- Form 56, Notice Concerning Fiduciary Relationship
Acting in a fiduciary capacity expands your ethical responsibilities to clients, but it can also add to your paperwork. One document you’ll need to familiarize yourself with is IRS Form 56, Notice Concerning Fiduciary Relationship. It’s important to know when this form is required and what information to include. Ready to grow your client base?… read more…
- How to Become a Financial Manager
Becoming a financial manager involves a combination of education, experience and strategic career moves. Aspiring financial managers typically start with a bachelor’s degree in finance, accounting, economics or a related field. Gaining practical experience through internships or entry-level positions in financial institutions is also important. Advanced qualifications, such as a master’s degree or professional certifications… read more…
- Compliance Checklist for Your RIA Firm
One of the biggest challenges for registered investment advisors (RIAs) is navigating the many compliance rules they must observe. While there are many regulations to be aware of, tackling compliance doesn’t have to be a headache. Developing an RIA compliance checklist for your firm can make tracking the various requirements easier. Ready to grow your… read more…
- Financial Data Protection Laws Advisors Need to Know
Financial data protection laws exist to regulate the way that consumers’ information is managed and shared. Some of these laws are applied at the federal level, while others are state-specific. Advisors who offer services abroad may also be subject to financial privacy laws passed by other countries. It’s critical to know which laws you must… read more…
- Email Marketing Strategies for RIA Firms
Email marketing is an often-overlooked channel for growing your client base. While you may be focused on social media or content creation, email affords valuable opportunities to connect and communicate with prospective and current clients. If you’re ready to venture into RIA email marketing, it helps to know how to get started and what best… read more…
- How RIA Firms Can Use Content Marketing to Scale
Content marketing can offer the best of both worlds to growth-focused RIAs. Not only does it typically have a lower cost than other marketing channels, but online content has the potential to generate more leads. These are just two good reasons to develop an RIA content marketing strategy to increase your digital footprint. Ready to… read more…
- How to Leverage Business Development as an RIA Firm
Acquiring new clients and retaining the ones you have are critical to your firm’s long-term success. Dedicating time and resources to business development is one of the secrets to building a more sustainable practice. The most effective RIA business development strategies are designed to help you increase revenues and fuel growth while providing maximum value… read more…
- How Financial Advisors Can Use Facebook Ads to Grow a Firm
Digital ads can help you expand your online reach and connect with prospective clients in your niche. The question is, where should you run your ad campaign? Facebook is the largest social media platform in the world, making it one of the most popular options for digital marketing. If you’re new to Facebook ads for… read more…
- LinkedIn Marketing Strategies for Financial Advisors
LinkedIn is a popular social media and networking tool for professionals of all backgrounds, but it’s particularly attractive for financial advisors. As a marketing tool, LinkedIn can help you increase your brand’s visibility and establish connections with prospective clients who are looking for financial advice. If you’re not using LinkedIn to market your firm, it… read more…
- 7 Offline Marketing Strategies for Financial Advisors
Digital marketing is a powerful tool for financial advisors who want to connect with prospective clients while building brand awareness. While investors are increasingly turning to online search tools and social media to find financial advisors, there’s still a place for an analog approach. Analog or offline marketing strategies for financial advisors can support your… read more…
- Guide to Continuity and Succession Planning for RIAs
Building a registered investment advisor (RIA) firm is an investment of your time, energy and passion, and it’s important to ensure that your legacy continues when you’re ready to step away from the business. Deciding who will take over your role and when to time your exit are some of the central questions to consider… read more…
- Who Is Exempt From Registering as an Investment Advisor?
