tag:blogger.com,1999:blog-22534822112138295242024-03-18T04:10:43.050-05:00Best Practices in the Financial Services IndustryIdeas and tips from Marie Swift, a nationally-recognized consultant who's worked with some of the top financial advisory firms nationwide for nearly twenty years. This blog spotlights financial services firms and allied institutions that Swift deems as adopting "Best Practices" in the industry. Swift also shares some of her own tools and ideas aimed at helping independent financial advisors.Anonymoushttp://www.blogger.com/profile/18223031810652431388noreply@blogger.comBlogger174125tag:blogger.com,1999:blog-2253482211213829524.post-29831485721509177782017-08-14T15:15:00.000-05:002017-08-17T10:56:40.880-05:00Robb Baldwin of TradePMR: On Selecting the Right Technology and Custodial Solutions for Your Financial Advisory Firm<div style="text-align: justify;">
TradePMR (<b><a href="http://www.tradepmr.com/" target="_blank">www.TradePMR.com</a></b>) specializes in providing custodial services and technology solutions for RIAs. Their technology is proprietary and built by their in-house developers with RIAs in mind. TradePMR supports RIA business without a competing retail division. This specialization gives them the agility and flexibility to respond to each advisory firm’s individualized needs. “You deserve to be on a first-name basis with your back office,” says Robb Baldwin, founder and CEO. I had the pleasure of speaking with Robb in July 2017.</div>
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<a href="http://www.audioacrobat.com/email/EWbzV6VSB" target="_blank"><b>Click here to listen to the audio recording.</b></a></div>
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<b>A transcript of the interview is posted below.</b></div>
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<b>Marie Swift:</b> Hello and welcome back to the Best Practices in the financial services industry this is your host today Marie Swift and I'm speaking with Robb Baldwin. He is the founder and CEO of TradePMR. Robb, as a former advisor, you established TradePMR about 20 years ago, is that right?</div>
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<b>Swift:</b> Could you tell me why? Why did you start Trade PMR? That's a lot of work to start a custodial services and technology support platform.</div>
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<b>Baldwin:</b> Well you are correct, but picture this Marie: In 1997 as we were investigating who we were as an RIA and we had assets custodied with three different various vendors, we realized most of those vendors were heavily catering to the retail public. The service model to the RIA channel was undeveloped. The technology was nothing but comma-delimited format sent to us in an email every day. And we still had the competitive nature of the fact that our custodians were going after retail clients that could cross over to our clients. So, we wanted to develop a model whereby we were heavily involved in service. We developed incredible technology that gave investment advisors all the tools they needed to run their practice and be able to offer that we weren't going to compete with our own clients, our own advisors. So, that's why we started TradePMR in 1998.</div>
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<b>Swift:</b> Could you tell me a little more about TradePMR and the ways you stand out from your competition?</div>
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<b>Baldwin:</b> Certainly. We are currently the only real-time portfolio management system available to an advisor on the phone that is out there in the marketplace. And we do that because we are heavily involved in technology. We believe you can solve a lot of issues with technology. Of course, there is a lot of discussion about technology in the RIA space, always has been in the last 10-15 years, but it's becoming more and more out there to the RIA community that they have to ante-up and solve their technology problems and integrate so they can increase their bottom lines.</div>
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The difference between us and our competitors simply is we want to be a much better service model, know our client, stay relatively small in our advisor count and provide a full-service technology suite that allows an advisor to be up and running in business without having to add any additional technology except for those they want based on maybe some historical use they have from a prior life. </div>
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<b>Swift:</b> So, when you said “available on the phone” do you mean a mobile phone, a smart phone? </div>
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<b>Baldwin:</b> Yes, any and all devices. </div>
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<b>BIG NEWS AT SYNERGY CONFERENCE 2017 </b></div>
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<b>Swift:</b> You recently had your big annual conference; I believe it was called Synergy, down in Miami. You had a big announcement there. Can you talk a little bit about what that was? </div>
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<b>Baldwin:</b> Certainly. We released EarnWise, which is our newest technology – it is really a three-in-one system. It combines an advisor portfolio management system so advisors can have performance reports, do fee automation, and all portfolio management, which includes trade re-balancing, model management, trailing stops etc. In addition to the advisor PMS, It also provides a client portal so the clients can login and see all their account information, and also a robo offering. So, advisors can utilize the same system with the same database off the same feed, a robo, and attach that to their practice if that's an offering they want to include. So, it's a three-in-one piece that we dreamt up and started planning out about two-and-a-half years ago. We just rolled it out in May. </div>
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<b>Swift:</b> When I was at the conference with you, I heard from you and your team that this might be the biggest thing you've ever done. Why is that? Why do you say that? </div>
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<b>Baldwin:</b> I think it's the biggest thing we've ever done because when you look at how an advisor works typically they are piecing together technology in order to formulate what they need in their practice. They have to have an outside portfolio management system. They'll end up with a separate vendor to give their clients a portal access. Then they'll go out and find a robo and it may be a robo at a different facility than they currently use. It's all these pieces they have to deal with, work with, and have human capital in their office to handle all the different vendors. EarnWise is revolutionary because it allows an advisor to have everything in one place. That way they don't have to go out and buy all different types of equipment and solutions for outsourcing – it's all included with EarnWise, including the CRM.</div>
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<a href="http://www.tradeprm.com/earnwisead" target="_blank"><b>Click to watch a 1-minute video about EarnWise</b></a> </div>
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<b>(you will also see Robb Baldwin jump out of an airplane)</b></div>
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<b>Swift:</b> That's fantastic. I read here you also have third-party integrations. Could you talk a little bit about the freedom of choice for advisors who want to stick with their favorite whatever it is CRM or PMS? </div>
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<b>Baldwin:</b> The advisors that come to us sometimes have a history with different vendors and we want to support all of those vendors whether they be a portfolio management system, a CRM, a trading platform, a re-balancing system, etc. All of those are supported by us. We have literally dozens of integrations to support that — including the financial planning tools. </div>
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<b>GOALS-BASED CUSTODIAL SUPPORT</b></div>
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<b>Swift:</b> You've also been in the news a lot recently. I noticed in RIABiz yesterday another big article about TradePMR and how you're helping advisors reach their goals. The goals they actually tell you they want to achieve when they come on with TradePMR. Could you talk a little bit about the Letter of Understanding and how that works for TradePMR and the advisors they serve? </div>
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<b>Baldwin:</b> The Letter of Understanding (LOU) came about three years ago when we noticed that we were having relationships with some advisors that were not working out. They would send us emails and discuss their business plan with us and what their future plans were with their practice and literally would fall flat on their face. So, we wanted to introduce a concept with the LOU, to have a written-down goals agenda with each advisor so that our relationship managers could follow up with the advisors and discuss with them where they were in their business plan. And if they didn't meet their goals or didn't accomplish what they had written down in their LOU with us we might be able to assist them or get them coaching. </div>
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We have a free coaching program that we offer that allows them to be under a coaching mentor that helps them grow, helps them reach their goals. If they are not really interested in doing that or not really interested in reaching their goals or something came in the way then sometimes it's best we part ways if they don't have the same goals that we have and that is to work and grow advisors.</div>
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<b><br />Swift:</b> Well, I certainly met a lot of interesting advisors. Some large advisors when we were together in Miami at the conference. Could you talk a little bit about the type of advisor that is drawn to TradePMR and who is really the ideal advisor for TradePMR to serve? </div>
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<b>Baldwin:</b> Yes, exactly. Well, I think we've been known in the past for dealing with smaller advisors; however, a shift has started to occur and I think it's being driven mostly by technology because many of the large advisors are searching for technology solutions and our three-in-one EarnWise solution is something that a lot of advisors have looked at and stated that's something that could help them out greatly to increase their P&L. So, the message is getting out there to a lot of larger advisors that TradePMR is open and available to them. We've increased the size of the RIAs we are searching for to bring on board – $180 million and up is really our search criteria at this junction. </div>
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<b>Swift:</b> So, last question Rob. How do advisors learn more and what does the process look like if they're interested in exploring the opportunity with TradePMR? </div>
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<b>Baldwin:</b> The best way to find out about us is just to visit our website at <b><a href="http://www.tradepmr.com/" target="_blank">www.TradePMR.com</a></b>. On our website, we have the ability for advisors to request a package and it will give us a little bit of information about them. Then, we will reach out to them and discuss completing a profile form. That profile form will allow us to really give a proposal based on their practice and how they want to run. That's really the best way to learn about us and begin working with us. </div>
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<b>Swift:</b> I sure appreciate your time today. Thank you so much for your insights. </div>
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<b>Baldwin:</b> Thank you, Marie. </div>
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<span style="font-size: x-small;"><b>Trade-PMR Inc., Member FINRA/SIPC</b></span></div>
<div class="blogger-post-footer">Visit http://www.impactcommunications.org to learn more about Marie Swift and Impact Communications. Visit http://www.marie-swift.blogger.com to post a reply or read other Best Practice profiles.</div>Anonymoushttp://www.blogger.com/profile/18223031810652431388noreply@blogger.com7tag:blogger.com,1999:blog-2253482211213829524.post-28689845970135566032017-07-03T12:10:00.002-05:002017-07-03T17:08:15.408-05:00David Edwards of Heron Wealth: On Evolving with the Times and Building a Platform for Success<div style="text-align: justify;">
Working with top advisors like David Edwards, founder and president of Heron Wealth (<b><a href="http://www.heronwealth.com/" target="_blank">www.HeronWealth.com</a></b>), is a real joy. I spoke with David to uncover some of his secrets to success. David provides some great insights for fellow financial advisors. There are lots of great ideas and much to emulate here.</div>
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<b><a href="http://www.audioacrobat.com/email/EN39XnwdB" target="_blank">Click here to listen to the audio recording</a>.</b></div>
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<b>MARIE SWIFT:</b> Hello and welcome back to Best Practices in the Financial Services Industry. This is your host today, Marie Swift, and I'm joined today by David Edwards, who is the founder of Heron Wealth a New York-based fiduciary investment advisor and wealth management firm. Today we are going to be talking about how Dave has intentionally built a wealth management business that is growing in leaps and bounds. I would say, Dave, that you are a shining light for all the advisors that will be listening to this audio. Welcome to the show.</div>
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<b>DAVID EDWARDS:</b> Good afternoon Marie. </div>
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<b>SWIFT:</b> Thank you so much for your time today. I was reading the white paper that recently came out, of which you were the main focal point. It was put out by eMoney, and it focused on your client service model and how you've grown as an independent wealth management firm since your inception. It focused particularly on the last three or four years. So let's talk a little bit about your hyper-productive team – I love that phrase – and how you are building such a successful and enduring company. So, what would you like to share about your strategy?</div>
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<b>EDWARDS:</b> So, let me divide the last twenty years into two phases. For fifteen years, I ran a solo practice, taking care of maybe 50-60 families with about $75 million in total assets. That suited my life while raising two children. Well, those children went to college in 2011 and I was facing the next 15 to 20 years of my career and thinking about what I wanted to accomplish with all that spare time. I decided to build my firm to a billion dollars in assets. If you think about moving from $75 million to a billion dollars, you can't do that as a solo practitioner. </div>
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I spent some time trying to understand the form of a well-run wealth advisory firm: the structure is a pyramid. Not a pyramid scheme, that would be bad, but it is a pyramid. At the bottom of the pyramid is your core foundation. It's technology, operations, cybersecurity and compliance. That has to be rock solid. On top of that, you build your service package. For us it's financial planning, investment advice and estate planning. That has to be rock solid, as well. On top of that you can build a marketing and business development process. And on top of that is management. If each of the lower layers is rock solid, management is not that big of a deal. </div>
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So, by understanding exactly the structure of my firm, I was able to hire very talented people to fill in the roles of compliance, training, portfolio management and financial planning. I was also able to hire outside vendors for compliance, cybersecurity, marketing, PR and technology. The transformation was that I no longer spent 80% of my time running the firm. I spent 80% of my time talking to clients and prospects, which is the fun part of my job. It's what I want to do every day.</div>
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<b>PLATFORM FOR SUCCESS</b></div>
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Now, we've always been a very technology-driven firm and we had been using a paper-based financial planning process, which was slow and frustrating. It could take us up to 20 hours to get a good financial plan for a family. That's an expensive plan. That's a $10,000-dollar plan and that precluded us from working with a lot of clients that had less than a million dollars in assets. </div>
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At the same time, we had a situation where my 55-year-old clients might have a $1 million or $10 million in assets, but their 25-year-old children were just starting out with $10,000 or $50,000 or maybe even college loans. And if I said to those college children, "Hey Billy, Hey Jessie, I would love to work with you. Can you circle back to me when you have a million dollars?" I would never hear from those kids ever again. </div>
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As we do every four years, we were reviewing our technology and looking at pain points and trying to see how we can get past this paper-based financial planning process into something more modern and more streamlined. And that's when eMoney came into play. We started looking at eMoney in the fall of 2014, brought the platform on board in February 2015, and spent about four months getting up to speed. It is complicated, but we embraced it fully, moved all of our clients off of paper onto the platform and realized we could get to a good baseline in only two hours and not twenty hours. </div>
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So, we could go back to Billy and go back to Jessie, and say, “Hey we can bring you on board. It's going to be a digital-based platform; it's going to be on your PC; it's going to be on your phone.” Sure, they could call if they had questions, but we can now get them on board with pretty good service level, as far as they were concerned, and not kill ourselves on the cost side. Between the eMoney upgrade and all the other upgrades, we went from growing 5% a year in assets to growing 40% a year in assets. That took us from $75 million to $300 million in 5 years.</div>
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<b>SWIFT:</b> That's amazing! So, is that what you are calling the bionic advisor? </div>
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<b>BIONIC ADVISORS</b></div>
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<b>EDWARDS:</b> Absolutely! We always laughed about Steve Austin, the $6-million-dollar man, back there in the 70s when I was a kid. That would be the $6-billion-dollar man today, but what Steve Austin had was both the smarts of a human and the strength of technology to help him look long distance, jump over cars and run 60 miles an hour. That's what we need to do as financial advisors just to win the game every day. </div>
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<b>SWIFT: </b>We’ve talked a little bit about how you've adopted a new pricing model to target younger clients and to provide an onramp for your digital services. Also we’ve talked a little bit about your technology and this bionic advisor idea. Talk a little bit about how you find the right clients. </div>
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<b>SLIDING SCALE FOR CLIENTS</b></div>
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<b>EDWARDS:</b> Sure. So, here’s the traditional advice for advisory firms like mine, let's say you start out with a $250,000 minimum. As time goes by, you raise that to $500,000, then eventually to $1 million or $2.5 million. Up until three years ago, our minimum was $1 million dollars and generally speaking we didn't go after clients with more than $10 million dollars, because above that is a different level of service we weren't willing to provide. Well, we still have a $1 million minimum for clients that are 50 years and older, but we have a scaled minimum for younger clients. It's as little as zero, if you are younger than 35 years old. It's $250,000, if you are 40. It's $500,000 if you are 45. And instead of charging on an AUM basis, which is the traditional way of getting paid 1% a year or 75 basis points a year, we charge a financial planning fee directly to a client's PayPal account. So that would be $25/month if you are younger than 30, it's $100/mo. if you are single between 30-40, and $200/month if you are a couple. And the financial planning subscription fee automatically transitions to an advisory fee, an AUM fee, when you have enough assets. So, for a couple, once they get over $300,000 in assets to us, we transition them to the AUM fee. </div>
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We believe this model works because we have a pretty good sense of how much time we need to spend with someone that is 25, versus 35, versus 45, versus 55, and what kind of cash flow we need to service them properly and still leave profit left for us. So, I would say today our bread and butter clients are Boomers between 50-65 years old, but the clients we are aggressively going after are Gen X clients between, let's say 45 and 35, and millennial clients younger than 35, because that's where the value will come over the next 15-20 years. </div>
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<b>SWIFT:</b> That's a very smart strategy, Dave, and none of us are getting any younger, right? </div>
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<b>EDWARDS:</b> When it comes time to sell a firm like mine, the old rule of thumb is, “Well, it's three times revenues or two times revenues,” which is a very naive analysis. If you have a client book of people between 75-85 years old, they are spending their money, giving their money away and they are going to die. If you've made no provision for transitioning those assets to the next generation and even the generation after that, you’ve got nothing. We are working with a family now, one of our dear clients passed away in January (she was 90 years old and had a wonderful life). We've been working with her adult children who are in their 50s and 60s for about a decade now. We've also been working with her grandchildren who are between 25 and 12 years old. Obviously, we don't spend a lot of time with the 12-year-old, but the 25-year-old already has a successful career. We want to make sure that she goes nowhere but to us when she needs good financial advice. </div>
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<b>SWIFT:</b> So how do you go about finding these new younger clients? </div>
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<b>FINDING YOUNGER CLIENTS</b></div>
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<b>EDWARDS:</b> There are multiple avenues of attraction. The traditional route is client referrals, of course. We seek those out the best we can. We don't get as many as we'd like. Another fruitful route for us is centers of influence. That could be a divorce attorney or a trust and estate attorney. We have a good relationship with advisors with much higher minimums than us – $10 million, $25 million dollars – and they'll call up, "Hey David, I have this wonderful family. They only have $5 million. Can you take care of them?" Totally! That is a sweet spot client for us. $5 million is perfect! </div>
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In networking, I'm out in an environment of places where I might meet clients all the time and that's not necessarily in a business networking group – that might be at a party, at a sailing regatta, at a polo match. I always have my ears open for a couple of phrases that tell me that someone needs help. I might meet a hundred people in a given month who could be my clients, but only five of them have the following characteristics: they are not able manage their money themselves successfully; they don't have an advisor already; and most importantly, they have a transitional life event such as a marriage, a divorce, the birth of a child, the birth of a grandchild, a promotion, a grant of stock options, a retirement, an inheritance. Something is making them think about their money and they need advice and help. </div>
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In the old days when I was much less disciplined about my marketing, I would pitch everybody I met. 100 people a month and I'd win 4 clients – it was pretty demoralizing. After I went through a process of defining my ideal clients and only going after those clients that clearly demonstrated they had a need to talk someone like me right now, all of a sudden for every five people I'd pitch, I'd win four. But now we've gotten even better, so every time I pitch a client, I win. Do you have any idea how much fun it is to go out and bat a thousand every week? </div>
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<b>SWIFT:</b> I do and I wish I was doing it more often. </div>
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<b>EDWARDS</b>: If you are in that groove, you can't wait to do sales. Most people hate sales and will do anything they can to avoid sales. If that was the only thing I did for the rest of my career, I'd be very happy.</div>
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<b>SWIFT:</b> So how did you get so good at this? </div>
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<b>EDWARDS:</b> Well, nothing ever happens by yourself anymore. Twenty to twenty-five years ago, I had all the time in the world for trial and error. I'd try this, I'd try that and make notes on what worked and didn't work. It was a much slower and easier time. I recently saw a display of the original online technology from Fidelity Investments. It was a kit that sat on your PC, and connected to Fidelity at 9,600 bot – super-slow. Wow, I remember that. Today, everything is moving super-fast. What worked a year ago might not work today. What worked four years ago definitely doesn't work today. So instead of trying to do it through trial and error, I sought out experts in as many different fields as I thought were appropriate. </div>
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So, we work with a strategy coach through Peak Alliance. That's Ron Carson's coaching business out in Omaha, Nebraska. </div>
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I also worked locally with a Sandler Training coach to improve my one-on-one marketing skills. Here's the thing, I've been doing sales for 20 years. Why would I need to do that? Well, do you remember the story of Tiger Woods? When Tiger Woods was a young tournament player he was having success, but he felt he'd peaked already. So, he took a year off from professional play, went back to the basics, rebuilt his stroke from the ground up and then went on to become a champion we know. I was feeling like I was running about a B, B- in my sales efforts. Sure, I was winning four out of five, but that’s still only an 80% success rate. I wanted to do better. I wanted to be an A, A-. So, I kept my eyes and ears open and eventually ran into a gentleman, David Fisher, who runs at local Sandler Sales Training franchise here in New York City. Mr. Sandler originally started his career selling chocolates in Philadelphia back in the 50s and 60s. Through some career reversals he ended up being a sales trainer and discovered he was far more powerful helping people be better salespeople than he ever was selling chocolates. The Sandler Approach says take all of the usual things you think about: got to make a pitch, got to get talking, got to do this, got to do that, all that stuff just throw it out. It's boring, the clients get defensive and they won't reveal what's really going on. Instead, just be yourself and be more conversational and listen more than talk. That's a challenge for me because I love talking! </div>
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<b>SWIFT:</b> I know you David, and know that's true.</div>
