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Weekend Reading For Financial Planners (January 4–5)

Nerd's Eye View

Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with a recent survey indicating that a majority of advisors are viewing new client acquisition as their primary challenge in the current competitive environment for financial advice (followed by compliance and technology management) and suggests (..)

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The Hidden Costs of Manual Tax Document Collection—And How to Fix It

Harness Wealth

Without a secure system in place, firms face the risk of hacked email accounts, lost or misplaced documents, and even compliance violations with the IRS and financial regulations. The increasing threats of cybercrime make it essential for tax advisors to adopt safer methods for handling client information.

Taxes 52
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When, Why and How to Move to an Ensemble Practice | Hubly

Hubly

Even with the best support team, between working with clients, managing operations and weaving through compliance requirements, advisors often take on too much as they try to grow their practice. It’s easy to feel like a lone wolf when you run a small financial advisory firm.

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The 3-Part Solution for Expanding Tax Client Relationships

Harness Wealth

Key Takeaways: Too many tax practices are bogged down in commoditized administrative tasks and compliance work, making it challenging to cross-sell services to expand client relationships. The more a firm can either automate processes or outsource tasks, the more time it’ll have to build deeper client relationships.

Taxes 52
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Is Your Non-Compete Binding? Helpful Tips for Transitioning Advisors

XY Planning Network

So, it’s understandable that, should that day come, they find themselves unaware of the restrictions placed on them when it comes to notifying their clients or bringing them with them. From the advisor’s perspective, they’ve worked very hard to build those client relationships and manage them with the client’s best interests at heart.

Clients 98
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Satisfying an Advisor’s Quest for Independence as an Employee

Diamond Consultants

They want to have a sense of ownership over how they run their practice—including the ability to hire and fire team members, distinguish themselves from their colleagues by marketing their business creatively, and be allowed to run their practice without as much interference from compliance. To him, all employee firms were the same.

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Tax Practice Succession Planning: A Strategic Guide

Harness Wealth

As a result, careful succession planning needs to be in place for several key reasons: Protecting client relationships: A poorly managed leadership transition can erode trust, resulting in client attrition as individuals and businesses seek stability and familiarity elsewhere.

Taxes 52