- 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…
- How to Grow Wallet Share By Targeting Held Away Assets
If you’re looking to grow your business as a financial advisor, often the best place to start is within your own shop. While recruiting new clients is important, developing your relationship with existing clients is also crucial for your advisory business. By increasing the amount of each client’s assets that you manage, you can both… read more…
- Understanding the Life-Cycle Approach for Your Clients
Life cycle financial planning is a multi-stage approach to helping your clients build and manage wealth. As clients age and experience life changes, their financial goals and needs may evolve, which in turn can affect the type of advice you offer. Understanding the financial planning life cycle can help you prepare for each new phase… read more…
- Key Technology Every Wealth Manager Should Consider
Incorporating technology into your advisory practice can help save money and increase efficiency, leaving you with more time to focus on your clients. Navigating the wealth management technology landscape may seem a little intimidating, but embracing the right tools could transform your business. Here are some of the most important types of wealth management tech… read more…
- How a Chief Compliance Officer (CCO) Can Help Your RIA Firm
A chief compliance officer (CCO) is a member of your firm’s team who can help protect your business from potential legal or regulatory issues. Registered investment advisors must have a CCO serving at the firm, but hiring an experienced one could make a huge difference and avoid potential penalties, fees or lawsuits that could cost… read more…
- How to Find a Financial Advisor Practice for Sale
Whether you’re ready to set out on your own or you’re looking to grow your business, buying a financial advisor practice can be a great way to help you reach your goals. However, it may be difficult to find a book of business that you’re happy with and that you can afford. There are a… read more…
- Portfolio Visualizer Tool Options for Financial Advisors
When a client is ready to make a change to their investment strategy, they may be interested in seeing how those choices might play out over the long term. Portfolio visualizer tools make it possible to generate models or simulations so they can evaluate the potential outcomes. The best tools are easy to incorporate as… read more…
- How to Manage Client Assets Held Away
Creating a comprehensive financial planning strategy may be more challenging when a client has assets held away. If you don’t know the full extent of their financial situation, that can tie your hands to a degree when it comes to offering the best advice for their needs and goals. There are, however, some things you… read more…
- Tax Prep Checklist for Tax Preparers
Tax season can add to your already busy workload, particularly if you have a larger client base or serve clients with more complex tax situations. Planning early can help ensure a smoother, less stressful process for everyone involved. Putting together a tax preparer checklist for clients can also help you verify that you have everything… read more…
- How to Find a Financial Advisor Recruiting Firm
Financial advisor recruiting firms help connect jobseekers with companies that have vacancies to fill. You might consider enlisting the aid of a recruiting firm if you’re entering the financial services field for the first time or are ready to move on from your current employer. Knowing how to evaluate recruiting firms can help you find… read more…
- Estate Planning Software Options for Financial Advisors
Estate planning may be one of the core services you offer your clients as an advisor. Utilizing the right tools can make crafting personalized estate plans easier and more efficient. If you’re interested in the best estate planning software for financial advisors, there are several top programs to choose from. SmartAsset’s Advisor Marketing Platform offers… read more…
- How to Build a Client Service Model as a Financial Advisor
The importance of creating an exceptional client service model can’t be underestimated. Attracting clients – and retaining their loyalty – begins and ends with delivering an experience that not only meets but exceeds their expectations. The most effective client service model for financial advisors is one that emphasizes value while encouraging engagement. Here’s a closer… read more…
- Transitioning a Financial Advisor Firm: What to Know
The process of transitioning a financial advisor firm involves moving client relationships and assets, which often define the viability and profitability of the firm. This is done by either buying a book of business or hiring a new financial advisor who is bringing a book of business with them. For advisors, understanding this transition can… read more…
- A Guide to Hiring an Associate Advisor for Your Firm
Are you looking to take your firm to the next level? The right talent can make all the difference, and one such talent is an associate advisor. This crucial player in client relationship management, portfolio analysis and support for financial plans can supercharge your firm’s strategic growth. This guide unpacks each step of the process,… read more…
- Creating a Financial Advisor Value Proposition to Help Your Firm Stand Out
A well-crafted value proposition can make a huge difference in helping understand where your financial advisory firm is headed. It sets your financial advisory firm apart from others and helps you identify your unique selling points. Moreover, it succinctly communicates the unique benefits clients can expect from your services, effectively becoming your firm’s secret weapon… read more…
- Tips for Managing an Effective Financial Advisor Practice
Managing a successful financial advisor practice involves more than crunching numbers and advising on investments. It also calls for astute team management, resource optimization, goal setting, key metrics tracking and continuous learning. With the finance sector evolving, technology can also help you streamline your practice management and boost revenue. Follow these tips to manage your… read more…
- Financial Advisor Payout Grid Comparison
Shopping around for a new broker-dealer to join? One of the most important things to consider is how much you’ll get paid. Looking at a financial advisor payout grid comparison can give you a better idea of the kind of compensation you can expect to receive from commissions. There are different factors that can affect… read more…