Blog Entries in Practice management

Blog Entries in Practice management

Want to Provide More Holistic Financial Advice? Technology Points the Way.

Nicolas Owens, Head of Research Integration at Morningstar

Advisors who pay attention to the whole picture of their clients’ financial well-being can add a lot of value, and new technologies allow this to happen on a larger scale than possible before. Morningstar has the global reach and scale to help investors keep track of the information they need to form and execute a holistic financial plan. Better profiling, better budgeting, and better investment decisions can all add up to better outcomes, using Morningstar methodologies, information, and tools...Read More »

‘Traits of Successful Advisors: Holistic Advice Makes the Difference’ - Webinar Replay

By ByAllAccounts, Webinar Series on Thursday, September 24th, 2015

ByAllAccounts, Webinar Series

If you missed the webinar, you can still listen to this educational session on the key traits of traits of successful advisors and how it’s now possible to see your clients’ 401(k) accounts, IRAs, savings, and other held-away assets in Morningstar® Advisor Workstation. Keywords/Categories: Account Aggregation..Read More »

See Held-Away Accounts in Morningstar Advisor Workstation

By ByAllAccounts, Webinar Series on Tuesday, September 15th, 2015

ByAllAccounts, Webinar Series

Location optimization, once you understand it, can be a great tool to save your clients tax dollars while differentiating yourself from the competition...Read More »

3 Questions with Sheryl Rowling on Holistic Financial Planning

By Sheryl Rowling, CEO, Total Rebalance Expert on Tuesday, September 8th, 2015

Sheryl Rowling, CEO, Total Rebalance Expert

In today’s blog, we interviewed Sheryl Rowling, CPA/PFS is chief executive of Total Rebalance Expert and principal at Rowling & Associates 5 questions on Holistic Financial Planning...Read More »

Risk-Based Financial Planning – The Most Valuable of Assets

By Aaron Klein, CEO, Riskalyze on Tuesday, September 1st, 2015

 Aaron Klein, CEO, Riskalyze

In times of volatility, a good financial plan is the best friend of advisor and client alike. While most assume a discussion about risk tolerance only applies to asset management, it is also true that asset management is and should always be part of a broader financial plan. Therefore risk tolerance and financial planning are forever and inextricably linked...Read More »

Wealth Accumulation is at Risk Without Wealth Protection

Kellan Goldberg, Managing Director, Insurance Decisions

Having your clients consider long-term care and disability insurance are an easy and inexpensive ways to protect against the depletion of their assets when they can no longer work...Read More »

NextGen Investors Require Advisers Adopt New Classifications

By Sheryl Rowling, CEO, Total Rebalance Expert on Thursday, August 20th, 2015

Sheryl Rowling, CEO, Total Rebalance Expert

To be competitive, attract new clients and combat the robo-advisers, it is imperative that we adapt new service models focusing on two prospect pools (advice seekers and collaborate delegators) and embrace technology...Read More »

Six Elements to Successful Teams

By Beverly Flaxington, Principal, The Collaborative on Tuesday, August 18th, 2015

Beverly Flaxington, Principal, The Collaborative

Many financial advisory firms strive hard for their teams to work together efficiently in order to accomplish desired goals. Unfortunately, the reality is often otherwise...Read More »

Women still underrepresented in Financial Planning, but they're at the top of the class!

Luke Dean, Financial Planning Director, Utah Valley University

The financial planning profession is a really wonderful profession with some very wonderful people. If you went into a mad scientist lab to create the perfect profession, you'd come up with everything that makes financial planning great:..Read More »

Free Download: 10 Tips for Advisors on Acing Client Check-Ins

By ByAllAccounts Reseller Spotlight Series on Thursday, July 30th, 2015

ByAllAccounts Reseller Spotlight Series

In this paper, Robert Renner, senior portfolio manager and CCO of Inverness Wealth, and Michael Silver, a coach and consultant to major advisory firms, offer their observations on the art of the check-in and insights on how to generate reports that create good experiences for clients and reinforce their loyalty...Read More »

Too Stuck in Your Ways: The Upside and Downside to Being Compliant

By Beverly Flaxington, Principal, The Collaborative on Wednesday, July 29th, 2015

Beverly Flaxington, Principal, The Collaborative

They are always on time, never miss a meeting or a deadline, and invariably know what is the right thing to do in every situation; these efficient people-engines bring a sense of stability, certainty and orderliness into every workplace that is lucky enough to have them...Read More »

Insourcing vs. Outsourcing: Become the Ultimate Advisor

Kellan Goldberg, Managing Director, Insurance Decisions

The scope of what an advisor does is mind boggling. Essentially, they are small business owners with an endless list of responsibilities and clients who have unbelievably high expectations...Read More »

Free Webinar: Best Practices for the Quarterly Check-In

By ByAllAccounts Reseller Spotlight Series on Wednesday, July 22nd, 2015

ByAllAccounts Reseller Spotlight Series

In this complimentary 45-minute webinar, you’ll learn best practices for your client check-ins, including practical ways to showcase your investment knowledge and strengthen client relationships...Read More »

Help Shape the Next Generation of Morningstar Software Products

By ByAllAccounts Reseller Spotlight Series on Tuesday, July 21st, 2015

ByAllAccounts Reseller Spotlight Series

Give feedback on Morningstar’s products at different stages of development as a member of Morningstar’s Advisor Research Panel...Read More »

Just Let It Go: Outsource the Day-to-Day and Focus on Your Mission

John Anderson, Managing Director, SEI Advisor Network

If you are a financial services business owner, you juggle multiple tasks everyday – from marketing, investments, planning and more. I believe success really comes down to how we manage our time and resources. Every day we have to ask ourselves, “what is the best way for me to spend my time?”..Read More »

You Know Something Is Wrong – But What Is It?

By Beverly Flaxington, Principal, The Collaborative on Thursday, July 9th, 2015

Beverly Flaxington, Principal, The Collaborative

The fun of the financial advisory business is that everything changes. No matter whether the markets go up or go down, each new day brings with it a set of new challenges and concerns for advisors. Quite often, something doesn’t feel “right” or “easy” in the business...Read More »

Learn To LOVE Conflict

By Beverly Flaxington, Principal, The Collaborative on Thursday, June 25th, 2015

Beverly Flaxington, Principal, The Collaborative

How do financial advisors ensure the flow of communication includes openly resolving difficult issues or interpersonal conflicts?..Read More »

3 Powerful Stats that Affect an Advisor Website’s Usability

Maggie Crowley, Digital Marketing Coordinator, AdvisorWebsites.com

Whether you’re a financial advisor or a web designer, it’s easy to understand why it’s important to build a website that visitors can use...Read More »

Why Your Clients Can’t Distinguish You from Other Advisors – and What to Do About It

John Anderson, Managing Director, SEI Advisor Network

Real planning takes time, focuses on goals, and reports on progress to goals. It also takes communication of the short term and long term benefits. Can your client clearly articulate your process? Can you show them?..Read More »

How Financial Advisors Can Effectively Deal With Difficult People

By Beverly Flaxington, Principal, The Collaborative on Wednesday, June 3rd, 2015

Beverly Flaxington, Principal, The Collaborative

If you work in the financial advisory business, chances are you have to deal with difficult employees, partners or even prospects and clients...Read More »

Your Back-Office Decisions Also Require Due Diligence

Susan Glover, President, Susan Glover & Associates, LLC

Before making a decision based on a great sales pitch or time constraints, remember that due diligence also applies to your back-office...Read More »

Sustain Your Future with Long Term Care

Kellan Goldberg, Managing Director, Insurance Decisions

Many clients recognize the benefits of using life insurance as an investment, but they can be sold on this premise with optimistic assumptions - which are often at odds with reality...Read More »

Blogging Your Way to Success: 6 Steps for Advisors

John Anderson, Managing Director, SEI Advisor Network

I’d like to share some of the major lessons we learned in creating and growing our blog – and give you some food for thought about blogging as a way to engage with your prospects and provide another service touch with your clients...Read More »

4 Tips for Making the Most of Your Conference Experience

By Bill McGuire, Principal, W.M.McGuire, LLC on Wednesday, May 6th, 2015

Bill McGuire, Principal, W.M.McGuire, LLC

Attending last week’s Financial Planning Association of New Jersey (FPANJ) annual conference, reminded me of the importance of planning in the conference attendee experience...Read More »

5 Ways Advisors Can Spring into Action and Grow

John Anderson, Managing Director, SEI Advisor Network

We spend a lot of time talking about differentiating your services for clients and prospects in order to grow. But to me, there are two types of growth – top line and bottom line – and an advisor has to pay attention to both..Read More »

Unfortunately, Client Meetings Are No Longer the Hub of Delivering Information

Susan Glover, President, Susan Glover & Associates, LLC

Unlike in the past when you hand-delivered and discussed the reports with clients, you are no longer there to hold their hand every time they look at information. Your clients may still want the human touch, but the era of you spoon-feeding information is gone...Read More »

Free Webinar- Key Traits of Winning Fund Managers

By ByAllAccounts, Webinar Series on Tuesday, April 28th, 2015

ByAllAccounts, Webinar Series

Wondering how to identify a great fund manager versus just a good one? Watch this complimentary web presentation to learn..Read More »

4 Great Books to Enhance Your Goal Setting

By Rosemary Smyth, MBA, ACC, Author on Thursday, April 23rd, 2015

Rosemary Smyth, MBA, ACC, Author

Since effective goal setting takes practice, I’ve chosen four books that I feel would be excellent resources for those that really want to set and achieve their goals. I’ve written a short book review on each of them and feel that each author’s approach to goal setting is unique. A couple of the books are more scientific and research based while the other two are quite straightforward and easy to digest. I’m sure you’ll get some valuable tips from each one of them...Read More »

A Great Policy Requires More than Just Adding Numbers

Kellan Goldberg, Managing Director, Insurance Decisions

Insurance should never be sold in a vacuum. It should always be evaluated in terms of the broader, holistic picture of a client’s financial plan. In the typical and traditional sense of selling insurance, an agent will often look at what someone qualifies for versus what they need...Read More »

8 Hiring Mistakes to Avoid

By Kelli Cruz, Founder, Cruz Consulting Group on Thursday, April 16th, 2015

Kelli Cruz, Founder, Cruz Consulting Group

At its heart, an advisory firm is a people business: The value delivered is driven almost entirely by its members. Just as advisors would look for the most appropriate assets to deliver on a client's investment objective, firm owners need to understand that the way you staff and motivate your practice will drive your firm's performance...Read More »

Free Webinar: Key Traits of Winning Fund Managers

By ByAllAccounts, Webinar Series on Wednesday, April 15th, 2015

ByAllAccounts, Webinar Series

Wondering how to identify a great fund manager versus just a good one? Watch this complimentary web presentation to learn..Read More »

Rules to Help: Disaster Recovery Compliance

Carlos Coutin, Financial Services Technology Strategist, Envision Consulting

Crossing your fingers or looking on the bright side will not stop an unforeseen disaster from tearing your company offline, or worse, out of business altogether...Read More »

2015 InvestmentNews Advisor Technology Study Highlights: Integration and Going with the (Work)Flow

By Raef Lee, Managing Director, SEI Advisor Network on Friday, April 10th, 2015

Raef Lee, Managing Director, SEI Advisor Network

There are a couple of technology studies produced on a yearly basis that are worth a look. They serve up a whole bunch of statistics and it is worth taking a step back and seeing what those stats mean to you...Read More »

Website Usability Rules 101

By Advisor Websites on Wednesday, April 8th, 2015

Spring break is over and school’s back in session! With many youngsters hitting the books, you as a financial advisor may think, “hey, going back to school doesn’t apply to me anymore! I got a website to take care of now.”..Read More »

How Can RIA Firms Afford CyberSecurity?

David Gemma, Chief Marketing Officer, UNAPEN, Inc.

Recent high-profile incursions into all types and sizes of corporate networks demonstrate why Penetration Testing can be a valuable tool for protecting private data. Finding the holes and weaknesses in your network protections before the bad guys do can save astronomical amounts of money as well as your firm’s reputation...Read More »

Hot Button LinkedIn Topics for Financial Advisors - PART 2

Amy Sitnick, Senior Marketing Manager, SEI Advisor Network

LinkedIn is evolving. It’s no longer just the “resume site” of old where people go to find new jobs. It’s where people are going to do their due diligence, get their news and network with prospects and centers of influence...Read More »

Hot Button LinkedIn Topics for Financial Advisors - PART 1

Amy Sitnick, Senior Marketing Manager, SEI Advisor Network

LinkedIn is evolving. It’s no longer just the “resume site” of old where people go to find new jobs. It’s where people are going to do their due diligence, get their news and network with prospects and centers of influence...Read More »

Plan to Improve Your Future Performance

By Rosemary Smyth, MBA, ACC, Author on Tuesday, March 31st, 2015

Rosemary Smyth, MBA, ACC, Author

When we reflect about our job performance last year, we usually ask ourselves, did we reach our goals and what did we learn from last year’s experiences...Read More »

Smarter, Easier Ways to Delegate

By Kelli Cruz, Founder, Cruz Consulting Group on Thursday, March 26th, 2015

Kelli Cruz, Founder, Cruz Consulting Group

To be an effective business owner, you must be willing to delegate and relinquish control...Read More »

Cloud Computing Solutions: Here's the Growth Forecast for the Next Few Years

Carlos Coutin, Financial Services Technology Strategist, Envision Consulting

Cloud computing solutions are more popular now than ever, and a recent analysis by Forbes shows that enterprise usage of the cloud will only accelerate in 2015...Read More »

When Technology Doesn't Make Sense

By Sheryl Rowling, CEO, Total Rebalance Expert on Tuesday, March 24th, 2015

Sheryl Rowling, CEO, Total Rebalance Expert

Remember that sometimes the human element – understanding our clients, their goals and their motivations – is often more important than detailed computations...Read More »

The Three Levels of Mobile Readiness

Mike Barad, Head of Product Services & Components, Morningstar

Smartphone and tablet adoption has skyrocketed, permanently changing the way we interact with information. Businesses are still trying to catch up with user preferences, and the natives are getting restless...Read More »

What’s LinkedIn’s Best Use for Advisors?

Maggie Crowley, Digital Marketing Coordinator, AdvisorWebsites.com

Whether social media is profitable for business depends on how it’s used and, apparently, the platform. Choosing the right social platform (Facebook, LinkedIn, Twitter, or otherwise) for your financial practice should be based on your target audience...Read More »

3 Ways to Structure Your Fees – and 3 Concrete Ways to Communicate Your Value

John Anderson, Managing Director, SEI Advisor Network

“Fees are only an issue when value is questioned.” I’m not sure if that’s a quote from someone or something that I made up, but either way, you get the point. Your clients will most likely never question how much you charge for your services if you are providing real value...Read More »

4 Big Reasons Financial Advisers are Better than Robo-advisers

By Sheryl Rowling, CEO, Total Rebalance Expert on Thursday, March 12th, 2015

Sheryl Rowling, CEO, Total Rebalance Expert

The robo-adviser buzz is heavy in industry media, but I had to put in my two cents. It's true that robo-advisers can be competition, but, for the most part, we advisers still have it all over them. It's simply a question of communicating our value...Read More »

Mobile Preferences in Financial Services

Mike Barad, Head of Product Services & Components, Morningstar

It’s a simple fact that the Android mobile operating system is the most popular in the world, by a long shot. So why is it that when I look around at a financial services conference, everyone seems to be using an iPhone or iPad?..Read More »

What Advisors Need to Know About the New Age of Marketing

By Jud Mackrill, Orion Advisor Services on Tuesday, March 10th, 2015

Jud Mackrill, Orion Advisor Services

Once upon a time, marketing meant taking actions like passing out business cards making connections through social circles. While those techniques still have their place, they don’t tend to attract the next generation of clients. The proliferation of online shopping, not only by consumers looking to purchase entertainment but also goods and services, means that the idea of marketing a company or service has been constantly changing over the past decade...Read More »

Management Tip: Is Your Org Chart Helping You Grow?

By Kelli Cruz, Founder, Cruz Consulting Group on Thursday, March 5th, 2015

Kelli Cruz, Founder, Cruz Consulting Group

The growth of your firm relies on your strategic plan, your organizational structure and your human capital practices. Build your business strategy first, to get a clear understanding of what you want to deliver to clients. But then clarify your organizational structure to make sure you have the right people doing the right things...Read More »

Stick a Fork in Your AUM Fees: Price Your Services Based on Your Value

John Anderson, Managing Director, SEI Advisor Network

Look at advisory fees as being at a fork in the road, due to the influence of a more educated client, demands for more transparency, client “validators” and the growth of robo-advisors...Read More »

Do Robo-Advisors Use Excel?

