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What's unique about Fran, though, is how she decided to transition from the independent broker-dealer model to a 'supported independence' corporate RIA platform in order to avoid the compliance headaches involved in being a totally independent RIA while reducing the drag of platform fees on her firm's profitability by finding a platform that wouldn't (..)
One of the most intimidating aspects of launching a solo advisory firm is the question of how to manage compliance. Creating a compliance calendar for a solo RIA can help to systematize and manage compliance tasks, requirements and deadlines. Read More.
One of the most intimidating aspects of launching a solo advisory firm is the question of how to manage compliance. The 1st category of tasks that advisory firms must handle involves renewing their registration with the applicable state(s) in which they do business each year, which typically involves submitting select documents (e.g.,
Maintaining adequate books and records is a cornerstone of compliance for all investment advisers. For financial planning services, a similar approach to documentation can be applied to support regulatory compliance from the start of client engagement through all the steps that follow.
However, this "Compliance Rule" did not technically require that the annual compliance review of policies and procedures be conducted in writing, even though advisers were required to maintain records if they did document such reviews in writing! the SEC's new marketing rule).
What's unique about Fran, though, is how she decided to transition from the independent broker-dealer model to a 'supported independence' corporate RIA platform in order to avoid the compliance headaches involved in being a totally independent RIA while reducing the drag of platform fees on her firm's profitability by finding a platform that wouldn't (..)
If they want to continue to grow and increase their capacity, they'll need to make several important decisions and address a plethora of legal and compliance requirements not only to avoid potential legal issues but also to ensure that their business will continue to operate smoothly.
We also talk about how Travis built the onboarding and compensation plans for his own (contracted) student loan consultants to scale the business while incentivizing them to take on a greater volume of meetings (and still ensuring that they could give high-quality student loan advice), how Travis decided to diversify his business's income streams when (..)
For all of the myriad ways financial advisors can structure and run their practices, firm owners generally encounter similar stages in the development of their firms.
Even firms with robust compliance programs that do a good job following their required policies and procedures can struggle with examinations if they don't have the information that examiners will ask for readily available.
Which, in fact, often meets the definition of an ‘endorsement’, subjecting many third-party relationships to the Marketing Rule’s compliance regulations.
Which suggests that advisers have an opportunity to leverage the power of online reviews, which can act as "evergreen referrals" and drive more prospects to seek out the firm’s services, all while adhering to their firm’s compliance requirements. Read More.
Even firms with robust compliance programs that do a good job following their required policies and procedures can struggle with examinations if they don't have the information that examiners will ask for readily available.
From there, the latest highlights also feature a number of other interesting advisor technology announcements, including: FinanceHQ has launched as a new digital lead generation platform for financial advisors, which takes a more niche-focused approach to matching prospective clients with advisors – representing a bet that capturing prospects (..)
Additionally, it’s worth remembering that, save for certain personal information like home addresses and birthdates, much of the information on Form U4 is made public on the SEC’s website.
From there, the latest highlights also feature a number of other interesting advisor technology announcements, including: Asset-Map has raised $6M in Series B funding as it scales up its financial visualization tool for enterprise use amid growing demand for advice engagement tools Wells Fargo Advisors debuts LifeSync, an app-based tool combining features (..)
This is largely because, for financial advisors, it's not 'just' about capturing notes from the client meeting itself, but also about managing everything that follows: recording meeting notes in the CRM for compliance purposes, assigning post-meeting tasks to the team, and sending the client a post-meeting recap email.
As the onboarding template is filled in over the year, the advisor and manager can review the plan during check-ins to assess progress, identify challenges, and highlight what feels most fulfilling in the role.
Notably, different affiliate platforms have different payout rates; those that pay out the most (and thus have the lowest fees) tend to cover relatively few functions such as compliance and technology, while those that pay out the least (and therefore have the highest fees) cover a significant amount of the advisor's overhead costs.
A lot has changed over the ensuing 20+ years since the issuance of the Internet Adviser Exemption , and after observing numerous instances of non-compliance (and issuing a Risk Alert to that effect in 2021), the SEC issued an amendment to the Exemption on March 27, 2024.
In practice, support services from advisor platforms might include a wide range of consulting services – from compliance to an advanced planning team, operations to technology – that advisors could engage for a fee as needed.
In the United States, Registered Investment Advisers (RIAs) are required to register in one of 2 ways: with the Federal government (namely the SEC) or with one (or more) state securities regulatory agencies.
While some are looking to gain a first-mover advantage by leveraging client testimonials and third-party endorsements (and adjusting their compliance programs before doing so), others are taking a wait-and-see approach. Also in industry news this week: Why “SECURE 2.0”
This month's edition kicks off with the news that 'startup' custodian Altruist has completed a $169 million fundraising round as it continues to rebuild the RIA custodial tech stack layer-by-layer while positioning itself as the biggest RIA custodian built from scratch and solely for advisors – which, while making it the clear #3 custodian behind (..)