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<b>EDWARDS:</b> So, Sandler Training taught me to listen for those phrases that tell me somebody needs help. The phrases that tell me somebody has pain. And then give them some open-ended questions rather than questions that have a yes or no answer. Open-ended questions get people talking. For sure once they start talking they are going to like you because everyone loves to hear the sound of their own voice. So, let's say I'm in a situation, I'm at a cocktail party, it's a trust and estate meeting and I'm talking to this one estate attorney and he says, "Hey David you know I got this funny situation. I've been working with an advisor at a traditional brokerage firm my whole life. He's the advisor my dad had but my dad died recently and all of a sudden I have money that I didn't have before and I'm talking to this guy he's still in the business but seems out of touch. He's never available, he's always off in the afternoons and I have a busy schedule and I'm a little frustrated. I'm like, “Well really, how do you think the relationship should be?” He says, “Well I'd like to have this report and I'd like to be able to do that, and understand what will happen in 10 years now.” And I say, "Okay, we have the ability to give you that information. What would you like to know?" </div>
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So now the guy is telling me exactly what he needs to become a client. I'm not forcing him to follow my plan. I'm letting him describe exactly what he wants in the relationship. I’m pretty good at making mental notes, but the second I get back to my office, I quickly write that down into a one-page report that gets entered into our client-relationship management system. So now we have a track of that opportunity and we have a reasonable sense of how quickly we should get back to that person – three days, five days, two weeks – and what kind of follow up questions we should have and where should it go. But the other important change we made as part of this escalation process or acceleration process was to break apart the presentation of the advisory agreement from the presentation of the account documents. </div>
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In the old days, I would spend two, five, ten, twenty hours working out the financial plan, working out the investment plan, getting the client to buy in. And then I'd present them with a fifteen-page advisory agreement and potentially two, five, twelve, roughly 32 packets of account documents. It could be weeks before the client got back to me. Because, if you are a successful businessman, a successful lawyer and someone gives you a stack of documents in 2-point font, that's danger! You are not going to sign anything until you've read it carefully. So, what we did was we looked at our pipeline process, which was averaging six months between the time the client first reached out to us and the time where their assets where completely on board, and looked at every single element of that process and tried to figure out what were the choke points. And we realized the moment of the advisory agreement and the account applications was a major choke point. Some clients disappeared at that point, really demoralizing. </div>
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Now, we will spend up to two hours creating a base-line financial plan that we will review with the client in their office or our office or wherever it seems to make sense, and if at the end of the 90-minute meeting, the client is nodding their head and saying, “I really like what you are talking about,” that's where we say, "Okay we'd like to pause now and take out our advisory agreement. You are not going to sign it right now, but what I want to do is show you this document and explain what's in it because we are creating rights and responsibilities and liabilities with this conversation and we need to know that you understand how serious this is. And if you decide you do want to move forward, great, understand that there's an automatic subscription of $100/month or $200/month depending. If you do transition your assets to us, we'll automatically switch over to an advisory agreement.” Then we spend the next ten minutes starting at the top of the page and going to the bottom of every single paragraph in that advisory agreement, which, by the way, is printed in 14-point font not 2-point font, and if there is anything the client wants to balk about, let them speak now when we are together and can explain.</div>
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Here's another value: a lot of times, clients are looking for free advice. They are very happy letting you spend ten or twenty hours preparing a beautiful financial plan, investment plan, until they get the answer they are looking for, at which point they “ghost” you. They got what they wanted for free, see ya! If someone is going to ghost me, let them ghost me after two hours when I invested $1,000 in the process, rather than after 20 hours when I invested $10,000. But we haven’t had that experience yet. If somebody is going to be serious and signs that agreement for $200/month, we are going to get their assets a month later. So, the six-month sale cycle is now compressed to six weeks on average, which means I can pick that many more clients per year and keep up our 40% annual growth.</div>
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<b>PROTECTING THE INNOCENT</b></div>
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<b>SWIFT:</b> Fantastic! Speaking of rights and responsibilities, one of the things you're known for is your taking care of your clients, protecting their data with cybersecurity. In fact, you were put on the cover of Financial Planning magazine for your prowess on this. I was looking at your ADV on this and you've got a clause that protects your clients against elder abuse. Maybe you can talk about those two issues. </div>
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<b>EDWARDS: </b>Sure. So, the client-facing part of our business is financial planning, investment advice, and estate planning. But remember that foundation? That foundation is operations, technology, cybersecurity, and compliance. Five years ago, we were casual about cybersecurity because we had reasonable protections on our computers and we weren't hearing about any threats. But then our clients began getting attacked, not us, our clients. They would get attacked in the sense that their email password would get “sniffed” if they were using free wi-fi at Starbucks. Next thing we would get mysterious emails, asking to transfer money to places we'd never heard of before. I began to get concerned. This never happened to us, but other advisors have forged their client's signature to a wire transfer to send $10,000 or $50,000 to some place they shouldn't have and then THEY’RE on the hook for it personally, not their custodian, the advisor. I can't afford that. </div>
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So, we brought in a cybersecurity consulting team and I said, “I don't have unlimited time or unlimited budget. Tell me the ten things I need to worry about the most, help me rank order them and help me knock them off one after the other over the next year.” </div>
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Once people find out you have a top ten list on cybersecurity protection, you start getting phone calls from conferences and from journalists. I've spoken at a number of conferences and given many interviews about this topic of cybersecurity protection for the client, not as a technology expert, but as a stressed-out executive who just needs to protect his clients and just needs to protect his firm. As part of our annual compliance review, we bring in our cybersecurity team and have a meeting with our compliance consultants and talk about what are the threats for this year and what do we need to do to keep those threats under control. There is the old joke about the two guys in the woods and they come across the bear and the bear is going to eat one of them. The other guy laces up his sneakers and the guy says, “What are you doing?” The guy says, “Well, I don't have to run faster than the bear, I just have to run faster than you.” So that's how we are approaching cybersecurity. We are never going to be 100% perfect, but if we are at 99% and our peers are at 60%, they are going to get attacked ahead of us. Really, it's our goal to stay 18-months ahead of our peers in anything involving cybersecurity.</div>
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Now, when it comes to elder abuse, again we look to our clients and that's where the pain first arises. We had a situation a couple of years ago where a client learned his father had died, which was unfortunate, but the gentleman was 95 years old; therefore, expected. What was not expected was the realization three years later when there were brand new trusts, wills, powers of attorney naming the father's nurse as the sole beneficiary of a three-million-dollar estate. Here's the thing, those documents were 100% legal and there was nothing we could do about it. We engaged a private detective, we engaged a lawyer that specializes in elder abuse and they said “Yep this stuff happens all the time.” Who were those witnesses, right? Nobody ever heard of them before but they said, “Yeah Mr. K seemed fine when I talked to him.” They were lackeys of the law firm that pulled this together. By the time our client was able to even get to the family home, the locks had been changed, the safe deposit box had been emptied out and that's where all the stock certificates were. The family photos were gone, the family paintings were gone, the money was gone from the bank. We called up the bank and said “Why didn't you ever alert our client that this guy was changing the Power of Attorney?” And the bank said, “We've know Mr. K for 45 years and whatever Mr. K says goes.” No, that's not acceptable any more. </div>
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There is legislation kicking around the country right now both at the federal level, that's the State Seniors Act, and also at the state level. Now, given Congress is in chaos right now, we are not expecting this legislation to come through any time soon. But the jist of the legislation is if any advisor – could be an RIA (Registered Investment Advisor), a broker dealer, a bank teller – feels like a senior is being taken advantage of, they can not only suspend transfers of assets for up to 15 days, but they can also reach out to a trusted relative to say, “Hey, is this thing on the up and up?” We don't have to wait for these laws to go through, however, to take advantage. We did a major revision of our advisory agreement at the end of last year, last December beginning of January, and we literally wrote into the contract that if we are concerned about an outbound transfer, we can put a hold on it for up to 15 days with no liability. We also asked the clients to name their trusted estate attorney, their accountant and a couple of trusted relatives or friends who we are allowed to call on if we are concerned. And again, I feel like we are 18-months ahead of our peers in building these safeguards into our firm, but that's how we want it to be.</div>
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<b>MARKETING SMARTS</b></div>
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<b>SWIFT:</b> Yes, that's reassuring and thanks for your leadership on that. Let's switch back to the marketing and the digital presence that you've built. This will be my last question, and if you want to wrap up with any words of wisdom, I'm all ears. But one of the things that's amazing about you, Dave, in addition to everything you just shared with us, is how often you are quoted in industry publications and personal finance publications, whether it’s the Wall Street Journal or New York Times or Financial Planning magazine. And then you are also really active on social media. You just finished a whole website refresh and collateral marketing material. Talk a little bit about your logic and why you did that now at this junction in your company’s history?</div>
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<b>EDWARDS:</b> We feel marketing materials have to be refreshed from scratch every 4 years. Maybe it's 5 years for some firms, and 3 years for other firms. The way we do things today is not the same way we did things 5 years ago, 10 years ago, 15 years ago. And yet still people are relying on a website that was built 15 years ago and it looks boring and stale. Someone is going to land on your webpage from a phone and not be able to read anything and they are gone, right off the bat. So, we are one of the first firms to even have a website back in 1996. I think there were 7 other firms that had websites. The most recent iteration of our website that was launched in March was designed to look great on a smart phone, because we can tell that 75% of our first-time visitors are looking on their smart phone. At that same time, we changed our web domain to make it a little shorter, a bit punchier. </div>
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We redid our logo to make it look a little more modern, more current, and changed some typefaces around. I've always said that marketing doesn't solve your business problems. If you're not sure about your process, if you're not sure about your ideal client, if you don't have good operations in place, the best marketing in the world won't help you. However, if you do have a good process, a well-defined client definition/target, are clear about your value proposition, then the marketing is how you show the world what you have. Half the time, by the time my client even calls us, they are pre-sold. They've already been to our website, seen our technology, seen our media and they say, “Yeah, I need to talk to this firm.”</div>
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Now, talking about media for a moment. We've been doing media for a long time and very early on someone said to me, “Hey, David if you get a phone call from a journalist, return it immediately and answer their questions, because they are on deadline and whoever gets back first wins.” So, that's been a big plus. But the reason why we do media at all is for that critical third-party validation. So, if you jump on our website, you'll see I've done 200 press items since 2011. We actually counted when we were rebuilding the website: that's print, that's television, that's radio. You say, “That guy, that guy, that guy must know something because everybody keeps asking him questions.” That gives a general halo of goodness around your firm that just makes it that much easier to close.</div>
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<b>SWIFT:</b> Amen to that. So, any final words of wisdom as we wrap up today, Dave?</div>
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<b>EDWARDS:</b> You and I were joking the other day about a prospect that I connected with in London, of all places. I was in London visiting with some clients, and I had finished a meeting. I went to the bar and poured myself a long, cool vodka and I fell into a conversation with the guy next to me, because I have what's called the three-foot rule. If there is a person within three feet of you, you have to introduce yourself and have to talk to them a little bit. A lot of people are shy and I know it's hard to believe, even I'm shy at times, but if you oblige yourself to reach out and connect to anybody that is around you, you're going to get some serendipity. </div>
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So, this gentleman was a lawyer on business in London. He's based in North Carolina and I'm based in New York. So, the probability of my running into him in North Carolina was zero. He asked what I did and I kind of gave him the overview. And then he got back to me later on a call and said, “Remember that phone conversation we had in London,” and I said, “Yeah.” He said, “Well listen. I'm now the trustee of a $7 million foundation and I think you're just the guy to run that foundation for the investment side.” I'm like – “Done!” So, if I hadn't had the three-foot rule to prompt me to reach out and say, “Hi,” I wouldn't have made that connection for a $7 million foundation, which is about $35,000 a year in revenue to us. Not bad for three feet.</div>
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<b>SWIFT:</b> I'd say not bad at all. Well David, it's always a pleasure speaking with you. Thank you so much for all your generosity sharing your words of wisdom about how you've built such a great firm. Thanks, and I look forward to seeing you at the next conference. </div>
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<b>EDWARDS:</b> Thank you Marie!</div>
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<div class="blogger-post-footer">Visit http://www.impactcommunications.org to learn more about Marie Swift and Impact Communications. Visit http://www.marie-swift.blogger.com to post a reply or read other Best Practice profiles.</div>Anonymoushttp://www.blogger.com/profile/18223031810652431388noreply@blogger.com13tag:blogger.com,1999:blog-2253482211213829524.post-83290152987848581142017-06-16T12:58:00.001-05:002017-06-16T16:08:18.514-05:00New Marketing System from Snappy Kraken Creates a Consistent “Wow” Experience for Financial Advisor’s Clients and Prospects<div style="text-align: justify;">
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Snappy Kraken (<b><a href="http://www.snappykraken.com/" target="_blank">www.SnappyKraken.com</a></b>) is a SaaS marketing solution that helps financial advisors personalize, automate, and track marketing campaigns and business processes. Users can choose from a number of ready¬-made campaigns, each containing combinations of professionally designed and written email drip series, social media posts, ads and more. Clicks, opens, and shares are managed and tracked from within a single dashboard. Snappy Kraken, which took first place in the FinTech Startup Competition hosted by the XY Planning Network in September 2016, is lead by industry veteran and practice management consultant Robert Sofia (<b><a href="http://www.robertsofia.com/" target="_blank">www.robertsofia.com</a></b>).<br />
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I had the pleasure of speaking with Robert Sofia in May 2017. <br />
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<b>Read the transcript below or <a href="http://www.audioacrobat.com/email/EWbzV6VSB" target="_blank">click here</a> to listen to the audio interview.</b></div>
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<b>MARIE SWIFT:</b> Welcome to “Best Practices in the Financial Services Industry.” This is your host, Marie Swift. I'm joined today by Robert Sofia. I'm super excited to have him here today to talk about marketing and building your business as a financial advisor. If you are listening as an enterprise that supports advisors I think there are going to be some really good ideas for you here as well. <br />
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Robert is a marketing expert. He has personally worked with 2,000 advisors on their marketing plans. He has a ton of practice management experience. He's worked in a billion-dollar RIA. He's worked with solos and ensembles, with financial offices, custodians and insurance companies. Today, through that long journey in the industry, he is the CEO of a cool little company – but I don't think it will be little for very long. It's called Snappy Kraken. <br />
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Robert, I love your logo. It's a little red octopus with sunglasses. Tell us about Snappy Kraken’s vision and how you think about pain points in the industry. What should advisors and enterprises be thinking about today to be getting over that next hurdle? <br />
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<b>ROBERT SOFIA:</b> Boy, that's a nice introduction Marie. Thank you! That's a big question too. I think there are a few vital questions in there. One, related to the hurdles advisors face. How we see overcoming those hurdles and then how we fit into that. If I may, I'd like to take those one at a time. Is that alright?<br />
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<b>SWIFT:</b> Absolutely, jump in!<br />
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<b>CHALLENGES FOR ADVISORS</b><br />
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<b>SOFIA:</b> Really, the reason we started Snappy Kraken is because of the problems we see advisors facing. They are related to a variety of factors. So are the external forces they cannot control. Advisors have stress over the regulatory environment, the market environment and the economy, and the geo-political issues but those things for the most part are out of their control. <br />
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But when you get into the things they can control, they still have challenges. It's hard to be an advisor today because you have to differentiate from a tremendous amount of competition both from advisors next door to online brokerages which are expanding more and more into financial planning and into wealth management. So, there is that and then you have to manage the myriad technology tools. When you look at the combination of portfolio management, marketing and all the different components of that where you have your email, your compliance, your website and your social presence and everything you use for trading, client account management, and file sharing it gets really hard to serve your clients well and run your business. <br />
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That's what today's advisor has to be. They have to be an entrepreneur, a business owner, and at the same time serve other people – being that it's a service business. Those things are always at odds with each other because the time you want to devote to your clients is often times being dragged by all the infestimal little things you have to deal with. So, basically, we understand those pains and we decided we wanted to make it easier with technology. That is what we set out to do.<br />
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<b>SWIFT:</b> I've seen the recent product you just rolled out for advisors; I believe it's called <b><a href="http://www.snappykraken.com/insights" target="_blank">Visional Marketing Insights</a></b>. Am I correct?<br />
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<b>SOFIA:</b> Yes, that's one of our products. <br />
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<b>Read about the Visual Marketing Insights product launch here:</b> <b><a href="http://www.prnewswire.com/news-releases/martech-newcomer-snappy-kraken-announces-dynamic-automated-marketing-product-for-financial-professionals-300447000.html" target="_blank">http://www.prnewswire.com/news-releases/martech-newcomer-snappy-kraken-announces-dynamic-automated-marketing-product-for-financial-professionals-300447000.html</a></b></div>
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<b>MARTECH TO THE RESCUE</b><br />
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<b>SWIFT:</b> It occurs to me that technology is just part of the solution because what Snappy Kraken has brought through is the communication aspects -- the technology is “just” the delivery mechanism. So, could you talk a little bit about communicating appropriately from the advisor’s point of view out to the general public and how to engage people visually?<br />
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<b>SOFIA:</b> I'm happy to do that – but I’d like to note that Visual Marketing Insights is really just a small part of what Snappy Kraken is doing. In fact, you mentioned our octopus logo. The idea behind that is of course to have a little fun but it's also because there are a myriad of tentacles that go out from our API junction, which is our system that can connect to any system. So, we can connect not only on the marketing a communication side but also on the practice management side, and also through CRM and other tools that advisors may use. So, the idea is to create a junction where everything can be managed from one place. And, that includes the communications. <br />
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Visual Marketing Insights is just an example of one form of communication that is designed to help the advisors engage their clients more effectively – which should be part of an overall omni-channel fully integrated client approach to client service. When you think about today's consumer they are used to engaging with brands and with companies that they patronize on a number of levels. They will visit their website, visit their social profile, come into their office, talk to them on the phone, use appointment scheduling software, they will login and check their accounts, they will do all types of things and they expect the experience to be constant across every channel. That's something that builds trust and that's something people expect from their relationships with companies. <br />
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So, when you engage with a company on one channel, you expect the experience to be the same as how you engage with them on another channel. Advisors struggle with that because they end up using all these different tools that are disconnected so their clients have different experiences. The problem is, it creates confusion and undermines trust. <br />
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If you go to an advisor’s website and there are all these different services and products but they all feel different because their experience logging into their accounts is different than their experience they have with social media versus on the website. That's a problem. So, what we're doing just with our Visual Marketing Insights product is that we are creating campaigns. Single campaigns so the clients experience it the same on every channel. What that does is it actually builds trust and reinforces that relationship with prospects in a way to lead them to a desired outcome. So, if they enter a campaign from a social media channel or from your website or from an email or from any method that is used to promote that campaign, they will enter and stay inside that campaign while the messages they initially expressed interest in are continually reinforced until they are ready to make a decision to meet with the advisor or to further the relationship in some way. So, the Visual Marketing Insights product is just a component of just that concept. <br />
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I know I digressed a little to explain the concept but it really explains how we think about the marketing and the client service we are helping advisors perform. So, this pre-launched product is highly visual. It's very interesting, it touches on current issues of concern in the marketplace from consumer perspectives. We look at what's trending. We look at what's happening in either the political environment, economic environment in the markets or just with people's lifestyles. We build entire campaigns around a theme and we give the advisors the ability to personalize and deploy those campaigns from one source easily. And, to track and measure those effectiveness of those campaigns so they know the marketing dollars they are spending and the technology dollars they are spending are returning on their investment.<br />
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<b>TURNKEY MARKETING SYSTEM FOR ADVISORS</b><br />
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<b>SWIFT:</b> I'm looking at your most recent news release where you announce the Visual Marketing Insights system. It's an ongoing turnkey subscription and the introductory price is just stunning – just $39/month if advisors sign up during this initial launch period. There is also a 60-day free trial.<br />
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Let’s also talk about “snackable” content. I love that term. I'm just going to read this, a couple of sentences:<br />
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To increase the shareability, each visual is just one piece of a larger campaign meant to dazzle clients and prospects while informing them quickly. Each communication is paired with a related stand-alone webpage, also known as a landing page, and this serves as another source of traffic, readership and email list building route for financial professionals while also making it easy for people to link to and share the content via social media. <br />
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Could you talk about the value of that landing page?<br />