By Susan Glover, President, Susan Glover & Associates, LLC on Thursday, February 26th, 2015

Susan Glover, President, Susan Glover & Associates, LLC

Opinions on robo-advisors range from fear of competition to not impacting an advisor’s business. Regardless of where you are on the opinion spectrum, you should take this time to review areas of the robo-advisor’s success and compare them to your business model and infrastructure...Read More »

WHITEPAPER: Going Mobile-Five Tips To Help Advisors Transform Their Business

Brian Shenson, VP Advisor Technology Solutions, Schwab Advisor Services

Mobile technology is an increasingly vital business tool for financial advisors. It will help you interact with clients in exciting new ways, making you more accessible and inspiring more collaborative discussions...Read More »

Mobile Strategy and the Content Continuum: Part III – Strategy

Mike Barad, Head of Product Services & Components, Morningstar

This is the third part of a 3-part article on developing an appropriate mobile app strategy. Part I provides an overview of the different devices and their place on the spectrum, Part II describes the different user types, and Part III focuses on putting together a workable strategy...Read More »

Mobile Strategy and the Content Continuum: Part II – Users

Mike Barad, Head of Product Services & Components, Morningstar

This is a 3-part article on developing an appropriate mobile app strategy. Part I provides an overview of the different devices and their place on the spectrum, Part II describes the different user types, and Part III focuses on putting together a workable strategy...Read More »

Mobile Strategy and the Content Continuum: Part I - Devices

Mike Barad, Head of Product Services & Components, Morningstar

This is a 3-part article on developing an appropriate mobile app strategy. Part I provides an overview of the different devices and their place on the spectrum, Part II describes the different user types, and Part III focuses on putting together a workable strategy...Read More »

Create a Clearer Vision for Your Business

By Rosemary Smyth, MBA, ACC, Author on Wednesday, February 4th, 2015

Rosemary Smyth, MBA, ACC, Author

There is a famous quote by Lewis Carroll that says, “If you don’t know where you are going, any road will get you there.” Having a vision and knowing where you want to go is one of the cornerstones of your business. By communicating what it is you want your business to look like, you will be able to focus your intentions and create a foundation for making decisions and evaluating opportunities...Read More »

HR Tip: To Increase Sales, Change Your Culture

By Kelli Cruz, Founder, Cruz Consulting Group on Tuesday, February 3rd, 2015

Kelli Cruz, Founder, Cruz Consulting Group

If you want all your advisors to develop new business, you’ll need to create a firm culture that makes generating sales a way of life — for the entire firm...Read More »

Mobile Technology Webinar for Advisors: Trends and Best Practices

By ByAllAccounts, Webinar Series on Thursday, January 29th, 2015

ByAllAccounts, Webinar Series

Live Webinar Wednesday, Feb. 4 2 p.m.–2:45 p.m. EST..Read More »

Stop Being a Sheep -- It’s Time to be The Shepherd

By Kim Ann Curtin, Founder & CEO, The Wall Street Coach on Tuesday, January 20th, 2015

Kim Ann Curtin, Founder & CEO, The Wall Street Coach

If I had to pick what will be the #1 emerging trend for 2015, it’s Authenticity. When I look back over his past year I see a huge shift in all of business, especially in financial advising and consulting, on being more authentic. Professionally and personally -and I believe it’s going to be big...Read More »

The Responsive Advisor

Mike Barad, Head of Product Services & Components, Morningstar

The Responsive Advisor puts customers first, is always connected, uses modern technology to adapt, and resonates with both older and younger generations...Read More »

Trends and Advice for 2015: John Anderson

John Anderson, Managing Director, SEI Advisor Network

The industry is maturing and frankly so are many advisors. With the average age of financial services business owners creeping towards 60, many advisors focused on activities that added significant enterprise value to their firms...Read More »

Trends and Advice for 2015: Rosemary Smyth

By Rosemary Smyth, MBA, ACC, Author on Tuesday, January 6th, 2015

Rosemary Smyth, MBA, ACC, Author

To start the year, we’ve reached out to our blog contributors with 3 simple questions to get their perspectives on this past year and provide you with insight and advice as you begin 2015. We hope that you find helpful...Read More »

Best of Blogs: Practice Management

By Cynthia Stephens, VP of Marketing, ByAllAccounts on Monday, December 22nd, 2014

Cynthia Stephens, VP of Marketing, ByAllAccounts

Read insightful practice management trends and best practices from ByAllAccounts blog contributors...Read More »

Advisors: Do you Have a Job, a Practice, or a Business?

By John Anderson, Managing Director, SEI Advisor Network on Thursday, December 18th, 2014

John Anderson, Managing Director, SEI Advisor Network

Thanksgiving is my favorite holiday. That said, one of my least favorite Thanksgiving traditions involves trying to explain to distant relatives and others exactly what I do for a living. Believe me, I have taken my own advice and have a beautifully crafted value provision that fits my targeted clients...Read More »

It’s All About the Clients – Or Is It?

By Susan Glover, President, Susan Glover & Associates, LLC on Wednesday, December 17th, 2014

Susan Glover, President, Susan Glover & Associates, LLC

Of course it’s all about the clients. That’s why you have your own advisory firm – to better serve your clients. Now imagine a couple of scenarios that have happened or could happen to you...Read More »

How High-Performing Firms View and Use Technology

By Bill McGuire, Principal, W.M.McGuire, LLC on Tuesday, December 16th, 2014

Bill McGuire, Principal, W.M.McGuire, LLC

As the summer winds down, the fall and winter conference season heats up. The value attending the right conference can be invaluable from an educational, strategic and networking perspective...Read More »

The Dreaded Annual Ritual

By Kelli Cruz, Founder, Cruz Consulting Group on Monday, December 8th, 2014

Kelli Cruz, Founder, Cruz Consulting Group

For most managers, the end-of-the-year employee compensation and performance review is one of the most dreaded events of the year. The average manager doesn’t have a disciplined approach for handling these critical discussions and decisions...Read More »

Failing Policies - What Causes This? Part 3 of 3

By Kellan Goldberg, Managing Director, Insurance Decisions on Wednesday, December 3rd, 2014

Kellan Goldberg, Managing Director, Insurance Decisions

Many clients recognize the benefits of using life insurance as an investment, but they can be sold on this premise with optimistic assumptions - which are often at odds with reality...Read More »

Using technology to change clients who don't want to know anything

By Sheryl Rowling, CEO, Total Rebalance Expert on Tuesday, December 2nd, 2014

Sheryl Rowling, CEO, Total Rebalance Expert

There are three types of clients: Those who want to know every detail (aka engineers!); those who want to know the basics and those who don't want to know anything...Read More »

Using Storytelling to Build Trust with Clients

By Rosemary Smyth, MBA, ACC, Author on Tuesday, November 25th, 2014

Rosemary Smyth, MBA, ACC, Author

When meeting with a client, being able to tell a relatable business story can help build an unparalleled level of rapport and trust. It’s easy to learn to tell stories. We tell them every day and don’t even realize it...Read More »

Eight Signs You've Outgrown Your Portfolio Management System

By Marvin Gagliardotto, Solutions Consultant,Advent Software on Wednesday, November 19th, 2014

It’s 1990—you throw on your aviators and jump into your red and blacked striped Camaro. Passer-byers gawk with jealousy, and it does everything you want and more. Skip to 2014—there’s some glitches in the system, the paint is chipping, and the six-point turn just isn’t cutting it anymore. Time is no longer in your favor and generations of new and improved models have taken over the roads...Read More »

Failing Policies - What Causes This? Part 2 of 3

Kellan Goldberg, Managing Director, Insurance Decisions

Problems arise when people do not pay the premium amounts initially planned. It is important that policyholders stay true to the planned premium, especially in the beginning years, to ensure their policy’s continued solvency. If the premiums are not being paid, a policy can become underfunded, and will not benefit the insured as it was intended to at the time of purchase...Read More »

Is Your Plan Focused on the Right Indicators

By John Anderson, Managing Director, SEI Advisor Network on Thursday, November 13th, 2014

John Anderson, Managing Director, SEI Advisor Network

For years as a wholesaler and a manager, I discussed lagging and leading indicators as they related to the money manager selection process. To me it was very simple. The performance of a manager is usually a product of his/her process and people, the leading indicator. As you think about business planning for 2015, shouldn’t you be focused on the leading indicators too?..Read More »

CryptoWall Malware Lurking on Major Websites

By David Gemma, Chief Marketing Officer, UNAPEN, Inc. on Wednesday, November 12th, 2014

David Gemma, Chief Marketing Officer, UNAPEN, Inc.

Yet another major case of “malvertising” has been reported. This is nothing new (a famous case occurred on the NY times web site over 5 years ago). This sort of hacker attack works by going after the companies who serve up advertisements to sites such as newspapers, fantasy sport sites, yahoo, msn, match.com, etc. If your browser plugins are not up to date, simply opening a page that is showing one of these infected ads can automatically infect your computer...Read More »

ByAllAccounts Reseller Spotlight Series: AllBackoffice Consulting

By ByAllAccounts Reseller Spotlight Series on Tuesday, November 11th, 2014

ByAllAccounts Reseller Spotlight Series

..Read More »

ByAllAccounts November 12 Webinar provides an update on FINRA Compliance Outlook and Best Practices

By ByAllAccounts, Webinar Series on Thursday, October 30th, 2014

ByAllAccounts, Webinar Series

Join us for this insightful session on trending topics and critical issues that will impact broker dealers in 2015..Read More »

7 Questions to Ask Yourself before Hiring a Business Coach

By Rosemary Smyth, MBA, ACC, Author on Tuesday, October 28th, 2014

Rosemary Smyth, MBA, ACC, Author

Since business coaching is about you doing all the heavy lifting when it comes to setting goals and implementation, it’s important to be prepared for the experience and see if it fits your needs...Read More »

Is Outsourcing for You? Five Things to Consider

Peter Dugery, Senior Vice President, National Sales, Morningstar Investment Services

Many advisors now recognize a strong case for outsourcing the day-to-day investment management and related duties to a trusted third-party asset manager. Contemplating the switch? Here are some factors to consider...Read More »

Failing Policies: Causes and Solutions Part 1

Kellan Goldberg, Managing Director, Insurance Decisions

When we review existing life insurance policies for the clients of our RIAs, we find that certain plans are failing and at risk of lapsing prematurely. There are generally 3 main causes for this...Read More »

3 Tips for Hosting a Successful Financial Advisor Conference: Lessons from #FPABE

By Amy McIIwain, President, Financial Social Media on Wednesday, October 15th, 2014

Amy McIIwain, President, Financial Social Media

Having spoken at hundreds of conferences on the topics of social media and digital marketing, I’ve seen the gamut of good, bad, and ugly when it comes to hosting an event. It’s not easy. A lot of planning and prep goes into hosting a successful financial advisor conference...Read More »

Take Your Clients “Back to School”

John Anderson, Managing Director, SEI Advisor Network

As I was listening to conversations about “Just Right” reading materials and math homework, my mind started to drift (just like my entire school experience). If “Back to School” night is good for our kids’ success, it would be great for an advisor’s practice...Read More »

3 Tips for Developing Your Content Marketing Strategy

By Bill McGuire, Principal, W.M.McGuire, LLC on Thursday, October 9th, 2014

Bill McGuire, Principal, W.M.McGuire, LLC

Content marketing1 is any marketing that involves the creation and sharing of media and publishing content in order to acquire and retain customers.” For financial advisors, it can be a one of the most effective way to differentiate your firm and tell your story...Read More »

Tips for Your Next Networking Event

By Rosemary Smyth, MBA, ACC, Author on Tuesday, September 30th, 2014

Rosemary Smyth, MBA, ACC, Author

Networking is the art of building and sustaining mutually beneficial relationships. The goal of networking is to communicate with a stranger and make a connection. Depending on the firm you work for, networking events may be mandatory for you to attend, so it’s good to look for ways to make networking easier for you and more comfortable...Read More »

Advisors Change Is Good (Business)

By John Anderson, Managing Director, SEI Advisor Network on Tuesday, September 23rd, 2014

John Anderson, Managing Director, SEI Advisor Network

Complacency is the biggest risk to a financial advisor’s business.” In light of competition from all areas, aging demographics, compliance and world financial markets, we cannot afford to be ostriches sticking our heads in the proverbial sand. We need to embrace change and capitalize on it. We need to evolve our businesses...Read More »

How Some Alternative Funds Producers are Building Infrastructure to Scale Efficiently

By Cynthia Stephens, VP of Marketing, ByAllAccounts on Thursday, September 18th, 2014

Cynthia Stephens, VP of Marketing, ByAllAccounts

In the mid 1980s the costs of mutual fund trades were high. Over the past 25 years through services like Fund/SERV® from The Depository Trust & Clearing Corporation (DTCC), these costs have shrunk dramatically to mere pennies. DTCC’s Ann Bergin thinks the opportunity to increase operational efficiency in the alternative investments space is even better than the mutual fund market transformation...Read More »

Regulators Propose Rule Requiring Succession Plans

Peter McGratty CFA, VP Business Development, Pinnacle Advisor Solutions

You may have vacationed this summer, but your regulators did not! The North American Securities Administrators Association (NASAA) opened a public comment period running from August 1 to September 30th on a rule that would require financial advisors to put a succession plan in place. Some compliance consultants believe this new rule may be on the fast track and could be finalized before year-end...Read More »

Advisors and Not-For-Profit Boards

By Rosemary Smyth, MBA, ACC, Author on Wednesday, September 3rd, 2014

Rosemary Smyth, MBA, ACC, Author

There are many advisors that volunteer, give back to their community and use their skills and talents to become board members for not-for-profits, foundations or endowments. They bring their strong financial background to the table and usually take on the role as of treasurer or part of the finance committee for the charity...Read More »

Do you know ByAllAccounts Aggregation Solution?

Don McHenry, Technical Relationship Manager, ByAllAccounts

Are you already using ByAllAccounts Aggregation Solution? During this webinar, you’ll learn more about Getting Started; Data Connectivity; How we deliver data; Security & Privacy. On Wednesday, September 10th 1:00PM EST, ByAllAccounts will be hosting a webinar on ByAllAccounts Aggregation Solution...Read More »

How Financial Advisors Can Identify New CPA Relationships through Social Media

Amy Sitnick, Senior Marketing Manager, SEI Advisor Network

Yesterday, I was speaking with an advisor who has a pretty awesome LinkedIn profile, and is now interested in proactively using social media for business development. His client base includes working professionals, so naturally, LinkedIn is a great place to begin networking. I suggested he review his clients’ profiles and connections to look for potential introductions and referrals...Read More »

How Advisors Can Make August Their Seventh Inning Stretch

John Anderson, Managing Director, SEI Advisor Network

I grew up in a small Midwestern town, where in August the lawns were browned by the hot sun and the pace was so much slower due to the heat. Here in Philly, most of the city is at the shore (“down the shore,” as they say) during the month. For most of my career, I always planned on August being a slow month...Read More »

Easy Ways to Reframe Rejection

By Rosemary Smyth, MBA, ACC, Author on Tuesday, August 5th, 2014

Rosemary Smyth, MBA, ACC, Author

The financial industry is rife with rejection and some advisors deal with it better than others. How do they deal with it? By building up their emotional strength to handle it and not taking it personally. Indeed, it is possible for advisors to desensitize themselves to rejection and become like Teflon. However, if your days are filled with calls and meetings that are going sideways, it’s a good time to consider what you want to start doing differently so you can get better results...Read More »

Contingency Planning: 3 Steps to Overcome the Obstacles

By Mary Ann Buchanan, CEO, RIA Match on Wednesday, July 30th, 2014

Mary Ann Buchanan, CEO, RIA Match

A contingency plan is the first step in a succession plan. If you can take that first step, you are closer to your goal of safeguarding your clients, your employees, the value of your firm and your families...Read More »

5 Tips for Telling Your Story on Your Advisor Website

By Sara Ruthnum, AdvisorWebsites.com on Tuesday, July 29th, 2014

Sara Ruthnum, AdvisorWebsites.com

Your advisor website is your little piece of home on the big old internet. It should be warm and inviting, but should also have a solid and well thought out web strategy behind it...Read More »

6 Tips for Planning a Success Event

By Bill McGuire, Principal, W.M.McGuire, LLC on Tuesday, July 8th, 2014

Bill McGuire, Principal, W.M.McGuire, LLC

In this age of electronic communication and social media, we can sometimes forget the value and importance a face-to-face meeting has in the business development process. In my opinion, events are often times the greatest way to show your appreciation and create needed face time with clients and educate prospects on the benefits of working with firm..Read More »

Letting Go of Less-Than-Ideal Clients

By Rosemary Smyth, MBA, ACC, Author on Thursday, June 26th, 2014

Rosemary Smyth, MBA, ACC, Author

Some advisors hold onto clients that they consciously know are bad for them instead of taking one bold step that could improve the quality of their business. The challenge of letting go is tough for some people especially if they see their business situation as not so great but are more afraid of the unknown. It’s been said that the unknown is where your professional potential lies and that choosing the discomfort of change will reveal to you a whole new world of possibilities. It’s all about making that one courageous decision and leaving the status quo behind...Read More »

Year-End Means Thanksgiving & Other Useful Tips

Susan Glover, President, Susan Glover & Associates, LLC

As we enter the second half of the year, you will look at this year’s goals and to-do list and wonder if you’re halfway there...Read More »

Are You Prepared For an SEC Exam?

