- Back Office Services for Financial Advisor Firms
Back office services support the daily operations of financial advisor firms by handling functions like data entry, compliance tracking, billing and custodial coordination. These services allow advisors to offload administrative tasks and maintain focus on client relationships and investment strategy. Depending on the firm’s size and goals, outsourcing or streamlining back office services can also… read more…
- How to Start an RIA Without Any Assets Under Management (AUM)
Becoming an independent registered investment advisor (RIA) is an opportunity to strike out on your own and take control of your career. Ideally, you would do so with an established client base, but if you’re unable to transfer your book of business from your previous firm, you might be starting from scratch. Starting an RIA… 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…
- Independent RIA Conferences and Conventions for 2025
Attending an RIA conference or convention is an opportunity to grow your professional network and expand your knowledge base. Working as an independent RIA can present some unique challenges and coming together with other advisors can prove valuable if you’re hoping to scale an existing firm or launch a new one. Keeping track of the… 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. It’s important for advisors to be aware of this rule, so they can ensure compliance with regulations, assess which transactions or activities they’ll have to report, and avoid penalties. Here’s what you need to… 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. According to Schwab’s 2025 RIA Benchmarking Study, 41% of firms engaged in merger and acquisition activity over the previous five years.1 The challenge… 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
Managing tax season efficiently starts with a well-structured tax document checklist that helps tax preparers stay organized and avoid last-minute scrambles. Gathering key documents and other information early, from clients’ income statements to their deductible expenses, allows for a smoother filing process and reduces the risk of errors or delays. Whether working with individuals or… 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…
- Guide to Portfolio Rebalancing Tools for Financial Advisors
When deciding what to include in your financial advisor tech stack, portfolio rebalancing tools are a must-have. Rebalancing software makes it possible to create customized portfolio solutions for clients while allowing you to scale your business more efficiently. Portfolio rebalancing tools offer a comprehensive range of features and benefits, ideally at an affordable cost. SmartAsset’s… read more…
- Estate Planning Software Options for Financial Advisors
Estate planning is an important service that financial advisors offer, ensuring a smooth transfer of wealth and the protection of a client’s financial legacy. Utilizing the right tools for estate planning can greatly enhance the accuracy and efficiency of developing them for your clients. For financial advisors looking for estate planning software, several top-tier options… read more…
- Helpful Online Tools for Financial Advisors
The financial advisory industry has rapidly evolved with the rise of digital technology. Today, fintech solutions offer advisors a wide range of tools that can help streamline operations, automate routine tasks and enhance client service. From financial planning and portfolio management to lead generation, these financial advisor tools can be tailored to meet the unique… read more…