Should You Hire a Chief Compliance Officer?

Posted by Angela Sarver

April 30, 2019 at 10:00 AM

Compliance is a critical function for financial advisory firms, and its importance will only increase as industry regulations become more complex. Ultimately, responsibility for compliance oversight rests with you. But given the growing demands you face, would it make sense to hire a chief compliance officer (CCO)?

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Topics: Practice Management, Compliance

Achieving Growth with “C” Clients: Tips from Successful Next-Gen Advisors

Posted by Kristine McManus

April 17, 2019 at 1:30 PM

If you’re a next-gen advisor, chances are you started out doing a lot of things for your firm that no one else wanted to do. Maybe you had to sign for packages or sit on phone duty. You likely stuck with it, knowing that learning the business from the bottom up can set an advisor up for success. But getting to the point of success can take a while and may involve working with prospects who don’t seem like they would bring significant value to the firm.

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Topics: Practice Management

Hiring Next-Gen Advisors—It’s All in Your Mind-Set

Posted by David Israel

April 16, 2019 at 10:00 AM

Few of us question the concept of teaching hospitals. We accept that health care is necessary, and that the incoming generation of physicians needs time and experience to find their place. So why do we hold back the next generation of advisors by not requiring a proper and fully immersive introduction to their new field?

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Topics: Practice Management

8 Potential Risks in Your Financial Advisory Practice

Posted by Bette Skandalis

March 20, 2019 at 1:30 PM

Business risk is anything that threatens the continued success of your practice, and it can assume many forms. Unfortunately, many business owners overlook the potential risks that can derail a long-standing business. Why? Generally because they don’t understand the risk, don’t feel the risk is severe, or don’t believe it will happen. But what if it does?

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Topics: Practice Management, Risk Management

Scaling Back: 4 Steps for Transitioning Clients as You Near Retirement

Posted by Liam O'Shea

March 6, 2019 at 1:30 PM

For many advisors, the decision to retire is complicated, mainly because it involves transitioning clients, some of whom have become dear friends, to another advisor or sometimes even to another firm. It’s hard to let go of those relationships, and so you stay in the business past your traditional retirement age. But continuing to work comes with a unique set of challenges, including a declining level of energy and mental acuity as you age and dissatisfaction among your successors, who want to step into leadership roles.

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Topics: Practice Management

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