By Lindsey Starr, Marketing Coordinator, ByAllAccounts on Wednesday, June 18th, 2014

On Wednesday, June 25th ByAllAccounts will be hosting a webinar on preparing for your next SEC audit. You’ll hear from industry experts on need-to-know tips and best practices for keeping your firm compliant...Read More »

5 Tips to Jump Start Your Marketing this Summer

By Bill McGuire, Principal, W.M.McGuire, LLC on Wednesday, June 11th, 2014

Bill McGuire, Principal, W.M.McGuire, LLC

The lazy days of summer are made for barbeques, fireworks, trips to the beach or lake, and other vacation festivities. It’s also a perfect time to take a good look at your marketing and get a head start on some of those projects that have been on the backburner or seem a little more difficult to focus on in busier seasons..Read More »

The Robo Advisor Landscape

By ByAllAccounts, Podcast Series on Tuesday, June 10th, 2014

ByAllAccounts, Podcast Series

At the end of last month ByAllAccounts hosted a webinar on what can be learned from robo-advisors and how you can grow your firm in a changing market. In the following podcast, you can hear an excerpt from the webinar in which Raef Lee, Managing Director at SEI Advisor Network outlines the robo-advisor landscape...Read More »

How Advisors and Clients Demonstrate Trust

By Rosemary Smyth, MBA, ACC, Author on Monday, June 9th, 2014

Rosemary Smyth, MBA, ACC, Author

Trust can mean different things to different people. Trust is also a function of both character and competence. To demonstrate trust, we need to see it in action. For some advisors, establishing and extending trust can be accomplished quite quickly. If there is trust between an advisor and a client, you’ll see more effective communication and collaboration and of course, having a reputation of trust is priceless...Read More »

Decoding Insurance Jargon

Kellan Goldberg, Managing Director, Insurance Decisions

Clients are often confused by many of the terms stated within their insurance policies. To help, here are some of the most commonly used insurance jargon they are likely to encounter, and how to clearly explain what each of these really means..Read More »

How can you stand-out from robo-advisors? [podcast]

By ByAllAccounts, Podcast Series on Thursday, May 22nd, 2014

ByAllAccounts, Podcast Series

On May 20th Raef Lee, Managing Director SEI Advisor Network, and I ran a webinar on what can be learned from robo-advisors. My personal opinion is that the emergence of robo-advisors is the next evolution in a trend that started several years ago as access to market data as well as post-trade account information, became widely available online. This availability led naturally to the development of technology to access the data, such as portals, mobile apps, and account aggregation...Read More »

A Foolproof Way to Hold People Accountable

By Rosemary Smyth, MBA, ACC, Author on Thursday, May 15th, 2014

Rosemary Smyth, MBA, ACC, Author

If we consider a simple definition of accountability as, “the ability to account for your own actions”- it seems surprisingly straightforward. But, accountability also involves having clearly communicated objectives, being granted authority over those objectives and having predetermined outcomes for either success or failure..Read More »

Making the Most of Your Conference Experience

By Bill McGuire, Principal, W.M.McGuire, LLC on Tuesday, May 6th, 2014

Bill McGuire, Principal, W.M.McGuire, LLC

It’s that time of the year again. Conferences, seminars, workshops and other types of gathering are one of the most valuable resources for those in the advisor community. There are significant opportunities to benefit from the educational, networking, and business development components of these events. Besides, nothing replaces the opportunity to meet face-to-face with your peers.. But like any other business activity, proper planning is essential. Here are 6 ways you can ensure a successful experience...Read More »

A Case Study for RIAs: Why it Pays to Have Your Clients’ Insurance Plans Reviewed by an Expert

Kellan Goldberg, Managing Director, Insurance Decisions

A Registered Investment Advisor based in New York City who caters to high net worth individuals with a total of $290M AUM, recently referred a client to us for a thorough review of his insurance portfolio to ensure that he was being adequately covered...Read More »

Building your circle of influence with healthcare pros

By ByAllAccounts, Podcast Series on Wednesday, April 30th, 2014

ByAllAccounts, Podcast Series

If you are a regular reader of our blog you know that we’ve been running a series designed to help advisors with their healthcare planning needs. These blogs include tips for providing clients with LTC, estimating healthcare expenses, and 5 facts you need to know about medicare. Making the case to provide healthcare planning capabilities will vary by firm depending in part on the demographics of your clients. The decision on what level your firm will support it requires careful consideration...Read More »

4 Business-Friendly Options for Providing Clients with Healthcare, LTC Services

By Cynthia Stephens, VP of Marketing, ByAllAccounts on Monday, April 21st, 2014

Cynthia Stephens, VP of Marketing, ByAllAccounts

This is a period of uncertainty for fee-based independent financial advisors. On the one hand, ‘robo advisors’ are seeing some success in attracting assets with their consumer friendly interfaces, readily accessible data and low-cost approach. On the other hand, aging Baby Boomers are increasingly turning to advisors for long-term care (LTC) planning and elder care information, advice that requires specialized expertise...Read More »

How to Get Started Creating (or improving) your Advisor Workflows

By Cynthia Stephens, VP of Marketing, ByAllAccounts on Tuesday, April 15th, 2014

Cynthia Stephens, VP of Marketing, ByAllAccounts

During February SEI, Redtail Technology, ActiFi, and MoneyGuidePro announced an advisor workflow partnership. Workflows from a CRM system, a financial planning tool, and a custodial platform have been fully integrated with one another. Workflow, according to MoneyGuidePro’s Kevin Hughes, is a hot topic. After all, who among us doesn’t want to improve operational efficiency and spend more time on the higher-value-add activities?..Read More »

Healthcare Planning: Client Examples & Consequences of Not Planning

By ByAllAccounts, Podcast Series on Thursday, April 10th, 2014

ByAllAccounts, Podcast Series

ByAllAccounts recently hosted a webinar on healthcare advising in a rapidly changing market. This webinar featured experts in healthcare planning and insurance. Below is an excerpt from the webinar featuring Kathy Nalywajko CTFA, Business Development Executive at Legg Mason Investment Counsel...Read More »

Learning from Robo-Advisors

By Raef Lee, Managing Director, SEI Advisor Network on Wednesday, April 9th, 2014

Raef Lee, Managing Director, SEI Advisor Network

I’m a great believer in learning from the competition. For a firm to get going, you must have confidence and drive. But when the firm has grown, it is very easy for the confidence to turn into complacency and the belief that the current model will always produce results. The best way to remedy this affliction is to look outwards and check out what others are doing in your industry. Once you have seen the competition in action, it is easy to incorporate some of the best ideas into your plans for future...Read More »

Generational Wealth Transfers: How to Keep Your Clients

Kellan Goldberg, Managing Director, Insurance Decisions

Financial advisors often run into problems caused by generational wealth transfers. Traditionally the head of household was in charge of finding an RIA to help him or her make important financial decisions for the family. A problem arises, though, if the head of household dies; if there is no relationship tying the remaining members of the family to their financial advisor, they are likely to seek out their own. That is why it is in the best interest of an RIA to know everyone in the family he or she represents, and to form a relationship with each member...Read More »

5 Ways Robo-advisors Will Change the Way Advisors Work

By Raef Lee, Managing Director, SEI Advisor Network on Wednesday, April 2nd, 2014

Raef Lee, Managing Director, SEI Advisor Network

Even the name robo-advisor is derisive. It creates an image of uncaring, lack of humanity and inflexibility. It is the term that is now being broadly used by advisors to describe the new breed of technical startups (upstarts) that directly connect a technical-savvy investor with a suite of analytic tools that allow them to create their own financial plan or investment portfolio. A name this disparaging shows that advisors have some fear of this new model of financial advice...Read More »

Healthcare Planning: Understanding the Importance of Insurance & Long Term Care

By ByAllAccounts, Podcast Series on Monday, March 31st, 2014

ByAllAccounts, Podcast Series

Earlier this month ByAllAccounts hosted a webinar on healthcare advising in a rapidly changing market. This webinar featured experts in healthcare planning and insurance. Below is an excerpt from the webinar featuring Kellan Finley, Managing Director at Insurance Decisions...Read More »

Healthcare Planning: Key Issues for 2014

By ByAllAccounts, Podcast Series on Wednesday, March 26th, 2014

ByAllAccounts, Podcast Series

Earlier this month ByAllAccounts held a webinar on healthcare advising in a rapidly changing market. During this event, three experts in the healthcare field discussed different aspects of healthcare planning including trends, client examples, and the insurance products that are available...Read More »

Enhance Your Everyday Negotiating Techniques

By Rosemary Smyth, MBA, ACC, Author on Tuesday, March 25th, 2014

Rosemary Smyth, MBA, ACC, Author

When we hear the word “negotiating”, we often think of closing a big sale or making a big purchase but negotiating is something that can happen every day with family, co-workers and clients. You are negotiating any time you tell someone that what you want is different from what they are trying to give you...Read More »

Affordable Care Act Frustrations

Maura Carley, President & CEO, Healthcare Navigation, LLC

For many who purchased individual insurance for 2014, either on or off an exchange, this has been a trying time. The Act reformed the individual insurance marketplace on January 1st and there have been numerous problems and glitches at the state and federal levels and with insurance companies themselves. Some insurers have even run multiple full page newspaper ads apologizing for the current state of affairs...Read More »

4 Ways Wealth Managers Should Deal With Distressed Clients

By Cynthia Stephens, VP of Marketing, ByAllAccounts on Thursday, March 20th, 2014

Cynthia Stephens, VP of Marketing, ByAllAccounts

In the daily business of managing a client’s portfolio, it is sometimes easy to lose sight of our clients as individuals, with fears and concerns that spill over into their financial lives. While putting client interests first is part and parcel of an advisor’s role, Elizabeth says it can be especially important when they are in the grip of high emotional distress caused by an event such as death or divorce, or even with someone who has irrational fears about becoming a bag lady...Read More »

The surprising hidden value of automation

By Sheryl Rowling, CEO, Total Rebalance Expert on Wednesday, March 5th, 2014

Sheryl Rowling, CEO, Total Rebalance Expert

Software can add efficiency and reduce personnel hours. Everyone knows that. But there are other significant savings to be gained from automation. In fact, these hidden savings may very well outweigh the obvious benefits...Read More »

Add Value to Your Client Experience

By Rosemary Smyth, MBA, ACC, Author on Monday, March 3rd, 2014

Rosemary Smyth, MBA, ACC, Author

It’s still early in 2014 and now is a perfect time to consider what you can do to add value to your client experience. Chances are your competition is currently prospecting your top clients, so you can be sure that a few of them are wondering what value they’re getting from retaining you as their financial advisor. Since value is “perceived”- you need to focus on the client and see what value means to them...Read More »

Five Facts Financial Advisors Need to Know About Medicare

By Cynthia Stephens, VP of Marketing, ByAllAccounts on Tuesday, February 25th, 2014

Cynthia Stephens, VP of Marketing, ByAllAccounts

Elaine Floyd, CFP, is passionate about educating Baby Boomers and financial advisors on the facts of social security and Medicare. She told me that while many advisors are starting to have conversations with their clients about this, most are way behind...Read More »

Eight Advisor Stories That Demand a Better Continuity Solution

Peter McGratty CFA, VP Business Development, Pinnacle Advisor Solutions

Clients need one. Your family needs one. Regulators increasingly want you to have one. Surprisingly advisors have always wanted one. Have you guessed it? Yes. A continuity/succession plan. What is perhaps more interesting is that advisors are finally ready to address it...Read More »

Podcast: Interested in adding healthcare experts to your professional network?

By Cynthia Stephens, VP of Marketing, ByAllAccounts on Thursday, February 20th, 2014

Cynthia Stephens, VP of Marketing, ByAllAccounts

Listen to a short podcast on our new educational program designed to help advisors...Read More »

Healthcare Inflation

An important part of planning for health care expenses in retirement is building an inflation rate into the projections. Because health care comprises a large and growing portion of most retirees' budgets, people need to have an idea of what these costs will be so they can arrange to have the necessary funds available -- preferably before they retire...Read More »

How can you make your firm more attractive to clients concerned about healthcare costs?

By Cynthia Stephens, VP of Marketing, ByAllAccounts on Thursday, February 6th, 2014

Cynthia Stephens, VP of Marketing, ByAllAccounts

On average, financial advisors say their clients should expect Medicare to cover about three-fifths of their annual health care costs. Couple this with numerous studies that show the average American has not yet saved enough for retirement, and the 10,000 Baby Boomers who are retiring each day, and an alarming picture begins to come into view...Read More »

Run Your Own Race

By Rosemary Smyth, MBA, ACC, Author on Tuesday, January 28th, 2014

Rosemary Smyth, MBA, ACC, Author

With the Olympics around the corner we are hearing from the athletes that they are all wanting to “peak” for their Olympic event. They also are planning what their strategy will be for the event, checking out who their competitors are and how they are going to use their strengths and abilities to bring home the gold...Read More »

Integrating, Cultivating, and Retaining The Next Generation of Financial Planners

Caleb Brown, MBA, CFP, and Partner at New Planner Recruiting

At the 2013 FPA NorCal conference, I was asked several times what firm owners should do to ensure their new planner employees will stick around for more than a couple of years so they have a chance to recoup the investment of developing their next generation of planners. There are many avenues a firm can take to integrate, cultivate, and retain new planners. Here are a few strategies from firms that have experienced success in employing new planners...Read More »

Tips for advisors-in-transition in a talent squeezed market: Part II of II

By Cynthia Stephens, VP of Marketing, ByAllAccounts on Monday, January 13th, 2014

Cynthia Stephens, VP of Marketing, ByAllAccounts

In last week's blog, I recounted three tips from Mindy Diamond, President and CEO of Diamond Consultants, for advisors-in-transition. I also asked Mindy about female advisors. Since women are often the primary financial decision-maker for their household, it's surprising to me that less than 15% of all advisors are women...Read More »

Tips for advisors-in-transition in a talent squeezed market: Part I of II

By Cynthia Stephens, VP of Marketing, ByAllAccounts on Friday, January 10th, 2014

Cynthia Stephens, VP of Marketing, ByAllAccounts

A conversation with Mindy Diamond about recruiting and hiring in wealth management...Read More »

Top 3 New Year’s Resolutions For Financial Broker Dealers – Infographic

By Sara Ruthnum, AdvisorWebsites.com on Monday, December 30th, 2013

Sara Ruthnum, AdvisorWebsites.com

Back in August, Advisor Websites surveyed professionals from 13 Broker Dealers to find out exactly how they approach digital marketing. The results revealed a couple of interesting trends...Read More »

Don’t Let Time Be Your Enemy – Take a Moment and Let These Questions Drive Your Business

Peter McGratty CFA, VP Business Development, Pinnacle Advisor Solutions

Time passes quickly. Indeed, it seems to pass faster every year. Think back. What goals did you have in mind when you launched your practice five, ten, fifteen or even twenty years ago? Some of you will have succeeded beyond expectations. Others will wonder where the years went and will be disappointed with their progress...Read More »

Take Your Business to the Next Level with Referrals

By Rosemary Smyth, MBA, ACC, Author on Tuesday, November 26th, 2013

Rosemary Smyth, MBA, ACC, Author

As consumers, we have so much choice in the marketplace and marketing efforts don’t always effectively convince us to buy. The one type of “marketing” that holds the most sway over any decision we make is the enthusiastic referral of someone we know. The same is true for financial advisors: Prospective clients have a lot of choices but a referral from one of your clients can help to convince the prospect to get in touch with you...Read More »

A Divided Mind – Should The Markets Drive Your Value as an Advisor?

Jonathan Bentley, Executive Vice President, InvestCloud

Wealth managers commonly position themselves as having high service standards. According to current research, that claim may be more aspirational than actually true. What the research reveals is that despite claims of maintaining the highest standards of personal service, over half of wealth managers believe that the industry’s service quality trails far behind other HNW service providers...Read More »

Skyrocket Your Business with a Board of Mentors

By Rosemary Smyth, MBA, ACC, Author on Friday, November 15th, 2013

Rosemary Smyth, MBA, ACC, Author

Starting out as a financial advisor promises a steep learning curve as you try to learn about how to provide valuable advice while at the same time ramping up your business with relentless prospecting. Fortunately, you don’t have to start out “cold” and you can avoid many of the mistakes of the financial advisors who have gone before you...Read More »

3 Ways to Make Your Investment Writing More Effective

By Cynthia Stephens, VP of Marketing, ByAllAccounts on Wednesday, November 13th, 2013

Cynthia Stephens, VP of Marketing, ByAllAccounts

If you write your firm’s market commentary, client newsletter or individual client performance reports then you realize how hard it can be to engage your readers. Below are three tips from writer-editor Susan Weiner to help you increase the impact of your writing on clients and prospects...Read More »

Will 2014 Mark the Beginning of a Generational Talent Crisis for Advisors?