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<b>SOFIA:</b> Well, a lot of marketing content out there is just noise to people who receive it. You have the constant barrage of emails, social media posts, and mailers. People drive down the road and are hit with billboards, radio advertisements, and so forth. It's just non-stop. So, people tend to tune out. When they actually tune-in, and that's the key to the snackable content, they need to see something that is visually appealing and easy to access and hopefully interesting enough to motivate somebody to click through. When that happens, you need to make sure you're maximizing the impact of that communication, that chance. It's like a little window, a rare glimpse, that somebody is getting into your business and they've just expressed interest. And if you merely broadcast content for the sake of content then you are missing opportunities. <br />
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So, what we do is we create content that is designed to capture interest and then we always have a purpose for that content. There is an objective or goal on every place where that content is featured. In this case with this product, if it's an infographic for example, then below that infographic there will be a call-to-action and it will be designed to capture information. That landing page allows you to have a little bit of introductory text, perhaps a financial lesson. Perhaps a bit of credibility that you can build into the content so it's just not content, its content and business building with lead captures so the effort really pays off. That's a big part of our focus with the landing page. It has a purpose and it's designed to grow business.<br />
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<b>SWIFT:</b> I love everything about this campaign-driven approach you are taking. I've seen some of the creative work and it's stunning. It's looks like the kind of content that comes out of a big New York advertising agency but the only thing is it's better because it's specifically for advisors. It's from people who really know what advisors need – all the compliance and language issues and so forth. <br />
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I love that in your dashboard the advisor can actually go in and customize to an extent that I really never seen before – and it's still stunning and beautiful visually. <br />
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I want to take you a little higher level now. I know we've been talking a lot about this current product but I'd like to hear how it fits into everything else that you doing. This is just one thing that the Snappy Kraken is doing in the industry, right?<br />
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<b>TIP OF THE ICEBERG</b><br />
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<b>SOFIA:</b> Yes. So, there is a lot that is still in store. We are just getting started. This product is one to collaborate with our early users and gather their feedback and work with them as we continue to build out our feature set because what we really envision, Marie, is a time when advisors will be able to access one place and conduct business from one place online and their clients will have one experience and access their advisor in one place online. So, we want everything integrated. <br />
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For example, we are working on integration with trackable phone numbers. So, phone numbers can be run through the system and be monitored and measured for retargeting pixels so that anybody that visits these sites can be retargeted online through advertising. We are working with integrations with key CRMs, key website providers, etc. so that everything that happens on their website and the marketing through our system and the activity in their CRM are linked. So even activities such as when a client is about to turn 70. Our system will recognize that and automatically begin to send them a campaign if they have qualified money in an account that talks about how they can use their RMDs – and it will also notify the advisor. Or if the client has an anniversary and been with the advisor for a year automatically our system could trigger a gift to be sent to the client based on their preferences and based on the budget that is set for that client based how they are segmented in the CRM. <br />
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So, with an automated omni-channel marketing and business management platform, which is what we've set out to build, the goal is to take everything out of the hands of the advisor except what he is really uniquely qualified to do: meeting with clients, gathering assets, speaking to them face-to-face and over the phone; we want everything else to be automated. You can with technology today because there are thousands of tools – but we are not out to build another tool. What we've actually built is in conjunction … something that leverages tools. In fact, we have over thirty integrations in our system with outside tools yet you would never know that within our system. It feels like it's only one tool. <br />
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So, as we build out integrations and extend our tentacles to other services and products we aim to become "the hub" for advisors to conduct business and marketing so that practice management and everything that they have to do has been automated as much as possible. That is our vision. Visual Marketing Insights is a way to demonstrate the potential because it covers email and social and landing pages and personalization and other things all from one place. It's just a start but there are only five or six channels integrated into it. Potentially there will be hundreds in the future and that's our vision. <br />
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Some of our enterprise clients who are going to be deploying this will have more of this functionality and we are working with them on custom content. So, a company that has a specific product set or advisors with a specific profile can actually have their own library with their own custom campaigns. Their own custom workflows, business processes and forms all can be personalized by that advisor, stored securely and help those enterprises to build relationships with the advisors and help them serve their clients better. These are just a few of the things and I could go on all day but we have a lot of exciting things in store.<br />
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<b>XY PLANNING NETWORK – START UP WINNER</b><br />
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<b>SWIFT:</b> I love everything about what you've shared today Robert. It's no surprise that you won the Fintech startup competition last year hosted by the <b><a href="https://medium.com/@snappy_kraken/snappy-kraken-chats-with-bill-winterberg-48e803d66010" target="_blank">XY Planning Network</a></b>.<br />
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<b>Click to watch a cool video interview that Snappy Kraken’s founding team did with fpPad’s Bill Winterberg: <a href="https://medium.com/@snappy_kraken/snappy-kraken-chats-with-bill-winterberg-48e803d66010" target="_blank">https://medium.com/@snappy_kraken/snappy-kraken-chats-with-bill-winterberg-48e803d66010</a></b></div>
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So, congratulations on all your success. It's really exciting to peel back the curtain and hear more about what you have in store because just this one product, the Visual Marketing Insights, is exciting enough. Everything else you've shared about one place and online and the customization and retargeting is really exciting. As a marketing professional myself I get super excited about this because it does address so many pain points for advisors and the enterprises that support them. So, with that, will you tell us how people can learn more about the latest and greatest at Snappy Kraken?<br />
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<b>COLLABORATORS UNITE</b><br />
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<b>SOFIA:</b> Sure, so we want collaborators right now. I'll be candid: we are not looking for 10,000 users to come onto our system tomorrow. We are happy to have a couple of thousand really engaged advisors who want to give their feedback and tell us what they need. Anybody that is interested in being that kind of user – a power user, a collaborator – and wants to work with us to help build something that is great for their business, those are the kind of people that should go to <b><a href="http://www.snappykraken.com/" target="_blank">www.SnappyKraken.com</a></b> and sign up for updates or register for our Visual Marketing Insights products just to try it out. <br />
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On every page, there is a feedback link. Start giving us your feedback. You'll find we are very responsive and we want to get to know you and your business. Again, just go to <b><a href="http://www.snappykraken.com/" target="_blank">www.SnappyKraken.com</a></b>. We'd love to get acquainted.<br />
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<b>SWIFT:</b> It's been great talking with you today, Robert. Thanks so much for being here. <br />
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<b>SOFIA:</b> It was a pleasure Marie. Thank you for having me.</div>
<div class="blogger-post-footer">Visit http://www.impactcommunications.org to learn more about Marie Swift and Impact Communications. Visit http://www.marie-swift.blogger.com to post a reply or read other Best Practice profiles.</div>Anonymoushttp://www.blogger.com/profile/18223031810652431388noreply@blogger.com5tag:blogger.com,1999:blog-2253482211213829524.post-64202236911456947152017-06-02T15:30:00.000-05:002017-06-02T15:40:26.888-05:00On Becoming an Elite Advisor: Insights from Tony D’Amico of Fidato Wealth<div style="text-align: justify;">
Working with top advisors like Tony D’Amico, founder and chief executive of Fidato Wealth (<a href="http://www.fidatowealth.com/" target="_blank"><b>www.FidatoWealth.com</b>)</a>, is a real joy. I spoke with Tony to uncover some of his secrets to success. Tony provides some great insights for fellow financial advisors. There are lots of great ideas and much to emulate here.<br />
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<b><a href="http://www.audioacrobat.com/email/ENnV4Vkwg" target="_blank">Click here to listen to the audio recording</a></b>.</div>
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A transcript of the interview is posted below.</div>
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<b>MARIE SWIFT:</b> Well hello and welcome back to Best Practices in the Financial Services Industry. This is your host, Marie Swift, and I'm joined today by Tony D'Amico from Fidato Wealth, a fee-only firm that provides comprehensive fiduciary advice. Tony has just crossed some very interesting milestones and is now in what I call the “elite advisor group.” I wanted to have Tony today on the show to talk a little bit about his career progression and how he's built his team and why he is now in this elite category. According one of the industry’s top coaching organizations, he's meeting the standards that the top 1% of all advisory firms who are in this category are meeting. So, it has to do with growth, but not just growth for new growth’s sake, but also expanding relationships with existing clients and retaining the clients you have. It also has to do with, of course, growing the team so that there is not just the same client experience, but maybe even a better client experience. So, Tony, welcome.<br />
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<b>TONY D’AMICO</b>: Hi, great to be with you today Marie. <br />
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<b>SWIFT:</b> Thank you so much for spending a few minutes with me here this morning. Maybe you could just start by telling us about how you got started in the business, how long you've been an advisor and take us through where you are today.<br />
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<b><a href="https://2.bp.blogspot.com/-svmShGdy8jM/WTHH34w-2VI/AAAAAAAABqU/045BlmqO-RQFBxIhdd_lfRtH3d6jLyl_gCLcB/s1600/Tony%2BD%2527Amico_Head%2BShot_web.jpg" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="266" data-original-width="355" height="238" src="https://2.bp.blogspot.com/-svmShGdy8jM/WTHH34w-2VI/AAAAAAAABqU/045BlmqO-RQFBxIhdd_lfRtH3d6jLyl_gCLcB/s320/Tony%2BD%2527Amico_Head%2BShot_web.jpg" width="320" /></a>D’AMICO:</b> Sure, that's great. I first started in personal finance in 1999. I first started out in life insurance, long-term care insurance and disability insurance. I started in that avenue of personal finance and things kind of grew very gradually from there. In early 2010, I obtained my series 65 and basically, I started my own RA and began working with clients in a much more comprehensive manner. It's been a great journey. I started off in one aspect with personal finance and just grew very gradually over the years to now be providing comprehensive financial planning and wealth management.<br />
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<b>CLIENT FOCUS, BUSINESS SUCCESS</b><br />
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<b>SWIFT:</b> So, you've recently crossed over a certain threshold of assets, you've added new team members, a new position and improving the client experience. Maybe you could talk a little bit about how you begin with that client focus and how's that helped with the business success. <br />
<b><br />D’AMICO:</b> Sure, when I started off, I started off as a solo practitioner, which I really enjoyed. Our focus has always been to help clients achieve their financial goals in a proactive manner and, with that focus, forged some really good relationships with clients and enjoyed providing that comprehensive planning experience. As things grew as we attracted more clients and expanded relationships with existing clients, there was the need to add staff members to make the client experience consistent and also to continue to improve each step of the way. That's kind of the nice benefit of growing as a firm and adding the team members, support financial advisors and administrative support to ensure that client experience continues to be successful and improve. Part of that improvement is having multiple team members that allow for multiple perspectives and also allow for more services to be provided. I think we are able to go a little bit wider in the service offering as far as what we are doing and the standards of care we are providing. It's been a very nice and important part of this process for us to continue, not only in growing new clients but more importantly expanding existing client relationships. <br />
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<b>ELITE ADVISOR INSIGHTS</b><br />
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<b>SWIFT:</b> In this report I was referring to it says that the elite advisors, based on their research and opinion, have lost fewer than three clients over the past year. I believe your retention is quite remarkable and maybe you can address that in your next little bit of commentary as well as talking about your marketplace. You're not in Chicago or Orange County. You're not in a big metropolitan area. If you could, please address the retention factor and growth in a smaller marketplace.<br />
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<b>D’AMICO:</b> I'll start with the growth piece. I read in the report that the top 1% of advisors attract about twenty-five million in new assets each year. We are proud of the fact that in 2016, we greatly exceeded that. We are humbled by that fact. I work with one of the leading industry consultants for registered investment advisors and he has knowledge of our marketplace. He says it's very common that the top advisors are in about the fifteen-million to twenty-million-dollar mark in what they are about to achieve in new client assets each year. I'm just very happy to be well above those benchmarks. That's an affirmation to me that some of the things we've implemented along the way have worked. It's a sign that things are going well and the client experience is good, which has translated into growth.<br />
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Equally important, if not more important to me, is the retention rate for our customers. We do meet those benchmarks, as well as, far as retention and how many clients are lost in a year. We are happy that we are meeting those benchmarks, because we’re not only keeping a client relationship but most importantly expanding client-based relationships by providing more services and helping with more aspects of their financial plan. Maybe we help by going deeper into their estate plan, tax planning or strategic Roth conversions or perhaps other different types of financial planning. I wish there was a metric out there that measured client expansion and not just the retention because we’re certainly surpassing it. Nonetheless we are extremely humbled and happy that we are on the right track on the growth, but more importantly retention and expansion with existing clients.<br />
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<b>ATTRACTING TALENT TO THE TEAM</b><br />
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<b>SWIFT:</b> One of the things I heard you say earlier when we were talking offline was attracting the right team members in a smaller marketplace Its not like the sky is the limit in your smaller markets. So maybe you can talk about how do you attract such good people to join your firm? Is it incentives? Is it vision? Is it leadership? Maybe all of that?<br />
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<b>D’AMICO:</b> The recipe for a good company is having the right talent. We are in northeast Ohio and our headquarters are in Strongsville, OH. There isn't as much talent here as there is in, let's say, Chicago or Dallas or California. The talent pool is smaller and I think it makes it challenging. It takes more time to find the right person. You really have to know who you are looking for, which is the key, and making sure there is very good cultural alignment. So my focus has always been people's character, culture set, maturity and direction. I think those are some of the key ingredients that are a good indication that you have the right person. If you have the right person, I believe you can train people on perhaps on certain aspects of financial planning or investment management. But I don't think you can train cultural fit. <br />
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So, I think that it's been great for us that we do have a strong corporate cultural identity. We have a clear mission of exceeding client expectations, being a fiduciary, and providing comprehensive financial planning. We help clients achieve their financial life goals in a proactive manner by not being afraid to do the work that's needed to really make that happen and form some good relationships along the way. As a result, we've looked for people that have that same sort of internal drive and that same motivation for wanting to make a positive difference in peoples’ lives. We look for people who want to be in the fiduciary model, whether or not they used that model previously or were with a firm that wasn't providing as much of a comprehensive planning experience. So those are some of the key things we look at, but that's just the starting point. <br />
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From there you have to nourish that ongoing relationship. It's just like a client relationship. What you put into it is what you're going to get out of it. Really knowing your team members and in my case, being the leader, knowing where your team members are professionally and personally is key. You should be aware of what their goals are, since everyone has different goals. You need to really understanding where they are in meeting their goals and what their strengths are and the areas in which they need to grow. Just having a positive and ongoing collaboration with them in a good relationship is really key, especially when you are working within a team where there are five or so team members that are working in cooperation for the benefit of a shared client.<br />
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<b>PROFESSIONAL CREDENTIALS</b><br />
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<b>SWIFT:</b> So, you are a registered SEC investment advisory firm. I also read in a recent announcement from your firm that you've also achieved the CFP designation, the marks of distinction. I wonder if you can talk a little bit about your own commitment to ongoing education and professional development.<br />
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<b>D’AMICO: </b>Thank you for bringing that up. Achieving both of those milestones has been a great accomplishment. We believe that achieving those milestones again signifies that we are doing the right thing as a firm. As far as obtaining the CFP marks, I'm definitely very proud of that and humbled by the response I’ve received. Since I started in personal finance in 1999, I have always had that lifelong learner bug, so I love to learn something new every day. I love to read articles pretty much every morning. I think it's really important. Whatever somebody does in their career – whether they are a financial planner, or a doctor or a carpenter – it is important always to be learning and growing. Things change, new information comes out, new laws happen. So it's really important to continue with that ongoing learning and development and apply that knowledge, as well, for the benefit of your client.<br />
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I'm really happy to earn those marks. That achievement was important to me to continue to that progression of learning on an ongoing basis.<br />
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<b>SWIFT:</b> Tony, congratulations. Thanks so much for being here today. I'm impressed by your ongoing success. Could you tell people how to learn more if they are hearing this audio and would like to check out your firm?<br />
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<b>D’AMICO:</b> Sure, our website is a great place to find information about Fidato Wealth and the services we provide. You can also inquire about employment opportunities. Our website is <b><a href="http://www.fidatowealth.com/" target="_blank">www.FidatoWealth.com</a></b>. <br />
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<b>SWIFT:</b> Well, Tony, thank you so much. Congratulations on your ongoing success. It's been a pleasure talking with you.<br />
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<b>D’AMICO:</b> Thank you, Marie. It's been great catching up with you today.<br />
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<div class="blogger-post-footer">Visit http://www.impactcommunications.org to learn more about Marie Swift and Impact Communications. Visit http://www.marie-swift.blogger.com to post a reply or read other Best Practice profiles.</div>Anonymoushttp://www.blogger.com/profile/18223031810652431388noreply@blogger.com1tag:blogger.com,1999:blog-2253482211213829524.post-45595312916190968122017-05-11T16:56:00.002-05:002017-05-11T16:59:25.887-05:00Financial Advisors / Plan Advisors: Are You Asking the Wrong Questions? Retirement Planning Expert Ed Dressel Says You Might Just Be<div style="text-align: justify;">
<a href="https://1.bp.blogspot.com/-zB715hZ87cs/WRS6M-L8oKI/AAAAAAAABpU/RNxb9DG6G_ApJ1FEnxi_JnwiPqybINW4gCLcB/s1600/IMG_6620%2Badj.JPG" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="240" src="https://1.bp.blogspot.com/-zB715hZ87cs/WRS6M-L8oKI/AAAAAAAABpU/RNxb9DG6G_ApJ1FEnxi_JnwiPqybINW4gCLcB/s320/IMG_6620%2Badj.JPG" width="320" /></a>I met Ed Dressel, CEO of the firm that makes TRAK retirement planning software for financial advisors, through a mutual acquaintance. I have since taken a deep dive into the financial planning software and listened to Ed tell his story a couple times. What he says makes a ton of sense to me, so I invited him to record a Best Practices in the Financial Services Industry interview.</div>
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<b><a href="http://www.audioacrobat.com/email/EVshn9H6b" target="_blank">Click here to listen to the audio recording<edited aa="" account="" audio="" is="" now="" ready="" via="">.</edited></a></b></div>
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A transcript of the interview is posted below. </div>
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<b>MARIE SWIFT:</b> Well hello everybody and welcome back to Best Practices in the Financial Services Industry. This is your host, Marie Swift. I'm joined today by Ed Dressel, who is President and CEO of Retirement Readiness Solutions (formerly known as Trust Builders, Inc.).</div>
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Ed’s company produces transformational retirement planning software for advisors. The desktop version is called TRAK and the cloud-based version is called TRAK-Online. Details are available at <b><a href="http://www.asktrak.com/" target="_blank">www.AskTRAK.com</a></b>.</div>
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Ed, welcome to the show.</div>
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<b>ED DRESSEL:</b> Nice to be here, Marie.</div>
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<b>SWIFT:</b> So, one of the things we were dialoging before the show was about 401(k) advisors and the things they get wrong and participant engagement success with their clients. So, could you talk a little bit about this? I think you know a thing or two about how engagement and participation can make a big difference for 401(k) advisors.</div>
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<a href="https://4.bp.blogspot.com/-IY0OBofHQXA/WRS8zDjQVZI/AAAAAAAABpY/FHs9QhGKTug-sXE5kPJiWpi6EV2ZIPuvACLcB/s1600/Ed%2BDressel%2B200x200.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="200" src="https://4.bp.blogspot.com/-IY0OBofHQXA/WRS8zDjQVZI/AAAAAAAABpY/FHs9QhGKTug-sXE5kPJiWpi6EV2ZIPuvACLcB/s200/Ed%2BDressel%2B200x200.jpg" width="200" /></a><b>DRESSEL:</b> Yes, we've been focusing on this area for 30 years, partly in the performance area review world and for the last 10-15 years in the 401(k) world. In participant meetings there are a lot of things that could be done differently, if we say it nicely. If you look at one of the umbrella aspects: advisors are not providing effective motivation and we can put details under these umbrellas.</div>
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Number one is that they are answering the wrong questions. If an advisor walks into a room and asks the participants, "What are they key questions that you need answered today?" <br />
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Often, they are going to hear about fees, funds, allocations. Those don't engage anybody. Those don't get anybody leaning forward. Those don't get people excited to talk about retirement. Those are very academic. They are important, but they don't get people saying, “I'm looking forward to this meeting.” Rather they create meetings people don't want to be in. But if you say, “I'm going to answer a question for you today. In this meeting, I'm going to tell you if you can retire.” People are going to perk up and say, “That's really about me.” They answer the question: Can I retire today? If you can provide that in the room, rather than taking a passive approach and saying, “Today, in this session, we are going to talk about fees, funds, allocations. Afterwards, I want you to go to a web portal, learn how to log into it and figure it out. And figure out if you can retire.” Instead, if you can say, “I'm going to tell you if you can retire today” and bring that answer into the room, we are going to take a different approach rather than a passive approach to the retirement planning. We can take it into the room.</div>
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<b>BEYOND THE ABSTRACT </b><br />
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We also talk abstractly to a participant about what it means to increase their contributions. Let me give you an example. If I ask an advisor, I'd like you to increase your contributions from 3% to 5%. Advisors don't know what that means as far as take home pay, which is the number everyone cares about. How does it impact what I'm taking home? It's very abstract to say go from a contribution of 2% to 5% or 2% to 4%. But if we could show a participant the small steps they can take, they would be much more ready to say, "Oh, I can afford $50.00 a paycheck." <br />
