted by commission staff.
AdvisoryQuest's insight:

The key considerations of a good succession plan are addressed.  As the article points out, the more thoughtful and thorough the planning process, the better the result is likely to be.

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Getting Back That ‘New Business’ Feeling

Getting Back That ‘New Business’ Feeling | Financial Advisory Practice Management | Scoop.it
Think back to when you first started your firm: how excited, motivated and inspired you were. Today, I’m going to start you on the road to getting back that enthusiasm and brilliance by suggesting that instead of seeing your firm as the business you started so many years ago, instead you should view it as a new and different business.
AdvisoryQuest's insight:

Good point about when your business gets to different levels (growth stages), you run into different issues, and need to look at your business as a new business. 

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NASAA Adopts New Model Rule 203(a)-1A Requiring RIA Business Continuity And Succession Planning

NASAA Adopts New Model Rule 203(a)-1A Requiring RIA Business Continuity And Succession Planning | Financial Advisory Practice Management | Scoop.it

After completing the public comment period, NASAA has just implemented a new “Model Rule” that will require investment advisers to adopt a “Business Continuity and Succession Plan” for the RIA practice. Notably, the rule would apply only for state-registered investment advisers, although the SEC has recently announced it is considering a parallel rule for SEC-based RIA firms as well. 

AdvisoryQuest's insight:

Great overview by Michael of the Rule with some excellent suggestions for complying with the Rule.

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The Biggest Problem With Your Advisory Business? You

The Biggest Problem With Your Advisory Business? You | Financial Advisory Practice Management | Scoop.it
But you also can solve your own challenges, restoring your confidence along the way, by following these five steps.
AdvisoryQuest's insight:

Good straightforward insight about looking at, and solving, the main issue with most advisory firms and how to address the issue. 

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Google Updates Search Ranking Algorithm; Are Advisor Websites Ready?

Google Updates Search Ranking Algorithm; Are Advisor Websites Ready? | Financial Advisory Practice Management | Scoop.it
With its latest update, Google has made it clear that the future is in a seamless online experience across multiple consumer touch points – mobile, social and more – and those who do not adapt to the change will become irrelevant.
AdvisoryQuest's insight:

You can test your site for both how Google mobile friendly and desktop ready your site is from the link in the article.

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Planning Professionals Happy with Jobs, Less So with Pay

Planning Professionals Happy with Jobs, Less So with Pay | Financial Advisory Practice Management | Scoop.it
Although 44 percent of financial planning professionals are very satisfied with their jobs, only 26 percent are very satisfied with their compensation. Perhaps that explains the next stat: 26 perce...
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New Comp & Benefits study out from the FPA.

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The Price of Independence

The Price of Independence | Financial Advisory Practice Management | Scoop.it
When referring to oneself as an independent advisor, do you mean you are an independent business owner, independent in your ability to select technology and platforms, independent in your ideas and recommendations to clients, or independent from...
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Backing up data in the cloud essential to advisers' disaster-recovery planning

Backing up data in the cloud essential to advisers' disaster-recovery planning | Financial Advisory Practice Management | Scoop.it
Web-based programs are designed to ensure data security and remote access when emergencies happen.
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5 Challenges Advisors Need to Conquer in Next 10 Years

5 Challenges Advisors Need to Conquer in Next 10 Years | Financial Advisory Practice Management | Scoop.it
“Generally, things are pretty good for advisors” right now, Sanjiv Mirchandani of Fidelity says. But the industry's growth picture is more nuanced than it seems.
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Your Back-Office Decisions Also Require Due Diligence

“Before making a decision based on a great sales pitch or time constraints, remember that due diligence also applies to your back-office.”
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Always do your research before making a purchase, one that will affect your employees and clients. Does it do what you need it to do? Will your staff and/or clients benefit from such a change? What is the costs compared to the benefits of the purchase?
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How Advisors Can Get Google to Like Their Websites

How Advisors Can Get Google to Like Their Websites | Financial Advisory Practice Management | Scoop.it
Jennifer Cummings

Trying to show up at the top of prospective clients' Google searches can be time-consuming and expensive, but the effort can reap big rewards.
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Better Search Methods Can Improve Hiring Outcomes

Better Search Methods Can Improve Hiring Outcomes | Financial Advisory Practice Management | Scoop.it
Most wealth managers’ organizational charts have very little padding. Consequently, it’s important to make good hiring decisions the first time around and to avoid the hire-fire-hire cycle, but some firms lack a methodical approach to hiring.
AdvisoryQuest's insight:

Great points to help you consistently approach the hiring process.

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How RIAs Should Enforce Firm Policies and Procedures

Just having a manual isn't enough: advisors should take specific steps when a violation occurs, and regularly train all the employees of the firms on its policies and procedures.
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Fear of Falling

Fear of Falling | Financial Advisory Practice Management | Scoop.it
There comes a time when most advisors wonder: “Did I devote the same level of care to my financial life as I gave to my clients’ lives? Did I follow my own advice? Am I prepared for the future?”
AdvisoryQuest's insight:

Article author, Mark Tibergien, summarizes a list of questions for advisory firm owners and potential successors to discuss and resolve.

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An adviser's retirement income software toolbox

An adviser's retirement income software toolbox | Financial Advisory Practice Management | Scoop.it
Software that helps with issues ranging from health care costs to tax-efficient withdrawal strategies
AdvisoryQuest's insight:

A good overview of a few of the tools available to help manage the issues listed above. 

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SEC Releases Cybersecurity Guidance for RIAs

SEC Releases Cybersecurity Guidance for RIAs | Financial Advisory Practice Management | Scoop.it
The IM Division’s April cyber guidance recommends that advisors and funds conduct periodic assessments, have a cybersecurity strategy as well as written policies and procedures to mitigate cyberattacks.
AdvisoryQuest's insight:

Good high-level overview of the basics for advisors to follow.

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Advisors, Staffers Unhappy With Pay: FPA Study

Advisors, Staffers Unhappy With Pay: FPA Study | Financial Advisory Practice Management | Scoop.it
Only about a quarter of advisory firm employees are satisfied with their pay, and about a quarter plan to change jobs soon, the study found.
AdvisoryQuest's insight:

Summary of the key findings of the study. Interesting job satisfaction stats for CEOs and support staff. This has got to change or firms will constantly be hiring and training employees for the same positions- hindering growth.

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Want to survive an SEC audit? Go paperless

Want to survive an SEC audit? Go paperless | Financial Advisory Practice Management | Scoop.it
Going paperless at the office is more than a nod to environmental virtuousness, it just might give advisers a leg up on SEC compliance exams.
AdvisoryQuest's insight:

Insights from a few advisors who have gone paperless and how much easier and faster the SEC exam was a a result of making this change.

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