By Cynthia Stephens, VP of Marketing, ByAllAccounts on Tuesday, November 5th, 2013

Cynthia Stephens, VP of Marketing, ByAllAccounts

This is the time of the year when we start reflecting on the year’s accomplishments and memorable events. We also look ahead to the New Year to revise business plans, create goals and develop budgets. In a recent conversation with Michael Kitces, he told me 2014 will be a transition year where we pay more attention to, and start to really notice, the coming generational age crisis that the advisory world is facing...Read More »

Strategic Website Design for Advisors – Moving beyond text and images

Jonathan Bentley, Executive Vice President, InvestCloud

We are now well into the time when a firm’s website is the single most cost effective marketing and client service tool available. For that reason, advisors and money managers are starting to take their sites more seriously than ever before. As the largest developer of custom money manager and advisor websites in the US, InvestCloud, through its Light[Port] design group has built and managed over 500 sites in the last decade. In the last couple of years we have observed a change in advisor attitudes that we think is significant...Read More »

Following the fiduciary standard can translate into client retention and referrals

Karla Paxton, Client Engagement Manager, ByAllAccounts

Can the SEC actually enforce the Fiduciary standard or is it a matter of, “investor beware”? If so, then how can advisors give their clients the peace of mind that they are acting in a fiduciary manner?..Read More »

Guide to Understanding and Winning Wealthy Clients

By Cynthia Stephens, VP of Marketing, ByAllAccounts on Wednesday, October 23rd, 2013

Cynthia Stephens, VP of Marketing, ByAllAccounts

In 2011, more than 60% of investors we surveyed were considering firing their financial advisor in the next 12 months. The economic and business climate has become tougher since then. Margins are being squeezed and without bringing on new clients, or finding new sources of revenue, business expansion opportunities may be limited...Read More »

Learn How to Make Deep Connections by Following Wealthy Consumer Trends

By Lindsey Starr, Marketing Coordinator, ByAllAccounts on Friday, October 11th, 2013

This Tuesday, October 15th we are delighted to have Stephen Kraus, Chief Insights Officer of Ipsos MediaCT present us with a sneak peak of the results from the Ipsos Affluent Survey USA. Now in its 37th year, this survey is the definitive source of information on the lifestyles, spending and media habits of 62.5 million Affluent Americans with $100K+ income...Read More »

1 Way to Increase Client Satisfaction

By Cynthia Stephens, VP of Marketing, ByAllAccounts on Wednesday, October 9th, 2013

Cynthia Stephens, VP of Marketing, ByAllAccounts

New national survey shows that 55% of advisors who manage their clients’ held-away assets say it has increased client satisfaction. The market is shifting from comparisons with an industry benchmark to personal goal-based wealth management. This may help explain why 86% of financial professionals who took our national survey said reporting on all of a clients’ assets is Extremely/Very important, up from 72% in 2010...Read More »

Storytelling – Using collaboration tools to demonstrate your skill as an advisor

By Cynthia Stephens, VP of Marketing, ByAllAccounts on Thursday, October 3rd, 2013

Cynthia Stephens, VP of Marketing, ByAllAccounts

A few weeks ago, Rosemary Smyth wrote a popular blog on the merits of storytelling for advisors. She described why stories are so compelling and how to tell a good one. The rise of client collaboration tools plays a part in effective storytelling, by visually narrating a client’s rate of return, asset allocation, and other analytics. This new way of communicating is on the rise...Read More »

"Hello" to "Yes”- Become a Professional Persuader

By Rosemary Smyth, MBA, ACC, Author on Monday, September 30th, 2013

Rosemary Smyth, MBA, ACC, Author

When you sit down with a prospect or a client, you probably open the conversation with a brief comment about the weather, followed by a discussion about families or work or a news headline. At some point, the conversation shifts and you discuss some aspect of the client’s finances or portfolio – perhaps listening to their ideas or giving advice from research you’ve performed...Read More »

5 Tips for Successful Client Appreciation Events

By Greg Friedman, MS, CFP, President, Junxure on Friday, September 6th, 2013

Greg Friedman, MS, CFP, President, Junxure

How can an RIA build relationships and create community while increasing client loyalty and brand equity in your firm? One important way is to plan thoughtful, well-organized client appreciation events...Read More »

Storytelling- A Must Have Tool for Financial Advisors

By Rosemary Smyth, MBA, ACC, Author on Tuesday, September 3rd, 2013

Rosemary Smyth, MBA, ACC, Author

Our modern day methods of communication value fast, short, information-rich conversations. With the rise of social media and texting as key ways to communicate information, conversations seem to be getting faster and shorter...Read More »

Learn About the Latest in Disaster Recovery Solutions

By Lindsey Starr, Marketing Coordinator, ByAllAccounts on Wednesday, August 28th, 2013

As network environments, regulatory mandates and external threats all increase in scope and complexity, the need for layered IT solutions has never been more urgent. Without comprehensive, integrated and proactive approaches to security, efficiency and compliance, managers are leaving their systems virtually unguarded and increasingly subject to plunder...Read More »

Learn How to Drive More Word of Mouth Referrals

By Lindsey Starr, Marketing Coordinator, ByAllAccounts on Tuesday, August 13th, 2013

Want to learn more about utilizing word-of-mouth marketing tactics to help grow your business? This Thursday, August 15th, at 2pm EST ByAllAccounts will be hosting a free webinar featuring our VP of Marketing, Cynthia Stephens, on how to drive more word of mouth referrals...Read More »

3 Ways Your Blog Can Win Referrals from Financial Professionals

By Susan B. Weiner, CFA on Tuesday, August 6th, 2013

Susan B. Weiner, CFA

Winning referrals from accountants, estate planning attorneys, bankers, and even advisors with non-competing target markets can grow your business as a financial advisor. One of the best ways to deepen your relationships with others is to do something that benefits them. Your blog can help...Read More »

Mastering the Art of Client Conversations

By Rosemary Smyth, MBA, ACC, Author on Tuesday, August 6th, 2013

Rosemary Smyth, MBA, ACC, Author

Most conversations start off with innocuous questions like, "What do you think of the weather?" If you want to build rapport and trust with clients, you need to have conversations that go deeper than that...Read More »

5 Keys to Success – CRM Implementations for an RIA

By Joan Walker, Managing Director, UNAPEN on Thursday, August 1st, 2013

Joan Walker, Managing Director, UNAPEN

Having spent the last ten years of my life working on implementing Client Relationship Management systems for Registered Investment Advisors, I can say there is no one answer, no cookie cutter approach, no silver bullet to the question “What makes a successful CRM Implementation”. There are, however, consistent components that drive successful user adoption:..Read More »

Five Tips for Using Transparency to Create Competitive Advantage

Jack Waymire, Founder, Paladin Research & Registry

Last month, Paladin Research surveyed 100 high quality advisors and asked them to describe how they used transparency to help them market financial advice and services to investors. 11 advisors said they used transparency in their marketing. Amazingly, only 23 of the advisors in the survey agreed on a frequently used definition for transparency. It turned out there were a number of descriptions for an investor-friendly process that should be used by more advisors...Read More »

Choosing the Right Solution for Your Billing Needs

By Cynthia Stephens, VP of Marketing, ByAllAccounts on Tuesday, July 23rd, 2013

Cynthia Stephens, VP of Marketing, ByAllAccounts

Billing is still a very manual process for many advisory firms. Rep payouts, billing on retirement accounts, and relationship-level billing can add complexity that some billing applications don’t handle especially well...Read More »

Seven Tips for Financial Planners Advising Same-Sex Couples in a Post-DOMA World

By Sheryl Rowling, CEO, Total Rebalance Expert on Friday, July 12th, 2013

Sheryl Rowling, CEO, Total Rebalance Expert

The Defense of Marriage Act (DOMA), which defined marriage as the union of one man and one woman, has been overturned by the Supreme Court and ruled unconstitutional. The federal government will now grant full legal status to marriages valid under state law, including same-sex marriages...Read More »

Top 5 Reasons Advisors Should Use Workflows

"Workflow" is one of those hot-topic buzz words that is flying around the financial industry these days. Advisors know that they need it, but what exactly is workflow? Maybe an even better question to ask yourself is "what should I be doing about workflow in my firm?"..Read More »

Resource Guide to Billing on Held-Away Assets

Cynthia Stephens, VP of Marketing, ByAllAccounts

A few weeks ago I provided a summer reading list for advisors – a compendium of business books, white papers and resources on how to drive more referrals. Today I want to give another “homework” assignment for the summer holidays – a list of materials you can read/listen to on the beach after you complete second quarter client reporting and are able to enjoy the hot summer weather. Take a few minutes to explore how your peers bill on held-away assets...Read More »

Are You Ready for the Toughest Questions Every Financial Advisor Is Asked?

By Rosemary Smyth, MBA, ACC, Author on Thursday, June 27th, 2013

Rosemary Smyth, MBA, ACC, Author

As your plane taxis down the runway, the person beside you strikes up a conversation. The what-do-you-do-for-a-living question will usually come up. When it does, you know that they will inevitably follow up with another question – perhaps something like: "My brother-in-law is really into gold stocks. Do you have any hot tips?"..Read More »

Performance of Highly Successful Financial Advisors

By Umair Munir - Marketing, ByAllAccounts on Tuesday, June 25th, 2013

As a continuation of our Successful Advisors survey in 2012, ByAllAccounts conducted a similar survey again in May 2013 to identify the traits of ‘highly successful advisors’ and find out any significant changes in the results from last year. We collected 400+ responses this year which included RIAs, financial planning firms, broker dealers and others. Client satisfaction was rated the most important indicator of business success in, both, 2012 and 2013...Read More »

What makes a financial advisor highly successful?

By Cynthia Stephens, VP of Marketing, ByAllAccounts on Thursday, June 20th, 2013

Cynthia Stephens, VP of Marketing, ByAllAccounts

You may remember that ByAllAccounts conducted a nationwide online survey last year to identify the traits of successful financial advisors. Due to the very positive response we received, we opted to conduct a similar survey again this year. We surveyed more than 400 financial professionals in May, comprising broker-dealers, independent RIAs, financial planners and others...Read More »

How to Grow Your UHNW or Family Office Practice

We are delighted to have Jon Carroll, President and CEO of Family Office Metrics LLC, as a guest speaker on How to Grow Your UHNW or Family Office Practice. Family Office Metrics, LLC, headquartered in New York, NY was conceived in 2001 when Jon Carroll left the multi-family office where he had worked for seven years previously. Since then, Family Office Metrics has worked with over 125 clients on 200+ projects to deliver total solutions to business, operations and technology problems – solutions designed to evolve with your business...Read More »

Develop an Expert Status That Attracts Your Target Market

By Rosemary Smyth, MBA, ACC, Author on Wednesday, May 29th, 2013

Rosemary Smyth, MBA, ACC, Author

When you have a toothache, you don't go to your local mechanic's shop to have a cavity filled and when your car isn't running properly, you don't pay a visit to your dentist. Rather, you go to the professional who has the education, experience, and qualifications to solve it. You go to the EXPERT...Read More »

5 Advisor Communications That Matter Most to Clients

Do your clients hear from you on a regular basis? It's important to keep in touch, but it's just as important to make sure you're providing the kinds of information they want. What do your clients want to hear about?..Read More »

Encourage Sharing of Information About Your Firm to Help Drive Word of Mouth

Cynthia Stephens, VP of Marketing, ByAllAccounts

Encourage sharing of information about your firm to help drive Word of Mouth. First in a series of actionable, tips on driving more referrals from Word of Mouth by Cynthia Stephens...Read More »

Visualize Your Practice Management Areas as a Venn Diagram

Susan Glover, President, Susan Glover & Associates, LLC

When evaluating practice management areas, advisors tend to focus on each area as if it were a stand-alone component. Advisors also like to create their practice management list in order of importance or by the percentage of time they spend in each area...Read More »

Take Charge of Your Prospecting and Revitalize Your Sales Funnel

By Rosemary Smyth, MBA, ACC, Author on Thursday, May 2nd, 2013

Rosemary Smyth, MBA, ACC, Author

Before embarking on a road trip, you need to know a few important facts – not only your point of origin and your desired destination but also a detailed map of the route you want to take. Your prospects go on a similar journey on their way to finding financial services. Their point of origin is the realization that they need sound financial advice from a professional. Their destination is opening an account at your office and transferring their assets to you...Read More »

Prospecting More Effectively in Four Easy Steps

By Rosemary Smyth, MBA, ACC, Author on Monday, April 1st, 2013

Rosemary Smyth, MBA, ACC, Author

The success of many of the top-earning financial advisors hinges on their ability to simply get more clients. Although exceptions to this rule exist, the advisors who outlast their peers and are nearing retirement with a big book of business are usually those who did more prospecting (and more effective prospecting) earlier in their career. They are also more likely to have maintained the practice even when other advisors stopped...Read More »

In Charge of Asset Management Distribution? Three tips for how to connect with RIAs

By Cynthia Stephens, VP of Marketing, ByAllAccounts on Tuesday, March 19th, 2013

Cynthia Stephens, VP of Marketing, ByAllAccounts

In case you missed the seismic shift in distribution (a.k.a. sales) that has occurred during the past decade let me repeat it -- power has shifted from sellers to buyers. As a consequence selling has become increasingly difficult...Read More »

To Succeed, Advisor CEOs, Compete to Be Unique, Not the Best

By James Carney, CEO, ByAllAccounts on Wednesday, March 13th, 2013

James Carney, CEO, ByAllAccounts

As business people, we’ve had it drilled into us that we need to strive to be the best. Our firm must outshine all others. Even if we do the same things as other businesses in our space, we must differentiate ourselves by our sheer operational superiority...Read More »

Wealth Transfer, Estate Planning and Planned Giving in the Wake of the American Taxpayer Relief Act of 2012

By Cynthia Stephens, VP of Marketing, ByAllAccounts on Thursday, February 7th, 2013

Cynthia Stephens, VP of Marketing, ByAllAccounts

It would appear that trust companies experienced a windfall last quarter in anticipation of the fiscal cliff, as concerned higher-income taxpayers looked for tax havens. The big question now is, how will demand for wealth transfer, estate planning and planned giving options change in 2013 in the wake of the American Taxpayer Relief Act of 2012?..Read More »

Kick off 2013 with Helpful Resources

By Rosemary Smyth, MBA, ACC, Author on Friday, January 11th, 2013

Rosemary Smyth, MBA, ACC, Author

January is a great month to adapt your practice to meet the changing needs of today's investors and adjust your approach to a new era of deep client engagement. “What are you going to do differently to grow your business?” asks Sara Gilbert, founder of Strategist in Montreal...Read More »

Maximize Your Online Presence as a Financial Advisor

By Amy McIIwain, President, Financial Social Media on Tuesday, January 8th, 2013

Amy McIIwain, President, Financial Social Media

Financial advisors have travelled a long way from some of the very old marketing tools to the newest high-end techology-based tools. Today, your clients’ and prospects’ habits have evolved along with the marketing industry. They have access to millions of pages online and will not tolerate being treated as a number in your mailing list or continuing to be fed old snail-mail marketing pieces. They want to be recognized as individuals and be treated as such. Instead, they will look for the information online, whether it is on websites, blogs or social media sites. Your goal as a financial advisor is to get found on all these different platforms. This means having an updated website, creating value on your blog and engaging with your community on Twitter, Facebook or LinkedIn...Read More »

How to use QR Codes to Transform Print Materials

By Cynthia Stephens, VP of Marketing, ByAllAccounts on Monday, December 31st, 2012

Cynthia Stephens, VP of Marketing, ByAllAccounts

At last week’s Women Advisors Forum, I was reminded about how multi-faceted the role of a financial advisor is. Joni Youngwirth’s presentation hit home with me when she spoke about the HR, marketing, operations, and other roles an advisor plays to manage her practice...Read More »

Who is Running the Business – Your Back-Office or You?

By Amy McIIwain, President, Financial Social Media on Thursday, December 27th, 2012

Amy McIIwain, President, Financial Social Media

Advisors that view their back-office as an investment will structure the back-office to support their business plan. Advisors that view their back-office as a cost tend to invest in what they consider affordable – altering their business plan based on what the back-office can provide...Read More »

Holiday Reading List for Advisors - Top 25 Books

By Rosemary Smyth, MBA, ACC, Author on Monday, December 3rd, 2012

Rosemary Smyth, MBA, ACC, Author

Ringing in a New Year always provokes a desire to change and whether you find yourself with more or fewer resolutions in 2013, professional development is one of the keys to your success in this, and every year. In this article, we thought we'd inspire you by providing a reading list to help you get started...Read More »

Make 2013 Your Most Successful Year

By Rosemary Smyth, MBA, ACC, Author on Monday, November 12th, 2012

Year-end client reviews are around the corner, and so is your annual business review. As you evaluate your 2012 goals and objectives and start planning next year's, consider going back to basics: how do you position yourself to clients and prospective clients? “Verbalizing clearly who you are, what you do and who you do it for will paint a clear picture for your clients and lead to better qualifying prospective clients”, says Sara Gilbert, founder of Strategist in Montreal...Read More »

Three Advisor Marketing Tips from the Presidential Race

By Cynthia Stephens, VP of Marketing, ByAllAccounts on Tuesday, October 2nd, 2012

Cynthia Stephens, VP of Marketing, ByAllAccounts

In our “always-on” media climate, watching presidential races has become like rubbernecking, watching for gaffes instead of listening for substance and observing character. The political election cycle has a lot to teach us all about how to engage people...Read More »

Custodial Data Aggregation: A Win-Win for Custodians and Advisors

By James Carney, CEO, ByAllAccounts on Monday, October 1st, 2012

Over the past few years, data aggregation solutions have become a key component of how RIA firms deliver better client service , provide holistic wealth management, and boost AUM and profits. But what’s been less well publicized—and what I’d like to talk about here—is how top custodians are now using aggregation services to deliver data to their RIA clients. In doing so, they’re providing their RIA clients with better service and turning the typical data delivery model on its head...Read More »

This Is the Year To Get Your Big Data Under Control

Mid-market asset managers drowning in compliance costs are reaching for better reconciliation systems in order to expand their AUM without collapsing their margins. For many investment management firms, new channels of product distribution bring additional back-office operational burdens: new systems to learn, different ways to retrieve data and additional headaches...Read More »

To Build an Advisory Dynasty, Educate the Heirs

By Amy McIIwain, President, Financial Social Media on Monday, September 17th, 2012

Amy McIIwain, President, Financial Social Media

Keeping wealthy families as multi-generational clients requires a window into the household’s financial arrangements as well as a human touch. The parents will appreciate your efforts and the kids will learn to rely on your expertise when Mom and Dad are gone. Wealth managers work hard to protect their high-net-worth clients’ wealth for generations to come, but too many get a cold reward when the heirs take the fruits of their labor to competitors...Read More »

The Right Asset Managers Can Help You Offer Better Client Service, Lower Costs

By Amy McIIwain, President, Financial Social Media on Saturday, September 8th, 2012

Amy McIIwain, President, Financial Social Media

For the enterprising RIA firm that’s diversifying its asset management strategies—and is looking for outside expertise in its selected areas of specialization—it’s more essential than ever to choose the right asset management providers. Sure, it’s a given that you want an asset manager who delivers superior historical performance, whether you’re relying on them for their expertise in fixed income, alternative investments, real estate, micro-caps, or any other of the innumerable investment options. But you also want to select a manager who offers something else—namely, operational advantages that not only enhance your client service, but boost your firm’s bottom line as well...Read More »

