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This month's edition kicks off with the news that Holistiplan has announced the rollout of a new estate plan document extraction tool to stand alongside its highly popular tax return scanning tool – which highlights how advances in AI technology have allowed tools like Holistiplan to go beyond tax returns and scan nearly any kind of document (..)
In the 157th episode of Kitces & Carl , Michael Kitces and client communication expert Carl Richards discuss how advisors can alleviate a prospect's anxiety by setting clear expectations for the introductory meeting – both in terms of logistics and emotional preparedness.
Advisor-focused AI meeting note solution Jump has completed a $20 million funding round, which reinforces its status as the emerging market leader in the crowded AI meeting note category – a status that may only increase from here if AI meeting notes, like most established AdvisorTech categories, evolves into a "winner-take-all" market where (..)
In the 155th episode of Kitces & Carl , Michael Kitces and client communication expert Carl Richards discuss how advisors can look beyond engagement metrics to understand which services have the greatest impact on their clients' experience.
In the 156th episode of Kitces & Carl , Michael Kitces and client communication expert Carl Richards discuss how they use AI tools such as ChatGPT to expedite their creative and strategic processes – and how to ‘ask’ ChatGPT better questions to get more effective and relevant answers.
We start with several articles on retirement planning: Why considering a client's retirement time horizon and spending flexibility could lead to more accurate (and often higher) safe withdrawal rates than the simpler "4% rule" Four unique risks retirees face when drawing down their assets, from sequence of returns risk to tax risk, and how financial (..)
For many small tax firms, the process of collecting client tax documents can be a time-consuming and a prolonged process. The good news is that technology solutions, like Harness, can streamline document collection and transform the way tax professionals work. Client experience is another area where manual processes fall short.
In this 158th episode of Kitces & Carl , Michael Kitces and client communication expert Carl Richards debate the pros and cons of maintaining a longer prospecting process – especially when a prospect is ready to commit early in an advisor's process.
The traditional way that most financial planning has been offered was for an advisor to create "The Plan": a comprehensive document outlining a client's financial strategy that was delivered either on a one-time basis or updated annually.
Communication Is Key Your preparer should tell you when to expect the engagement letters, organizers, etc., Those two documents cover most, if not all, of what you will need to provide for your return to be complete and accurate. Sometimes life events make it impractical or too stressful to collect all the documents on time.
Communicating ongoing value to clients and prospects can be a challenge for financial advisors. Are they too disorganized to put together the necessary documents for creating a plan? For instance, do they need help defining their big-picture goals? Or do they know what they need to do but want help executing their plan?
However, by creating a systematic annual process to monitor and update client plans based on seasons, not only can advisors save time and work more efficiently, but they can also communicate the value of ongoing financial planning services to prospects and clients more effectively.
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.,
These include the acknowledgment that the adviser has provided required disclosure documents like Forms ADV Part 2A/B and Form CRS (and, importantly, has obtained consent to have those documents delivered electronically), acknowledgment of the client’s responsibilities to provide complete and accurate information needed by the adviser in a timely (..)
These include the acknowledgment that the adviser has provided required disclosure documents like Forms ADV Part 2A/B and Form CRS (and, importantly, has obtained consent to have those documents delivered electronically), acknowledgment of the client’s responsibilities to provide complete and accurate information needed by the adviser in a timely (..)
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.,
WhatsApp ), in a reminder to all advisory firms that all business-related communication must be archived (and reviewed!) WhatsApp ), in a reminder to all advisory firms that all business-related communication must be archived (and reviewed!)
Style guidelines for financial services firms can help you to make your written communications more consistent and thus easier to read. It can be distracting if writing styles are inconsistent within and across documents published by your firm. Why create style guidelines for your financial services firm?
TradeLens was designed to be an industry-supported supply-chain data, document, and analytics platform that could be used by importers, exporters and anyone else involved in global trade, making use of distributed blockchain technology for its backend. A decentralized system (e.g., The research results (Fig. 2018 ; Green et al.
Document Requests Replace endless email chains with one simple text containing secure upload links. Internal data shows clients typically return documents within 5 minutes when requested via text – dramatically faster than traditional methods (MyRepChat Internal Data, 2024). Ready to revolutionize your client communication?
When team members have access to well-documented procedures and checklists, they can perform their tasks with greater assurance and accuracy. System: The final step is to document the detailed instructions about how each task is completed. As your firm grows, adding more technology might seem like a logical step.
Join us as we delve into the tax strategy, legal documentation, and insurance coverage considerations needed to successfully balance the ownership of multiple residences for snowbirds. Tax-related documents: When you have multiple residences, you may need to file state income tax returns in each state where you are considered a resident.