Hearsay Systems rolls out a new small-to-mid-sized RIA platform for social media compliance and website design. Riskalyze signals an intent to rebrand itself away from ‘just’ risk tolerance assessments to a broader focus on helping advisors grow clients and assets.
We also talk about why Kamila intentionally shifted her career focus to build an independent practice after years of working with clients and realizing how few looked like her, how despite working hard, Kamila was frustrated she was not receiving the recognition and compensation she felt she deserved and ultimately decided to follow the advice she (..)
Read the analysis about these announcements in this month’s column, and a discussion of more trends in advisor technology, including: Arch, a technology provider aiming to streamline the significant administrative and paperwork burden of managing multiple alternative investments, has completed a $20 million Series A funding round as advisors' (..)
Compliance!), And while all may appear well on the surface – the client rarely contacts the advisor with problems but they show up for every annual meeting – they may actually be feeling quite disengaged with the financial planning services being provided. Prospecting! Onboarding!
So, whether you're interested in learning about how Tim's ongoing investment into a healthy and a SEO-reputable website resulted in a multi-dimensional prospecting in-flow, how Tim manages SEC marketing compliance while still consistently asking clients for referrals, and how Tim has built a 'fireproof' hiring process putting people in roles that matched (..)
Firms seeking acquisitions may talk up their values prior to the sale, but the reality is that at a firm that is rapidly acquiring other businesses – particularly when funded by private equity ownership – the focus is often on the growth of assets and profitability, no matter what the core values are purported to be.
This month's edition kicks off with the news that Riskalyze has completed its previously-announced rebranding, and will now be known as “Nitrogen”, a ”growth platform” for advisory firms – which represents less of a shift in the platform’s core function (given that Riskalyze’s risk tolerance tool was always (..)
We also talk about why despite being a CFA charterholder Jake outsources investment management to First Ascent – for which clients pay an entirely separate additional fee – because it both allows him to simplify compliance to not manage investments in-house, and takes away the cost pressure of having to hire a separate employee to just (..)
We also talk about how Adam almost didn’t land his first job with Equitable because he didn’t do well on his insurance exams and only lucked into the job because a newly-hired manager happened to need one more insurance producer to meet his own numbers, how, in the early stages of his career, Adam wanted to work with business owners and (..)
From there, the latest highlights also feature a number of other interesting advisor technology announcements, including: Wealth Management GPT has launched as one of the first standalone AI writing tools for financial advisors, distinguishing itself from other tools that are integrated within already-existing AdvisorTech tools (which raises questions (..)
What's unique about Bridget, though, is how, as a solo advisor, she found herself overwhelmed with the pressures of having to manage different aspects of her business while also providing great service to her clients as she quickly grew to $77M of AUM in 7 years, and has decided to not to "scale" her firm by hiring more advisors but instead leverage (..)
We rounded up some of XYPN's best resources for advisors who want to launch their own financial planning firms. From tackling compliance to creating a businessplan and everything in between, this roundup of resources will set you up for firm launch success.
In this episode, we talk in-depth about how Jim built Sanctuary’s “Partnered Independence” platform for advisors who want to run their own practices serving HNW clients while leveraging Sanctuary Wealth’s support system that offers technology, compliance, practice management and training groups, digital marketing, and even ultra-HNW (..)
In this episode, we talk in-depth about how Jenny and her partner grew their firm from $19 million to $250 million of assets under management in just 7 years, thanks in large part to investing in a professionally designed website that highlighted their status as a women-run fee-only financial planning firm, how Jenny felt an increasing burden of operational (..)
In this episode, we talk in-depth about how Jenny and her partner grew their firm from $19 million to $250 million of assets under management in just 7 years, thanks in large part to investing in a professionally designed website that highlighted their status as a women-run fee-only financial planning firm, how Jenny felt an increasing burden of operational (..)
In this episode, we talk in-depth about how Freeman used a customized spreadsheet to analyze the financials that ended up favoring operating as an independent RIA rather than under a broker-dealer’s grid and platform fees (in particular the ability to boost long-term profitability by paying expenses as a flat cost rather than as a percentage (..)
In this episode, we talk in-depth about how Freeman used a customized spreadsheet to analyze the financials that ended up favoring operating as an independent RIA rather than under a broker-dealer’s grid and platform fees (in particular the ability to boost long-term profitability by paying expenses as a flat cost rather than as a percentage (..)
We rounded up some of XYPN's best resources for advisors who want to launch their own financial planning firms. From tackling compliance to creating a businessplan and everything in between, this roundup of resources will set you up for firm launch success.
Finally, a 4th prompt reviews transcripts from the perspective of a compliance officer to ensure that David and his team adhere to regulatory standards and their own internal policies. Additionally, AI tools have allowed David to transform what were once monologue-based planning meetings into interactive, engaging dialogues.
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