Three Tips for Telling Successful Stories

By Rosemary Smyth, MBA, ACC, Author on Friday, August 31st, 2012

Stories form the basis of how we think, organize and remember information, so if you want others to remember you, the best strategy is to give them the information about yourself in the form of a story. Telling a story is a way to connect emotionally with prospects, especially when it contains moving content and it is told with feeling. Your prospect can then empathize or relate the story to an aspect of their lives. Three tips for telling successful stories are:..Read More »

How Holistic Advisors are Stealing Clients

By Cynthia Stephens, VP of Marketing, ByAllAccounts on Tuesday, August 28th, 2012

High-net-worth investors crave truly comprehensive wealth preservation advice. Wealth managers that can deliver on their 360-degree promises have the keys to become billion-dollar firms in the near future. Offer prospective clients the choice between an advisor who’s content to stick to the discretionary assets and a rival who offers input on every aspect of their finances, and the “holistic” advisor wins by an overwhelming margin...Read More »

Five Tips for Mastering Persuasion

By Rosemary Smyth, MBA, ACC, Author on Wednesday, August 22nd, 2012

Your goal as an advisor is to help your clients want to do what you want them to do, and for them to like doing it. The art of persuasion takes time and practice. It also means facing your fears and being willing to take full responsibility. Persuasion skills can be learned and mastered; they are about you and your talents and traits. Five tips for mastering persuasion are:..Read More »

All For One and One For All: What RIA Roll-Ups Can Teach All Advisors

By James Carney, CEO, ByAllAccounts on Friday, August 17th, 2012

Acceleration! That’s the byword in today’s RIA marketplace, where the trend for large ‘consolidator’ firms to ‘roll up’ smaller RIA firms is rapidly picking up speed. That’s in contrast to a few years ago, when the financial downturn forced roll-up firms to slow down their activities and make fewer deals. Why the change? First off, many RIA holding companies (rollups) are now flush with funds from large private equity firms, so the market is once again in acquisition mode. Secondly, with the rise of Gen X and Gen Y investors, who expect heightened levels of client service, many smaller RIA firms are seeking ways to upgrade their service offerings by rolling up into larger entities. And thirdly, regulatory changes such as Dodd-Frank are forcing these smaller RIA firms to reassess their abilities to meet compliance regulations on their own, and seek strategic partnerships or roll-up opportunities that mitigate the cost and risk...Read More »

Everything Advisors Need To Know About Outsourcing

Most financial advisors are already farming out non-core business functions to a third party. But how do you give up the reins if you’ve been doing it all yourself? Advisors who fought for their independence often start out with a do-it-yourself approach to every aspect of their business. That means running the client accounts from back to front, hiring and firing support staff, keeping the computers up and running — all in addition to the core task of keeping your clients happy and courting new ones...Read More »

Five Tips for Talking Business at Social Events

By Rosemary Smyth, MBA, ACC, Author on Friday, August 10th, 2012

There are times when people find out that you are an advisor and want a few hot tips, or feel the need to tell you how much they have lost in the market. Be sure to keep the conversation casual, and stay away from discussing historical rates of return or your market theories. Five tips for talking business at social events are:..Read More »

Wall Street’s Twin Dragons Benefit High Quality Financial Advisors

By Jack Waymire, President & CEO, Paladin Registry on Thursday, August 2nd, 2012

In a perfect world, all investors would use the same process when they select financial advisors. The process would be based on complete objectivity so investors always selected the advisors with the best credentials, ethics, business practices, and services. But, that is not how the real world works. According to a survey conducted by Investor Watchdog (www.InvestorWatchdog.com), 74.2% of investors use subjective selection processes...Read More »

Most Advisors Base Client Selection on Investable Assets

By Steve Maimes, Principal, SALAM Research on Wednesday, August 1st, 2012

ByAllAccounts, Boston, Mass., published this finding in a national online survey of more than 390 financial advisors. The survey examines key traits and characteristics of successful advisors, including their views on defining success, personal strengths and values, top priorities, plus areas of focus and insights into how they spend their time. The report reveals that 85% of advisors use investable assets to select prospective clients. Far fewer advisors base their selection according to the prospect’s life stage or geographic location (40%), occupation (20%) or age (18%)...Read More »

Five Ways to Sharpen Your Listening Skills

By Rosemary Smyth, MBA, ACC, Author on Friday, July 27th, 2012

Being a good listener helps in establishing rapport. Focusing your attention on making your client feel important and understood requires you to talk less and listen more. Clients do not need information overload; they just want you to use your knowledge to solve their problem, or to tell them what they need to know. Five ways to sharpen your listening skills are:..Read More »

Top Advisors Take a “Mercedes” Approach to Client Satisfaction

By Cynthia Stephens, VP of Marketing, ByAllAccounts on Tuesday, July 24th, 2012

What are the key traits of today’s successful financial advisors? What are their personal strengths? Top priorities? And what are a few of their personal preferences that round out the picture? These are a few of the the questions ByAllAccounts asked when it recently took a national online survey of nearly 400 advisors. We looked at responses from firms with more than $100 million in AUM who have grown 16%+ during the past two years...Read More »

Why Your Future Client Is High Net Worth

By April J. Rudin, CEO, The Rudin Group on Friday, July 20th, 2012

The middle class is toast. In the wake of the financial crisis, middle class families in the U.S. are burdened by too much debt, the rising cost of health care, fewer jobs and the ever-increasing price tag on retirement. Financial advisors in the future who want to prosper need to hitch their star to high net worth clients, including , maybe even especially, those from outside the U.S. who are seeking a dynamic asset allocation approach designed to deal with rising global market and economic volatility...Read More »

Something Needs to Change: How Alternative Investment Fund Managers Can Improve Communications and Expand Their Markets

Have you seen the statistics? A recent Advisor Brandscape report from Cogent Research states that 68% of advisors are using some sort of alternative investment product. Clearly, they’re finding that utilizing this asset class helps them provide better asset allocation for their clients. And yet the questions remain: Even with this adoption of alternative investments, are managers of large hedge funds and private equity firms doing all they can do to tap a growing RIA market? Or are they missing out on opportunities to expand into the retail advisor space by relying on inefficient, unsatisfactory modes of communication that stifle adoption and growth?..Read More »

Change Is Coming, RIAs. Don’t Get Caught in the Middle

By James Carney, CEO, ByAllAccounts on Wednesday, July 11th, 2012

The next time you’re in traffic, eyeing different makes and models of cars, you may also be getting a preview of the future of the wealth management industry. My meaning is this: I predict that over the next several years, the wealth management industry will radically transform itself so that two types of firms predominate—one type at the low end (“for the masses” if you will), and one at the high end. Or, to put it in the parlance of car-speak, one type that’s analogous to Toyota, and one type that’s a Lexus. And guess what—the types of firms in the middle, the ones that remain in the middle, I should say—will be crushed and disappear into oblivion...Read More »

How To Survive The Advisor Apocalypse

Amy McIIwain, President, Financial Social Media

Is it real? Yes. When will it happen? Could be months, maybe even years. But to survive, you’ve got to prepare. And the first step in preparation is to understand the virus that is the root of the apocalypse: internet technology...Read More »

Fake Designations Impact Your Success!

The media calls them “alphabet soup”. These are the strings of letters that appear after some financial advisors’ names. I think my personal record is interviewing an advisor who had 32 letters after his name. The “soup” represents the certifications and designations that professionals have obtained to increase their knowledge and improve the quality of their advice and services. It is unfortunate, but the letters themselves do not mean much to investors. They recognize CPA®, but have no idea what PFS (Personal Financial Specialist) stands for. That’s about it. Very few investors have any idea what CFP® stands for. Even fewer know the value or requirements of CFA® or CIMA® designations...Read More »

Top Content for Financial Advisors: The Best of Q2

Another quarter in the books, here's a quick recap of some of our most popular educational content for financial advisors from the past three months in case you missed any. We hope you find them helpful, and look forward to seeing you in Q3!..Read More »

Using Influencers to Land New Trust Accounts

By Scott Martin, Senior Editor, thetrustadvisor.com on Thursday, June 28th, 2012

Many trust companies have more success marketing their services to the professionals who already have the ear of wealthy clients. Lawyers, investment advisors, accountants, even art appraisers are all worth adding to your network...Read More »

Growth Is Good, Efficiency Is Essential for Advisors Who Want To Thrive

By Cynthia Stephens, VP of Marketing, ByAllAccounts on Tuesday, June 26th, 2012

Everyone in the industry knows they need to bring in new assets and new accounts, but it takes more than bolted-on AUM to take a viable business to the next level. We asked thousands of financial advisors for the keys to success and you told us: efficiency is king. According to ByAllAccounts data, firms of all sizes—whether they’re under $25 million in AUM or $1 billion or more—cite the need to grow AUM and strengthen client acquisition as their most important priorities. No surprises there. But what’s striking is what’s cited next on the wish list: maximum operational efficiency and on the other side of the coin, an end to the headaches of manual data entry. Our data tells us that on average, the bigger the firm, the greater the perceived need for operational efficiency...Read More »

Retirement Portfolios Need Closer Monitoring Than Ever

By Amy McIIwain, President, Financial Social Media on Wednesday, June 20th, 2012

Amy McIIwain, President, Financial Social Media

Baby Boom clients still require active investment advice in the new retirement landscape. The challenges they face today still represent huge opportunities for advisors willing to work longer and harder. Now that Baby Boomers are hitting retirement age at the rate of 10,000 people a day, the moment the industry pundits promised us a decade ago is here...Read More »

Intergenerational Wealth Management: 8 Steps to Becoming a Family Advisor (Part II)

By James Carney, CEO, ByAllAccounts on Tuesday, June 19th, 2012

This article is the second installment of a two part series for financial advisors on building multi-generational relationships with clients. For steps 1-4, please click here to read Part I. Step 5: Set your clients up with other like-minded clients. If Client A has college-aged children and lives in Wealth-ville, set him and his wife up with Client B who has college-aged children and lives in Wealth-ville. They have lots in common and lots to discuss—and may even become friends. This is a great value-add that will enhance your status as a family advisor, and focus your clients on issues such as transferring wealth (and wealth management resources) to their offspring...Read More »

Intergenerational Wealth Management: 8 Steps to Becoming a Family Advisor (Part I)

By James Carney, CEO, ByAllAccounts on Friday, June 15th, 2012

For me, it’s a given in life that nothing is more important than the happiness of my children. That’s the “big issue” that trumps all other concerns, including personal finances and wealth management. And yet…family and wealth are not mutually exclusive. The financial well-being of our loved ones is often an important component of their happiness and success—and we all strive to ensure that our children receive an inheritance that puts them in an advantageous position for the life challenges ahead. But as wealth passes from one generation to the next, do today’s forward-thinking financial advisors recognize the opportunity that is at hand? And are they philosophically prepared to alter their business models to accommodate the needs of inter-generational wealth management?..Read More »

Five Tips for Gearing Up for Success

By Rosemary Smyth, MBA, ACC, Author on Thursday, June 14th, 2012

Studies have shown that successful people have high scores when tested for optimism and that it is their optimistic attitude that paves the way for their success. Optimists have resilience and do not let rejection alter their course. They believe that they have the skills necessary to be successful. Five tips for gearing up for success are:..Read More »

How to Land Celebrity Clients

By Amy McIIwain, President, Financial Social Media on Wednesday, June 13th, 2012

Amy McIIwain, President, Financial Social Media

Truly marquee-worthy clients like Lady Gaga add more than AUM. If you can figure out what makes them tick, the experts say you can parlay one household name into a high-powered referral machine. It really boils down to the way fame works, the star trackers say...Read More »

New Survey Reveals Principals and Staff Disagree on Top Priorities

By Cynthia Stephens, VP of Marketing on Thursday, May 31st, 2012

How would you rate the effectiveness of the internal communications in your multi-family office or advisory firm? If you wouldn’t give it at least a “B” grade, it may be time to steer to a new course...Read More »

Five Tips on Giving Back to Community and Growing Your Business

Ways to give back to community include volunteering, being on a board or supporting your local sports team. As advisors, it is common to be asked to be treasurer or on a finance committee, as your expertise lies with numbers. Community activities will benefit your business by developing solid, trusting relationships. Five tips on giving back to community and growing your business are:..Read More »

5 Ways to Get More Referrals from CPAs and Estate Attorneys

Amy McIIwain, President, Financial Social Media

Accountants and estate attorneys can be excellent referral sources for your firm, but that means every advisor in your area looking for an opportunity here, too. Take a pinpoint approach. In general, the better you understand the people you want to work with, the more success you’re likely to have...Read More »

3 Fundamental Strategies to Minimize the Risk of Losing a Client

By Amy McIIwain, President, Financial Social Media on Thursday, May 17th, 2012

Amy McIIwain, President, Financial Social Media

For financial advisors—as in most businesses—it’s easier to generate additional business with existing clients than to go out prospecting and cultivating new relationships. That holds true if your client is already satisfied with how you’re serving them and, as a result, agrees to entrust you with even more business. But the reverse also holds true: if your clients are not happy, you may lose them. This begs the question..Read More »

Top Ten Checklist for Tough Conversations

Amy McIIwain, President, Financial Social Media

Although the beginning of a tough conversation can be stressful, it can also be the best opportunity for you to influence the direction of where it is going. Conversations become interactive when you are listening, asking questions, sharing your view, solving problems and getting back on track when it goes a little haywire. Thinking like a mediator and describing the problem between the two of you in a way that works for both sides is something that takes practice. The top ten checklist for tough conversations are:..Read More »

Fool’s Gold? Or Are You a Fool Not to Own It?

A burgeoning question these days seems to be surrounding gold and the worthiness a position the shiny metal would have in a balanced portfolio in today’s market. It seems like there are many opinions out there regarding this and I would offer one here that seems to be rarely brought up when the “experts” discuss this smoldering topic...Read More »

Financial Video Comes of Age with Schwab: 60 Seconds in Money

By Amy McIIwain, President, Financial Social Media on Wednesday, May 9th, 2012

Amy McIIwain, President, Financial Social Media

Allow me to start with a complaint. Why would The Charles Schwab Corporation put “60 seconds” in the title of its new video series when the videos average two minutes? I guess you could argue the long-running television program “60 Minutes” is less than sixty minutes when you take out the commercials. But isn’t it on for an hour? Okay, now that I got that out of my system: I come to praise Schwab, not to bury it. The San Francisco-based financial firm’s new video series is all that it should be and everything its competitors should be trying to attain. But they better act fast; first mover advantage and all...Read More »

Clients Want It, Advisors Need It, Advisors Adopt It

Amy McIIwain, President, Financial Social Media

Last year was a watershed for the financial advisor community: it marked the year when philosophical prejudices about investment management acquiesced to the practical needs of advisors as small business owners. More plainly, after nearly twelve years of lackluster performance and a growing sensitivity among clients to downside risk after two market bubbles, it seems that many advisors are conceding the need for a more risk-managed investment solution to protect client assets, and, in so doing, protect their own businesses. We observe the following:..Read More »

Wall Street’s Sales Culture is Under Attack

By Jack Waymire, President & CEO, Paladin Registry on Friday, April 27th, 2012

The financial service industry is dominated by a sales culture that has flourished for more than 35 years. Wall Street companies protect this culture by spending more than $300 million per year on lobbyists who make sure industry regulations favor companies and not investors. Two of the lobbyists’ biggest challenges are fighting fiduciary standards and mandatory disclosure requirements (transparency) for brokers. These activities are intertwined because fiduciaries are required to put investor interests first and withholding pertinent information violates this requirement...Read More »

Catch the Warning Signs of Clients Ready to Leave

By Amy McIIwain, President, Financial Social Media on Tuesday, April 24th, 2012

Amy McIIwain, President, Financial Social Media

Every advisor dreads the notion that his or her clients are looking to go elsewhere. And with 40% of investors thinking about making a move even though the market is nominally rising, nobody can afford to simply let them go. But by the time they’ve made up their minds to tell you, it’s usually too late to convince them to stay. Instead, the time to be alert for red flags is well before the formal relationship ends, forensic accountants say...Read More »

10 Killer Ideas for Financial Advisor Websites

By Amy McIIwain, President, Financial Social Media on Friday, April 20th, 2012

Amy McIIwain, President, Financial Social Media

You may have a great firm with a group of state-of-the art associates, but if your website fails to convey that excellence—you will miss out on a myriad of prospective clients. Below are some tips to help you create a web page that thoroughly communicates your professionalism...Read More »

Did You Know There Are Two Types of Advisor Transparency?

By Jack Waymire, President & CEO, Paladin Registry on Thursday, April 19th, 2012

In a recent Investor Watchdog (www.InvestorWatchdog.com) survey, 93% of respondents said they wanted increased transparency from financial advisors when they sell investment advice, services, and products. In particular, they wanted transparency for: Compliance records, education, certifications, experience, and licensing. This first form of transparency is more about you and your competence, ethics, and business practices...Read More »

Top Four Categories That Clients Use to Determine How You Measure Up

There is always going to be a client that leaves out of the blue that gets you wondering; why weren’t they happy? Why did they leave? Wasn’t I doing a good job for them? The first place advisors look is how the client’s portfolio has been doing. Unfortunately, this is only a part of the measurement of the client’s satisfaction. The other part is their satisfaction with the relationship, which is trickier to measure. The top four categories that clients use to determine how you measure up are:..Read More »

Avoiding the Value Trap

Is the value you believe you offer the same as the one the client perceives? I raise this question because I am meeting so many advisors who are confusing the idea that their clients trust them to manage their financial affairs with the idea that their clients trust only them to invest the money. As a consequence, they are trapped: their businesses are often not growing and they feel unable to change course, all because they misunderstand the fundamental value proposition that underlies their client relationships. In the past, this wrong turn was into the right neighborhood – asset management – which proved profitable regardless; but the neighborhood is changing and I argue that you should use this strategic planning season to reconsider your path and maybe even ask for directions...Read More »

Five Tips to Improve Client Service

The more you know about your clients, the easier it is to provide the products that best suit their needs. Be curious about their opinions and viewpoints, and make a habit of asking them what they think and what is important to them. Imagining yourself in your clients’ position is one way to figure out what they need. Five tips to improve client service are:..Read More »

Financial Advisor Transparency: Will it Benefit You?

