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JenniferW
Greenhorns Joined: Oct/16/2019 Status: Offline Points: 10 |
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Posted: Oct/16/2019 at 11:33am |
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Hi All, I am an IAR (Series 7 and 66) and a CFP. I purchased the book from my previous boss in 2017 when he retired, which was great, but as I've transitioned to my own practice I've found a lot of areas where he wasn't exactly in compliance and I've needed to make changes (sometimes costly) in my own processes. I don't really have any other advisors to discuss things with (my OSJ is across the country and a huge group, so I'm small potatoes to them) so I'm here to see what other do for best practices, software, etc.
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B24
Moderator Joined: Mar/09/2010 Status: Online Points: 25751 |
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Welcome Jennifer. So what's your setup? B/D, how many clients/assets, what your tech and compliance struggles are.
And word to the wise, this place is like the local Elks Club on a Thursday night, so don't be put off by some of our characters!
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"If Bellicheat pulls that rabbit out of his a$$ with this kid at quarterback, I'll personally kiss his ring." - Sporsfreak, 09/20/16
"Jags/Vikes Super Bowl. Write it down" - Sportsfreak 01/19/18 |
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Hacksaw
Platinum Member Joined: Mar/27/2010 Status: Offline Points: 31482 |
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Cue the harassment because you’re female in 3.....2.....1.....
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JenniferW
Greenhorns Joined: Oct/16/2019 Status: Offline Points: 10 |
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Thanks. It's just me, I'm with LPL (yeah, I know), about $17M AUM and about 80 clients. Tiny. Compliance-wise the biggest issue is my boss was a hybrid and the OSJ/LPL basically ignored his SWM accounts. I made the stupid decision to go with LPL corporate and moved to SAM accounts, and now I have trading requirements and position concentration thresholds which may or may not always be in the best interests of the client, IMO. Some accounts have been deactivated or moved to brokerage, which overall has lost me about $30k in annual fees. As far as tech, right now I'm looking at financial planning software and trying to decide between WealthVisionSelect or MoneyGuidePro. (We used to do retirement planning/projections but that was an Excel spreadsheet; my boss was in his 70s-80s when I worked for him so we were well behind the curve on technology. He still used WordPerfect...) I currently use Redtail but am planning to switch to WealthBox, I find it more intuitive. I use Riskalyze and like it, and use the client reporting function from LPL. My OSJ uses Riskalyze, Redtail, and MoneyGuidePro. I just don't know if those are the best/most efficient programs for me, or if there might be something better for a small AUM. I also am interested in what others use for data backup, efaxing, cloud storage, etc., and just day-to-day best practices. I really need to step up my social marketing game, and look at doing a newsletter, or annual/quarterly client letter, or annual "account information update" surveys. I didn't want to change much the first year because there was enough going on with moving from SAM to SWM accounts, and then getting risk profiles done and rebalancing things, but doing things just because that's the way they've always been done doesn't generally end up serving anybody well. Mostly I'll probably just lurk and read. :)
Yeah, if I'd done more browsing before registering I might have chosen a different username.... But hey, if someone wants to be a dick, that's on them, not me. |
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B24
Moderator Joined: Mar/09/2010 Status: Online Points: 25751 |
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Hopefully you can mine some more assets from all those households.
As far as tech, I would stick with the biggies. I would use MGP instead of WV. I would shy away from B/D-specific technology that you might have to change down the road. I love Wealthbox. I tried Redtail, but didn't like it. I use Microsoft Office 365, so OneDrive for my local stuff, and I also use Citrix for most custodial documents. They have a nice client upload/portal feature, and my backoffice provider uses it. If you use a cloud service for storage, you don't REALLY need a backup storage service, as they all have redundancies. I save nothing on my hard drive, and I used to have a local NAS drive, but that became unnecessary, although it's still connected to my office network. I use MyFax for fax. It's $10/month. I think they're all about the same. |
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"If Bellicheat pulls that rabbit out of his a$$ with this kid at quarterback, I'll personally kiss his ring." - Sporsfreak, 09/20/16
"Jags/Vikes Super Bowl. Write it down" - Sportsfreak 01/19/18 |
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missionshooter
Senior Member Joined: Feb/12/2014 Status: Offline Points: 6136 |
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Jennifer, welcome girl!
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luvindy
Moderator Joined: May/17/2010 Status: Offline Points: 25767 |
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In before Wet Blanket tries to strong arm you into his services.
I like Jennifer!
