Planning and Advice

Avoiding liability (Part 3): Your KYC process and other tools

The Know Your Client (KYC) process is commonly misunderstood. In general, the misunderstanding is born of the financial advisory and planning services’ history of being purely sales driven before it turned into a true profession. The misunderstanding is easily corrected, and should be, since correction is likely to result in more effective client communications, improved […]

By Harold Geller |April 7, 2009

6 min read

Planning and Advice

Helping clients find news they can use

It’s pretty hard to avoid financial market and economic news these days. Financial news is everywhere — radio, television, print, web — often appearing in articles and news broadcasts that might normally be reserved for other topics. Today, your clients are hearing, seeing, reading and surfing for more financial news than they ever have before. […]

By Peter Drake |April 7, 2009

5 min read

Planning and Advice

Focusing your practice on income planning

Income planning has long been regarded as the dull cousin of accumulation. The ups and downs of the markets are always the talk of mainstream media, while people scratch their heads when the discussion changes to GICs or annuities. “Income planning is just not something that has captured the imagination of the public,” explains Michael […]

By Deanne Gage |April 6, 2009

4 min read

Planning and Advice

Why process is important

I know a few financial advisors who are transitioning their practices to an advice-first approach. One elected to make the change because she felt she would earn more money in the long run. Another believes he will be able to do a better job for his clients, which in turn will make it easier for […]

By John Page |April 2, 2009

4 min read

Business value: Advisory practice case studies

The valuation of an advisory practice is similar to the valuation of any service-based company. Because of the lack of significant tangible assets, goodwill represents the greatest portion of value within such a company from a valuation point of view. Goodwill is not based on revenue levels as much as it’s based on the resultant […]

3 min read

Simple Gifts

I recently got a statement from the U.S. Social Security Administration that outlines the retirement benefits I’ll receive in about 20 years. I get this statement annually, glance at the bottom line, and normally toss it into a folder for future reference. But this year, I took a trip down memory lane and had a […]

2 min read

Odd lots

Online investment information used to be considered the domain of pennystock hustlers, boiler-room hacks and other assorted ne’er-do-wells. They walked the thinnest of lines separating honest appraisal of a rising stock from self-regarding hype for the benefit of insiders. Indeed, during the Internet bust, the U.S. Securities and Exchange Commission prosecuted a teenager for a […]

By Scot Blythe |April 1, 2009

3 min read

Legally speaking: Avoiding liability in uncertain times (Part 2)

Part 2: Letters of engagement and your “get out of liability free” card. This three-part series, advice that reflects lessons learned during past economic downturns, is written to help advisors avoid risk during these turbulent times. Professional financial advisors and planners beware. Clients look to you for advice and rely upon what you recommend. While […]

5 min read

Fallout (and marketing) advice for advisors

The RSP season has ended and much of the rush has subsided. Looking at March and beyond, it is time to start deciding what’s next. There is no doubt the past six months have been difficult. Gyrating markets and client worry take an emotional toll. With a client base leaning on you for direction and […]

4 min read

Legally speaking: Avoiding liability in uncertain times (Part 1)

Part 1: Second opinion seekers. This three-part series, advice that reflects lessons learned during past economic downturns, is written to help advisors avoid risk during these turbulent times. Jim Bullock of the Peel Institute for Applied Finance is a well-known industry expert. He says complaints and lawsuits are inevitable because every human needs three things: […]

6 min read