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While state and Federal regulations clearly outline recordkeeping requirements for areas like financials, advertisements, and trading records, there is a notable gap when it comes to documenting the delivery of services – especially financial planning services – necessary to justify the fees charged for those services.
This month's edition kicks off with the news that Holistiplan has announced the rollout of a new estate plandocument extraction tool to stand alongside its highly popular tax return scanning tool – which highlights how advances in AI technology have allowed tools like Holistiplan to go beyond tax returns and scan nearly any kind of document (..)
This month's edition kicks off with the news that digital estate planning platform Wealth.com has raised a whopping $30 million in Series A funding, following on the heels of Vanilla's follow-on $20M capital round just a few months ago – which on the one hand reflects the anticipated enthusiasm for solutions that can help advisors efficiently (..)
For firms with high-net-worth clientele, one way to do this is to offer alternative investments, such as private equity, private debt, or hedge funds, which may offer clients the ability to invest in a more diverse range of assets. Read More.
Kevin is the CEO of Connecticut Wealth Management, an RIA based in Farmington, Connecticut, that oversees approximately $4 billion in assets under management for 1,100 client households. My guest on today's podcast is Kevin Leahy.
And while Black Diamond has cut a deal with Morningstar to be the 'default' option for Office advisors to move to, a host of other portfolio management platforms are offering their own incentives as well, leaving Morningstar Office advisors with an opportunity to evaluate a large and crowded landscape of options to find the platform that will work (..)
At Wealth Management EDGE , I had the privilege of moderating a panel— “Work Smarter, Not Harder: AI’s Role in Operational Excellence” —where we talked about how artificial intelligence is already automating advisor workflows, transforming client meetings into structured insights, and reshaping the nature of operational roles within firms.
Seth is the founder of Heartwood Financial Planning, an advisory firm affiliated with PlanMember Securities Corporation that is based in Fresno, California, and oversees approximately $100 million in assets under management for 850 client households.
Michelle is the Founding Principal of Paradigm Advisors, an RIA based in Dallas, Texas, that oversees approximately $110 million in assets under management for 80 client households.
Judy Weeden: The overall goal is to make advisors’ lives easier to serve the clients to the best of their ability. JY: I wanted to note that, from a portal perspective for clients, we have used eMoney in the past. For example, once, a client went in and could see their dashboard and net worth. I think it has been good.
We will be launching their new client portal here shortly this summer. We have one firm that we acquired, GMAG , that uses Addepar, and it’s incredibly important to their client experience. The advisor experience and transitioning clients to their financial planning portal are heavy lifts that directly impact the end client.
The 1st category of tasks that advisory firms must handle involves renewing their registration with the applicable state(s) in which they do business each year, which typically involves submitting select documents (e.g., Read More.
The 1st category of tasks that advisory firms must handle involves renewing their registration with the applicable state(s) in which they do business each year, which typically involves submitting select documents (e.g., Read More.
From there, the latest highlights also feature a number of other interesting advisor technology announcements, including: Charles Schwab has taken a minority stake in estate planning platform Wealth.com as it seeks to offer estate document preparation to its retail investor clients – which on the one hand gives Schwab a value-add that could keep (..)
Related: The WealthStack Podcast: The Future of Personalized Portfolio Management with Govinda Quish “Estate planning is one of the things that advisors [repeatedly] tell us that they found immediate value in [post-merger] because it is part of the turnkey [Mercer] offering and does not mean referring a client outside the firm,” said Orff.
million in seed funding to support its growth as it builds out its "end-to-end" financial planning and advice engagement platform (but will it be able to replace, rather than augment, advisors' existing financial planning software?)
This month's edition kicks off with the news that estate planning platform Wealth.com has launched Ester, an AI-driven 'legal assistant' that uses machine learning to help advisors quickly review and extract the key information from clients' estate planningdocuments, as it joins FP Alpha in the competition to become 'Holistiplan for estate planning (..)
Advisory agreements for Registered Investment Advisers (RIAs) contain many sections that are important both for the purposes of complying with SEC and state securities regulations, and for constituting a valid agreement between the RIA and the client. The agreement should also lay out some acknowledgments for the client to review.
Advisory agreements for Registered Investment Advisers (RIAs) contain many sections that are important both for the purposes of complying with SEC and state securities regulations, and for constituting a valid agreement between the RIA and the client. The agreement should also lay out some acknowledgments for the client to review.
Danika is the President and Founder for Xena Financial Planning, a virtual advisory firm that advises 40 client households of women in tech and supports more than $275K of ongoing revenue. Welcome back to the 337th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Danika Waddell.
Once they are comfortable with the information and documents that have been shared, they can sign a Letter Of Intent that, while still high-level, provides enough detail about the proposed transaction for the seller to make an informed decision about whether to proceed.