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Another part is we expect a big step from them rather than showing them the small steps. We can show them and show them from a gap analysis, needs analysis that they need to go from 2% to 12%. That will cause most people to say, “I can't retire.” But if we can show them they can go from 2% to 4% or 6% this year, and next year we will revisit it. If it costs them $50.00 a paycheck to increase their contributions we can come back next year and say, “can you afford $50.00 more?” So, we can spend it over time, increase it and get to the goal, rather than saying we need to swallow the whole chunk today.<br />
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Delaying action is easy to show using our tools, and this is especially important for younger people - and younger people may be the hardest people in the room to get engaged. Younger people don't understand the cost of delayed action. They say, “Well, I can start next year.” For a younger person, the longer the delay, the bigger the cost. It doesn't affect the people closer to retirement, but the further they are from retirement, the steeper the cost is on delayed action. We motivate young people by saying, "you should start today because even waiting a year going from 2% to 4% can costs you thousands of dollars over time.” So, that is really helping the participant engage and look at retirement as a practical, meaningful aspect. <br />
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The other one is a little bit different: the metrics advisors talk about. They only focus on how many people in the room are participating. The more important metric is how many people are participating in a way that allows them to have a successful retirement? Being able to answer the second question, by saying everybody is participating, but only at 2% or 3% contribution, then that's not success. Success is when participants can anticipate having enough money for retirement, based on the metrics of saving correctly. That's a much more meaningful metric to provide to the plan sponsor than saying, “Well, I got everybody participating at 3%.” <br />
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It's really helping people motivate participants and providing good information to the plan sponsor that proper metrics are related to real world data. <br />
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<b>MISSION TO HELP ADVISORS </b><br />
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<b>SWIFT:</b> You know, you bring up so many good points. One of the things I hear is your mission to help advisors help more people retire successfully. I imagine there are a host of other benefits for the plan sponsor, as well as the advisor. Could you touch on those other benefits? <br />
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<b>DRESSEL:</b> One of the key benefits is employee satisfaction, especially amongst the millennials. Studies have come out that showed millennials really want to be able to retire successfully. They are going to appreciate any plan sponsor, any employer that says, “I'm providing you more than just a retirement plan. I'm going to show you that you can retire successfully.” It's been a lot of fun. Even at the advisor level, I was talking to an advisor the other day and showed him the reports we provided. He said, “I want somebody to provide this for me.” Well, that's advisors saying that – and just think what it will do to the participants when they understand it. It becomes meaningful information. The plan sponsor isn't just providing a plan but providing information on what it means to retire successfully and people are engaged in the process, so they appreciate more of what the plan sponsor is doing and hopefully will help cut down on some of the turnover rate that employers are experiencing. <br />
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<b>WHAT DOES “TRAK” MEAN?</b> <br />
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<b>SWIFT:</b> Indeed. So, you mentioned the reports that you provide. Can you talk a little bit about the tools and the reports and the TRAK? What's that stand for? <br />
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<a href="https://3.bp.blogspot.com/-MeTQytaxY-c/WRS-NRl4rjI/AAAAAAAABpg/VIHuUPyY2tsCQl8evMR1d8STP11Wb941wCLcB/s1600/asktrak_logo.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="140" src="https://3.bp.blogspot.com/-MeTQytaxY-c/WRS-NRl4rjI/AAAAAAAABpg/VIHuUPyY2tsCQl8evMR1d8STP11Wb941wCLcB/s200/asktrak_logo.jpg" width="200" /></a><b>DRESSEL:</b> Yes, <b>TRAK</b>, stands for <u><b>T</b></u>he <u><b>R</b></u>etirement <u><b>A</b></u>nalysis <u><b>K</b></u>it. Our branding is <b><a href="http://www.asktrak.com/" target="_blank">AskTRAK</a></b>, which means Ask The Retirement Analysis Kit for retirement planning questions. We can work in a group level with census data that has a few more data points than people are used to asking, but we can import that and provide a customized report for each individual in the room. Each member of the plan and the participants get to see where they are at. They can see a gap analysis statement on the first page, which allows them to see where they are in retirement planning. If they are fully funded or if they need to go from their 3% or 4% to 8% or 9% or 12%, there are some options in there to configure. A lot of configuration options work with a Roth, because there is a lot of detail there. <br />
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We also show them how that affects their take home pay. That's the number they care about. If going from 3% to 12% only costs me fifty cents a paycheck, no big deal. But if it's going to cost $400, then it becomes a talking point. Down below there are other actions on whether they want to wait a year before they start saving more, or if they want to retire a year later. <br />
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The third item is if you have outside assets that are not included in this plan, an advisor can talk to them at the group level. If you have outside assets, you may want to consider rolling them into the plan. The plan may have lower fees. The plan is easier to manage and to talk to the advisor one-on-one. That helps the participant to start thinking about, “what about my outside assets?” Now a lot of them won't have it, but the few that do can result in a significant increase in the plan assets. There is a one-on-one tool that an advisor can use with participants that might say, “You know, the one-page isn't as complicated as I want,” or “I do have outside assets that I’d like to add to see what it does for my retirement goals.” You can customize it.</div>
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Once you have the basic data in there, you can sit down with the participant and, in 5-10 minutes, provide a decent retirement needs analysis, add those outside assets and show them where they are at and what they need to be doing. This provides a very easy way of engaging each individual in the plan. The other part is that somebody can't go from 3% to 13% contributions. We can show them another report that you can attach that shows small steps going from 3% to 5% to 7% to 9% and what those increased deferrals do to their take home pay, and what the future holds for that at different rates or returns. You've got a lot of information in these reports. Some advisors say, “That's way too much information.” But I've watched participants in meetings really enjoy seeing their information presented in a report in a way that is tangible to them. That leads them back to talking in a very concrete way. “What are the fees? What are the funds? What are the allocations?” Those become a lot more meaningful when somebody is engaged in the plan and increasing their savings and starting to really think about, “I'm really going to be able to retire.” <br />
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<b>WORKS FOR PRIVATE CLIENTS, TOO </b><br />
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<b>SWIFT:</b> Yes, that is really exciting. Does TRAK, The Retirement Analysis Kit, also work in reverse? Let's say I have clients and am an advisor and clients come into my office and they are not really there for the plan so much as their outside assets? <br />
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<b>ED:</b> Yes, we have a lot of advisors (that's the world we come out of, it's the 403b world). I call it the retail-advising world. A lot of advisors use their software in that context. People may say, “Well, I use e-Money.” If you are doing a full financial plan, and you want the complications of e-Money, we are not trying to compete with them. We work in a world with Middle America where we can answer questions very quickly. You can do a full retirement plan with somebody in 10-15 minutes, without having any data in the software, and show them where they are at, where they need to be and talk to them about their other assets. It's a very engaging tool, as it can be used interactively with a person and it's not intimidating like, “Oh, I missed that data point.” It's very self-explanatory. Most of our user base uses the software interactively with their clients in that context. <br />
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<b>REAL-LIFE ADVISOR EXAMPLE</b><br />
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<b>SWIFT:</b> You know we were just down at the T3 advisor conference and you had an advisor who was co-presenting with you talking about how he uses The Retirement Analysis Kit to build relationships and serve more people. What is his name? Wade?<br />
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<b>DRESSEL:</b> Wade Murphy. <br />
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<b>SWIFT:</b> Could you talk a little bit about Wade? <br />
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<b>DRESSEL:</b> Wade is an advisor in Southern California, mostly on the 403(b) side, but works some 401(k) plans as well. He's been using our product forever and is a big advocate of AskTRAK because he gets people leaning forward at his desk. He gets 401(k) participants looking at the reports. He can be efficient. He doesn't have to tell the lower income America, “I can't afford to work with you,” because he can provide the reports very effectively in an engaging way, where the people appreciate the amount of information they are getting and are able to take action. The key aspect in retirement planning in individuals is to provide them enough information, enough analysis, where they take action. If we provide too much and go away saying, "let me think about it," that's going to cause them not to take action. <br />
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Wade is a fun presenter, a well-informed advisor and it's been a pleasure working with him. He's been an advocate for us for twenty-five years now, almost thirty years of using our software and helping people retire successfully. <br />
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<b>SEQUENCE OF RETURN PLANNING </b><br />
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<b>SWIFT:</b> Wow, that's really something. Recently you had some news releases that came out. I think one of them was sequence of return planning. Could you talk a little bit about that and anything else you have on your product roadmap? <br />
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<b>DRESSEL: </b>Yes, we introduced sequence of return planning recently. We want to do a quick retirement plan with somebody. So, with just 5 or 10 minutes with a 401(k) plan, we can do a quick retirement plan. If an advisor wants to do a little bit more sophisticated tool, we can grab the sequence of return tool and select the historical assets that we want and look at what would happen if they selected a historical market index and how would that have done in retirement. How would they have succeeded and/or failed? It's kind of like a really quick Monte Carlo without having to spend all the time explaining Monte Carlo. It literally can be done in 2 minutes, rather than say, “I'm going to start with college 400 series in retirement planning.” We started with college level 101 and then moved it up to 201 really quickly. If you are selling annuities or indexed annuities and you a want to illustrate annuity limits on the product, whether it be point-to-point or caps or spreads you can add that to the historical index, and say, “Here's how the annuity would have helped or hurt you in retirement.” You can provide a quick analysis for them. For some people, you cannot justify the time and/or it just doesn't make sense - maybe it's a younger person. You don't want to get into sequence of returns with them yet. That's beyond the scope of the conversation. You just never go to that tab, you just focus on the tabs that you want. <br />
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So, we are constantly adding new features to the software. The next major set feature will be an asset allocation or a bucket strategy where you can allocate different buckets, which is a popular model, also called a “ladder strategy.” Let's start with a five-year bucket, then we will do five to ten, ten to twenty etc. We are working on a very elegant solution. Our goal in our design in our software is not to illustrate the nuance of the products or the world, we are trying to illustrate it so a person understands what you are doing. They understand what an advisor is trying to say in a way that makes sense to them. It will make sense to the advisor because they are around it all day long. But a client doesn't come in thinking, “I really want to know about retirement,” and studying about it hard. They often come in flat-footed and our tools and methodologies are a little bit different than others. Where we are helping people connect to what they need to do and why they should take action today. <br />
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<b>SWIFT:</b> Wow, it sounds great. So, tell us how we can learn more. <br />
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<b>DRESSEL:</b> We have a web portal, website at: <b><a href="http://www.asktrak.com/" target="_blank">www.asktrak.com</a></b>. You can download our windows version and there is also a web portal version at <b><a href="http://www.online.asktrak.com/" target="_blank">www.online.asktrak.com</a></b>. <br />
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You can try a two-week demo there and take a look at the tools. Now, if you are getting into the 401(k) tools, I'll tell you right off the bat that they are not self-explanatory. They are a little bit complicated in importing census data. Give us a call. We have a sales staff and a support staff that can answer your questions. We are not just here to sell you products. We have people in-house that will help work through your issues and get you going with it. It will really help you understand, and moving forward, get engaged. We not only want to sell you our product but we want good word of mouth from your experience. <br />
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<b>SWIFT:</b> Ed Dressel, thank you for your time today. It's been a pleasure <br />
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<b>DRESSEL:</b> Thank you, Marie. <br />
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<b>SCREEN SHOTS OF THE RETIREMENT READINESS TOOLS </b><br />
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<b><a href="https://online.asktrak.com/" target="_blank">TRAK-Online</a></b>, is a transformational retirement planning solution for advisors. By changing the focus of retirement planning conversations from sales to education, TRAK-Online helps educate clients and engages them in the retirement planning process, resulting in them understanding your value as a financial advisor. With TRAK-Online, you can be there when your clients need you. With only an Internet connection and a standard browser, you can support more collaborative retirement planning meetings. <br />
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Take the guesswork out of financial planning. Many individuals who are nearing retirement are filled with fear, doubt, and confusion. With TRAK, you can show your clients’ options in form of a report, chart, or graph. Powerful visuals engage clients and easily illustrate how factors such as retirement age, life expectancy and inflation affect the likelihood of success or failure. <br />
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These visuals will give your clients peace of mind about their retirement plans and financial future. Advisors can use the Retirement Analysis feature in the Sequence of Returns calculator to analyze a client's retirement plan against historical rates of return.<br />
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<span style="font-size: large;"><b>Bottom line: TRAK might just be the only financial planning software you really need. </b></span></div>
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<div class="blogger-post-footer">Visit http://www.impactcommunications.org to learn more about Marie Swift and Impact Communications. Visit http://www.marie-swift.blogger.com to post a reply or read other Best Practice profiles.</div>Anonymoushttp://www.blogger.com/profile/18223031810652431388noreply@blogger.com5tag:blogger.com,1999:blog-2253482211213829524.post-43435007493023460542017-03-17T16:05:00.003-05:002017-03-17T16:13:24.691-05:00Client Attraction, Fiduciary Standards and Business Outsourcing Ideas: New Insights from Industry Insightfuls<div style="text-align: center;">
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<span style="font-size: small;">These three subject matter experts spent some time conversing
with me about the challenges and opportunities they see in the financial
services profession. Don't miss these audio interviews (linked below) or scroll down to read the transcripts.</span><br />
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<span style="font-size: small;"><b>In this trilogy:</b> </span><br />
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<span style="font-size: small;">Wealth advisor Bill Keen (<a href="http://www.keenwealth.com/" target="_blank"><b>www.KeenWealth.com</b></a>) talks
about marketing in the digital world and why the right clientele are perpetually drawn to his RIA.</span> <br />
<b><a href="http://impact.audioacrobat.com/download/impact-20161207005947-7320.mp3" target="_blank">Download link</a> | <a href="http://www.audioacrobat.com/email/E19Gn71v6" target="_blank">Stream online</a> </b></div>
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<span style="font-size: small;">F</span><span style="font-size: small;">intech executive Daniel Satchkov </span><span style="font-size: small;"><span style="font-size: small;">(<a href="http://www.rixtrema.com/" target="_blank"><b>www.RiXtrema.com</b></a>)</span> shares his thinking on the future of the DOL fiduciary rule and ways to earn new business even if the new administration delays or derails it.</span><br />
<b><a href="http://impact.audioacrobat.com/download/impact-20161115082546-1557.mp3" target="_blank">Download link</a> | <a href="http://www.audioacrobat.com/email/EX57hqt86" target="_blank">Stream online</a></b><br />
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<br />
<span style="font-size: small;"><span style="font-size: small;">Practice management expert Nicole Newlin </span></span><span style="font-size: small;">(<a href="http://www.efficientadvisor.com/" target="_blank"><b>www.EfficientAdvisor.com</b></a>) </span>talks about overcoming the three big challenges advisors face and how partnering with the right business partners can help. <br />
<b><a href="http://impact.audioacrobat.com/download/impact-20161201145542-1745.mp3" target="_blank">Download link</a> | <a href="http://www.audioacrobat.com/email/EsDwJlRv6" target="_blank">Stream online</a> </b></div>
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<span style="font-size: medium;"><b>Take a few minutes and listen now!</b></span><br />
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<span style="font-size: medium;"><b>As seen in NAPFA Advisor magazine<br />February 2017 print edition</b></span></div>
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<div class="blogger-post-footer">Visit http://www.impactcommunications.org to learn more about Marie Swift and Impact Communications. Visit http://www.marie-swift.blogger.com to post a reply or read other Best Practice profiles.</div>Anonymoushttp://www.blogger.com/profile/18223031810652431388noreply@blogger.com1tag:blogger.com,1999:blog-2253482211213829524.post-39836201289625983082017-03-10T14:23:00.000-06:002017-03-17T14:45:40.589-05:00Wealth Manager Bill Keen Shares Business Strategy and Client Service Insights with Best Practice Advisors<div style="text-align: justify;">
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Sometimes you meet a person and you just know there’s something special about the way they do business and live life. Bill Keen, founder and CEO of Keen Wealth Advisors in Overland Park, Kansas, is one of those people. Over the years that I have known and worked with Bill, I’ve had a good opportunity to see what makes him tick – but this interview really peels back the curtain to reveal his formula for life, living and business success. </div>
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<a href="http://www.audioacrobat.com/email/EsDwJlRv6" target="_blank"><b>Click here to listen to the audio recording.</b></a></div>
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<br />
A transcript of the interview is posted below.<br />
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<b>MARIE SWIFT:</b> Hello and welcome back to Best Practices in the Financial Services Industry. This is your host, Marie Swift. I'm joined today by Bill Keen. Bill is the founder and CEO of an awesome wealth management practice, Keen Wealth Advisors, which happens to be based here in Kansas City. I've known Bill for a number of years and I'm just so delighted that you decided to join the show to talk about your clients, your business, and why you are growing and doing so well and attracting attention in the community.<br />
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<b>BILL KEEN:</b> Well it's a pleasure to be with you Marie. I've appreciated your help over the years and it is an honor to be on your program.<br />
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<b>SWIFT:</b> I know a couple of things that I'll just throw out to get the conversation going. So, recently you had a very cool event. Why don't you tell us a little bit about that and why you think that was so exciting and helpful to your business and community?<br />
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<b>CYCLING SUCCESS</b><br />
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<b>KEEN:</b> We hosted a regional cyclo-cross race Marie. It was a race on bicycles but not on the road – on grass, a hilly terrain. You might know in our prior talks that I sponsor a cycling team. Approximately five years ago, I had a client come to me and asked if I would be involved as the title sponsor of his competitive cycling team. He just retired after a long career in engineering and he got back into something he really loved doing when he was younger. Within about six months to a year, he lost 90 pounds, got his health back and was very engaged in the cycling community. When he asked me to get involved, I had never cycled before. I never had a "passion" in that area but after looking at the community and the outstanding opportunity, I agreed to sponsor the cycling team. <br />
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Fast forward now five years and I’ve been asked by the Kansas Cycling Association to sponsor a Total Team Trophy that will go to the best team in Kansas each year. So, that engenders participation from all these teams coming up, as well as encourages youth to participate. So, part of my sponsorship for the Kansas Cycling Association is to sponsor every junior entry for every child in Kansas that enters a race. That sponsorship led to this race this past weekend. We had people from all over the Midwest and nearly 160 participants. I was there handing out trophies and putting the awards around people's neck. <br />
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I've learned a lot about the cycling community in the last five years. It's just a really wonderful community of folks. There is a lot of fellowship and camaraderie involved with cycling. I just appreciate that, with the divided world we live in today, it’s great to be involved in a community like that. It's easy for me to get behind it and allocate resources towards type of event. Some might say, “How does it work with clients?” or “did you do it to promote Keen Wealth Advisors?” Not really. I did it to support my client. I did it to support him with no expectation of his immediately coming back to our firm. For me it's about getting behind things that I can see or that make a difference in the community. If you do it with that intention upfront and expect nothing in return, things come back naturally. As a result of being involved in these things, we've had folks come our way, but it’s more about attraction than promotion, if you will. It was a great day and I sure appreciate your helping make the public aware of that event.<br />
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<b>THE LAW OF ATTRACTION </b><br />
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<b>SWIFT:</b> Bill, I love what you just said about it's about attraction, not promotion. You and I are cut from the same cloth as far as that goes – it's about finding the people and having them drawn naturally to you and your solutions where you are not pushing your agenda. They come to you because they see the character, the quality of the human being you are first and foremost. So maybe you could talk about your educational initiatives. I was able to attend one recently and was impressed with the caliber of the event, the guest speaker you had and also the presence your team brought.<br />
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<b>KEEN:</b> It's important for me to step back and look at the key components that make a client successful. What makes them successful? What are the key components? For me it's about clients being educated and being engaged in the process. We also speak to a whole specific type of client, a client that understands relationships, a client that understands the need for consulting in areas outside of their own specific expertise. I always say our client base is made up of people that have already naturally lived within their means over time. They've saved. They've invested. They’ve had that intuitive nature about them. It's important for me to bring the very best information to those folks. <br />
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In the 24/7 news that we live in today, there are so many messages bombarding us that it's nearly impossible to sift through what we should be paying attention to and what we shouldn't. For me, it's about a commitment and an investment back into our clients to bring them the information that they should be focusing on. <br />
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We brought <b><a href="http://www.thinkadvisor.com/2016/08/12/how-greg-valliere-sees-the-nastiest-election-of-ou" target="_blank">Greg Valliere</a></b> in this summer. You were in attendance and I was so grateful you were able to be there along with several hundred clients. He spoke very candidly about what was happening in Washington and what we were going through in this election process. As a Registered Investment Advisor, I want to avoid any conflicts. I don't take money from any outside vendors. So, anything we do education-wise, I’m making a decision to invest the money, the firm’s capital, back into the client. That's exactly how I look at it. If you are committed to that, that creates a real barrier to entry for competitors who aren't willing to make those investments back into their clients. <br />
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That event was just one of many that we do. It was a commitment but it came off very well. You know, Marie, the video is on my blog so that folks can still go back and watch it. It's very professionally done and came out very well.<br />
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<b>ENRICHING CLIENT LIVES</b><br />
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<b>SWIFT:</b> It sure did. To your point about investing back into the client relationship, I'm going to tie over to your blog and your podcast series because not only does this help perspective clients get a sense of who you are and the expertise you and your team bring to your clients, but I would say it also helps educate and enrich your clients’ lives as well. So, could you talk a little about the motivation and your commitment to this blog and podcast series Keen on Retirement?<br />
