AQ Practice Management Articles: Dec 10-14

Ten fantastic articles an a variety of topics this week. My hope is that the articles will provide ideas and inspiration to build your financial advisory firm. Part of the fun in creating and building the business is the journey toward success. What can you do this week to make your firm better? Enjoy your week.

Click on the article title to read the source article. Photo from Pixabay.

An RIA’s Costly Compliance Failure– AdvisorPerspectives

Interesting points made in the article which many firms I’m sure are unaware of or choose to ignore at their own peril:  1) the CEO was aware of but failed to address deficiencies in the firm’s compliance policies and procedures,   2) the denial of resources by the CEO undermined the effectiveness of the firm’s compliance program, 3) Failure to test whether staff is adhering to policies and procedures.  As a result of these three violations, the RIA was censured and ordered to pay a civil penalty of $400,000. You can’t bury your head in the sand when it comes to compliance.

For My Ego’s Sake, Get Me on TV!– Advisor Perspectives

Those of you thinking that “If only I could get on tv, my marketing would take care of itself- I would be a celebrity in the RIA space and clients would see me as an “Expert.”  The author shows four problems with TV appearances and how to increase your ROI when making these appearances.

The Five Challenges Facing Advisors in 2019– AdvisorPerspectives

Bob Veres highlights upcoming challenges in the new year along with an action plan for each. Get prepared now.

RIAs Have a COO Problem, Outsiders Can Fix It– Financial Planning

The issue, to me, is that the financial advisory industry has not been good at training and promoting operations professionals during the growth phase of the firm.  Most advisors consider operations staff to be a cost center, instead of looking at the position as an asset that can help the firm grow.  As a result, many firms have found themselves in a position of needing a management position but have not adequately prepared themselves before the need became critical.

I believe that there are people within the industry, including myself, who have the skills and interest to talk on a COO role.  Knowing the industry, and its challenges, has a number of advantages.  For the outside COOs in the article to say that having no preconceived ideas from former companies in the industry and can take a fresh perspective, that might be true.  However, it sound like they are justifying their positions in the industry.  Having experience in the financial advisory industry, I believe, is an advantage.  We understand the challenges unique to the industry and can bring our experience to the role. Unless you have dealt with some of the challenges unique to the industry, it can be harder to understand the potential solutions.  Can you tell by the length of my post that this topic has me fired up! Darn right that firms need COOs, but they don’t have to be found outside the industry and that outside experience isn’t better.

Why Rushed Year-End Comp Plans Are a No-No– ThinkAdvisor

Creating a successful comp plan takes a number of months.  Don’t leave it until the last minute at the end of the year.  The article provides pointers for working through the process- while also giving it the time it deserves.

Successful RIA Deals Take More Than a Checkbook– ThinkAdvisor

There are three factors involved with successful acquisitions, according to industry leaders who spoke at the MarketCounsel Summit.

The Secret to COI Referrals-Wealth Management

Learn the two critical components of an effective COI relationships and how to use them.

How to Make Next Year Your Best Year– Wealth Management

The short answer is to finish this year strong- creating momentum into next year.  Learn ways you can finish the year strong.

Ignite the Fire Within By Focusing on Your Why– iris

In this podcast, Sam Legaspi, the founder of the Financial Liberty Project, explains how focusing on his why has helped him identify his market and dominate it.  I though the episode might inspire others to look at their why in an effort to create more focus in your business and your life.

10 Ways to Build Trust With Prospective Clients– Tony Vidler blog

A great list to show prospective clients that you are a great choice to be their trusted advisor.




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