By Jack Waymire, President & CEO, Paladin Registry on Wednesday, March 21st, 2012

Let’s start with a three-part definition. Part I: Advisors who practice transparency provide accurate information to investors when they sell investment advice and services. The most important information documents the professionals’ education, experience, certifications, compliance record, fiduciary status, compensation, and services. Part II: Transparency is synonymous with full disclosure. Advisors who practice transparency do not withhold any information that would impact investor decisions when they buy what financial professionals are selling. Part III: The information is voluntary. Investors do not have to ask the right questions or go to FINRA BrokerCheck to obtain advisor information. Advisors make the process for obtaining information easy for investors...Read More »

Cleaning Up: Lindsay Lohan Somehow Forgot to Add the IRS to Her “List”

Although Lindsay Lohan is supposedly in recovery from her various addictions, she reportedly owes the IRS over $140,000 for unpaid 2010 taxes. What could Lindsay's advisors have done differently to make sure the federal government didn't come so high on her list of people she's wronged?..Read More »

We Know Clients Love "Holistic" Advisors, But What Does That Mean?

By Scott Martin, Senior Editor, thetrustadvisor.com on Tuesday, March 13th, 2012

It’s one thing to divide the industry into advisors who give their clients a 360-degree view and those who don’t. Positioning yourself as one of the must-have relationships takes a little more work. At this point, everyone in the wealth management business is aware that investors would rather work with an advisor who exceeds the minimum expected level of service. As ByAllAccounts and the advisor benchmarking gurus at Paladin Registry discovered a few weeks ago in a national survey of investors, clients are increasingly inclined to move their assets if they find an advisor who goes an extra inch, much less an extra mile...Read More »

Estate Planning Together: a Win-Win for Clients and Financial Advisors

No estate-planning attorney works alone. Financial advisors are an irreplaceable resource that goes far beyond referrals. I rely on my clients’ financial advisors to provide accurate information regarding the tangible assets within an estate, but I also look to them to help me sift through and make sense of all that is less than tangible. It’s a team approach where financial advisors are invaluable to my process. And like any team, there are strategies that can help us work together more effectively. These strategies can also help financial advisors benefit from the estate planning process as a whole. Here are my top 5 tips for success:..Read More »

How Advisors Can Create Some “March Madness” Around Their Business

By Cynthia Stephens, VP of Marketing on Tuesday, March 6th, 2012

..Read More »

The Top 3 Mind-Boggling Trends of the New Year and What to Do About Them

Spending a lot of time on radio and tv affords me the ability to not only get my thoughts and messages out, but more importantly, hear the musings and predictions of others who, like me, are trying to be the most informed and engaging personalities when it comes to the investment world. That’s why as I write this January update, I’m rather amazed about the strength of the equity markets around the globe and some of the new trends that have emerged out of nowhere that might be pointing to something different happening in 2012 that many originally thought would not be possible. Let’s take a look at several of the early “trends” that may make investors “friends” with their portfolios again in 2012…..Read More »

Two Strategies to Get the Most From Your Goals

As an advisor, you probably have the acronym SMART (specific, measureable, actionable, realistic, time-bound) memorized. You have written down your goals and you’ve asked someone to hold you accountable. To add extra value and to boost your attainment you can add two more strategies: the goal superchargers—affirmations and visualization...Read More »

What Do Economies of Scale Look Like to Your Clients?

One of the key themes we discuss with advisors is the re-emergence of economies of scale as a driver of RIA business success. To date, we have discussed this theme in terms of an advisors inability to find the time and resources they need to “keep up” with day-to-day business demands or to focus on new business development to grow the business. Today, we want to explore what economies of scale look like to client prospects and what that means to the competitiveness of firms without it. In most industries, firms that achieve economies of scale are in a position of competitive advantage. Why? Because, by definition, a larger revenue base affords these firms a greater resource base with which to support front and back office efforts. These firms can afford to dedicate personnel and resources to specific efforts like marketing, technology, customer service and product (planning, investing, insurance, etc.). Smaller firms simply do not have the revenue base to do so. Principals must therefore operate as “jack of all trades” taxing their time and risking the perception that they are “master of none”. The table below illustrates how much additional resources are afforded by scale...Read More »

Understanding How Investors Choose an Advisor – 4 Rules of Thumb for Attracting New Clients

By Amy McIIwain, President, Financial Social Media on Wednesday, February 8th, 2012

Amy McIIwain, President, Financial Social Media

It’s a fact. Investors rely on referrals to find the financial advisor they want to work with. According to a recent survey conducted by ByAllAccounts in conjunction with PaladinRegistry.com, almost 46% of the individuals who responded say they found their current advisor through a referral from a friend, respected associate, CPA or attorney. Yet, surprisingly, even though a sizable percentage of investors have relied on a referral, over 50% of them state that they have never provided a referral to their own advisor. There are a variety of factors behind this statistic. As the chart illustrates, over 27% of clients simply feel uncomfortable making a referral. But over 25% of clients report that their advisor has not asked for a referral—an indicator to me that new business prospecting opportunities are being missed every day...Read More »

When Looking for a Firm, Seek a Partner and Not a Clone

By Ryan N. Shanks, CEO, FINETOOTH CONSULTING on Friday, February 3rd, 2012

One of the up-and-coming advisor service organizations told me a few days back that one of their brokerage clients is using the relationship as a recruiting tool. Or more to the point, advisors who want to provide this service are actually calling the brokerage firm to see what it would take to get it for themselves. They’re lining up as qualified leads for this firm’s recruiters to prospect at their leisure. What’s pulling all these advisors into the net? Expertise that they don’t have...Read More »

Remember When “What’s your AUM?” Was a Simple Question?

By Brian R. Lauzon, CFA, AdvisorAssist, LLC on Wednesday, February 1st, 2012

RIAs and financial planners often provide a broad range of services and receive compensation in a number of different ways. Certain aspects of these services and compensation arrangements will dictate whether or not assets are counted as “regulatory assets under management” in an advisor’s regulatory filings. The SEC now defines “regulatory assets under management” as assets where the advisor provides “continuous and regular supervisory or management services.” Here are some guidelines to help advisors determine which of their clients’ assets should be counted towards AUM under this new definition...Read More »

Five Tips to Choose Your Ideal Client

By Amy McIIwain, President, Financial Social Media on Tuesday, January 31st, 2012

Amy McIIwain, President, Financial Social Media

Taking on a new client is a decision that may change your business dramatically. Being desperate and signing up someone just because they happen to have that magic number of assets can cause problems. Having a process for making the decision of taking on a new client will help you filter out your ideal client from one that only makes your numbers look good. Five tips to choose your ideal client are:..Read More »

Frustrated Investors Are Firing Advisors Who Don’t Provide 360-Degree Service

By Scott Martin, Senior Editor, thetrustadvisor.com on Tuesday, January 24th, 2012

Big opportunities for wealth managers looking to gain referrals and add to their assets -- as long as they can keep their current clients happy. Years of Wall Street scandals, fiduciary failures and a sagging market have gotten under the skin of wealthy Americans. According to a recent survey, a full 60% of investors are currently considering firing their advisor and 44.7% have already terminated a relationship with an advisor in the past -- interestingly enough, the exact proportion giving referrals. These numbers reveal that if advisors are looking for an average of 16 new clients this year, they’re going to get them from each other -- and that they’ll have to fight for every prospect...Read More »

A Succession Plan Should Be A Lot More Than A “Will” For Your Practice

By Ryan N. Shanks, CEO, FINETOOTH CONSULTING on Thursday, January 19th, 2012

The good news is that about 60% of advisors now have written succession plans in place. The bad news is that these plans are rarely more than the corporate equivalent of a last will and testament. Many advisors I work with only took the effort to write a succession plan in the first place because their clients were nervous about where their accounts would go in the event of a death, disability or sudden forced retirement. That’s definitely a minimum requirement. None of us are getting any younger and if you’re like most advisors, you’re skewing into your 50s if not beyond...Read More »

How to Convert Commission Assets to Fees

By Jack Waymire, President & CEO, Paladin Registry on Thursday, January 12th, 2012

I think most financial advisors know businesses that generate fee revenue are worth a lot more than businesses that generate commission revenue. In fact, they may be four to eight times more valuable.Most commission businesses sell for 25% of revenue because new revenues have to be generated by sales activities. The buyer is purchasing a customer list and perhaps some goodwill, but there is no guarantee investors will purchase investment products from the buyer. Compare that to fee businesses that sell for one or two times revenue. The value is much greater because the buyer is purchasing a repeat revenue stream with no sales activity required. If the buyer provides the same services as the seller, there is good chance investors will stay with the buyer...Read More »

Five Ways to Build a Referral Network with Centres of Influence

Your centres of influence (COIs) can be your more profitable sources of referral business, and by reciprocating the referral you create a positive working relationship. Lawyers, accountants, mortgage brokers and realtors are the top COIs, and some advisors even use other advisors with a specialized niche. You need to be proud and confident that when you are giving the name of your COI to your clients, they will be getting the best service possible...Read More »

New Recruiting Headlines Highlight “Glide Path” To Advisor Independence

By Ryan N. Shanks, CEO, FINETOOTH CONSULTING on Friday, January 6th, 2012

Fresh news from some of the biggest brokerage networks around is posing a subtle but real challenge to a lot of advisors’ assumptions about how their careers should progress. I’m not going to name names, because the identity of these firms doesn’t really matter. What matters is that brokerage firm ABC just reported spectacular recruiting numbers -- up over 30% above last year -- and its rivals at firm XYZ kept pace by pulling around $500 million in client assets from the wirehouses...Read More »

Bring Held-Away Assets into the Fold: 6 Timely Tips

By Amy McIIwain, President, Financial Social Media on Thursday, January 5th, 2012

Amy McIIwain, President, Financial Social Media

Today, an increasing number of financial advisors are taking a holistic approach to managing their clients’ assets and becoming the trusted advisor of choice. As you know, a key element to this transformation is that advisors are now monitoring, reporting and often on advising on held-away accounts that were previously not under direct management, such as 401(k)s, 403(b)s and other accounts that are not with a primary custodian. For you, as an advisor, this raises the question:“What do I need to know about billing on held-away assets?”..Read More »

The Top 5 Most Popular Whitepapers of 2011 for Financial Advisors

By Gary DeAsi, Marketing Coordinator, ByAllAccounts on Wednesday, December 21st, 2011

A good whitepaper provides you with the opportunity to get detailed information on how to improve your practice, while still enjoying a “quick read” that can fit comfortably into your busy day. Here are five ByAllAccounts whitepapers that were especially popular with advisors in 2011—all written by our CEO, James Carney, and all part of our SMART DECISIONS series. Please feel to read (and/or re-read) any or all of them; we hope you find them informative...Read More »

The Top 10 Most Popular Blog Posts of 2011 for Financial Advisors

By Gary DeAsi, Marketing Coordinator, ByAllAccounts on Monday, December 19th, 2011

At ByAllAccounts, we’d like to extend a special thanks to all our blog readers as we close out 2011. Here, at year’s end, we thought it would be a good idea to post our 10 most popular blogs over the previous 12 months. Please feel free to review any or all of these blogs; they were our “reader’s choice” for providing relevant, useful information that can help you grow your advisory firm...Read More »

The Top 5 Most Popular Webinars of 2011 for Financial Advisors

By Gary DeAsi, Marketing Coordinator, ByAllAccounts on Friday, December 16th, 2011

Providing financial advisors with useful, actionable information is what our webinars at ByAllAccounts are all about. Here, at the conclusion of 2011, we’re pleased to provide you with on-demand replays of our five most widely-attended webinars over the course of the year—offered below for your review. Please feel free to check out any or all the webinars—they’re packed with pointers, guidance and observations that you may find very helpful...Read More »

How to Find an Outsource Partner vs. an Outsource Vendor: An Interview with Linda Bready of Envestnet

Recently, I sat down with Linda Bready, Senior VP at Envestnet, to ask her about the best ways for advisors to find the right outsource partner for their needs. Linda brings a lot of experience in this area to the table: Envestnet serves as the outsource partner for many of advisory firms nationwide, and provides a wide array of services to these advisors, including ByAllAccounts’ data aggregation solutions. Here’s what Linda and I discussed:..Read More »

Do You Have What “Baby Boomer” Investors Are Looking For?

By Joseph Murphy, Executive Vice President, ByAllAccounts on Tuesday, November 22nd, 2011

As the conversation around Baby Boomers (born 1946-1964) develops, it’s important to note that a Baby Boomer turns 50 every 8.5 seconds, and there are now 77.6 million of us. Clearly, the number of Boomers who are looking at retirement is on the rise—and any discussion of their retirement goals and methods takes on added urgency. Specifically, I’d like to take this opportunity to talk about meeting the needs of Baby Boomers who still have some time until retirement (i.e. 46 – 55 yrs old) and are still very much in the accumulation stage of their financial lifecycle. As they look to transition to the Distribution phase, many will look for a new advisor. Or, if they elect to stay with their current advisor, they may be looking for an expanded or modified set of services to meet their new needs. Either way, whether you’re trying to attract new Baby Boomer investors or retain the ones you already have, there are several points to keep in mind:..Read More »

Acquiring and Serving Gen X and Y Clients: How 3 Firms Retain and Increase AUM

By James Carney, CEO, ByAllAccounts on Friday, November 18th, 2011

The numbers are very impressive. The demographic group known as Gen X and Gen Y —basically, your clients’ children—are projected to account for about $28 trillion in investable assets in the U.S. by 2018. That presents a huge opportunity for advisors, and means you’d be wise to develop a strategy for acquiring and serving these investors, if you haven’t started to do so already...Read More »

3 Ways to Manage Your Work Time Better—and Get More Done Every Day

In today’s fast-paced world, we all feel the pressure to do more in the same 24-hour period, from going to work, closing new business and increasing communication with existing clients to making educated investment decisions, maximizing profitability, and networking with industry peers. And that’s just in our professional lives. After we leave the office, most of us have family responsibilities that are just as important as our professional ones. So how do we create a healthy balance between work and family? One way is with effective time management. But the reality is that time management can be a challenge for all of us—and I am no exception . But having said that, here are three things that help me organize my day and stay on track:..Read More »

What’s Your Edge? Identifying your RIA’s Sustainable Competitive Advantage

By Amy McIIwain, President, Financial Social Media on Friday, November 11th, 2011

Amy McIIwain, President, Financial Social Media

I believe that the most important component of an RIA’s strategic planning process is identifying and fostering a genuine “sustainable competitive advantage.” Competitive advantage is simply how you do what you do in a way that distinguishes your firm from your competition. This alone is, of course, important and exists in some way if an RIA has successfully won business in competitive markets. A sustainable competitive advantage, however, is one that you can protect from replication by competitors. It represents the distinctive competencies that your clients value and that you can control. This ultimately becomes the core to your value proposition...Read More »

Why and How to Get Started with Data Aggregation: Part II – Communicating the Benefits to Your Clients

You may have heard from your peers that aggregating data on held-away accounts is an excellent way to increase AUM and revenue. Or perhaps you’ve seen its AUM-boosting capabilities for yourself. The questions are: How do you market data aggregation to your clients? How do you convince them of the many benefits it offers them that may not be available from competitive firms? There are four interrelated points you’ll want to make:..Read More »

Why Companies are Shifting from Old School Marketing to Social Media

By Amy McIIwain, President, Financial Social Media on Friday, November 4th, 2011

Amy McIIwain, President, Financial Social Media

I remember being a teenager, hopping on my bike, and setting off on the mile long journey to work. As I climbed the last hill a huge billboard would slowly emerge over the horizon. I stared at it intensely everyday, distracting myself from the pain burning in my legs. I always thought, why do they change it when they do? Who decides what to put on it? Why would they put that up there? We spend most of our lives being marketed to. Everywhere we go, we see ads for everything from cars to canned food. As technology changes, we move into a time where there is a computer in every home and 80% of Americans are using social media networking sites daily. How is this different from the days on my huffy?..Read More »

10 Reasons Why YOU Want to Choose YOUR Clients

By Amy McIIwain, President, Financial Social Media on Thursday, November 3rd, 2011

Amy McIIwain, President, Financial Social Media

It’s a costly and hard-learned lesson in the advisory business: saying “no” to an interested prospect who does NOT fit your ideal client profile. It’s counter intuitive to refuse business, but the fact is, if you take on any and every client who wants to use your services, it may cost you money, aggravation, and time...Read More »

Wells Not Fences: Client Retention Through Attraction, Not Restriction

By Amy McIIwain, President, Financial Social Media on Monday, October 31st, 2011

Amy McIIwain, President, Financial Social Media

Growing up in rural southern Indiana, I was always impressed with the wisdom of farmers. Even as a kid, I admired their ability to manage through many hardships. After hearing a story from a leader in the global IT industry, my admiration of farmers has increased – and it provides a terrific question we should all financial advisors should be asking in today’s hyper-competitive marketplace...Read More »

Business Analytics: Are You Using the Same Metrics as Your Competitors?