A medical POA can help ensure that healthcare decisions are based on your choices and preferences, even if you cant communicate them yourself. Act for you as the trustee of a trust, unless you have provided specific instructions within the trust document identifying the duties the power of attorney is authorized to perform.
Navigating Family Dynamics and Communication Estate planning issues can significantly affect the future of your loved ones. This makes communicating about your estate plan with your family important but understandably difficult. And have any important documents on hand, such as wills, trusts, lists of assets and accounts, etc.
Let’s think about this challenge, as it may help us pinpoint the value of these documents. What do they need to know and how can we best communicate (as the IIA Standards […]. What would you do as CAE if you were forbidden from writing a formal audit report? X Consider our customers in management first.
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 (..)
What's unique about Christi, though, is how she evolved her career into providing this type of unique family office service after nearly a decade of working as a more 'traditional' financial advisor, when she realized that she had developed a unique skill set to get very deeply involved in the (many) administrative demands of running complex ultra-high-net-worth (..)
officials familiar with highly classified documents. China, which has agreed to pay several billion dollars to Cuba in order to build the spy base, would be able to scoop up electronic communications throughout the southeastern U.S., where many military bases are located, and monitor U.S. ship traffic, the report said.
If your parent had a trust, the individual(s) named in the trust documents as successor trustee will control the distribution of the trust assets. Checklist for executors of their parent’s estate Get organized Where are the original estate planning documents located? Gather tax documents and consult a CPA for help.
Read this article to check out home inventory apps as an easy way to document your belongings. Exchange phone numbers with your neighbors for quick communication. The app Encircle is a favorite among our staff. Make an Emergency Evacuation Plan Decide what you would grab if you had 5 minutes, 15 minutes, or more time to evacuate.
You’re juggling client meetings, market analysis, and a never-ending stream of communications. When advisors send a quick text reminder about documents previously requested via email, they often see those materials completed and returned within just 5 minutes (MyRepChat Internal Data, 2024). Thank you for your prompt attention.
Poor communication and leadership Effective communication and strong leadership are vital parts of a healthy workplace. In toxic environments, however, communication is often lacking or ineffective. If yours does, follow the established procedures to document your concerns and ensure they are formally addressed.
If you’ve prompted your clients to think ahead about evacuation planning, a home inventory, and a plan for documents, then they’ll be more likely to get out of harm’s way when necessary. 1 A Virtual Go-Bag and More to Guard Documents. Sometimes you need the physical, notarized copy of a document.
Enter reporting company information Legal Name: Enter the full legal name of the reporting company exactly as it appears on official documents. This email address will be used for communication regarding the report. Pay close attention to names, dates, addresses, and identification document details.
What he sees as the challenges with being an hourly planner According to Kevin, relationships take a long time to set up (creating the roadmap documents) and that time is not billable. He tracks how all his time is spent on each relationship and he communicates clearly so that clients know what is going on at every point.
In a team setting those characteristics make communication and relationship formation easier. Further, a large body of research in sociology specifically documents the presence of homophily with respect to education, occupation, gender, and race.
I did that with one prospect, and he handed me all his documents to review. Second opinion If a prospect doesn’t seem receptive at first because they believe they have everything taken care of as far as estate planning or business succession planning, ask them if they would be willing for you to give them a second opinion for free.
Somewhat relatedly, I’d bet that we can get something to tell us what text looks different in one document vs other similar ones, which you could use to highlight interesting changes in a new 10-K, for example. I’d expect Microsoft and/or Google will give us good summarization features soon. websites, books, Wikipedia).
Here are a few tips to help you prepare in case anything happens: Update Your Family’s Emergency Plans: Your emergency plans can include knowing where to go, where you keep all necessary documents and possessions, and what you need to be prepared for. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc.,
Including video marketing in your plan can improve communication with clients. By developing a strong unique value proposition and changing how you communicate and adjusting your services to fit their needs, you will create stronger bonds and gain their trust. They have unique needs and ways of communication.
Proper client onboarding involves a meticulous gathering of all necessary documentation and information from your new clients, as well as spending time fully understanding their needs and any upcoming life events, in order to establish a robust foundation of trust and open communication. Why is Client Onboarding So Important?
Develop your communication skills 10. Here are a few ways to ensure you’re paying attention to the small things: Review your work Before sending anything to a supervisor or client, always double-check your documents, reports, and emails for errors and inconsistencies. Seek feedback Ask for feedback on your communication skills.
How to communicate a consistent transition message throughout the firm and to clients. Prioritizing and segmenting clients within a transition plan. Using a “brain dump” session to fill in client details that your CRM system might not capture.
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