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8/31/12,Sportsfreak:
"If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time." Dow 13,090 S&P 1406 5/23/13 UC:Dow 20k before 20% crrectn Dow 15, |
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JenniferW
Greenhorns Joined: Oct/16/2019 Status: Offline Points: 10 |
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Good point. The reason I was looking at WV was because it will pull in the accounts from LPL, but maybe that's not really a big deal.
The data backup is mostly for the tax business, I have a contractor that comes in during the season and the tax info is stored on a NAS drive. I do have Office 365 with OneDrive and LPL has a storage system for those investment accounts, so most of that is covered. Thanks for the input! |
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JenniferW
Greenhorns Joined: Oct/16/2019 Status: Offline Points: 10 |
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Thanks! |
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JenniferW
Greenhorns Joined: Oct/16/2019 Status: Offline Points: 10 |
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LOL - I'll keep an eye out!
Thanks, me too! |
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missionshooter
Senior Member Joined: Feb/12/2014 Status: Offline Points: 6136 |
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J-WOW, the 30k of deactivated advisory is killing you. There is a form to reactivate these accounts. Unless they are nonqualified accounts, you might consider rebalancing annually to meet your requirement. Those people DCAing also helps with activity in the account.
Good luck |
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Iamlegend
Platinum Member Joined: Mar/09/2010 Status: Offline Points: 22532 |
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Can you talk about how you have integrated tax services and the economics of that?
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Moraen
Admin Group Resident Sage Joined: Mar/09/2010 Status: Offline Points: 30786 |
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^This. Are you doing prep, planning or both?
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I come in peace. I didn’t bring artillery. But I’m pleading with you, with tears in my eyes: If you fuck with me, I’ll kill you all. - General James Mattis
Fiduciary as Fuck - iMo |
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Wet_Blanket
Admin Group Team America (not iMo) Joined: Mar/10/2010 Location: New England Status: Offline Points: 43644 |
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The true 🤡 was the Biden voter all along.
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JenniferW
Greenhorns Joined: Oct/16/2019 Status: Offline Points: 10 |
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Tell me about it!
I have the forms, but thanks. The problem is convincing the clients of the value of moving out of a portfolio that's averaged about 13-14% returns for the last 10 years. The return of volatility has helped in some cases but there are still some big accounts holding out. (A few are non-qualified so they're looking at massive capital gains. Some of those we're doing a portion each year at whatever tax burden they can bear.)
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JenniferW
Greenhorns Joined: Oct/16/2019 Status: Offline Points: 10 |
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Mostly prep. A little "informal" planning using the tax software's built-in function for some clients, if they expect a change for the upcoming year. As I get more into financial planning I'll of course do more formal tax planning, too. Economically, the tax business is profitable, but if it was a stand-alone it probably wouldn't be. (I'm already paying for office space, utilities, etc. through the advisory practice.) It is a separate business, so I have two websites, two business cards, two signs on the building, etc. but after the initial setup that hasn't been too much of a hassle.
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B24
Moderator Joined: Mar/09/2010 Status: Online Points: 25751 |
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But you pay a contractor to do the tax prep, correct? Does that bring in a lot of assets for your advisory business?
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"If Bellicheat pulls that rabbit out of his a$$ with this kid at quarterback, I'll personally kiss his ring." - Sporsfreak, 09/20/16
"Jags/Vikes Super Bowl. Write it down" - Sportsfreak 01/19/18 |
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JenniferW
Greenhorns Joined: Oct/16/2019 Status: Offline Points: 10 |
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The contractor does about half of the returns, I do the other half. It does bring in assets, yes. Most of the tax clients now are also advisory clients -- I purchased this business so most of the relationships were already established, but when my former boss was starting out as an advisor the bulk of his investment business came from his existing tax clients. I've gained a couple new investment clients from the tax business in the last year and as I focus on growing both businesses I expect there will be more "dual" clients. It's an advantage to them that I know both their investments and their taxes, and I make sure to mention that to the clients who aren't yet with both businesses. ;) |
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Mike Damone
Senior Member Joined: Mar/15/2010 Status: Offline Points: 6340 |
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SAM is terrible. If you''re in the growth stage or just want a low maintenance practice I would only be using MWP. Also Welcome!
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JenniferW
Greenhorns Joined: Oct/16/2019 Status: Offline Points: 10 |
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Thanks! I'm looking at MWP for some of the smaller deactivated accounts that they won't let back as SAM accounts, and will probably start there with new accounts going forward. (I like the GWP idea, too, but right now it's not a good fit for my clients.) |
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