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<b>KEEN:</b> It speaks to understanding what you believe as an advisor. What are you about? What are your core values and what do you believe about how people are successful over time? Then it’s about putting your resources behind that belief and not being afraid to have a voice. Some people will like your voice and be attracted to your voice and your beliefs. Other people will not be, and you have to be okay with that. The things you say are not going to appeal to everybody. But the energy that comes from identifying your belief system as an advisor is based on experience and what has worked, and then not being afraid to voice that in the forums available today is very powerful. It makes getting up and coming to work and talking about what you believe very effective and energizing. Again, in this median we live in today with technology, we are able to promote our beliefs via our blogs and our podcasts. <br />
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Talking about commitments, I committed over a year ago to hosting a podcast. It comes out every two weeks so there is a fresh episode every two weeks. It's out on iTunes and can also been accessed through our website <b><a href="http://www.keenonretirement.com/" target="_blank">www.keenonretirement.com</a></b>.<br />
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Having a podcast always pending keeps you engaged. I can speak from my personal experience, because I don't want to put something out online that hasn't been well thought through and that isn't relevant. If I'm asking a client or prospect to listen to this, I want them to say, "that was a good use of my time." Maybe they were on the treadmill or driving in traffic and it was something to listen to and fill the time, but I want it to be meaningful, relevant and impactful. As an advisor, doing the podcast keeps me on my game and up in stride about what I believe about what works for people. <br />
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Again, in this world of technology that we live in, we all have choices. I realize my clients have many choices. They could choose to go somewhere else. The prospects we talk to, the friends of the firm we talk to, they all have choices. In a world where 25 years ago, the brokerage firms owned all the information, you couldn't even get information without going through your broker. Today those walls have come completely down. We are in a position where we have to provide relevant value out there into the marketplace for free just to compete. Again, education and engagement help people understand who and what we are about and help them to that effect.<br />
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<b>SWIFT:</b> One of the things you do really well on your podcast series is you keep the conversation going through a couple of neat tactics. So, could you talk about your strategy and some of the famous guests that you've had on your show? How do you keep the show interesting for you as well as for the listeners? <br />
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<b>KEEPING IT FRESH</b><br />
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<b>KEEN:</b> One thing I realized right off the bat was that I'm going to be authentic. I'm not going to try and be anything I'm not or something more than I am or anything of that nature. I'm not going to worry about what people think about what I'm saying. I respect everybody, but realize that I need to be authentic first. That requires some soul searching when you are going to put things online that are going to exist and stay out there forever. My co-host, Steve Sanduski (<b><a href="http://www.belayadvisor.com/" target="_blank">www.BelayAdvisor.com</a></b>), who has been around the industry for years and is a well-respected gentleman, does a great job co-hosting the show for me. <br />
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It's just Steve and me. We will talk about a topic that is of relevance and of importance. A lot of times it's things I've just gone through in the practice. I'm still a practicing financial advisor, although I have 5 advisors at the firm in total at this time. I still stay in the business and in the client meetings with a certain group of clients that I handle. So, it keeps me really focused on the issues that are happening out there. <br />
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In the podcast, we talk about things that I'm seeing in the practice weekly and then we'll rotate other experts in. I brought in Dr. Daniel Crosby, a behavioral psychologist, as a guest recently. I brought Mitch Anthony on the program. He's talked for years about retirement planning and thinking. That was a great show. We actually had to break that up into two episodes because it went so long. I have also brought on the managing director at my firm, Matt Wilson, who is a CFP®. Joel Hamilton, who’s a wealth advisor and CFA at my firm, has come on in the past. Also, I even had one of the younger gentlemen who joined the firm on the show one day. It allows clients to hear the depth of the firm, the thinking of the firm, but also provides information that is relevant. <br />
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One last thing, Marie – if you haven't listened to this you should. Two episodes ago I had my very close personal friend and mentor on the podcast who is also an expert in the cruise industry. He specializes in river cruises. My wife and I just returned from a European cruise, which sparked a thought. Yes, we like to talk about taxes and social security, estate planning and what's going to happen with our new administration. But, why not have one about taking a cruise to Europe? So, that was a good one where people related. I had an elder law attorney on recently talking about making sure our grandparents are taken care of and are safe as they age You can probably tell I have a good time with it. It is a little stressful because I do have to be prepared and think through things, but I have a great time with it. <br />
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Energy comes from being in this business. So many things are coming at us as business owners and financial advisors that we try and navigate for our clients and be out in front of. It's important to get in touch with what we believe works for people. By having to blog and podcast, in addition to the educational events that we do each year, it keeps you up in stride. You just don't want to wing that type of stuff. <br />
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<b>ATTRACTING TALENT</b><br />
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<b>SWIFT:</b> You mentioned having a younger staff member on your podcast. One of the things I've learned, having been in conversation with you for a couple of years now, is that you do have a really good career path. Recently you were <b><a href="http://www.investmentnews.com/article/20160818/FREE/160819929/what-interns-do-and-should-not-do-for-advisory-firms" target="_blank">profiled in InvestmentNews</a></b>, one of the top industry publications, about what you do and don't do to attract the right talent. So, could you talk a little bit about how you attract all these great people to your firm and how you've grown over the past couple of years?<br />
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<b>KEEN:</b> I started in the industry over 25 years ago when you had to walk into a brokerage firm and you were required to hire a certain number of people every year. The brokerage firm manager literally handed you a phone book and said, “Start making calls.” The pep talk from the manager was basically telegraphing: “You're not going to make it, but we are required to hire x number of trainees every year.” That was an interesting time to start in the business back in the early 90s. <br />
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Today for an advisor to come into their own in this business, they face so much competition out there. I mean right here in Overland Park or Kansas City we have some pretty heavy-hitting wealth management firms what with Mariner, Creative Planning, us and others. The Mutual Fund Store was founded here within a 5-mile radius. So, a young person trying to come into the business and compete would have a difficult time. <br />
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To create a firm that is able to attract good quality young people, I start that with having an intern. Right now I have five interns at the firm. It allows the interns to get a sense for what the business is like. Some of the interns end up going on working behind the scenes in accounting or finance. I have had several go on to work on Wall Street and investment banking. I've had others go off and work in their own practices or become financial advisors in other firms, which is wonderful. <br />
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Matt Wilson, who I mentioned earlier, has 15 years with the firm as managing director and wealth advisor is pretty much my right-hand person. Matt started as an intern 15 years ago and he's been with me the entire time. <br />
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For me it's about exposing the young people to all aspects of the business, evaluating what part of the business speaks to them and really giving them the experience. Letting them see what we have to do to analyze portfolios, asset allocation, and what it means in the real world, not just in finance class. What does it mean in the real world to have real clients going through these emotional things we go through, giving them a chance to see that. Letting them sit in on seminars we deliver, learn how the business functions and seeing if there is potentially a position that could make sense to them in the long term at the firm. Eric Savio has been with me two years. He was an intern for a year. Now he's been fulltime with me for a year and taking his investment exams. He's an Investment Advisor Rep and he's making his way. <br />
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For me it's about providing an environment for young people to get an understanding of the industry as a whole, and see if there is a fit for them to come work in the practice. I tell the younger people here that it's a privilege that you have to earn to sit across the table from a client. A client comes in and they have their life savings. That's the client we are talking to: people that are going to be living on their assets for the rest of their lives. This isn't some speculation here. <br />
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This is something that is very serious. It's a privilege to be able to sit across from a client and help them think through the issues and problems they are going to be dealing with. To sit across the table from someone that’s just lost their spouse and is asking our advise because of the relationship is an honor. I drive home to my advisors that it is a true honor to be in that position and you have to earn that right. Earning that right doesn't mean you have to make a thousand cold calls a day. Earning that right means you have to be focused; you have to be attentive; you have to be willing to be a continuous learner; you have to be willing to get advanced degrees and you have to be committed. You can tell I'm passionate about that. <br />
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I believe if you look at the demographics of the advisors out there that, at age 48, I'm kind of in the middle, but there are a lot of advisors that are somewhat older than me. We have a missing piece here. We need to seed good young men and women who need to be able to provide this service that folks so desperately need.<br />
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<b>THE CHECKLIST DRIVEN PRACTICE</b><br />
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<b>SWIFT:</b> Here’s another question that I just can't resist asking you about. It's about this checklist driven process and I know we are getting a little long on this podcast so I want to give you that last opportunity to tell us about the checklist driven process and then just give me a final word of wisdom to the advisors who are listening that would like to take a page out of your playbook and emulate some of your success. <br />
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<b>KEEN:</b> I’m a pilot, Marie, and I'm not afraid to talk about that on my podcast and blogs. So much of what we do in the financial services business is helping people contemplate holistic wealth management and planning to make sure money lasts. We also deal with the dynamics of the family and all the things that go into the taxes, estate planning and insurance. The decisions that are made are life and death. It's very similar to being up in the air for me. It's a life and death matter. It's serious business. I use a checklist in my airplane before lift off every single time because there are so many things that you could miss. You can't keep track of it all, even though you've done it many times. As a result of my experience as a pilot, I implemented a checklist in our practice and use it very single time.<br />
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We talk about the fiduciary standard and the things we want to accomplish for clients. There is no way you can sit down and have a cursory conversation with somebody even if you did it every year or six months or so. Could you remember all the issues that need attention? We've created a very detailed checklist and we ensure we run through that checklist every single year for every client. Many of the items on the checklist don't apply every time, but you will see things that do apply to certain folks. For instance, do we want to convert to a Roth one year because of a huge deduction? We had a client move into a retirement community and a lot of the buy-in that year was considered a medical expense. So, they had this one-off deduction year where they could convert a substantial amount, six figures, from their IRA to a Roth and have it be a virtually tax free event. If you are not walking through a checklist like that, you are missing things and most clients don't even know they are missing opportunities.<br />
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We have an 80-point checklist for the client review meeting. As tax laws change, you change your checklist. I don't want to be using a checklist from a 1940s airplane in the airplane I fly today. I want the updated checklist, of course. It's about execution. I make the assumption when I talk to advisor groups that we are all experts at what we do and we do what we say we do. We execute for people very efficiently, so we are fundamentally sound. Our planning and investing is excellent or outstanding. That checklist is such a key to it. I hope that makes some sense to you with respect to making sure that nothing gets missed.<br />
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<b>THE THREE P’S</b><br />
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<b>SWIFT:</b> I'm looking at your website, <b><a href="http://www.keenwealthadvisors.com/" target="_blank">www.KeenWealthAdvisors.com</a></b>, where your tagline is, "Perceptive, Personalized, Precise." From everything I know about you and your firm, Bill, I’d say those three words are totally on the mark. Any final words of wisdom for our listeners today?<br />
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<b>KEEN:</b> The two things I would have to close with would simply be, first, know what you believe. Really get serious and conscious and take time away from the office to figure out what you really believe about this business and then go do what you believe. I'd share with our listeners that, Marie, you helped me come up with our tagline, “Perceptive, personalized, precise.” You spent an entire day with me, vetting what we are and were about. Those 3 P's mean the world to us and I can articulate what they mean to clients when they ask. It wasn't just some marketing thing to come up with something catchy. It means everything to us. I on-boarded a couple of new employees here this week, new team members, and one of the first things I cover is what the 3 P's mean to us as a firm.<br />
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Second, I would just encourage our listeners to listen to the podcasts that are out there. Be continuous learners and step out of the business to be open and willing to try new thinking, new perspectives. Go to the Barron's conference, go to your custodian conferences, listen and have an open mind. Look for things that could work for you. I always think I never have all the answers. I'm always looking for answers. I want to expand my belief system, hang out with people that bring me up and be willing to grow in this endeavor.<br />
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<b>SWIFT:</b> It's been delightful talking with you Bill, as always. Thank you for all your kind words on the work that we've done together, but I want to shine the spotlight back on you. You are a shining star and it's an honor to work with you. In closing, I will steer our listeners to <b><a href="http://www.keenwealthadvisors.com/" target="_blank">the Keen Wealth Advisors website</a></b> where you can find a link to the blog, podcast and just to get a better sense of what Bill and his team are all about. Thank you again, Bill, for being here today and I look forward to seeing you again soon.<br />
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<b>KEEN: </b>Thank you so much, Marie.</div>
<div class="blogger-post-footer">Visit http://www.impactcommunications.org to learn more about Marie Swift and Impact Communications. Visit http://www.marie-swift.blogger.com to post a reply or read other Best Practice profiles.</div>Anonymoushttp://www.blogger.com/profile/18223031810652431388noreply@blogger.com1tag:blogger.com,1999:blog-2253482211213829524.post-74830343218759581112016-12-20T17:02:00.000-06:002017-03-17T13:54:52.086-05:00How to bubble-wrap, scale and grow your financial advisory business. Practice management tips and advice from a long-time industry coach<div style="text-align: justify;">
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In mid-November 2016, just a few days before Thanksgiving, I had the opportunity to “talk turkey” with practice management expert, Nicole Newlin, president of Efficient Advisors, a turnkey asset management platform for independent financial advisors. <b><a href="http://www.audioacrobat.com/email/EsDwJlRv6" target="_blank">Click here to listen to the audio recording</a></b>.</div>
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A transcript of the interview is posted below.<br />
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<b>MARIE SWIFT:</b> Well hello and welcome back to Best Practices in the Financial Services Industry. This is your host today, Marie Swift. I'm joined today by <b><a href="http://www.efficientadvisors.com/" target="_blank">Nicole Newlin</a></b> who is President of Efficient Advisors. Nicole began her financial services career at First Union Securities and later in her role as VP at Wachovia Securities she crafted the vision and oversaw the implementation plan for all technology advisor education across the private client group and independent channels. </div>
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Prior to joining Efficient Advisors in 2016, Nicole was a partner at Pathfinders Strategic Solutions, a coaching and consulting firm. There she worked with financial advisors to build specific targeted plans for their practices that focused on business development, marketing, client experience, and staff development. Prior to Pathfinders she served in executive roles at both Symmetry Partners and Loring Ward. Today Nicole leads the charge at Efficient Advisors, a turnkey asset management firm that is commitment to bringing proven principles and fresh thinking to the professional management of your client’s wealth. </div>
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You can learn more about Nicole and Efficient Advisors at: <b><a href="http://www.efficientadvisors.com/" target="_blank">www.EfficientAdvisors.com</a></b>. So Nicole, welcome and thanks for being here.<br />
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<b><br />NICOLE NEWLIN:</b> Thanks Marie.</div>
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<b>SWIFT:</b> Nicole you've been working with independent financial advisors for many years now and I'm just wondering from where you sit today, what are some of the greatest challenges and opportunities for RIAs and dually-registered advisors?</div>
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<b>BIGGEST CHALLENGES FOR FINANCIAL ADVISORS TODAY</b></div>
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<b>NEWLIN:</b> Well, think there are three – which may not come as a surprise but because they are the same three perhaps we need to work harder at supporting our independent advisors. </div>
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One, of course, is compliance – managing that and dealing with even a tougher regulatory requirement. I'd say the second has to do with fee compression – something that everyone is dealing with in some fashion. And third, the oldie but goodie still remains: “how do I manage my business, offer superior client service and at the same time run it effectively as I market and grow the firm?” – so sort of the infrastructure. Those three items always seem to be rearing their head in some way, shape or form.</div>
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<b>SWIFT</b><b>:</b> Yes, I agree with you. Could you please drill down a little bit into each of those? Let's start with number one – the tougher compliance and regulatory landscape.</div>
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<b>NEWLIN:</b> Just yesterday I was talking with an advisor; we talking about cyber security. He mentioned he compared cyber security to compliance because he doesn't know what he doesn't know and he thinks he's doing everything right and hope he is until the day comes. We talked a little bit about that and part of what he's been doing and also what our firm does to really to provide more education and interpreting the new rules that have come down the pike – bringing in expertise. We have quite a few ERISA attorneys with whom we partner closely. We've worked a lot around the DOL rule, giving advisory firms support in that fashion. So part of it, I think, is understanding and then interpreting – and then, on the flip side, getting the advisor into an action plan. </div>
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For instance, providing them the right verbiage, let's say in a client agreement, so that they've buttoned up and crossed all the T's and dotted all the I's. We've helped advisors review their agreements, run them past folks to say, “you're meeting the fiduciary” or “here are some things you need to adjust.” Some advisors – and I think this is not a bad idea at all – are starting to contemplate this question: “do I want to be an IAR? If I'm really focused in on one investment philosophy and one methodology then maybe I should outsource that to a third-party provider who supports an IAR program. Maybe I want to get out of this whole being on call as the regulatory expert and instead let my third-party manage that for me because I can still brand myself as my own firm but I have compliance support.”</div>
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Then there are others that are looking at technology and tools that kind of take some of the steps out of the process so that the advisor doesn’t have to interpret every single component but instead the advisor can work with the client or prospective client in a digital fashion that makes it a little easier to get the right investment solution. </div>
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<b>SWIFT:</b> One of the things I have here in my notes to ask you about, Nicole, is around the Smart 401k program.</div>
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<b>NEWLIN:</b> Yes. One of the tools and resources that our firm has worked pretty diligently on is around a 401k solution. We have a Smart 401k program that is built to meet the fiduciary standard. That's been the mode of operation of Efficient Advisors since its inception in 2009 – we try to anticipate advisors’ needs and create solutions before they are commonly in rogue. What I really think is interesting about the Smart 401k dashboard is it helps advisors who are working with qualified plans to not only outsource the 338 responsibilities to Efficient but we give them a four-step process that actually makes it actionable. There is the “plan finder” feature that allows the advisor to research the plan and gather the data they need. There is the “diagnostic step” that really allows them to benchmark a retirement plan against others that they may be competing against. There is a whole “efficiency analysis” as well that really allows them to look at the plan specifications and determine where they can make improvements and then the proposal builder. Now they can go to that business owner / plan provider and say, “here, I can take the worry out of what you are doing day-to-day, I can compliance off of your shoulders. I can do it at a lower cost; it's a level-fee solution. It's totally transparent.” And when the advisor walks away they, too, can now know they have a 338 provider that is supporting them. And even through the process of working with that particular perspective client, we work closely with the advisor too, so they know they are staying within the right guardrails.</div>
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So programs like that I think are really important, especially in this regulatory world knowing that advisors, need to “bubble wrap” themselves – this isn't my term, I'm stealing it from someone else, but I think is a great way to describe the Smart 401k program we have. </div>
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<b>BUBBLE-WRAPPING THE ADVISOR</b></div>
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One other tool I'll mention as a potentially “bubble wrap solution” is an IRA Rollover tool that we are working on – it puts everything online and helps from the advisor’s perspective. It's really that end-client making some of the decisions and a very protective rollover program that takes commission-based scenarios into a program with a level fee. It's something we are in the midst of now and are hoping to roll out in a couple of months. I think those are the things providers who work with financial advisors should be offering and always thinking about so advisors out there know they have places they can get compliance and regulatory help.</div>
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<b>SWIFT:</b> Let's talk a little bit about your second item, the fee compression, particularly dealing with small accounts and managing clients service levels especially for the smaller investor and this whole thing we call “the rise of the robo advisor.”</div>
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<a href="https://1.bp.blogspot.com/-pXFH5P79xJ8/WFhqwD6hE2I/AAAAAAAABnU/Dgn5i4MiRR4SDcCpb-4I1KpOUIJB1sjugCLcB/s1600/bubble-wrap-1183726__340-NO-shadow.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="240" src="https://1.bp.blogspot.com/-pXFH5P79xJ8/WFhqwD6hE2I/AAAAAAAABnU/Dgn5i4MiRR4SDcCpb-4I1KpOUIJB1sjugCLcB/s320/bubble-wrap-1183726__340-NO-shadow.jpg" width="320" /></a><b>NEWLIN:</b> The robo advisor is interesting to me and, and my personal opinion is that there is a place for the robo advisor. I think it depends on the client-base you’re looking to work or need to work with. I would argue that there are other ways to outsource a lot of the heavy lifting that goes on with any client of any account size, or needs / desires to get an advisor’s support. I've always said if an advisor is spending a bunch of time digging through paperwork, or doing a bunch of research or on the phone talking with a custodian or what have you about where an account is, or even if they have their staff spending a bunch of time doing that instead of doing proactive calls out to their clients, then they are missing opportunities and they are spending a bunch of time in a place where they don't need to be spending it. </div>