By James Carney, CEO, ByAllAccounts on Thursday, October 27th, 2011

We’ve all seen a great deal written about the workings of today’s RIA firm, with a big focus on best practices, technology, client marketing and investment strategies. They’re all essential elements of a successful firm—no question about that. But I have not seen much press devoted to another essential element—the act of measuring the success itself—namely, the science of business analytics...Read More »

How Investors Select Financial Advisors

By Amy McIIwain, President, Financial Social Media on Monday, October 24th, 2011

Amy McIIwain, President, Financial Social Media

The following data is taken from an analysis that was developed by Paladin Registry (www.PaladinRegistry.com) in July, 2011. Investors use two primary processes when they select financial planners and investment advisors. 57% of investors use a subjective approach that is based on the following criteria:..Read More »

Financial Advisors: Why You Need Your Site to be Search Engine Friendly

By Amy McIIwain, President, Financial Social Media on Friday, October 21st, 2011

Amy McIIwain, President, Financial Social Media

The following study was published by Pew Internet, and offers a pretty good idea of who is using search engines (*spoiler*: everyone!) If you look at the bottom of the chart, you will notice something interesting. Those with a household income of $75,000+ are the highest users of search engines among all income levels. It’s true that it is only 6% higher than the percentage of all online adults who use search engines, but it simply reinforces the fact that members of advisors’ ideal target market are using search engines. This means that when they are in the process of finding a financial advisor, they are looking for information about you online. What will they find?..Read More »

LinkedIn’s Updates to Company Pages Creates New Avenue for Social Engagement

By Amy McIIwain, President, Financial Social Media on Thursday, October 20th, 2011

Amy McIIwain, President, Financial Social Media

I woke up yesterday morning and began my normal routine of coffee and eggs, and then began scrolling through the barrage of emails on my Blackberry. With 50+ emails waiting to be read I initially skimmed right past the announcement from LinkedIn. However, when I later sat down at my computer I realized what an important announcement this was and the profound impact this will have on how companies interact with clients and prospect on the LinkedIn network. Here’s a breakdown of the updates and how you can implement them on your Company Profile...Read More »

Take a “Time Out” to Create a Mission Statement

By Brian R. Lauzon, CFA, AdvisorAssist, LLC on Tuesday, October 18th, 2011

Have you ever been in the middle of a fever-pitched project when a team member stops everyone in their tracks by saying “Can we take a step back and confirm what we are working on here?” I have always admired that person. It’s not easy for someone to stall a team’s progress by calling a “time out” like this. Sometimes it turns out that this person was the only one toiling away without a clear sense of purpose. More often though, the need for clarity and direction goes well beyond the one person that calls it out. Now, take this project-level scenario and apply it to a routine workday. Are there people on your advisory firm’s team performing their daily activities while harboring this urge to call a “time out”? Would your team’s day-to-day activities be more effective if everyone shared a “mutual purpose”?..Read More »

Keep Cowboys Away from Social Media at Your Investment Company

By Amy McIIwain, President, Financial Social Media on Friday, October 14th, 2011

Amy McIIwain, President, Financial Social Media

There’s usually one in every company. The cowboy. He’s got a swagger in his walk and a smirk in his talk. He gives lip-service to the rules because he’s smarter than the rest of us. He’s too full of testosterone or maybe a deep-seated desire to get daddy’s attention. Who knows what really motivates him? If you’ve got one in your company, don’t authorize him to use social media. Don’t let the cowboy shoot your firm in the foot...Read More »

SEC to State Transition

By Amy McIIwain, President, Financial Social Media on Friday, October 14th, 2011

Amy McIIwain, President, Financial Social Media

With the fall season in full swing, many of you are busy planning for fall conferences, year-end client meetings and of course, the precious holiday time with family. Don’t forget to add SEC to State transition planning to your list. In July 2010, President Obama signed the Financial Reform Bill into law as the Dodd-Frank Act, which set forth rules to require “mid-size” SEC advisors that are under $100 million in assets under management to transition their registration with the Securities and Exchange Commission (“SEC”) to the one or more state regulators based on the applicable state laws. The SEC postponed the dates for compliance from the July 2011 timeframe to 2012, which is nearly upon us. This regulatory change is estimated to affect approximately 3,200 advisors, which is more that 25% of those currently registered with the SEC...Read More »

A Renowned Expert Speaks: A Discussion with Harold Evensky on the 4 Essentials of Managing Retirement Assets

By Amy McIIwain, President, Financial Social Media on Tuesday, October 11th, 2011

Amy McIIwain, President, Financial Social Media

I had the pleasure recently of sitting down with Harold Evensky, the highly-renowned President of Evensky & Katz in Coral Gables, Florida, to get his perspective on strategies for managing retirement assets. Harold is widely recognized as one of the most influential people in the financial planning profession, has received numerous awards and accolades throughout his career, has been quoted widely in the industry press, and has authored several books on retirement planning...Read More »

5 Strategies Every Financial Advisor Needs to Increase Sales to Gen Y

By Amy McIIwain, President, Financial Social Media on Friday, October 7th, 2011

Amy McIIwain, President, Financial Social Media

Some researchers predict that the combined net worth of Generation X and Generation Y will triple by 2018 to $28 trillion. It’s estimated that Gen Y assets will make up about 20% to 25% of that amount. Furthermore, an additional $18 trillion in generational wealth transfer from Gen Y’s baby boomer parents is projected to occur from 2017 to 2052, according to Deloitte. But despite the expected increase in Gen Y wealth, many financial advisors lack a strategy for investors of that generation. Failure to develop a game plan is resulting in millions of dollars in lost opportunities today, and potentially billions in missed sales in the coming years. The bottom line is that financial advisors need a Gen Y strategy that puts them in direct contact with this increasingly influential group...Read More »

Streamlining the Investment Management Process – Part I: The Top 5 Operational Lessons to Learn From A TAMP

By Amy McIIwain, President, Financial Social Media on Tuesday, October 4th, 2011

Amy McIIwain, President, Financial Social Media

It’s no secret that a streamlined investment management process one of the keys to an investment firm’s overall operational performance. Numbers talk. And what they’re saying is that TAMPs have been very successful. Just look at the growth in TAMP assets: according to Tiburon Research, TAMP assets grew from $16 billion to $250 billion over the past 10 years during a market period when the S&P 500 drew flat returns. In our first installment in a multi-part series about streamlining the investment management process, from research to asset allocation, investment modeling to rebalancing and trading, we will focus on why TAMPs or Turnkey Asset Management Programs must maximize their efficiency and how these lessons can benefit your firm. Specifically, there are five reasons a TAMP platform is a model for success:..Read More »

“Custody” Is Not a Dirty Word

By Amy McIIwain, President, Financial Social Media on Friday, September 30th, 2011

Amy McIIwain, President, Financial Social Media

To custody, or not to custody, that is the question. The SEC’s recently revised rule 206(4)-2, otherwise known as the “custody rule,” has become a hot topic in the industry. In a nutshell, the rule serves to regulate custodial practices of advisors registered under the Advisors Act, and also further defines “custody.” (Link to the SEC site and rule at http://www.sec.gov/rules/final/ia-2176.htm.) A sizable percentage of advisors have chosen to maintain custody, while others have chosen to change their business model and not take custody. Neither decision is “right” or “wrong,” but in today’s investment community, there does seem to be a negative vibe associated with the word “custody.”..Read More »

You Don't Have to Be a Great Writer to Write a Great Blog: 21 Quick and Easy Tips for Becoming a Successful Blogger (Part 2)

By Amy McIIwain, President, Financial Social Media on Wednesday, September 28th, 2011

Amy McIIwain, President, Financial Social Media

In our last blog, we posted the first installment of our guidelines for helping you write a blog for your firm (shown in gray below). Now, here’s the second installment to finish up the series. Remember, these guidelines are designed to help you write the best blog possible, while spending less time and effort doing it. You don’t have to be a professional writer to write a great blog. All you need is a desire to position yourself as an expert in your field, drive more visitors to your website, and attract new clients...Read More »

From Smoking Jackets to Freakonomics: AdventConnect 2011 and the Advent-Black Diamond Merger

It felt like the old days at the AdventConnect 2011 Conference in Boston last week—with a charged, high energy atmosphere and attendance levels that broke all previous records. No doubt, the excitement created by the Advent purchase of.....Read More »

Do the Client Retention Two-Step to Boost Profitability in a Down Market

By Amy McIIwain, President, Financial Social Media on Thursday, September 22nd, 2011

Amy McIIwain, President, Financial Social Media

The last few weeks have been painful for all of us in the investment community to watch. The headlines seem to be fueling unrest in the markets, and uncertainty about the future seems pervasive. However, for advisors, the market turmoil can be an opportunity to strengthen client relationships. Almost every day, you’ll find an opportunity to increase your client retention and revenue. This can be accomplished in a couple of ways.....Read More »

Why Most Advisors are only Utilizing 10% of their Website Potential, and How the Smart Ones are Using it All

By Amy McIIwain, President, Financial Social Media on Friday, September 16th, 2011

Amy McIIwain, President, Financial Social Media

Did you know that research shows that 95-97% of first-time website visitors are not sales ready? It also shows that even on pure retail websites such as Amazon, 90% of visitors leave without making a purchase or providing additional information? What about visitors to your site? The fact is, if you’re like most advisors, you’re not.....Read More »

Must Tweets by Securities Reps Be Pre-Approved? NO!

By Amy McIIwain, President, Financial Social Media on Wednesday, September 14th, 2011

Amy McIIwain, President, Financial Social Media

When Morgan Stanley Smith Barney announced in May that it will allow its 17,800 financial advisers to use Twitter in October, I said it was a breakthrough. Here was a major Wall Street wirehouse recognizing that the social media revolution was real and that it had to be part of it. I took a few arrows for that call. Some bloggers and writers thought I was foolishly naive and didn’t understand the fine print. Didn’t Morgan Stanley state that they would allow advisors to use only pre-approved tweets? Didn’t that undercut the conversational power of Twitter?..Read More »

Alternative Investments in HNW Portfolios: How to Use Data Aggregation to Ease the Reporting Burden

By James Carney, CEO, ByAllAccounts on Wednesday, September 14th, 2011

For today’s financial advisor, it’s not necessarily a case of passing judgment on this type of investment vehicle. Rather, it’s a matter of processing our collective knowledge of how the markets reacted in the past, reappraising opportunities and risks, and where appropriate, incorporating alternative investments into investors’ portfolios. The fact is, even though the popularity of alternative investments declined after the financial meltdown, they have started to make a comeback—and high-net-worth investors are once again exploring how they fit into a forward-thinking investment strategy...Read More »

5 Questions You Want to Ask When You’re Exploring Data Aggregation

By Amy McIIwain, President, Financial Social Media on Friday, September 9th, 2011

Amy McIIwain, President, Financial Social Media

Trying to decide whether data aggregation is right for your firm? Not sure which solution is best for your needs? Need answers, but not sure where to start? Well, at the risk of promoting myself, that’s where I come in. At ByAllAccounts, it’s my job to answer the questions of those interested in data aggregation to help them understand exactly what we do and don’t do. It’s from the questions that these advisors most frequently ask—and from my knowledge of what they should ask (I always help them out by steering them to these questions)—that I’ve put together this list of five “must ask” questions that will make your search easier:..Read More »

The Seven Deadly Social Media Sins

By Amy McIIwain, President, Financial Social Media on Tuesday, September 6th, 2011

Amy McIIwain, President, Financial Social Media

Between Facebook, Twitter, and LinkedIn I’m connected with over 7,000 financial professionals and companies engaging in social media. While I’m thrilled to see so many people coming on board I’m also a bit horrified with some of the practices I’ve witnessed. Those who are doing it right are reaping the benefits, however, companies diving in too quickly without first learning to swim risk ruining it for everyone. Below are some of the biggest mistakes I’ve been seeing and how you can avoid them:..Read More »

Back to School: 5 Things You Need to Know About Offering 529 Plans to Your Clients

By Amy McIIwain, President, Financial Social Media on Friday, September 2nd, 2011

Amy McIIwain, President, Financial Social Media

Let’s face it: College costs are skyrocketing—and even clients with the healthiest portfolios are finding the cost of financing their children’s education to be substantial. That’s one reason 529 plans have become so popular, and why roughly 80% of advisors now offer them to clients. So…now that we’ve reached the time of year when students are headed back to school, I’d like to spend a moment taking a closer look at 529 plans and what they can mean for today’s advisor. Here are 5 things you need to know:..Read More »

FINRA Clarifies How Firms Can Use Facebook

By Amy McIIwain, President, Financial Social Media on Thursday, September 1st, 2011

Amy McIIwain, President, Financial Social Media

Most mid-sized securities firms are struggling to understand how to use Facebook in their business. They know that Millennials, affluent investors, and the rest of American industry are way ahead of them in its adoption. But they’re worried that examiners from FINRA or the SEC could ask questions that they don’t know how to answer, resulting in disciplinary action. Fortunately, FINRA last month released Regulatory Notice 11-39 for its member firms. It lifts the fog...Read More »

By the Numbers: 106 Ways to Improve Your Practice

By Amy McIIwain, President, Financial Social Media on Wednesday, August 31st, 2011

Amy McIIwain, President, Financial Social Media

Sometimes, it pays to go by the numbers. In this instance, it certainly does—because we’ve assembled all of the “numbers” blogs we’ve posted over the previous few months, and are giving you the opportunity to catch up on any of the ones you missed, or re-read any that you found memorable and helpful. And yes—if you add up all “tips,” “takeaways,” “keys,” and “reasons” etc. in the titles, it totals up to 106. Good reading!..Read More »

Long Live the King: The 3 Keys to Succession Planning for Advisors

By Wes Campbell, Account Manager on Wednesday, August 24th, 2011

Every day, I talk to advisors about their business. One of the most popular subjects we discuss is succession planning. It’s a hot topic these days, and as a result of my conversations, I’ve decided to do a bit of research into it. Now, just to be clear, I’m not someone who plans on ever owning my own advisory firm, but I find the topic to be very intriguing nonetheless. After reading many articles and even sitting in on a succession planning seminar at the TD Ameritrade conference, I’ve come to realize just how complicated it can be to successfully pass the torch from one advisor to another...Read More »

How to Segment Your Client Base and Services in 4 Simple Steps

By Amy McIIwain, President, Financial Social Media on Tuesday, August 23rd, 2011

Amy McIIwain, President, Financial Social Media

Back in April, my colleague Barbara Kotlyar, wrote a blog entitled “Change the Nature of Your Relationship (Nurture Your Clients).” It touched on the advantages of segmenting your client base, and suggested that one good starting point for a segmentation strategy was to divvy up your clients by household profitability/ revenue generated. (There are, of course, many other criteria you can use, such as age bracket, level of influence in the community, length of the client relationship, and so on.) I’d like to follow up on Barbara’s blog by outlining a 4-step process that can help you successfully implement a segmentation strategy...Read More »

The Sky is Falling...or is it? Are Today’s Investors Playing the Part of Chicken Little?

Okay, so I am not a CFA, CFP, IMCA…but I have been in the financial industry for 20 years, including 15 years at Financial Advisory firms. During this time, I’ve seen what every investor and member of the financial services industry has seen: the market in all of its ups and downs. Yet in spite of the constant fluctuation, and the fact that the fluctuation is the one constant in the market’s behavior, we still hear a common refrain when the market takes a significant dip: “The market is taking a plunge,” the journalists and pundits say. “We are in the midst of an economic crisis.” And more ominously, they imply “If there ever were a time to press the panic button, this is it!” Somehow, the market always comes back.....Read More »

Surviving the Crisis: 5 Tips for Advisors in a Time of Market Turmoil

By D. Bruce Johnston, President & CEO, Advisolocity on Tuesday, August 16th, 2011

Today's news coverage says it all: words like "plunging stocks," "massive volatility," "lowest levels," "looming recession," "double dip," and "rout" are liberally peppered throughout much of the media. In this environment, it doesn't take long for the pundits and talking heads to start discussing what an advisor should be saying to his or her clients. It comes with the turf, and is certainly no surprise. Because the fact is, as your clients struggle to make sense of a situation they can't control or comprehend, they will increasingly turn to you for context, calm and comfort. You need to communicate with them clearly and unequivocally. That's why I recommend that you make the following five pointers the guideposts of your "crisis mode" communications (they're good everyday pointers, too, regardless of a "meltdown")...Read More »

The Recent US Debt Downgrade: One Advisor's Approach to Addressing His Clients

Dear _______, After giving the Treasury advance notice around 1:30 yesterday, S&P officially downgraded US debt from AAA to AA+ at 8:00PM (Eastern) last night. S&P said the downgrade “reflects our opinion that the fiscal consolidation plan that Congress and the administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics.” It also blamed the weakened “effectiveness, stability, and predictability” of U.S. policy making and......Read More »

The Hidden Threat: Why Your Clients Will Leave You When They Retire

By Stephen Peters, Institutional Sales Director on Friday, August 5th, 2011

Many client relationships follow the same sequence of events: You have your initial meeting with your client. You discuss the client’s financial hopes and dreams. You establish long-term goals to accumulate wealth for the client’s retirement. You generate positive investment performance. You meet your goals. The client retires—and then, poof, he or she is gone to another investment firm. Just like that. What happened?..Read More »

Taking a Baby Step With New Parents Can Earn You Clients For Life

By Marcia Nickerson, Account Manager on Friday, July 29th, 2011

Recently, my husband and I welcomed a beautiful baby girl into our family. After counting all her fingers and toes, we breathed a sigh of relief to know that she was healthy. As far as I could tell, all the disciplined planning that I did during the nine months of my pregnancy had paid off. I had been very conscientious in carefully mapping out my diet in order to give my daughter the best chance for a healthy start.....Read More »

Practice Management Tips for Life Altering Events - Part 1: What To Do When Your Clients Get Divorced

By Karla Paxton, Technical Relationship Manager on Friday, July 22nd, 2011

Sometimes, when you’re a financial advisor, you can end up feeling more like a therapist than a financial specialist. As a trusted advisor, you not only have access to the client’s financial picture, but to his or her private life as well. That’s especially true when a life altering event changes one of your client’s lives, such as a divorce, death, marriage, or any other momentous event. This will be the first in a series of blogs about what to do when life altering events change your clients’ lives—and in the process, alter your relationship with them, too. In this case, we’ll look at do’s and don’ts for advisors when your clients go through a divorce.....Read More »

What’s the Difference between a Financial Advisor and a Life Advisor? Client Relationships that Last.