A common service model for many financial advisory firms is to schedule annual client meetings throughout the year where the advisor meets with each client in the month they started working with the firm, and conducts a comprehensive review of all planning topics for the client.
The announcement of the merger between Charles Schwab and TD Ameritrade in November 2019 kicked off a marathon of preparation for advisory firms to transition their clients on the TD Ameritrade custodial platform to Schwab. Additionally, any open trade orders (e.g., Read More.
Melissa is the Founder of Pearl Planning, an independent RIA based in Dexter, Michigan, that oversees more than $175 million in assets under management for 251 client households.
All investment advisers are fiduciaries that owe a duty of care and loyalty to their clients, and, in an ideal world, advisory firms and their staff would abide by these requirements without the need for a prescriptive code of ethics. Read More.
Tim is a Managing Partner for the Center for Financial Planning, a hybrid advisory firm based in Southfield, Michigan, that oversees $1.5 billion in assets under management for 1,000 client households.
Yet despite this – and perhaps even because of it – advisory firms are putting an ever-greater focus on financial planning in 2022, as a way to both show value to clients in the midst of difficult market returns, and, more broadly, to help clients navigate the current environment.
Thomas is the co-founder of AllStreet Wealth, a financial planning firm for millennial business owners and those with equity comp based in Indianapolis, IN, that has quickly grown to more than $500,000 of run-rate revenue generated from serving 70 ongoing client households. Read More.
Which positions the software as either a white-labeled solution for advisory firms that want a way to engage a high volume of prospects in their funnel, or simply a solution to convert its own 70,000+ active users into paying clients of NewRetirement's own financial advisors.
From there, the latest highlights also feature a number of other interesting advisor technology announcements, including: All-in-one software platform Blueleaf has launched a new “aggregation-as-a-service” solution, promising better client data aggregation capabilities than existing solutions by automating the process of weaving multiple (..)
Here at Kitces.com, we have sought to provide advisors with the insights and education they need to help their clients (and their firms) navigate these uncertain conditions, from blog posts and podcasts on these trending topics to the continued expansion of our Kitces Courses and our popular monthly Office Hours and webinars.
From there, the latest highlights also feature a number of other interesting advisor technology announcements, including: Docupace launches an ‘RIA Productivity Toolkit’ as it increasingly expands beyond its document management roots in a bid to become more of the back-office workflow engine of small-to-mid-sized advisor enterprises.
For the most part, solo advicers launching their first practice often have plenty of time and not a lot of revenue, which means they tend to take care of every aspect of the business themselves. However, if growth has stalled, hiring (or partnering with) an IAR who can help attract new clients may make more sense. Read More.
While there is some overlap between the specific documents to be submitted for those registering with the SEC as opposed to the states, the universe of documents is far from identical. Notably, along with certain standardized forms (e.g., Read More.
A well-crafted businessplan can be a blueprint for entrepreneurial confidence. This multifaceted tool is as important to established business owners looking to grow their companies as it is to budding entrepreneurs. A businessplan defines your business, outlines your goals, and lays a strong foundation for achieving them.
Whether you’re driven by a passion for a specific craft or an innovative idea, taking the leap into entrepreneurship requires careful planning and thoughtful consideration. Raine, who turned her passion into a thriving business. Therefore, having a realistic and comprehensive businessplan is crucial.
Periodic Education Advisors who make a transition don’t have a choice: they have to address the question of why they chose their firm head-on with every single one of their clients. For one, it makes the firm a more indispensable component of the advisor-client relationship. Additionally, complexity often leads to sticky client assets.
So that’s when I really studied deeply the research why what I’d been doing was working more about when it might not and writing a businessplan for Bridgeway. That was like, I should have paid more attention to that question because my budget, my businessplan was 50% of our net worth before it was all said and done.
From there, the latest highlights also feature a number of other interesting advisor technology announcements, including: Envestnet has announced that it is being acquired and taken private in a $4.5
Freeman is the Co-Founder of La Crosse Financial Planning, an RIA based in La Crosse, Wisconsin, that oversees nearly $50 million in assets under management (AUM) for 73 client households. My guest on today's podcast is Freeman Linde. Read More.
Freeman is the Co-Founder of La Crosse Financial Planning, an RIA based in La Crosse, Wisconsin, that oversees nearly $50 million in assets under management (AUM) for 73 client households. My guest on today's podcast is Freeman Linde. Read More.
Plan for Current Business Needs. First, let’s talk about the importance of a businessplan. How does an idea develop into a fully functioning business? It takes vision, work, and a good plan. For entrepreneurs, we call this map a businessplan. Creating a marketing plan.
Other tools make it easy to write businessplans, digitize important formation documents, create logo designs and websites, and tackle other essential tasks. This guide from Able Futures will tell you how to put your entrepreneurial plans into action, find the funding you need, and get your business up and running in no time.
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