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To me, if you are considering outsourcing some of that heavy lifting to a TAMP or an asset management firm or a third-party provider when it comes to putting together the portfolios, then I think you are actually using your time more wisely and can be spending it with the client doing the things you need. Maybe the robo advisor isn’t quite as necessary if you have a good third-party provider like Efficient Advisor. The time you may be spending with that smaller client, for instance, the grandson of the larger client that you need to spend time with, may seem ok to you because its building the relationship with an important existing client. You are not doing all the other account management and marketing things I just described. </div>
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Then I think that helps with the fee aspect of it. Tamps and third-parties often, if they are doing their job right, can get pricing that a smaller shop or even an independent IRA can't get. I would expect any of that lower cost saving. That should be provided to the advisor. So for instance at Efficient, we've looked how we run our back office. We thought a lot about how we manage our portfolios, we've looked at the pricing we've received from our custodians and vendors and in turn we run a lean shop so in turn we can provide the best pricing possible. Often times we're providing great service at the lowest price compared to a lot of competitors. To me, if I'm an advisor out there, and I can have all of this back office outsourced at a much lower rate, get all the tools, get all of this back office support, now my fees can come down. I can spend my dollars if I want on different kinds of staff instead of staff that's moving paper around. </div>
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<b>SWIFT:</b> You make some really good points there Nicole. The bottom line for me is that outsourcing to a TAMP should really give an advisor that scale in staffing and pricing. It's just not all about technology. It's about the right partnerships.</div>
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<b>NEWLIN:</b> Oh absolutely! In fact, I was spending some time with an office, a larger RIA that has multiple locations that is trying to make that decision about moving away from just being the RIA they are today with a large operational staff and how can they utilize Efficient Advisors as their outsource solution. At first, and rightly so, there was some fear among the operations team. “I'm going to lose my job” or “what does this mean for me?” And my challenge to the principal was if these folks are great at what they do, well, then just think—you want to keep them, right? You're going to be saving costs in the long-run with a lot of the ways Efficient Advisor is going to make you more efficient. Maybe some of these folks in turn can be the outreach folks you've always wanted. The client service representative you've always needed. All the marketing you wished your folks could do, they can now do.</div>
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So there are a number of ways you can streamline a team. It doesn't always have to be people are leaving because you are using a TAMP, it could be just repurposing them into much more critical roles.</div>
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<b>SWIFT:</b> Yes, that is really important because as you and I well know many of the advisory firms were built to be family owned and operated. They are staffed by people the principal knows and loves—nobody wants to cut employees, especially family members. So there is an emotional component too and I think your point about repurposing those people and streamlining the team could be very important and help with the profitability and help that firm grow. </div>
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Let's talk about your third point, about the client service and keeping the business running effectively as the firm tries to market and grow.</div>
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<b>NEWLIN:</b> It speaks to a lot of what we've covered in terms of outsourcing. But I think the bottom line, really, for advisors and their teams, is it’s really really hard to try to run your business and be strategic about your business and then at the same time have some sort of personal life and feel like you are in the role and always running the firm of which you've always dreamt. I've mentioned this before to a lot of advisors: the E-Myth, the book that I absolutely love and read every single year. Advisors that haven't read it, I really encourage you to read it because it's such a good reminder of why you're the entrepreneur that you are and why you set out to do this. It talks a lot about how you are managing your time. Are you being a technician instead of being the entrepreneur? Are you being the manager and not using the people you have effectively? I think it speaks to that whole, you know what I mentioned, that oldie but goodie: how do I manage my team and run the business effectively? </div>
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I think it really boils down to three points. It's looking at your firm structurally, strategically, and personally. These aren't new ideas Marie, I think everybody intuitively knows it but I think what advisors forgot is there is a lot of help out there to step in and give them some guidance. When I say structurally, I do mean staff and partners. Are you using a CRM? Sometimes I go into advisors offices and (I'm sure we all do it) there are sticky notes all over the place and paper everywhere and nine times out of ten times there is a CRM but no one is using it, or it’s garbage in, garbage out. Well if you are with a broker/dealer go to them or go to a CRM provider or find a consultant to come in and fix that for you. Anyone listening to this, if you need help I can give you some ideas who to call. People can come in and get you set up so quickly and effectively. </div>
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Strategically it goes back to what we were talking about before with looking at your business and asking yourself are you sitting here all day putting together portfolios or are you out meeting new clients? Or are you out strengthening those relationships? How many client events are you having? Are you really setting up those types of opportunities to deepen that connection? </div>
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The personally piece is taking a moment to ask yourself if you are happy with how you are spending your time and if you are being effective? I think there are all kinds of help out there. There are online assessments that don’t cost a dime that you can ask questions of yourself. But sometimes you just need to sit down with your team and ask them how they think its going or what could be improved upon or maybe ask your spouse or someone in your life what their impression is of you, when you go off to work and when you come back? All of these things are really telling. I think you need to get help to take a look at how your business is running? I don't think any of us can do it on our own. I think that's the tough thing. </div>
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I would reiterate that a good partner, a broker/dealer, a TAMP, a third-party or whomever, I would expect them at whatever cost they are to you to be offering good solid practice management support. It's their responsibility, in my perspective, to support you as much as possible—so reach out to those third-parties or custodians and so forth and ask them what they can do to help you and what support they can provide. Because we all see the studies, and there was even that Schwab Advisor Services independent study that came out a little bit ago talking about how IRAs are spending their time. So these entities are obviously surveying and asking lots of questions of advisors so there is no reason advisors can't ask for support back. </div>
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<b>SWIFT:</b> Nicole before we move on, can you repeat the name of the book? I didn't catch the title?</div>
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<b>NEWLIN:</b> It's the E-Myth by Michael Gerber.</div>
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<b>SWIFT:</b> Nicole you make a really good point about practice management and expecting your third-party providers to provide that for you or at least offers some ideas there. Could you talk to us a little bit about what you offer not for just your own advisor clients but for the advisor profession in general?<br />
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<b>NEWLIN:</b> Sure. For our advisors, we do a lot of writing for them as well as creating materials they can then utilize with their clients. We pick every month. So for instance, last month we were focusing on cyber security. A typical routine for an advisor of ours is that they would receive something we call Advisor Insight which is about a couple pages long. Last month I wrote about the cyber security topic with tips, suggestions, where to go for help, etc., and always the offer to call me if they want to talk further. Coupled with that, we write an Investor Connection piece, which is something about the same topic that the advisor can then re-brand and send out to their clients. And then we always have a webinar on the same topic as well in that month, whether it's me or different experts we are bringing along. Then each week we have an Investor Connection, which goes out on various topics of what's going on in the world that the advisor can re-brand as well. </div>
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But personally, having been a consultant in the past with my own practice management firm for 4 years, and knowing the value and importance of that, I work pretty hard on spreading the message to all advisors in the profession not just those working with Efficient. So a lot of times the same Advisor Insights I write, I might expand on them. I've written for other publications, for instance, the Journal of Financial Planning and InvestmentNews, and we are working on an upcoming webinar for ThinkAdvisor on cyber security. We've done some work on outsourcing and surveys, so really anything that my team and I can to help and be of assistance. I still have advisors that are not at Efficient that I coached for years that I still talk to, offer advice, and connect them. I think that's one of the best things we can do in our industry is when you can find someone to connect you to someone with an expertise I think it's your duty to connect those folks. I've done that for many many people. I think that's how we should all be operating. </div>
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<b>SWIFT:</b> Any final words of wisdom for our listeners? </div>
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<b>NEWLIN:</b> I would just say that while we are all competitive we are all on the same team as well. We are all trying to do what's best for our clients and also grow our businesses at the same time. I would just encourage more conversation, more roundtables, and more discussion of advisors. At the Efficient Advisor conference this year we had an advisor panel discussion and all I heard back from the rest of the advisors was we should do more, we should do more—and we should. There are so many ways we could be sharing intel together. There are plenty of clients out there, and if you have a great value proposition, a little competition never hurts anybody. But there is sure a lot we could be doing to help each other maneuver through these challenges that we all facing.</div>
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<b>SWIFT:</b> Amen to that. In conclusion, I want to say thank you, Nicole. This has been a great conversation. I always learn so much in talking with you. Listeners, my big take-away here is that working with the right priced TAMP is a great way for smart advisors to scale and grow. Nicole, I will be joining you for some of your webinars because I want to continue that conversation. </div>
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In closing that website is <a href="http://www.efficientadvisors.com/" target="_blank"><b>www.Efficientadvisors.com</b></a>. Thank you so much Nicole and hope you have a great Thanksgiving.</div>
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<b>NEWLIN:</b> Thank you Marie have a wonderful Thanksgiving. </div>
<div class="blogger-post-footer">Visit http://www.impactcommunications.org to learn more about Marie Swift and Impact Communications. Visit http://www.marie-swift.blogger.com to post a reply or read other Best Practice profiles.</div>Anonymoushttp://www.blogger.com/profile/18223031810652431388noreply@blogger.com3tag:blogger.com,1999:blog-2253482211213829524.post-55840654126726520202016-11-21T13:54:00.003-06:002016-11-21T13:58:07.814-06:00THE DOL FIDUCIARY RULE IS HERE TO STAY. SO SAYS RIXTREMA’S DANIEL SATCHKOV. HERE’S WHY.<div style="text-align: justify;">
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On November 11, 2016, just three days after the shock of the U.S. Presidential Election results were settling in, I had the opportunity to discuss with <b><a href="http://www.rixtrema.com/" target="_blank">Daniel Satchkov, president of RiXtrema</a></b>, the future of the DOL fiduciary rule and possible outcomes for the financial services industry. <b><a href="http://www.audioacrobat.com/email/EX57hqt86" target="_blank">Click here to listen to the audio conversation</a></b>.</div>
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A transcript of the interview is posted below.</div>
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<b>MARIE SWIFT:</b> Hello and welcome to <b><a href="http://www.marieswift.com/" target="">Best Practices in the Financial Services Industry</a></b>. This is your host, Marie Swift. I'm joined today by Daniel Satchkov. Daniel is the President of <b><a href="http://www.rixtrema.com/" target="_blank">RiXtrema</a></b>, a company that is known for providing DOL fiduciary software solutions to the financial services world. Daniel, welcome. </div>
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<b>DANIEL SATCHKOV:</b> Thank you, Marie.</div>
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<b>SWIFT:</b> Here we are three days after the Presidential election and all the things that are happening in the US. There is a lot of speculation about the DOL fiduciary rule. What do you think the election means for the DOL fiduciary rule?</div>
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<a href="https://1.bp.blogspot.com/-xGEhW6Qdsy0/WDNQViPe7XI/AAAAAAAABm0/jbFTt2lcds0MD0I78ibBfDBlrZPCfcOjACLcB/s1600/Daniel%2BSatchkov%2Bphoto%2BWeb.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img alt="Daniel Satchkov of RiXtrema" border="0" src="https://1.bp.blogspot.com/-xGEhW6Qdsy0/WDNQViPe7XI/AAAAAAAABm0/jbFTt2lcds0MD0I78ibBfDBlrZPCfcOjACLcB/s1600/Daniel%2BSatchkov%2Bphoto%2BWeb.jpg" title="" /></a><b>SATCHKOV:</b> That's a $100 million dollar question actually. Probably a few billion dollar question because so much spending has already been done around the rule and obviously we all know that one of Trump’s advisors, I don't know if he has an official role of an advisor, but the Head of SkyBridge Capital, Anthony Scaramucci, has stated he "hopes" that Trump will repeal or remove that rule completely. If you do a Google search you find a lot of articles on the fact that the DOL rule is likely going to be gutted or totally finished under the Trump administration. Now my opinion, and this is actually very close to a very good column that was written by Bob Powell, I think it was on MarketWatch.com, I do not think that the DOL fiduciary rule is finished under President Trump. There are many reasons. </div>
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<b>[Click here to read Robert Powell’s excellent article on MarketWatch: </b><a href="http://www.marketwatch.com/story/the-fiduciary-rule-wont-change-under-a-president-trump-2016-11-09" target="_blank"><b>The Fiduciary Rule Won't Change Under President Trump]</b></a></div>
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First, Trump himself has never stated any opposition to the DOL fiduciary rule. He talked about Obamacare a lot. But he hasn't talked about the DOL fiduciary rule and in fact today he announced his plan for his first 100 days the office – his first priorities. Among those priorities we see building “the wall” that he talked about during the campaign; we see repealing Dodd-Frank which I didn't think would be one of his top priorities right off the bat, but apparently it is. Apparently he's going to repeal Dodd-Frank. This is really important. There is no mention of the DOL rule right there and the DOL rule is actually a law. It's been a law since June of 2016, and I believe and it fully goes into effect April 2017. There is not enough time to stop it from going to effect. Does Trump really want to spend his political capital to remove that law when he is trying to do so many other things such as removing Obamacare and repealing Dodd-Frank? I really don't think he can fight all of those battles. And on top of that, he's positioned himself as defender of the little guy, whether it's true or not, and for him to take so many steps that are favorable to the large banks and large Wall Street institutions in the eyes of his voters, well, I think it would be suicide to repeal Dodd-Frank and at the same time kill or gut DOL fiduciary rule. I'm more inclined to believe what Bob Powell wrote, that he may use it as a bargaining chip, but it doesn't look at all like that's one of his main targets. </div>
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<b>CHALLENGES IN THE FINANCIAL SERVICES INDUSTRY</b></div>
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<b>SWIFT: </b>These are very challenging times for the financial services industry. We had a lot of challenges before the Trump election and the leadership changes in Congress. So, how are you seeing things from where you sit at RiXtrema? I know you've been an observer and a participant in the industry for a long time. How do these challenges land for you?</div>
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<b>SATCHKOV:</b> Well I think one of the biggest challenges, if not the biggest of the whole industry, is trust. This trust was undermined following the 2008 crisis and it really hasn't returned. I think the DOL fiduciary rule is actually a net-positive for the industry. In general I myself am against regulation. I think it has to be proven to be necessary. But in this case, the DOL fiduciary rule actually helps the financial sector by establishing more trust. I think this trust starts with transparent communication. That is a huge issue in the industry. How do we communicate the fees to investors? How do we communicate how they actually get charged? Right now, it is very confusing for consumers. The types of disclosures they get – and the type of advice they get – can be very conflicted, very confusing, and ultimately quite unfair. </div>
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We just did a major research study where RiXtrema studied 9,000 retirement plans in the US. We actually took their holdings and ran some sophisticated quantitative models to see if those plan line ups were too expensive. We can use quantitative models to actually create a similarly line up from less expensive funds. What we found is just basic algorithms and basic transparency only the retirement plan industry, I'm not talking about IRAs, that part of the industry could save well in excess $12 billion per year for retirees. </div>
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The fact is, there so much money wasted in the industry – this means that there is not enough transparency in what is really going on. I think that's the main issue facing the financial sector and firms individually. I think the DOL rule actually helps in that regard. It sets the standard for transparency. It sets some fairly straight-forward rules for disclosing fees, for disclosing conflicts of interest within the best interest contract exemption, and so on and so forth.</div>
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In my worldview, the DOL rule is not a problem for the sector. The problem is lack of trust and unclear communication and the DOL rule is kind of an attempt to solve that.</div>
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<b>SWIFT:</b> So how can advisors and financial services firms address this problem? How do they build that trust and transparency? </div>
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<b>SATCHKOV:</b> I think in today's day-and-age, it all starts with technology – and technology has gotten less and less expensive. So without spending huge amounts of money, firms should think about how they present their data. The time of long winded confusing disclosures are gone. Now it's like a prisoner’s dilemma. Nobody is going to do it first because it's now profitable to do it but because of the fiduciary rule. I think it's a great push in that direction to bring everyone to a level playing field and start disclosing things in a clear matter. It lays the groundwork. And a lot of technology firms, ours included, are working to provide solutions. We at RiXtrema actually have a solution that has been already used by investors – it provides simple and clear reporting, something highly visual, something that isn't confusing, that doesn't have a lot of text or a lot of data tables. Our solution presents something that is like an app, something that people can read and understand about what they are actually spending in their retirement accounts. </div>
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This is what advisors and financial services firms should be doing around the DOL rule. It's documenting the client's best interest – that's a requirement in any rollover situation. The requirements for disclosure in the 401(k) space should be improved but ultimately with the DOL fiduciary rule it requires the firm document the best interest of the investor under a rollover. It also requires advisors to stick to reasonable fees. What does “reasonable” mean? Advisors or financial institutions should really think about data and benchmarking. We live in an age of big data. So you can gather large data sets and compare yourself to others and have adequate benchmarking to show that you are actually doing good things in terms of portfolio construction and that you are charging reasonable fees.</div>
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<b>RIXTREMA SOLUTIONS FOR DOL FIDUCIARY RULE</b></div>
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<b>SWIFT:</b> Can you talk a little bit about the solutions that you have created and developed at RiXtrema?</div>
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<b>SATCHKOV:</b> We released a tool just over three weeks ago called IRAFiduciaryOptimizer. That tool does a number of things and it's based on some of the quantitatiive methodology we've built for large institutions that we've been doing for years. We build customized stress-testing and risk models, but it also has a lot of new components geared towards this new age of transparency. It satisfies DOL fiduciary rule requirements in that it creates clear, simple, visual reports to document the best interest of the investor in a rollover transaction or in any kind of transaction really. It also uses some of the benchmarking data that we've curated. </div>
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We've also used some technology breakthroughs to gather a database of advisory fees based on the Form ADV that advisors file with the SEC. There is something called Part 2 to that Form ADV where there is a lot of textural information. Again, that disclosure is not as good as it should be but we've used some advanced technology to extract the necessary information out of it to help financial institutions and advisors measure the reasonableness of their fees, benchmark, and so on. So beyond documenting client's best interest, the defending reasonable fees are a big aspect of the IRAFiduciaryOptimizer.</div>
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The third important thing we are doing is building a solution that is modular and integrated with other types of solutions. That's also a challenge in the industry right now. Technology is developing very quickly but what’s needed are solutions that are modular and open based around API. We built IRAFiduciaryOptimizer with that in mind, and we are working with some large organizations right now to actually embed it in a customized manner into their workflow. Pretty much you can think of these different applications like pieces of a puzzle that you can just put together. The puzzle is in gathering information and data in different ways depending on how you want to put it together – if that makes sense.</div>
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<b>RESOURCES FOR THE FIDUCIARY ADVISOR</b></div>
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<b>SWIFT:</b> It does make sense. I know you are always writing and speaking in the industry and I'm fascinated to know your thoughts on this Daniel. Don't you have some webinars and videos that would be helpful for our listeners? Could you talk a little bit about resources that you offer?</div>
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<b>SATCHKOV:</b> Yes, on our website we have a ton of videos. It's <b><a href="http://www.rixtrema.com/" target="_blank">www.Rixtrema.com</a></b>. We are actually preparing a number of webinars, unfortunately I don't have dates for you today but we hope to release dates soon. </div>
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One webinar I’d like to spotlight: We are preparing a webinar with a partnership with a company called Larkspur Data. This is a very important piece of the IRAFiduciaryOptimizer DOL software solution. Larkspur Data has been around for a longtime and they run over a million retirement plans, pretty much every plan in the US. They have fee data and other various data sets that advisors can use when they run reports for investors. Quite frequently investors cannot really get the adequate disclosure from their planned sponsor about the fees that they pay. Now under the DOL fiduciary rule they are supposed to get it. The plan sponsor has that obligation but frequently the disclosure doesn't come.</div>
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The DOL recently released an FAQ where they explicitly said if advisors have proven they were trying to get this data and couldn't, then they can use the other types of data from benchmarking or data curated from reporting. So the Larkspur database is a huge value added to our system where advisors, let's say the prospect comes to them from a retirement plan XYZ, if they don't have the fee data through Larkspur already, they can just pull that into our application with just a couple of clicks. So we are going to be doing a webinar on that right after Thanksgiving. </div>
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<b>SWIFT:</b> As always Daniel I really appreciate your comments today. Listeners, you can learn more about Daniel and the good work they are doing at RiXtrema at <b><a href="http://www.rixtrema.com/" target="_blank">www.RiXtrema.com</a></b>. Thanks again and have a great day.</div>
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<b>SATCHKOV:</b> Thanks for having me, as always, Marie.</div>
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<div class="blogger-post-footer">Visit http://www.impactcommunications.org to learn more about Marie Swift and Impact Communications. Visit http://www.marie-swift.blogger.com to post a reply or read other Best Practice profiles.</div>Anonymoushttp://www.blogger.com/profile/18223031810652431388noreply@blogger.com0tag:blogger.com,1999:blog-2253482211213829524.post-60553461668079739922016-10-03T13:41:00.001-05:002016-10-05T12:13:17.225-05:00Technology, Business Growth and DOL: New Insights from Industry Insightfuls<div style="text-align: justify;">
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<span style="font-size: small;">These three subject matter experts spent some time conversing
with me about the challenges and opportunities they see in the financial
services profession. It is a real honor to speak with tenured professionals
such as Brian Stimpfl, Mark Klein and financial advisor Tony D’Amico, who impressed
me with his passion, perspective and purpose. Please take the time to listen to
these three audio interviews – I promise you won’t be disappointed.</span></div>
<div style="text-align: justify;">
<span style="font-size: small;">
