- 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…
- 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…
- 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…
- When Financial Advisors Might Use AI for Financial Analysis
Artificial intelligence is redefining the way advisors run their businesses. AI tools are making it easier to create social media content, automate back-end operations and allow advisors to digest large amounts of data. There are different ways to use AI for financial analysis, as well as to analyze your business operations and identify opportunities for… read more…
- Guide to RIA Startup Costs
Starting a registered investment advisor firm can mark the beginning of a new phase in your career if you’re ready to go independent. Assessing RIA startup costs is a key step in the planning process. Understanding some of the most important expenses you’ll need to pay can help you shape your startup budget. Ready to… read more…
- How Much Independent Financial Advisors Make
Going independent and starting an RIA has certain advantages for advisors who want greater flexibility in creating a client experience. If you’re transitioning from a larger firm into your own business, it’s important to consider how that might impact your earning potential. Comparing independent financial advisor salary numbers can offer some perspective on what you… read more…
- 9 Sales Tips for Financial Advisors
Selling financial services to prospective clients can be challenging on many levels. Once you’ve connected with a lead, you need to spend time nurturing that relationship and building trust. You also have to demonstrate your value to the client and why they should rely on you to help them manage their money. Some of the… read more…
- How Solo Advisors Can Outsource Financial Planning
Outsourcing for a solo advisor can offer benefits such as cost-effectiveness, scalability, access to specialized expertise and time savings, which could allow them to focus more on client-facing activities and business growth. Solo advisors can take advantage of these benefits by strategically outsourcing non-core functions such as administrative tasks, compliance, technology support and investment research… read more…
- Betterment for Advisors Review
Choosing a custodian is a major step when starting a registered investment advisor firm. It’s your custodian’s job to manage and maintain client assets on behalf of your firm. Betterment for Advisors is one option you might consider. This technology-driven platform is designed to help advisors deliver superior service to clients as efficiently as possible.… read more…
- Options to Outsource Your RIA Operations
Managing operations is one of the most time-consuming aspects of running an independent advisory firm. Developing workflows and automating systems can help you streamline important tasks, but as you continue to grow, you might decide that the time has come to seek outside help. Third-party providers can assist with RIA operations outsourcing, allowing you to… read more…
- A Guide to Operations for an RIA
Growing a successful practice can test your ability to manage all the demands competing for your time and attention. You’re meeting with clients, marketing your firm and managing a seemingly endless list of back-office tasks. Developing strategies and systems for managing RIA operations can help you scale more efficiently while maximizing your resources. Ready to… read more…
- De Minimis Exemptions By State
State-registered registered investment advisors can be exempt from having to register in every state where they have clients if they don’t maintain a place of business in the state and serve no more than five clients in the state. This is known as the de minimis exemption. However, not all states follow this standard, and… read more…
- Back Office Services for Financial Advisor Firms
Managing advisor back office operations can be a time-consuming test of your ability to juggle multiple tasks when running your own firm. In simple terms, the back end is anything you do for your business that isn’t client-facing. Implementing systems and utilizing third-party solutions can make it easier to direct your focus back to your… read more…
- Corporate Transparency Act Reporting Requirements for Financial Advisors
The Corporate Transparency Act requires companies to report beneficial ownership information to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). FinCEN opened an online portal to begin accepting reports in January 2024. Financial advisors who fail to meet Corporate Transparency Act reporting requirements may face penalties. Ready to grow your client base? SmartAsset’s Advisor… read more…
- How to Use Financial Aggregation Software for Your Clients
Clients may come to you with financial assets that are scattered across different bank accounts or investment accounts. Financial aggregation software brings all of your client’s money into view, enabling you to make more informed decisions when offering advice. Utilizing aggregation software can offer some advantages for both you and your clients, though there are… read more…
- What Is the De Minimis Exemption for Financial Advisors?
The de minimis exemption refers to the threshold below which certain small-scale transactions or activities are exempt from regulation or taxation. Advisors should take note of this rule to ensure compliance with regulations, assess which transactions or activities they will have to report and avoid penalties. Here’s what you need to know. SmartAsset’s Advisor Marketing… read more…
- Guide to Strategic Portfolio Management for Your Advisory Firm
Building a successful—and sustainable—business often begins with developing systems that allow you to operate as efficiently as possible. Strategic portfolio management (SPM) encompasses various processes that financial advisors and other organizations can use to ensure that their actions align with their goals. Pursuing this type of approach can facilitate growth and allow you to better… read more…
- How Advisors Can Run an Effective Discovery Meeting
Scheduling a discovery meeting with a prospective or new client is an opportunity to get to know them a little and establish the ground rules for your interactions going forward. Setting an agenda for the meeting can ensure that you’re covering the most important topics. You should also be prepared to ask the client some… read more…
- Using a Risk Curve to Simplify Retirement Planning for Clients
Risk is an important consideration when helping clients shape their retirement plans to achieve the outcomes they desire. One tool you may rely on to help clients visualize potential outcomes is the risk curve. In simple terms, a risk curve illustrates the tradeoff between risk and reward. When used in a financial planning context, risk… read more…
- Understanding the Funding Ratio of a Defined Benefit Plan
While traditional pensions are on the decline as more employers opt to offer defined contribution plans to employees, they haven’t disappeared entirely. If you have clients who anticipate receiving a pension in retirement, it’s important to understand where those benefits might fit in. Funding ratio is a key consideration when evaluating the financial health of… read more…
- Types of Direct Indexing Solutions for Advisors
Direct indexing is an investment strategy that aims to replicate the performance of a stock index by investing in the underlying securities that the index is composed of. Assets are held in a separately managed account which can open the door to greater tax efficiency through loss harvesting. Advisors may turn to direct indexing providers… read more…
- Front vs. Middle vs. Back Office Functions for Advisors
Operations at financial advisory firms are often segmented into three specific parts for financial advisors: front, middle and back office functions. These are essential for streamlining operations, ensuring efficiency and enhancing productivity. Getting all three parts right can help you grow faster and better serve your clients. SmartAsset’s Advisor Marketing Platform can help you add… read more…
- 8 Tips for Assessing Your Client’s Risk Tolerance
Do you know how much financial risk your client can comfortably handle? Risk tolerance, is an important measure in financial planning that reflects how much a client is willing to endure in potential financial losses. It can establish the level and type of investment risk that a client can handle, making it an essential component… read more…