Posts by Rebecca Lake, CEPF®
Firm Management
How Financial Advisors Can Use Fintech Services
Fintech, or financial technology, is increasingly influencing how people invest and build their wealth. Advisors, meanwhile, are seeing the traditional financial planning model be reshaped through digital innovation. Fintech’s impact as a disruptor can’t be ignored, nor can the opportunities it presents for advisors to streamline and scale their businesses. SmartAsset’s Advisor Marketing Platform (AMP)… read more…
Professional Development
Do You Need a Financial Advisor Coaching Program?
Growth rarely follows a straight line, and it’s not unusual to encounter a series of highs and lows as you progress toward your goals. If you feel stuck in your journey, you might consider coaching to revitalize your business and get the momentum going. Financial advisor coaching programs can provide support, structure and training that… read more…
Firm Management
How to Use AI Technology to Streamline Your RIA Business
Artificial intelligence continues to be a driving force of change in the advisory industry. And embracing AI and its possibilities as an RIA can give you a competitive advantage. After all, it’s clear this technology isn’t simply a passing trend. Exploring AI RIA applications can help you evaluate where it fits into your firm’s growth… read more…
Professional Development
5 Important Tips for Financial Advisors Looking to Grow
Seeing tangible growth in your business is immensely satisfying, but it takes strategic planning on your part to generate real results. Financial services is a competitive industry, and if you’re a smaller, independent firm, it may be difficult to gain your footing. Let’s look at some financial advisor tips for growth you can begin implementing… read more…
Firm Management
12 Online Resources and Tools for Financial Advisors
Running a successful advisory business often means working smarter, not harder. Incorporating digital tools and online resources into your practice can help you improve time management, ensure compliance and deliver a superior client experience, which is vital for your long-term success. You likely have a trusted customer relationship management (CRM) platform and go-to financial planning… read more…
Marketing
How to Build a Brand for Yourself as a Financial Advisor
Imagine waking up every day to an email or voicemail inbox overflowing with messages from prospective clients who are eager to connect. With a recognizable brand, you could be well on your way to turning that vision into reality. Your brand is your calling card. It’s what sets you apart from the competition, establishes trust… read more…
Compliance & Legal
Guide to the Annual Updating Amendment of Form ADV
Form ADV, or the Uniform Application for Investment Adviser Registration and Report by Exempt Reporting Adviser, is a requirement to register as an investment advisor with the Securities and Exchange Commission (SEC) and state regulators. You can’t just file once and forget about it, though. Federal regulations require regular updates to your form. It’s important… read more…
Compliance & Legal
Understanding Fund Custody in Private vs. Publicly Offered Funds
Rule 206(4)-2 of the Investment Advisers Act of 1940 outlines the fund custody compliance requirements for registered advisors. In the simplest terms, the rule requires financial advisors who have custody of client assets to ensure that those assets are safely and securely held with a qualified custodian. The SEC distinguishes between private vs. publicly offered… read more…
Firm Management
9 Steps to Building a Succession Plan as a Financial Advisor
Succession planning is not just something you help your clients with — it’s also something you should consider for yourself, especially when you run an advisory firm. Whether your end goal is retirement or transitioning to a new career path, it’s important to map out what will happen to your business, and your clients, when… read more…
Professional Development
How to Transition Into a Retirement Planning Career
As a financial advisor, you have the opportunity to choose a niche that speaks to your interests and expertise. And retirement planning is an area that’s always in demand, as clients look for advice on developing a realistic roadmap for the future. Not to mention, it’s a potentially lucrative area of focus, as well. If… read more…
Marketing
Financial Advisor Marketing to CPAs: Strategies and Tips
While certified public accountants (CPAs) handle tax planning for their clients, they may need help bringing their own personal financial plans to fruition. They can also be an excellent source of referrals for advisors. If you’re interested in expanding your niche or referral pipeline to include CPAs, you’ll need to figure out how to attract… read more…
Marketing
Financial Advisor Marketing to Millennials: Strategies and Tips
Millennials, meaning those born between 1981 and 1996, present advisors with a significant opportunity to capture the next generation of clients. As the oldest millennials reach their 40s, they may be looking for advice on how to maximize their incomes and investments while minimizing their debt. If you’re a financial advisor marketing to millennials, you’ll… read more…
Firm Management
How to Choose a Custodian as a Small and Independent RIA
SEC rules require that registered investment advisors have a qualified custodian to hold client assets. Your assets under management (AUM) can make a difference when deciding which custodian to work with, as some custodians have a higher barrier to entry than others. However, finding the best custodian for a small RIA goes beyond just AUM.… read more…
Firm Management
Risk Analytics for Financial Advisors
Clients look to you for help when navigating risk factors that may harm their portfolios. Financial risk analytics uses a big-picture approach to identify where threats may lie and the impact they could have on your clients’ assets and goals. Incorporating financial risk analysis strategies into your practice can enhance the client experience and encourage… read more…
Firm Management
What Are the Typical RIA Custodian Fees?