</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><b>In this trilogy:</b></span></div>
<div style="text-align: justify;">
<span style="font-size: small;">
</span></div>
<div class="MsoNormal" style="text-align: left;">
<div style="text-align: justify;">
<span style="font-size: small;">Industry veteran Brian Stimpfl (<b><a href="https://advisor.scottrade.com/" target="_blank">www.Advisor.Scottrade.com</a></b>) talks
about the digitalization of financial services and what advisors should be
thinking about now.</span></div>
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><b><a href="http://impact.audioacrobat.com/download/impact-20160804060402-8767.mp3" target="_blank">Download link</a> | <a href="http://www.audioacrobat.com/email/EssqTCv5H" target="_blank">Stream online</a></b> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<span style="font-size: small;">
</span></div>
<div class="MsoNormal" style="text-align: justify;">
<div style="text-align: left;">
<div style="text-align: justify;">
<span style="font-size: small;">Recovering ERISA attorney Mark Klein (<b><a href="https://www.theadvisorlab.com/" target="_blank">www.TheAdvisorLab.com</a></b>) tells
us how to use the new DOL fiduciary rule to win new business.</span></div>
</div>
<b><a href="http://impact.audioacrobat.com/download/impact-20161005061133-1550.mp3" target="_blank">Download link</a> | <a href="http://www.audioacrobat.com/email/EsrtDQ2yG" target="_blank">Stream online</a></b></div>
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<br /></div>
<div style="text-align: justify;">
<span style="font-size: small;">
</span></div>
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<div style="text-align: justify;">
<span style="font-size: small;">Independent financial advisor Tony D’Amico (<b><a href="http://thefidatogroup.com/" target="_blank">www.TheFidatoGroup.com</a></b>) shares how he
built his “elite advisory firm” from scratch and what’s next on his roadmap.</span></div>
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><b><a href="http://impact.audioacrobat.com/download/impact-20160916013725-8823.mp3" target="_blank">Downloa<span id="goog_2022873396"></span><span id="goog_2022873397"></span>d link</a> | <a href="http://www.audioacrobat.com/email/ENnV4Vkwg" target="_blank">Stream online</a></b><br /> </span></div>
<span style="font-size: large;">
</span><br />
<div class="MsoNormal" style="text-align: center;">
<span style="font-size: large;"><b>Take a few minutes and listen now!</b></span><br />
<br />
<span style="font-size: large;"><b>As seen in NAPFA Advisor magazine<br />September 2016 print edition</b></span></div>
<div style="text-align: justify;">
</div>
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<a href="https://1.bp.blogspot.com/-BW2nBcQIxfY/V-QjlG9kEbI/AAAAAAAABlU/chfvGuQ4_-kecCSo2pItnf_T_YOyFOxowCEw/s1600/NAPFA_Sepet%2Bad_Snip.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://1.bp.blogspot.com/-BW2nBcQIxfY/V-QjlG9kEbI/AAAAAAAABlU/chfvGuQ4_-kecCSo2pItnf_T_YOyFOxowCEw/s1600/NAPFA_Sepet%2Bad_Snip.JPG" /></a></div>
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<div class="blogger-post-footer">Visit http://www.impactcommunications.org to learn more about Marie Swift and Impact Communications. Visit http://www.marie-swift.blogger.com to post a reply or read other Best Practice profiles.</div>Anonymoushttp://www.blogger.com/profile/18223031810652431388noreply@blogger.com10tag:blogger.com,1999:blog-2253482211213829524.post-86691388830466438802016-06-03T16:20:00.000-05:002016-10-03T14:28:24.581-05:00Three great new audio interviews you won’t want to miss on the Best Practices blog<div style="text-align: justify;">
If you are serious about building a great financial services firm in today’s fast-paced digital environment, listening to these informative conversations can help. I am always looking for the best and brightest people in the profession to share their insights and advice. These three conversations are sure to spark an idea or two. </div>
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Fintech veteran <b>Rich Cancro</b> (<b><a href="http://www.vanare.com/" target="_blank">www.Vanare.com</a></b>) talks about the digital advice revolution and how financial firms can stay relevant, attract new business and become more profitable. <b><a href="http://impact.audioacrobat.com/download/impact-20160520164006-8767.mp3" target="_blank">Download link</a> | <a href="http://www.audioacrobat.com/email/Es1TsRkCV" target="_blank">Stream online</a></b></div>
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Marketing and branding expert <b>Sean Farrow</b> (<b><a href="http://www.horizoninvestments.com/" target="_blank">www.HorizonInvestments.com</a></b>) tells us how to think about branding and why it is more important than ever for financial advisors to have a good marketing / brand strategy. <b><a href="http://impact.audioacrobat.com/download/impact-20160609044913-9410.mp3" target="_blank">Download link</a> | <a href="http://www.audioacrobat.com/email/EBbRcZKVV" target="_blank">Stream online</a></b></div>
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Software innovator <b>William Meyer</b> (<b><a href="http://www.incomesolver.com/" target="_blank">www.IncomeSolver.com</a></b>) shares how advisors can help their clients get and keep more retirement income through an optimized claiming and withdrawal strategy. <b><a href="http://impact.audioacrobat.com/download/impact-20160527102447-1887.mp3" target="_blank">Download link</a> | <a href="http://www.audioacrobat.com/email/EW3v3YQxV" target="_blank">Stream online</a></b></div>
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<span style="font-size: large;"><b>Take a few minutes and listen now!</b></span> </div>
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<span style="font-size: large;"><b>As seen in NAPFA Advisor magazine</b></span></div>
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<span style="font-size: large;"><b>June 2016 print edition</b></span></div>
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<div class="blogger-post-footer">Visit http://www.impactcommunications.org to learn more about Marie Swift and Impact Communications. Visit http://www.marie-swift.blogger.com to post a reply or read other Best Practice profiles.</div>Anonymoushttp://www.blogger.com/profile/18223031810652431388noreply@blogger.com1tag:blogger.com,1999:blog-2253482211213829524.post-23613523002888129772016-04-12T09:58:00.000-05:002016-06-07T14:51:33.981-05:00Here’s Why Fiduciary Advisors Should be Cheering the Robbins / Mallouk Announcement<div style="text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="color: #111111;">Brooke Southall at RIABiz.com asked me to send him some comments on the “Mallouk mega deal” a couple weeks ago. Brooke’s article published the next day – you can read it here: </span><a href="http://www.riabiz.com/a/5006347032592384/what-to-make-of-peter-mallouks-sweeping-deal-tony-robbins----and-where-the-unlikely-pairing-goes-from-here">Tiger By the Tail: What to Make of Peter Mallouk's Deal with Tony Robbins and Where the Unlikely Pairing Might Go from Here</a><span style="color: #111111;">.</span></span></div>
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<span style="color: #111111; font-family: "arial" , "helvetica" , sans-serif;"><b>Here are my comments in their entirety:</b></span></div>
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<span style="color: black;"><span style="font-family: "arial" , "helvetica" , sans-serif;">I have to admit that at first I scratched my head when I read that Tony Robbins had joined Creative Planning's board of directors and assumed the role of Chief of Investor Psychology at the firm. But the more I thought about it, the more it made sense that of course Robbins could leverage his Six Human Needs principles to help advisors do a better job working with their clients. <o:p></o:p></span></span></div>
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<span style="color: black;"><span style="font-family: "arial" , "helvetica" , sans-serif;">One of the biggest complaints clients have is they do not feel their financial advisors really listen to or care about them. So any advisor who is fortunate enough to be on the receiving end of Robbin’s training and advice will surely be in a better position to not only attract new clients but to retain the ones they have and, more importantly, move clients from being simply content to being totally enthralled by their client experience.<o:p></o:p></span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="color: #111111;">It was also great to see Peter Mallouk’s post on LinkedIn about the firm’s decision to as of April 1<sup>st</sup> 2016 start giving </span><span style="border: 1pt none; color: #232629; padding: 0in;">100% of the profits derived from its private client insurance practice, which includes all term and permanent life insurance, disability insurance and long term care insurance, to charity.</span><span style="color: #232629;"> He acknowledged “the perception and reality of conflict” that has until now existed and said that the firm felt so strongly about removing it that 100% of the profits going will now be going to charities. </span><o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="background: white; color: black;"><span style="font-family: "arial" , "helvetica" , sans-serif;">While some in the financial advisory world will throw darts at this partnership (after all, haters will always hate), it is hard to argue with the star power in this constellation. <o:p></o:p></span></span></b></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="background: white; color: #343434;">A quick look at the Creative Planning Facebook page (</span><a href="https://www.facebook.com/creativeplanninginc/">https://www.facebook.com/creativeplanninginc/</a><span style="color: #111111;">) reveals a stunning array of recent media attention – Good Morning America, The Today Show, The Street, Bloomberg, and more. Robbins and Mallouk must have had a blast on their New York Media Tour in early April. And you can’t put a price tag on the 13-minute video in which Robbins and Mallouk talk about the Four Deadly Horsemen </span>(<a href="https://vimeo.com/160298589">https://vimeo.com/160298589</a>) that investors must avoid – that video clip alone is priceless. <o:p></o:p></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="color: #111111;">The icing on the cake is that Robbin’s new edition of his New York Times best selling book, <i style="mso-bidi-font-style: normal;">Money: Master the Game</i>, which was just released in paperback form, features fresh insights from Mallouk. I doubt that it’s a coincidence that the paperback was timed to come out in tandem with the Creative Planning announcement – and it was total synchronicity that the DOL finally signed into law the new fiduciary rule at approximately the same time as the Robbins / Mallouk fiduciary PR blitz.</span><span style="color: #222222;"><o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: #111111;"><span style="font-family: "arial" , "helvetica" , sans-serif;">But here’s the bottom line: The Robbins / Mallouk announcement and public awareness campaign provides benefits for the entire fiduciary advisor community. <o:p></o:p></span></span></b></div>
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While the business benefits for Robbins, Mallouk and Gupta are clearly evident, they appear to be doing it for the right reasons – and all true fiduciaries should be cheering from the sidelines. Better yet, fiduciary advisors everywhere should see this as a great wave to ride. <br /><br />My advice: Put some extra energy in now to ramp up your consumer education efforts. Amplify your own voice and applaud your fiduciary peers while working to enhance your own unique value proposition. <br /><br />April is Financial Literacy month and with all the DOL news coverage it’s the perfect time to join the fiduciary chorus. </div>
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<div class="blogger-post-footer">Visit http://www.impactcommunications.org to learn more about Marie Swift and Impact Communications. Visit http://www.marie-swift.blogger.com to post a reply or read other Best Practice profiles.</div>Anonymoushttp://www.blogger.com/profile/18223031810652431388noreply@blogger.com5tag:blogger.com,1999:blog-2253482211213829524.post-16568226064130880392016-04-08T08:00:00.000-05:002016-06-09T11:56:42.452-05:00Insights from Financial Services Consultants You Won't Want to Miss<div style="text-align: justify;">
These three subject matter experts shared some pretty awesome insights and observations with me last month. They all talk about where they see challenges and opportunities within the financial services profession. <br />
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Stop what you're doing now and listen to one or more of these audio clips. You'll be glad you did.</div>
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<b>Khalid Usmani</b> on marketing your financial advisory services in a noisy digital world <b><a href="http://impact.audioacrobat.com/download/impact-20160401083408-8592.mp3" target="_blank">Download link</a> | <a href="http://www.audioacrobat.com/email/ErHqM7Bwv" target="_blank">Stream online</a></b></div>
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<b>Vikas Oswal </b>on managing client emotions and expectations in turbulent investment times <b><a href="http://impact.audioacrobat.com/download/impact-20160401044858-1549.mp3" target="_blank">Download link</a> | <a href="http://www.audioacrobat.com/email/E1dDNhLwv" target="_blank">Stream online</a></b></div>
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<b><br />Neal Quon</b> on selecting the right technology and creating a solid spending plan for your financial services firm<b><br /><a href="http://impact.audioacrobat.com/download/impact-20160408190514-2476.mp3" target="_blank">Download link</a> | <a href="http://www.audioacrobat.com/email/Er8MP3k1v" target="_blank">Stream online</a><span style="color: #cc0000;"> </span></b></div>
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<b><span style="font-size: large;">As seen in NAPFA Advisor magazine</span></b></div>
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<div class="blogger-post-footer">Visit http://www.impactcommunications.org to learn more about Marie Swift and Impact Communications. Visit http://www.marie-swift.blogger.com to post a reply or read other Best Practice profiles.</div>Anonymoushttp://www.blogger.com/profile/18223031810652431388noreply@blogger.com0tag:blogger.com,1999:blog-2253482211213829524.post-39388119735485909182016-02-21T10:03:00.001-06:002016-02-21T10:05:26.796-06:00The Digitization of Financial Planning - March 1 Webinar with Neal Quon and Abby Schneiderman<h3 style="background-color: white; font-family: Helvetica; font-size: 18px; letter-spacing: -0.5px; line-height: 22.5px; margin: 0px; padding: 0px;">
<span style="color: #660000;">Join Everplans co-founder Abby Schneiderman on March 1, 2016 at 4PM EDT as she explores the "digitalization" of financial planning with Neal Quon co-Founder of QuonWarrene. </span></h3>
<span style="background-color: white; color: #606060; line-height: 22.5px;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span>
<span style="background-color: white; line-height: 22.5px;"><span style="font-family: "arial" , "helvetica" , sans-serif;">This brief and informative discussion will focus on the digitalization of planning and how Everplans can position you to take full advantage of the new paradigm. Abby will demonstrate the ins and outs of Everplans Professional and provide creative ways financial professionals can incorporate the Everplans platform into client relationships.</span></span><br />
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<span style="background-color: white; font-family: "arial" , "helvetica" , sans-serif; letter-spacing: -0.5px; line-height: 22.5px;">This live webinar is a perfect opportunity to ask questions and get answers from fintech expert Neal Quon. You'll also get to see a demo of the Everplans Professional platform and get a sneak preview of upcoming features and benefits.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /><strong style="line-height: 1.6em;"><span style="color: #660000;">Date: March 1, 2016 </span></strong></span></div>
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<strong style="letter-spacing: normal;"><span style="color: #660000; font-family: "arial" , "helvetica" , sans-serif;">Time: <span class="aBn" data-term="goog_183351681" style="border-bottom-color: rgb(204, 204, 204); border-bottom-style: dashed; border-bottom-width: 1px; position: relative; top: -2px; z-index: 0;" tabindex="0"><span class="aQJ" style="position: relative; top: 2px; z-index: -1;">4:00 PM EDT</span></span> </span></strong></div>
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<li style="margin-left: 15px;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Learn how to bridge the generational gap in planning using technology</span></li>
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<li style="margin-left: 15px;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Learn how to expand your role as a financial pro through comprehensive planning</span></li>
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<li style="margin-left: 15px;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Learn how to manage your clients' planning from a new collaborative perspective</span></li>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="line-height: 1.6em;">Don’t miss this opportunity to learn how Everplans can help you enhance your practice</span><span style="line-height: 1.6em;">. </span><a href="http://try.everplans.com/ilp/partners/qw/webinar-3-1-16QW" style="line-height: 22.5px;"><b><span style="line-height: 1.6em;">Register today!</span><span style="line-height: 1.6em;"> </span></b></a></span></div>
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<strong><span style="font-family: "arial" , "helvetica" , sans-serif;">Register: <a href="http://quonwarrene.us4.list-manage.com/track/click?u=987fc4ca81ba10a93b3fb89b6&id=51155d1641&e=8e1f80b6ce" style="word-wrap: break-word;" target="_blank">http://try.<wbr></wbr>everplans.com/ilp/partners/qw/<wbr></wbr>webinar-3-1-16QW</a> </span></strong></div>
</div>
</div>
<h3>
<b><span style="color: #660000; font-family: "arial" , "helvetica" , sans-serif;">Can't attend the live webinar on March 1? </span></b></h3>
<div style="-webkit-text-stroke-width: 0px; background-color: white; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;">
<div style="color: black; margin: 1em 0px; padding: 0px;">
</div>
<div style="color: black; letter-spacing: -0.5px; margin: 0px; padding: 0px;">
</div>
<ul style="line-height: 22.5px;">
<li><span style="font-family: "arial" , "helvetica" , sans-serif;">Watch <a href="http://www.everplans.com/professional">www.Everplans.com/professional</a> for a link to the recording. Review the other ideas and blog posts while there -- and request a demo if this digital end-of-life planning tool and secure cloud-based platform looks good to you.</span></li>
</ul>
<ul style="line-height: 22.5px;">
<li><span style="font-family: "arial" , "helvetica" , sans-serif;">Watch this <a href="https://www.everplans.com/blog/everplans-co-founder-discusses-digital-asset-protection-on-bloomberg-tv">Bloomberg News video </a>in which Abby shares insights with the general public about the need to plan now for the digital afterlife. </span></li>
</ul>
</div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><img border="0" height="225" src="https://2.bp.blogspot.com/-8UUVwv37SDo/VsnadNm17gI/AAAAAAAABjc/Tk6NDA2duRc/s400/abby-scheneiderman-bloomberg-tv-video.png" style="margin-left: auto; margin-right: auto;" width="400" /></span></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><a href="https://www.everplans.com/blog/everplans-co-founder-discusses-digital-asset-protection-on-bloomberg-tv"><span style="font-family: "arial" , "helvetica" , sans-serif;">Click to watch video now</span></a></td></tr>
</tbody></table>
<br />
<div>
<br /></div>
<div class="blogger-post-footer">Visit http://www.impactcommunications.org to learn more about Marie Swift and Impact Communications. Visit http://www.marie-swift.blogger.com to post a reply or read other Best Practice profiles.</div>Anonymoushttp://www.blogger.com/profile/18223031810652431388noreply@blogger.com1tag:blogger.com,1999:blog-2253482211213829524.post-87950882005284074102015-12-02T18:44:00.003-06:002016-06-09T11:57:03.058-05:00Three Awesome Audio Interviews with Industry Innovators<div style="text-align: justify;">
These three subject matter experts were kind enough to spend some time educating me on where they see challenges and opportunities within the financial services profession. You'll see a common thread running through each of these ten-minute audios: New and innovative technology is playing a major role in helping advisors (a) solve problems for their clients and (b) thrive as business professionals.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Stop what you're doing now and listen to one or more of these audio clips. You'll be glad you did.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>Dan Santner </b>on creating a collaborative retirement planning process to win client hearts and minds<b><br /><a href="http://impact.audioacrobat.com/download/impact-20151119011851-5864.mp3" target="_blank">Download link</a> | <a href="http://www.audioacrobat.com/sa/WWzVSfXg" target="_blank">Stream online</a></b></div>
<div style="text-align: justify;">
<b><br /></b>
<b>Daniel Satchkov </b>on using the right technology to compete and win in the robo-age <b><a href="http://www.audioacrobat.com/members/audio/export.htm?aid=2379" target="_blank">Download link</a> | <a href="http://www.audioacrobat.com/sa/Wy7m9G4g" target="_blank">Stream online</a></b></div>
<div style="text-align: justify;">
<b><br /></b>
<b>Abby Schneiderman </b>on building better relationships with current and prospective clients<span style="color: #999999;"> </span><b><span style="color: #999999;"><a href="http://impact.audioacrobat.com/download/impact-20151203061928-5830.mp3" target="_blank"><br />Download link </a> </span><span style="color: #999999;">| <span style="color: blue;"> <a href="http://www.audioacrobat.com/sa/WBbhNd7g" target="_blank">Stream online</a></span></span></b></div>
<br />
<div style="text-align: center;">
<b><span style="font-size: large;">As seen in Financial Planning magazine</span></b></div>
<div style="text-align: center;">
<b><span style="font-size: large;">December 2015 print edition</span></b></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-3VXJWBiw74k/VkD9npWBUeI/AAAAAAAABiA/n7ETppGPhSs/s1600/ImpactAd_FP_Dec2015Vertical.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="640" src="https://3.bp.blogspot.com/-3VXJWBiw74k/VkD9npWBUeI/AAAAAAAABiA/n7ETppGPhSs/s640/ImpactAd_FP_Dec2015Vertical.jpg" width="384" /></a></div>
<div class="blogger-post-footer">Visit http://www.impactcommunications.org to learn more about Marie Swift and Impact Communications. Visit http://www.marie-swift.blogger.com to post a reply or read other Best Practice profiles.</div>Anonymoushttp://www.blogger.com/profile/18223031810652431388noreply@blogger.com10tag:blogger.com,1999:blog-2253482211213829524.post-40036058255563533232015-11-23T21:47:00.003-06:002015-11-23T21:53:53.114-06:00Insights and Intellect from Thought Leaders in the Financial Services Industry<div style="text-align: center;">
Check out this thought leader roundtable brought to you by<br />
Matt Lynch and professional colleagues at Strategy and Resources LLC.</div>
<div style="text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<img border="0" height="640" src="http://1.bp.blogspot.com/-ydex4laM2pM/ViZ_UaCkEAI/AAAAAAAABgQ/zLKldmQLI5E/s640/FP%2BAd_Nov2015vertical.jpg" width="384" /></div>
<div style="text-align: center;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: center;">
<a href="http://www.advisorsthinktank.com/" target="_blank"><span style="font-size: large;">Visit AdvisorsThinkTank.com to access now.</span></a></div>
<div class="blogger-post-footer">Visit http://www.impactcommunications.org to learn more about Marie Swift and Impact Communications. Visit http://www.marie-swift.blogger.com to post a reply or read other Best Practice profiles.</div>Anonymoushttp://www.blogger.com/profile/18223031810652431388noreply@blogger.com1tag:blogger.com,1999:blog-2253482211213829524.post-15647186471051818752015-10-13T12:10:00.000-05:002015-10-10T12:28:37.543-05:00FPA / UMKC "Career Day" in Kansas City November 6, 2015<div class="MsoNormal" style="background: white; text-align: justify; text-justify: inter-ideograph;">
<div style="text-align: justify;">
<a href="http://2.bp.blogspot.com/-rQtd9A-2Pe0/VhlIjiXiSUI/AAAAAAAABf8/iWXOq8XQ6dY/s1600/FPA%2BKC%2BCareer%2BDay.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="200" src="http://2.bp.blogspot.com/-rQtd9A-2Pe0/VhlIjiXiSUI/AAAAAAAABf8/iWXOq8XQ6dY/s200/FPA%2BKC%2BCareer%2BDay.jpg" width="150" /></a><span style="color: black; font-family: Arial; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-weight: bold;">I was pleased to hear from my local FPA
chapter and the instructors at UMKC who are partnering with the KC chapter to
put on Career Day 2015. If you are in the area, please join us for the
afternoon, November 6, 2015, on the UMKC campus. </span><span style="font-family: Arial; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="background: white; text-align: justify; text-justify: inter-ideograph;">
<br /></div>
<div class="MsoNormal" style="background: white; text-align: justify; text-justify: inter-ideograph;">
<span style="font-family: Arial; mso-fareast-font-family: "Times New Roman";">This
is an important conversation and I hope to learn as much from those attending
as they will learn from me. If attending is out of the question for you, please
post your questions on this blog and I will respond here. </span><span style="background-color: white;">Details
about my presentations and how to RSVP are shown below.</span><br />
<span style="background-color: white;"><br /></span></div>
<div style="background: white; text-align: center;">
<div style="text-align: left;">
<span style="color: #660000;"><b><span style="font-family: Arial; font-size: 16pt;"><b><span style="font-family: Arial; font-size: 16pt;">The Evolution of the Financial Planning Industry: </span></b><b><span style="font-family: Arial; font-size: 16pt;">3rd Wave Trends,
Threats and Realities</span></b></span></b></span></div>
</div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoNormal" style="background: white; text-align: center;">
<div style="text-align: justify;">
<span style="color: #0b5394; font-family: Arial, Helvetica, sans-serif;"><b>A presentation focused on the past, present and future of the financial planning profession followed by conversation on the topic or secrets of branding in the robo age presentation</b></span></div>
</div>
<div class="MsoNormal" style="background: white;">
<span style="color: black; font-family: Arial; mso-bidi-font-family: "Times New Roman";"><o:p><br /></o:p></span></div>
<div class="MsoNormal" style="background: white; text-align: justify; text-justify: inter-ideograph;">
<span style="color: black; font-family: Arial; mso-bidi-font-family: "Times New Roman";">WHO:<span style="mso-tab-count: 2;"> </span>Marie Swift
presenting at FPA Career Day</span><span style="font-family: Arial; mso-fareast-font-family: "Times New Roman";"> <o:p></o:p></span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoNormal" style="background: white;">
<span style="color: black; font-family: Arial; mso-bidi-font-family: "Times New Roman";"><span style="mso-tab-count: 2;"> </span>Sponsored by FPA Kansas City Chapter<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white;">
<span style="color: black; font-family: Arial; mso-bidi-font-family: "Times New Roman";"><span style="mso-tab-count: 2;"> I</span>n Partnership with University of Missouri,
Kansas City</span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoNormal" style="background: white;">
<span style="color: black; font-family: Arial; mso-bidi-font-family: "Times New Roman";">WHEN:<span style="mso-tab-count: 1;"> </span>Friday, November 6, 2015<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoNormal" style="margin-left: 1.0in;">
<span style="background: white; color: black; font-family: Arial; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">11:10 a.m. to 12:10 p.m.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: 1.0in;">
<span style="background: white; color: black; font-family: Arial; mso-fareast-font-family: "Times New Roman";">Swift