When it comes to advising clients on their investments, you’re a pro. It’s what you do for a living, and the expertise you possess and advice you dispense are valuable commodities. But when you’re building client relationships, are they enough to sustain and grow the relationships? Good question—with a simple answer. You’ll find that your client relationships can be greatly improved—from establishing trust to increasing the frequency of client contact—when you go from financial advisor to “life advisor”......Read More »

5 Reasons to Hire Interns At Your Advisory Firm – And 5 Ways to Get the Most Out of Them

Summer is here – and internship season is in full swing! As the authors of this blog, we write from an intern’s perspective. We’re both currently interns at ByAllAccounts – and based on our experiences at the firm (as well as other internships during our brief careers), we are both convinced of the benefits of being an intern and hiring an intern. So…we’d like to pass along some insights on why it makes sense for you to bring interns on board. Or if you’ve already gone ahead and hired interns, we have some tips on how to get the most out of them...Read More »

Marketing By Gender: 4 Tips For Getting In Front Of Female Clients

Amy McIIwain, President, Financial Social Media

In previous posts, I have written about the importance of marketing segmentation and targeting. In this post, I would like to focus on one segment of the marketplace: women. In general, financial advisors could do a much better job of educating, engaging and marketing their services to female investors. Here are 4 tips to get you started.....Read More »

What Financial Advisors Need to Know about Peer to Peer Lending

Amy McIIwain, President, Financial Social Media

The word "disintermediation" is not very common in a financial advisor's vocabulary. Typically, financial advisors work with intermediaries like banks and other financial institutions when managing their client’s finances. I mean, a financial advisor is an intermediary in and of itself – they act as the middle ground between a client and their finances. So what happens when a financial phenomenon starts to take over the social media world that essentially removes the need for an intermediary? The loan and investment service known as peer to peer lending is changing the financial lending landscape in drastic new ways. What if I told you that your clients could borrow money from a complete stranger, receive better interest rates than what most banks offer, and give the lender the opportunity to yield higher returns, all within a much shorter time period than the average loan and investment process? This is exactly what peer to peer lending does, and it’s a growing personal and business venture that's causing financial advisors to take another look at its pros and cons.....Read More »

Summer: Time to Plan a Vacation…or Add Some Heat to Your Business Plan?

By Jodi Kling, Relationship Manager on Tuesday, June 28th, 2011

It’s approaching 9:00 in the evening and I’m waiting to board my delayed flight to Seattle for a long weekend. I’ve been looking forward to this mini-getaway and it’s finally here. Other travelers at the gate are continuing on to Asia, hitting the seas for an Alaskan cruise, or heading up to beautiful British Columbia. The end of June is upon us and both the Summer and vacation seasons are in full swing.....Read More »

How Far We Have Come! Meeting your Compliance Requirements and Tracking your Employee’s Personal Trades

Karla Paxton, Client Engagement Manager, ByAllAccounts

The employee compliance landscape has certainly changed over the past few years. In fact, now is a good time to take a look back, and then fast forward to the present – in order to see just how far we have come. There are four developments that quickly become apparent.....Read More »

Staffing: The Most Important Questions Are the Ones You Ask Yourself

By Amy McIIwain, President, Financial Social Media on Thursday, June 23rd, 2011

Amy McIIwain, President, Financial Social Media

In my last blog, I mentioned how I'd been listening to advisors talk about what they considered the top three challenges they faced. However, in spite of these challenges, I got the sense from the advisors' remarks that they felt positive about where things are headed in the industry. According to them (and many industry watchers), the advisory market is showing stability and RIA firms are growing. That’s good news, right? Well, hold off on the champagne and caviar for now.....Read More »

5 Must-Haves to Look for From Your Social Media Archiving Provider

By Amy McIIwain, President, Financial Social Media on Thursday, June 16th, 2011

Amy McIIwain, President, Financial Social Media

Today, with more and more firms evaluating and entering into social media, it stands to reason that FINRA & SEC rules governing social media and archiving solutions will play a bigger role in the professional lives of Financial Advisors and Advisors. In fact, you may be feeling enormous pressure right now to begin leveraging social media in your practice. That's because an increasing number of clients are demanding that their financial advisors communicate with them through some form of social media—and it is, after all, a client's prerogative as to how they'd like to receive their communications. That said, when you're enlisting the services of a social media archiving provider, there are five essential questions you must ask. These questions will let you know whether the provider offers all the "must haves" that are necessary to do the job right...Read More »

Advisor Picks the Right Partners to Increase AUM

By Barbara Kotlyar, Senior Marketing Manager on Thursday, June 9th, 2011

Here at ByAllAccounts, we run a fair number of webinars, and like most business initiatives, they require a bit of preparation. Most recently, we ran a webinar on June 8th in conjunction with Jefferson National that showed how we worked with them to help our mutual client—Kenjol Capital Management—significantly increase AUM. During these preparations, I had a chance to speak to some of the key players at Kenjol. I found that they had some interesting things to say that not only reflect how they managed to capture a greater share of wallet, but that also serve as guideposts to other advisors seeking to build their businesses.....Read More »

An Idea for Wealth Advisors: Including a Reverse Mortgage as a Part of a Holistic Financial Plan

I would like to advance a new idea; introducing a HECM Reverse Mortgage as one component of a holistic financial plan. By definition, home equity should be included for the plan to be considered truly holistic. Here are specific ideas for Financial Planners on how a reverse mortgage might function in this capacity:..Read More »

From Booth and Breakout: Two Observations from the 2011 NAPFA Conference

By Jodi Kling, on Wednesday, June 1st, 2011

I recently traveled to beautiful Salt Lake City, UT for the 2011 NAPFA National Conference. Though there were many interesting observations to be shared and made over the course of the two day event—both at the ByAllAccounts booth and in various break outs—on the plane ride home to Boston, I found myself thinking about only two...Read More »

The Art of the Invite: How Personal Messaging Increases Network Connections

Amy McIIwain, President, Financial Social Media

I was at a conference a few weeks ago listening to an excellent presentation by JD Gershbein on the power of LinkedIn in business communications. He told a great joke that resonates with me everyday while I'm networking online: a guy walks into a bar, sits down, orders a drink and notices a good-looking woman sitting at the end of the bar. He stands up and walks over towards her. As she notices him standing next to her, he politely asks, "I’d like to add you to my professional network on LinkedIn." That was where the joke ended, but I’m sure most of you can imagine that the woman was not impressed. You wouldn't approach a prospective connection in person as informally as you do online, would you? As the lines blur between online and offline communicating, it is essential to understand the inner-workings of personal messaging and how this can increase your networking power...Read More »

Six Steps to Moving Your Advisory Firm to the Next Level

I recently had the opportunity to speak with two advisory firms and learn about the challenges they have encountered while trying to move their firms to the next level of success. The major challenge both firms seemed to be facing was getting started (and making progress) on projects they identified as being crucial to reaching this higher level, such as creating efficient processes and building scale into their business. Here is a six step process advisory firms can follow to move past initial obstacles and to the next level of success.....Read More »

Advisor Advice: Expert & Executive Tips of the Week for Financial Advisors

By Gary DeAsi, Marketing Coordinator, ByAllAccounts on Wednesday, May 4th, 2011

Words to the wise from our elite team of experts and executives with knowledge and experience from all corners of the financial services industry...Read More »

On-Demand Webinar Preview: Understanding the Fiduciary Standard

Amy McIIwain, President, Financial Social Media

Guest Speaker: Blaine Aikin, CEO, fi360..Read More »

How Financial Advisors Can Use Video to Grow Business & Client Relationships Part II

By Amy McIIwain, President, Financial Social Media on Tuesday, April 26th, 2011

Amy McIIwain, President, Financial Social Media

As you know, the marketing team at ByAllAccounts uses videos to communicate with clients and prospects. We asked Joe Eldridge, Founder/VP of Marketing & Delivery at VisibleGains, an online marketing video service provider, to give some tips on how financial advisors can use video too...Read More »

Targeting Clients: Should You Use a Rifle or Shotgun? Laser-Scope?

By Amy McIIwain, President, Financial Social Media on Thursday, April 14th, 2011

Amy McIIwain, President, Financial Social Media

Classically, as marketers we often use the expression: taking a "rifle or shotgun approach". Which approach to attracting new clients (targeted versus generic) should financial advisors use? David Friedman's answer: they need a laser-scope rifle...Read More »

Change the Nature of Your Relationship (Nurture Your Clients)

By Amy McIIwain, President, Financial Social Media on Wednesday, April 13th, 2011

Amy McIIwain, President, Financial Social Media

Advisors don't typically have a marketing background; however, prospecting and marketing skills are essential to running a successful advisory business. In order to initiate and build lasting client relationships, you must proactively nurture your clients with valuable, targeted and frequent communications that are delivered in a variety of flavors. Having a stronger relationship with your clients will also make it easier to ask for referrals, which is the easiest way to get new business. Here are some tips for how to nurture your clients along a strong, long-term relationship.....Read More »

Advisor Advice: Expert & Executive Tips of the Week for Financial Advisors

Words to the wise from our elite team of experts and executives with knowledge and experience from all corners of the financial services industry...Read More »

So You Call Yourself a Financial Advisor…Would Investors Agree?

By Amy McIIwain, President, Financial Social Media on Wednesday, March 30th, 2011

Amy McIIwain, President, Financial Social Media

Pending the congressional decision on the establishment of a common fiduciary standard for all financial advisors, at least for now, being a financial advisor does not necessarily mean being a fiduciary. From an industry standpoint, that is. I did an ad hoc survey last weekend at a group gathering with friends outside the financial services industry, and it was interesting to find that, by description, what we in the industry would refer to as "adhering to the fiduciary standard", many investors would simply call "being a financial advisor". With this discrepancy in books between advisors and investors where the definition of "fiduciary" in ours appears next to the word "financial advisor" in theirs, from the investor's point-of-view, anyone with the title "Financial Advisor" on their business card is inherently expected of the following.....Read More »

Marketing Tip: Really Speak with your Clients, Don't Just "Market" to Them

By Amy McIIwain, President, Financial Social Media on Thursday, March 24th, 2011

Amy McIIwain, President, Financial Social Media

One of the challenges that I hear from RIAs is "how can I grow my business"? As a marketer I can relate to this problem. Unfortunately, there is no silver bullet to address it. We are armed with an ever-expanding toolbox of tools to attract new clients (e.g., Twitter, blogs, search) but these come with increasing demands on our time (e.g., creating professional profiles, Tweets, blogging, updating Facebook) I can understand why some advisors choose to outsource their marketing activities...Read More »

Fiduciary Responsibility: Not a Pick-and-Choose Proposition

By Jeff Briskin, President, Briskin Consulting on Tuesday, March 22nd, 2011

ByAllAccounts' new study, Advisor Perceptions of Fiduciary Responsibility, offers a fascinating snapshot of how RIAs and brokers are demonstrating their commitment to serving in their clients' best interests, while also illustrating, however, that many apply their own litmus test to determine where this responsibility begins and ends...Read More »

Who Can Be Trusted? The Fiduciary Differentiator

By Karla Paxton, Technical Relationship Manager on Wednesday, March 9th, 2011

The discussion regarding the implementation of a common fiduciary standard for anyone giving financial advice may be shelved far back in the minds of congress, but for an investor making a decision on whom to trust as their financial advisor it is still very important...Read More »

Top 3 Standouts from the 2011 T3 Annual Conference

By James Carney, CEO ByAllAccounts on Friday, February 25th, 2011

Each year, industry professionals flock from all over for the T3 conference--the altar at which the marriage of technology and financial planning is honored in an annual renewal of vows. With so many new innovations and changes in the marketplace occurring this past year, the 2011 conference was like a boiling pot for practice management and technological integration. The following are what I consider the top 3 standouts stirred from the conference:..Read More »

Top 3 Takeaways from TD Ameritrade 2011 National Conference

By Joseph Murphy, EVP Sales on Friday, February 18th, 2011

I recently had the pleasure to escape the ravages of winter in Boston and visit sunny San Diego to participate in the annual TD Ameritrade Conference. While at the show, I enjoyed a number of very powerful sessions addressing an array of issues in realms of practice management, custody, compliance, technology and more, including Colin Powell's enthralling speech on leadership (which I'm sure many of you have already been reading about). Returning to Boston, though I was unable to bring the warm weather back with me, I did manage to salvage some valuable souvenirs to share with you all, in what I deem the top three takeaways from the 2011 TD Ameritrade National Conference for an RIA to consider...Read More »

What Does “Fiduciary” Really Mean?

By Amy McIIwain, President, Financial Social Media on Tuesday, February 15th, 2011

Amy McIIwain, President, Financial Social Media

An interview with Nancy Hradsky, Special Projects Manager, NAPFA "Fiduciary" is one of the industry's hot topics. The National Association of Personal Financial Advisors (NAPFA) has been a champion of the fiduciary standard since the mid 1990s, well before it became popular. I recently had the opportunity to speak with Nancy Hradsky, Special Projects Manager for NAPFA, and get her perspective on the fiduciary standard...Read More »

Top 5 Most Popular ByAllAccounts Webinars of 2010

By Cynthia Stephens on Thursday, December 30th, 2010

It seems fitting to conclude the year by reflecting on the five most popular webinars over the past 12 months. In decreasing order, based on the number of registrations for the live webinar and the on-demand replays combined, those are:..Read More »

Implementation preparation - Best practices

By Matthew Liacos, Senior Application Specialist on Wednesday, December 8th, 2010

You've gone through months - possibly years - of manual data entry, and now you're down to the final stages of streamlining your financial data into your portfolio management system. You know well that there is time and money at stake in such an undertaking, and you want to do everything possible to ensure a smooth transition from your legacy system to your new system. Here are a few tips to ensure a smooth implementation of the Custodial Integrator...Read More »

Another Reason to Adopt Account Aggregation

By Amy McIIwain, President, Financial Social Media on Thursday, November 11th, 2010

Amy McIIwain, President, Financial Social Media

In my previous post. I highlighted pending federal legislation that gives advisors a fresh incentive to adopt automated monitoring of held-away accounts. Should the legislation pass, the number of held-away accounts could grow dramatically, increasing the workload required to keep portfolio accounting systems accurate and up-to-date with account activity...Read More »

Getting Started with ByAllAccounts from the Advisor's Perspective part 4

By Doug Holden on Friday, November 5th, 2010

Communication with clients was initiated today concerning the opportunity to have their 401(k) and 403(b) assets managed professionally in the same way as the assets that are custodied at Schwab. As part of my quarterly mailing, I send a one page (front and back) newsletter of sorts. It usually includes a brief market commentary as well as covering several other topics. This time I included management of held-away assets, so I'm anticipating having at least a few clients respond. For the benefit of those reading this blog, here is the way I introduced the topic:..Read More »

Interview with Stephanie Sammons - Part II

By Amy McIIwain, President, Financial Social Media on Monday, October 25th, 2010

Amy McIIwain, President, Financial Social Media

A few days ago I shared some lessons with you from a conversation I had with Stephanie Sammons about blogging for financial advisors. Are you thinking of starting a blog, but not sure where to turn for inspiration? Read more......Read More »

Outsource it or keep it in-house?

Outsource it or keep it in-house? When you become an independent advisor, the responsibilities of running a business and meeting your clients' needs are now on your shoulders. With so many different areas that need to be addressed, how do you want to spend your time? If you don't want to hire staff to make sure it's all covered, outsourcing is an option. A number of well-established companies provide outsourcing for portfolio data management, reporting, human resources, compliance, billing and investment strategy. Some combine multiple services, like portfolio reporting and billing...Read More »

Getting Started with ByAllAccounts from the Advisor's Perspective part 3

By Doug Holden on Friday, October 15th, 2010

I worked through the daily process myself for the first time today. In the Setup area, there was a message, "Not all updates". I wasn't sure what that meant, though I think it might mean that there was no new information available from my custodian since the last data I posted and accepted.....Read More »

Getting Started with ByAllAccounts from the Advisor's Perspective part 2

By Doug Holden on Sunday, October 10th, 2010

Custodial Integrator was installed on my computer today. Matt logged in and took over my PC, so I didn't have to do anything but watch. I asked several questions during the installation, and Matt was patient to answer them as he worked. We also set up the ByAllAccounts interface in PortfolioCenter. Both the installation and setup occurred without a hitch, and the technology used to accomplish this worked flawlessly. It was a very easy process for me...Read More »

Getting Started with ByAllAccounts from the Advisor's Perspective

By Doug Holden, CFP First Light Financial on Monday, October 4th, 2010

Today was my introduction to the ByAllAccounts platform, starting with WebPortfolio. Les Sutton and I connected using GoToMeeting and a phone call. He was able to view my desktop, allowing me to operate the application as he provided instructions. This was an excellent way to allow me to get hands-on experience with an application I had literally never seen before. Prior to our session, Les provided an invitation to the web meeting. Everything was clear and easy to understand, and all links worked as expected. I had no problem with the technology used to link us up...Read More »

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