The Securities and Exchange Commission (SEC) requires registered investment advisors (RIAs) to have a qualified custodian hold client assets to ensure that they’re properly safeguarded. When comparing options, it’s helpful to consider RIA custodian fees and what you’ll pay for their services. Higher fees don’t always equate to more or better services and the best… read more…
Marketing
Financial Advisor Marketing to Doctors: Strategies and Tips
Marketing advisory services to doctors requires a unique approach to capture and hold their attention. Physicians often prove challenging for advisors, as they may have significant income that’s counterbalanced by significant debt. They want to work with advisors who understand how to navigate building wealth while paying down student loans. There’s no standard playbook that… read more…
Compliance & Legal
Understanding FINRA Rule 1210 on Registration Requirements
FINRA Rule 1210 outlines registration requirements for individuals who work in securities or investment banking. Essentially, this rule says that any financial professional who’s engaged in investment banking or securities business for a FINRA member firm must also be registered with FINRA. The only exception is if the individual is exempt from registration following another… read more…
Compliance & Legal
Guide to Form ADV Part 3 (Form CRS)
Completing Form ADV is required to register with the SEC as an investment advisor. Form ADV Part 3, also referred to as Form CRS, includes details about your firm’s services, the fees you charge, standards of conduct and past disciplinary history. Registered investment advisors must share this customer relationship summary with all new and existing… read more…
Compliance & Legal
Guide to FINRA Securities Licenses and How to Earn Them
A FINRA securities license enables you to offer financial advice and sell investments to clients. The pathway to licensure involves completing one or more FINRA-administered exams to test your knowledge of the securities industry. Which securities license should you earn? The answer largely hinges on the type of clients you serve and the services you… read more…
Firm Management
Website Design Checklist for Financial Advisors
A well-designed website is essential for connecting with prospective clients, promoting your advisory services and establishing your brand reputation. But how do you build a site that’s eye-catching, engaging and designed to provide a superior user experience? An advisor website design checklist can guide you through the process. Add new clients and AUM at your… read more…
Compliance & Legal
Transition Checklist for Financial Advisors
Transitioning can mean different things for different advisors. It can mean beginning the next phase of a career with a new firm, or going independent and starting an RIA. Or you might be somewhere in between, and partnering with an RIA aggregator to build your business. Wherever you are on your professional journey, a financial… read more…
Compliance & Legal
FINRA Form U4: What It Is and What to Avoid
When you start an RIA, you’ll have to complete some extensive, but necessary, paperwork, starting with Form ADV. Form U4, the Uniform Application for Securities Industry Registration or Transfer, is also required for all investment advisor representatives (IARs) of the firm. While form doesn’t require the same annual updates as Form ADV, it’s important to… read more…
Firm Management
How Should Financial Advisors Spend Their Time?
You have plenty to do to grow your business and serve your clients. But there are only so many hours in a day. Time management is critical to furthering your success, not to mention maintaining your sanity. That’s where an ideal financial advisor time allocation schedule comes in. Creating one allows you to spend more… read more…
Client Acquisition
How to Find Your Ideal Clients as a Financial Advisor
Establishing or growing an advisory firm requires a certain level of understanding as to what your clients need and expect. And building your business around ideal clients can set the stage for long-term sustainability. In a broad sense, ideal clients for financial advisors are those customers who are most closely aligned with your services, experience… read more…
Firm Management
What Is a Repapering Specialist?
Repapering is a time-consuming, but necessary step for advisors who are making the transition to a new firm or going independent. If you’d prefer to have professional help in navigating the process, you could consider working with a repapering specialist. Finding the right service to work with begins with understanding what repapering specialists do. SmartAsset’s… read more…