Understanding who is exempt from registering as an investment advisor can be important for those entering the financial advisory field. The Dodd-Frank Act and SEC regulations outline specific exemptions for private fund advisors, venture capital advisors and certain foreign advisors. Exemptions also apply to various professionals and entities, including lawyers, accountants, teachers, brokers and dealers,… read more…
- Business Continuity Planning for Financial Advisors
Helping your clients develop comprehensive financial plans often involves asking a lot of ‘what if’ questions. What if you get sick and need to retire earlier than expected? What if your spouse passes away unexpectedly? Applying that same approach to your firm can ensure that you’re prepared for situations that might threaten your business operations.… read more…
- Guide to Business Development for Financial Advisors
Business development focuses on strategies that are designed to help an organization grow and achieve its goals. For financial advisors, that often means connecting with new clients and increasing annual revenues. There are different growth strategies advisors might employ to realize success in the short and long term. Ready to grow your client base? SmartAsset… read more…
- One Page Financial Advisor Business Plan Template
Creating a business plan gives you a blueprint to follow as you grow your advisory practice. You may need to tweak your plan as time goes by and your business evolves. For simplicity’s sake, you might opt for a one-page business plan that you can easily adjust. An example template can make it easier to… read more…
- Pros and Cons of a Career in Wealth Management
Like most careers, wealth management has a number of pros and cons to consider for anyone interested in entering the field. Wealth managers often enjoy a high level of autonomy, high-earnings potential and have the chance to build lasting relationships with clients. But the career demands a deep understanding of financial markets, products and regulatory… read more…
- Social Security Software for Financial Advisors
Social Security can be a complex and often confusing topic for your clients. Utilizing software programs can make benefits planning easier to navigate, for both you and them. If you’re looking for Social Security software for financial advisors, there are several options to choose from. Comparing the benefits and the costs is a good place… read more…
- LinkedIn Lead Generation Strategies for Financial Advisors
LinkedIn is primarily a business-focused social media platform, but it has the potential to be more than just a networking tool for financial advisors. Incorporating LinkedIn into your marketing strategy can help you build authority and attract high-quality prospects to your business. LinkedIn lead generation strategies for financial advisors are about grabbing your ideal client’s… read more…
- How to Build Your Personal Brand as a Financial Advisor
Cultivating a brand image is an integral part of your financial advisor marketing strategy. A recognizable brand can give you a competitive advantage, help you attract more clients to your business and boost your firm’s revenues. Familiarizing yourself with the ins and outs of personal branding for financial advisors is the first step in refining… read more…
- How to Start a Family Office
Family offices can help financial advisors differentiate themselves in a competitive market as a one-stop solution for diverse client needs. This type of firm sets itself apart from other firms by providing highly personalized and holistic wealth management services for wealthy families. Here are four general steps to set up a family office. SmartAsset’s Advisor… read more…
- Checklist for Starting a Private Equity Fund
Starting a private equity fund requires careful planning and attention to detail. To help guide you through the process, here’s a private equity fund formation checklist to ensure you cover all necessary steps. Key components include defining your fund’s investment strategy, securing initial capital commitments, forming a legal structure and hiring a team. Add new… read more…
- Potential Consequences of Breaching Fiduciary Duty
Breaching fiduciary duty can lead to significant penalties, impacting both financial advisors and their clients. Fiduciary duty mandates advisors to act in the best interest of their clients, and violations can result in severe legal and financial repercussions. Penalties for breach of fiduciary duty include hefty fines, restitution payments and potential imprisonment. Understanding the severe… read more…
- Marketing Techniques for Financial Advisors to Try
Marketing techniques for financial advisors can enhance their visibility and client base. To stay competitive in today’s digital landscape, financial advisors should explore strategies such as social media marketing, content creation and email campaigns. Financial advisors often find that various marketing campaigns will overlap or enhance each other. By leveraging these marketing techniques, financial advisors… read more…
- Financial Advisor Marketing Compliance Checklist
Compliance is something that affects virtually every area of your business, and it can be challenging to keep up with the continually evolving regulations. It’s particularly important to be aware of your responsibilities when marketing your advisory business, both online and offline. Having a go-to advisor marketing compliance checklist can help you and your firm… read more…
- 16 Financial Advisor Prospecting Ideas
You can’t simply sit back and wait for clients to come to you; prospecting is an essential aspect of your success. Advisors who grow thriving businesses know that it takes effort to identify promising leads, capture their attention and convince them to become clients. Some of the most effective financial advisor prospecting ideas are also… read more…