Presentation on Evolution of the Profession<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: 1.0in;">
<br /></div>
<div class="MsoNormal" style="margin-left: 1.0in;">
<span style="background: white; color: black; font-family: Arial; mso-fareast-font-family: "Times New Roman";">12:10
p.m. to 1:00 p.m.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: 1.0in;">
<span style="background: white; color: black; font-family: Arial; mso-fareast-font-family: "Times New Roman";">Group
Dialog or Swift Breakout Session on Branding<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: 1.0in;">
<br /></div>
<div class="MsoNormal" style="margin-left: 1.0in;">
<span style="background: white; color: black; font-family: Arial; mso-fareast-font-family: "Times New Roman";">1:00 -->
<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: 1.0in;">
<span style="background: white; color: black; font-family: Arial; mso-fareast-font-family: "Times New Roman";">Other
speakers and activities </span><span style="font-family: Arial; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoNormal" style="background: white;">
<span style="color: black;"><span style="font-family: Arial;">WHERE:</span><span style="mso-tab-count: 1;"> </span><span style="font-family: Arial, Helvetica, sans-serif;">University of
Missouri - Kansas City<br />
<span style="mso-tab-count: 2;"> </span>Henry W. Bloch
School of Management</span></span></div>
<div class="MsoNormal" style="background: white;">
<span style="color: black;"><span style="mso-tab-count: 2;"><span style="font-family: Arial, Helvetica, sans-serif;"> </span></span></span><span style="color: #3d3d3d; line-height: 18px;"><span style="font-family: Arial, Helvetica, sans-serif;">5110 Cherry St.</span></span><br />
<span style="color: black; font-family: Arial, Helvetica, sans-serif;">
<span style="mso-tab-count: 2;"> </span>Kansas City, MO
64110-2499</span><span style="color: #222222; font-family: Arial, Helvetica, sans-serif;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="background: white;">
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: black;">HOW: <span style="mso-tab-count: 1;"> </span>To RSVP
contact </span><span style="background: white; color: #222222; font-family: Arial; mso-fareast-font-family: "Times New Roman";">Brandy Johnson at </span><span style="font-family: Arial; mso-fareast-font-family: "Times New Roman";"><a href="mailto:brandy@fpakc.org"><span style="background: white; color: #1155cc;">brandy@fpakc.org</span></a><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal" style="background: white;">
<span style="color: #222222;"><span style="font-family: Arial, Helvetica, sans-serif;">DESCRIPTION:</span><span style="font-family: Arial;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoNormal" style="background: white; text-align: justify; text-justify: inter-ideograph;">
<div style="text-align: justify;">
<span style="color: black; font-family: Arial; mso-bidi-font-family: "Times New Roman";">The overlapping influences of social media, robo advisors, Skype,
changing attitudes of baby boomers, expectations of new generations, and a raft
of other social and technological upheavals have brought the financial services
industry to an inflection point. Change has been a constant in the financial
advice business but a fundamental shift has occurred due to factors such as the
following:</span><span style="color: #222222;"><o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoListParagraph" style="background: white; margin-left: .25in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #222222; font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: black; font-family: Arial; mso-bidi-font-family: "Times New Roman";">Clients have better access to information and
think they are better informed</span><span style="color: #222222;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoListParagraph" style="background: white; margin-left: .25in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #222222; font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: black; font-family: Arial; mso-bidi-font-family: "Times New Roman";">It is as easy to find an advisor across the
country as it is to find one down the street</span><span style="color: #222222;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoListParagraph" style="background: white; margin-left: .25in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #222222; font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: black; font-family: Arial; mso-bidi-font-family: "Times New Roman";">Advisors service clients hundreds of miles away</span><span style="color: #222222;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoListParagraph" style="background: white; margin-left: .25in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #222222; font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: black; font-family: Arial; mso-bidi-font-family: "Times New Roman";">Practitioners have direct access to potential
clients through the web</span><span style="color: #222222;"> </span><span style="color: black; font-family: Arial; mso-bidi-font-family: "Times New Roman";">Investors
can make their praise and criticism known to everyone online and via apps of
their mobile devices</span><span style="color: #222222;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoListParagraph" style="background: white; margin-left: .25in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #222222; font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: black; font-family: Arial; mso-bidi-font-family: "Times New Roman";">Clients can get up-to-the-minute portfolio
information on their phones</span><span style="color: #222222;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoListParagraph" style="background: white; margin-left: .25in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #222222; font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: black; font-family: Arial; mso-bidi-font-family: "Times New Roman";">Independent advisors can run a successful
practice in the cloud with virtual staff</span><span style="color: #222222;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoListParagraph" style="background: white; margin-left: .25in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: #222222; font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="color: black; font-family: Arial; mso-bidi-font-family: "Times New Roman";">Investment management firms can hire a robo and
fire their research and trading staff</span><span style="color: #222222;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white;">
<br /></div>
<div class="MsoNormal" style="background: white; text-align: justify; text-justify: inter-ideograph;">
<div style="text-align: justify;">
<span style="color: black; font-family: Arial; mso-bidi-font-family: "Times New Roman";">We are witnessing the beginning of a third wave in financial
services. The first wave was about product. The second wave was about
advice. What will define the third wave? Changes taking place today will
act synergistically to affect the very nature of the relationship between
advisor and client -- and we are starting to see how all of that will play out.</span><span style="color: #222222;"><o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="background: white; text-align: justify; text-justify: inter-ideograph;">
<div style="text-align: justify;">
<br /></div>
</div>
<div class="MsoNormal" style="background: white; text-align: justify; text-justify: inter-ideograph;">
<div style="text-align: justify;">
<span style="color: black; font-family: Arial; mso-bidi-font-family: "Times New Roman";">At this FPA sponsored event, <a href="http://www.3rdwavecollabortive.com/" target="_blank">3rd Wave Collaborative co-founder Marie Swift</a> will talk about service models over the years and how
today’s best technology-enabled advisors, supported by allied institutions, are
building out their firms with an eye to the future.</span><span style="color: #222222;"><o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="background: white; text-align: justify; text-justify: inter-ideograph;">
<div style="text-align: justify;">
<br /></div>
</div>
<div class="MsoNormal" style="background: white; text-align: justify; text-justify: inter-ideograph;">
<div style="text-align: justify;">
<span style="color: black; font-family: Arial; mso-bidi-font-family: "Times New Roman";">After Swift's main presentation, attendees may chose to dialog
over lunch with FPA members and UMKC faculty and students about Swift's session
or join Swift in a breakout room to talk branding in the robo age.</span></div>
</div>
<div class="blogger-post-footer">Visit http://www.impactcommunications.org to learn more about Marie Swift and Impact Communications. Visit http://www.marie-swift.blogger.com to post a reply or read other Best Practice profiles.</div>Anonymoushttp://www.blogger.com/profile/18223031810652431388noreply@blogger.com0tag:blogger.com,1999:blog-2253482211213829524.post-10768897862472288062015-09-12T13:15:00.000-05:002015-09-12T09:38:15.547-05:00Save the date! T3 Technology Conference for Financial Advisors - Feb 10-12, 2016 - Florida<div class="separator" style="clear: both; text-align: center;">
<img border="0" src="http://1.bp.blogspot.com/-KxNtqJSslJ8/Vdi7aqfTOaI/AAAAAAAABds/kCy8eQkl79Y/s1600/Screen%2BShot%2B2015-08-21%2Bat%2B7.16.43%2BPM.png" /></div>
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Visit now: <a href="http://www.technologytoolsfortoday.com/" target="_blank">www.TechnologyToolsForToday.com</a></div>
<br /><div class="blogger-post-footer">Visit http://www.impactcommunications.org to learn more about Marie Swift and Impact Communications. Visit http://www.marie-swift.blogger.com to post a reply or read other Best Practice profiles.</div>Anonymoushttp://www.blogger.com/profile/18223031810652431388noreply@blogger.com0tag:blogger.com,1999:blog-2253482211213829524.post-83669716286282563072015-09-12T12:23:00.001-05:002015-09-12T18:49:04.754-05:00See You at FPA B.E. in Boston? Here's How to Find Marie Swift.<span style="font-family: Arial, Helvetica, sans-serif;">I'll be at the FPA B.E. Conference in Boston. Find me and say hello!</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<br />
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">I'll be hanging around these booths -- all of which are Impact friends and clients, all of which offer some pretty fantastic solutions for independent advisors and allied institutions:</span></div>
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
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<ul>
<li><span style="font-family: Arial, Helvetica, sans-serif;">Vanare | NestEgg - Table #17</span></li>
</ul>
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<li><span style="font-family: Arial, Helvetica, sans-serif;">Client Driven Practice - Table #15</span></li>
</ul>
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<li><span style="font-family: Arial, Helvetica, sans-serif;">Scottrade Advisor Services - Booth 308</span></li>
</ul>
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<li><span style="font-family: Arial, Helvetica, sans-serif;">Strategy and Resources - Booth 302</span></li>
</ul>
<ul>
<li><span style="font-family: Arial, Helvetica, sans-serif;">Entreda - Table # TBD</span></li>
</ul>
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<li><span style="font-family: Arial, Helvetica, sans-serif;">GuideVine.com - Table #TBD</span></li>
</ul>
<ul>
<li><span style="font-family: Arial, Helvetica, sans-serif;">Everplans Pro - Table #TBD</span></li>
</ul>
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<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Arial, Helvetica, sans-serif;">See the <a href="http://www.map-dynamics.com/fpaboston2015">interactive map of the exhibit hall</a> for visual of the booths and tables.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Arial, Helvetica, sans-serif;">I will also be live tweeting some of the sessions including:</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<b><span style="font-family: Arial, Helvetica, sans-serif;">Retirement Roundtable - Sept 26 at 2:20 pm ET</span></b><br />
<span style="font-family: Arial, Helvetica, sans-serif;">Robert Powell, respected journalist</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<b><span style="font-family: Arial, Helvetica, sans-serif;">Cutting College Costs - Sept 26 at 4:30 pm ET</span></b><br />
<span style="font-family: Arial, Helvetica, sans-serif;">Lynn O'Shaughnessy, respected columnist</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<b><span style="font-family: Arial, Helvetica, sans-serif;">New Rules of Marketing and PR - Sept 26 at 8:00 am ET</span></b><br />
<span style="font-family: Arial, Helvetica, sans-serif;">Jill Schlesinger, respect journalist</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<b><span style="font-family: Arial, Helvetica, sans-serif;">Robo-Advisors Point / Counter Point - Sept 27 at 2:20 pm ET</span></b><br />
<span style="font-family: Arial, Helvetica, sans-serif;">Michael Kitces (Nerds Eye View), Rich Ellinger (Wealthminder), and Lex Sokolin (Vanare | NestEgg)</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<b><span style="font-family: Arial, Helvetica, sans-serif;">Investing Roundtable - Sept 27 at 3:55 pm ET</span></b><br />
<span style="font-family: Arial, Helvetica, sans-serif;">Advisor Partners CEO - Dan Kern</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<b><span style="font-family: Arial, Helvetica, sans-serif;">M&A and Succession Planning / Financing - Sept 27 at 5:00 pm ET</span></b><br />
<span style="font-family: Arial, Helvetica, sans-serif;">Marion Asnes (Idea Refinery) + Folks from Live Oak Bank and FP Transitions</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<br />
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">Unfortunately, I have a flight on Monday September 28 -- I am heading right to Phoenix so I don't miss too much of the <a href="http://marie-swift.blogspot.com/2015/08/see-you-at-bob-veres-insiders-forum.html" target="_blank">Bob Veres' Insider's Forum</a> (and I am also speaking there alongside with my strategic partner Marion Asnes) -- or I would have loved to attend the Women and Investing session sponsored by Money Magazine and staffed by a host of awesome women I know (sorry ladies, alas a different duty calls). </span></div>
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<b><span style="font-family: Arial, Helvetica, sans-serif;">If you haven't signed up yet for the Insider's Forum, you can save $75 off your first registration with this code:</span></b><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<br />
<div style="text-align: center;">
<span style="color: #990000; font-family: Arial, Helvetica, sans-serif;"><b>2015IMPACTCOMM</b></span></div>
<div style="text-align: center;">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: Arial, Helvetica, sans-serif;">If you want to find me at FPA B.E. and prefer not to look for a "chance encounter" please stop by the Strategy and Resources booth #320 and leave a message with whoever is there. If you leave your cell phone number or mobile email, I will be in touch and we can meet up!</span></div>
<br />
<br />
<br /><div class="blogger-post-footer">Visit http://www.impactcommunications.org to learn more about Marie Swift and Impact Communications. Visit http://www.marie-swift.blogger.com to post a reply or read other Best Practice profiles.</div>Anonymoushttp://www.blogger.com/profile/18223031810652431388noreply@blogger.com1tag:blogger.com,1999:blog-2253482211213829524.post-29642742725565120952015-09-11T17:18:00.000-05:002015-09-12T10:39:51.287-05:00 Trends That Matter: Top Issues for Major Firms Today<span style="font-family: Arial, Helvetica, sans-serif;">Matt Lynch, Managing Partner at <a href="http://www.strategyandresources.com/" target="_blank">Strategy and Resources, LLC </a>will discuss trends that affect major firms, from the “vendor identity crisis” to “regulatory pressure,” to “trends in advice” as well as “succession issues” and “micro-marketing.”</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br />
</span> <span style="font-family: Arial, Helvetica, sans-serif;">Matt's presentation will be followed by table discussions centered around the key trends, facilitated by Strategy and Resources' resource partners <a href="http://www.strategyandresources.com/#team" target="_blank">(industry thought leaders Marie Swift, Julie Littlechild, Marty Miller, Joni Dunn, Scott Taylor, Mitch Vigeveno, Bob Cogan and Marion Asnes)</a>, after which the group will share its conclusions.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br />
</span> <span style="font-family: Arial, Helvetica, sans-serif;">WHEN: Friday, September 25, 2015 from 3:00 - 4:00 pm ET</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br />
WHERE: FPA Major Firms Symposium in Boston, MA</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br />
</span> <span style="font-family: Arial, Helvetica, sans-serif;">WHAT: <b>Trends That Matter: Top Issues for Major Firms Today</b></span><br />
<i><span style="font-family: Arial, Helvetica, sans-serif;"> ~ Featured presentation by Matt Lynch and strategic partners ~</span></i><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br />
</span> <span style="font-family: Arial, Helvetica, sans-serif;">WHO: Executives from Major Firms in the Financial Services Industry</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br />
</span> <span style="font-family: Arial, Helvetica, sans-serif;">WHY: Enjoy a full day of interesting dialog and presentations thanks to </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"> FPA and supporting sponsors shown below </span><br />
<br />
<span style="color: #660000; font-family: Arial, Helvetica, sans-serif;"><b><a href="mailto:lsolomon@onefpa.org" target="_blank">Email your RSVP request to Lucy Solomon at FPA</a></b></span><br />
<span style="color: #660000; font-family: Arial, Helvetica, sans-serif;"><br />
</span> <br />
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<a href="http://1.bp.blogspot.com/-WlYhLhCHWUY/Vd5CQG7g5NI/AAAAAAAABew/Q_HR_a34AjU/s1600/Screen%2Bshot%2B2015-08-26%2Bat%2B4.59.33%2BPM.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="137" src="http://1.bp.blogspot.com/-WlYhLhCHWUY/Vd5CQG7g5NI/AAAAAAAABew/Q_HR_a34AjU/s400/Screen%2Bshot%2B2015-08-26%2Bat%2B4.59.33%2BPM.png" width="400" /></a></div>
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</span><div class="blogger-post-footer">Visit http://www.impactcommunications.org to learn more about Marie Swift and Impact Communications. Visit http://www.marie-swift.blogger.com to post a reply or read other Best Practice profiles.</div>Anonymoushttp://www.blogger.com/profile/18223031810652431388noreply@blogger.com0tag:blogger.com,1999:blog-2253482211213829524.post-4234007864889038322015-09-07T13:03:00.000-05:002015-09-12T09:39:34.381-05:00See you at Bob Veres' Insider's Forum - Sept 28-30 in Phoenix?So this is cool ...<br />
<br />
Marion Asnes and I will be tag teaming at Bob Veres' Insider's Forum this fall. We'll be delivering a CEO TED Talk called "Secrets of Branding in the Robo Age."<br />
<br />
Hope to see you there!<br />
<br />
If you'd like to save $75 off the first registration for your firm, use this code: 2015IMPACTCOMM<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-4y6bUYN93Nk/VaQ1wFxX2eI/AAAAAAAABbc/s28vrbkYvow/s1600/Aug2015_FP%2Bad_trimmed.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="640" src="http://2.bp.blogspot.com/-4y6bUYN93Nk/VaQ1wFxX2eI/AAAAAAAABbc/s28vrbkYvow/s640/Aug2015_FP%2Bad_trimmed.PNG" width="384" /> </a></div>
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If you'd like to save $75 off the first registration for your firm, use this code: <b>2015IMPACTCOMM</b></div>
<div class="blogger-post-footer">Visit http://www.impactcommunications.org to learn more about Marie Swift and Impact Communications. Visit http://www.marie-swift.blogger.com to post a reply or read other Best Practice profiles.</div>Anonymoushttp://www.blogger.com/profile/18223031810652431388noreply@blogger.com0tag:blogger.com,1999:blog-2253482211213829524.post-2984688541079048302015-09-05T15:45:00.000-05:002015-09-12T09:39:11.496-05:00Finding Your Voice and Building Your Brand as a Financial Advisor Today<h1 class="main-heading" style="border: 0px; box-sizing: border-box; font-stretch: inherit; line-height: 44px; margin: 0px 0px 20px; padding: 0px; vertical-align: baseline;">
<div style="background-color: rgba(255, 255, 255, 0.819608); font-family: Arial, Helvetica, Arial, Verdana, sans-serif; font-size: 18px; line-height: 24px; margin-bottom: 10px; padding: 0px;">
<span style="font-family: Arial, Helvetica, sans-serif; font-size: small; font-weight: normal;">Based on a conversation I had a few months ago with Bob Veres and Marion Asnes, I have been thinking about and reading up on "voice" and "branding" with an eye toward bringing something fresh and helpful to the CEO TED Talk that Marion and I will be co-delivering at the <a href="http://www.insidersforum.com/" target="_blank">Bob Veres Insider's Forum</a> in September.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif; font-size: small; font-weight: normal;"><br /></span></div>
<div style="background-color: rgba(255, 255, 255, 0.819608); font-family: Arial, Helvetica, Arial, Verdana, sans-serif; font-size: 18px; line-height: 24px; margin-bottom: 10px; padding: 0px;">
<span style="font-family: Arial, Helvetica, sans-serif; font-size: small; font-weight: normal;">Subsequently, Bob wrote a nice piece on branding essentials for his Inside Information subscribers. Marion and I were quoted, as were some of my other favorite industry insightfuls (Steve Wershing: here's looking at you, kid). If you missed that issue, head right on over to <a href="http://www.bobveres.com/">www.BobVeres.com</a> and sign up for Inside Information -- it is one of the best publications in the financial advisory space, chock full of insights and good food for thought, written especially for financial advisors and others who are a part of that service ecosystem.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif; font-size: small; font-weight: normal;"><br /></span></div>
<div style="background-color: rgba(255, 255, 255, 0.819608); font-family: Arial, Helvetica, Arial, Verdana, sans-serif; font-size: 18px; line-height: 24px; margin-bottom: 10px; padding: 0px;">
<span style="font-family: Arial, Helvetica, sans-serif; font-size: small; font-weight: normal;">I then wrote a piece which I called "Being a Social Leader Online" -- which is all about building trust through authentic voice and transparent communications -- for Financial-Planning.com. They renamed the piece <a href="http://www.financial-planning.com/blogs/why-advisors-cant-ignore-social-media-2693601-1.html" target="_blank">"Why Financial Advisors Can't Ignore Social Media"</a> -- which is true, but was not really, to my thinking anyway, the focus of the piece. Never-the-less, I know a bunch of financial advisors and allied others read it because I saw a ton of conversation and energy happen on Twitter. So that's good. But the whole point of that piece is that high-trust leaders are those who are willing to show their personality -- and even their vulnerability.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif; font-size: small; font-weight: normal;"><br /></span></div>
<div style="background-color: rgba(255, 255, 255, 0.819608); font-family: Arial, Helvetica, Arial, Verdana, sans-serif; font-size: 18px; line-height: 24px; margin-bottom: 10px; padding: 0px;">
<span style="font-family: Arial, Helvetica, sans-serif; font-size: small; font-weight: normal;">I subsequently had a conversation with some business colleagues who left the corporate tech and ad agency worlds and now basically ghostwrite blog posts and long-form LinkedIn Pulse posts (along with corresponding social media posts for Facebook, LinkedIn, Google+ and Twitter) for financial advisors. They have developed this thing they call "Voice Science" so that when they write the pieces for their clients, they actually CAPTURE that person's authentic voice. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif; font-size: small;"><br />
<span style="font-weight: normal;"><a href="http://www.creelio.com/linkedin-webinar-registration/?affid=impactcommunications" target="_blank">I'm excited about the free webinar they are doing for Friends of Impact this Tuesday, August 11, at noon CT.</a> </span></span></div>
<div style="background-color: rgba(255, 255, 255, 0.819608); font-family: Arial, Helvetica, Arial, Verdana, sans-serif; font-size: 18px; line-height: 24px; margin-bottom: 10px; padding: 0px;">
<span style="font-family: Arial, Helvetica, sans-serif; font-size: small; font-weight: normal;"><br />The big idea here is not to sanitize things so much. Yes, be professional. Yes, do a spell check. Yes, think before you post. But be your true and authentic self. To do that, though, you should really think about who that true and authentic self IS ... and if you are a part of a team (or a team of one) working as a business then there needs to be some dialog and consensus on what your "brand" is before you can synch up your "voice." </span><br />
<span style="font-family: Arial, Helvetica, sans-serif; font-size: small;"><span style="font-weight: normal;"><br /></span>
<span style="font-weight: normal;">One more helpful tidbit: Bob and his team at Insider's Forum asked me to come up with a guest post for their blog. Since the whole topic of "brand" and "voice" have been on my mind more than ever recently, I wrote a piece called "<a href="http://www.insidersforum.com/blog/finding-your-voice-online" target="_blank">Finding Your Voice Online</a>." I hope you will read it and do some of the exercises I suggest. </span></span><br />
<span style="font-family: Arial, Helvetica, sans-serif; font-size: small;"><span style="font-weight: normal;"><br /></span>
<span style="font-weight: normal;">I hope to see all of you at the 2015 Insider's Forum where we can continue this "brand" and "voice" conversation. </span></span><br />
<span style="font-family: Arial, Helvetica, sans-serif; font-size: small;"><span style="font-weight: normal;"><br /></span>
<span style="font-weight: normal;"><a href="http://www.insidersforum.com/" target="_blank">To save $75 off your first registration, enter 2015IMPACTCOMM</a></span></span><br />
<span style="font-family: Arial, Helvetica, sans-serif; font-size: small;"><br />
<span style="font-weight: normal;">Final thought for today: As I was following some links on Twitter, I stumbled upon t<a href="http://www.thesaleslion.com/find-voice-blogging-online-myth/" target="_blank">his article by a content marketing guy named Marcus Sheridan</a>. He says that we can never REALLY find our true and authentic voice ... because <i>it is changing all the time</i>. </span></span><br />
<span style="font-family: Arial, Helvetica, sans-serif; font-size: small;"><span style="font-weight: normal;"><br /></span>
<span style="font-weight: normal;">His call to action is good:</span></span><br />
<span style="font-family: Arial, Helvetica, sans-serif; font-size: small;"><span style="font-weight: normal;"><i>From this day forward, stop worrying about “finding your voice.” </i></span><i style="font-weight: normal;">And if you do find it, throw it back in the river so you can find it again later. </i><i style="font-weight: normal;">Finding is not the goal here. </i><i style="font-weight: normal;">This is about <span style="margin: 0px; padding: 0px;">GROWTH</span>, pure and simple. </i><span style="font-weight: normal;"><i>And trust me when I tell you that if you’re growing, happiness will follow</i></span>.</span></div>
<div style="background-color: rgba(255, 255, 255, 0.819608); font-family: Arial, Helvetica, Arial, Verdana, sans-serif; font-size: 18px; font-weight: 500; line-height: 24px; margin-bottom: 10px; padding: 0px;">
<span style="font-family: Arial, Helvetica, sans-serif; font-size: small;"><br />
My take: <span style="font-weight: normal;">We must all constantly reinvent ourselves. If we do that, I submit that in addition to personal growth and happiness, our business growth and happiness will also multiply.</span></span><br />
<span style="font-family: Arial, Helvetica, sans-serif; font-size: small;"><span style="font-weight: normal;"><br /></span>
<span style="font-weight: normal;">So, ask yourself regularly: </span></span><span style="font-family: Arial, Helvetica, sans-serif; font-size: small; font-weight: normal;">"</span><span style="font-family: Arial, Helvetica, sans-serif; font-size: small; font-weight: normal;">Who am I? And why should others care?" </span><br />
<span style="font-family: Arial, Helvetica, sans-serif; font-size: small;"><span style="font-weight: normal;"><br /></span>
<span style="font-weight: normal;">Challenging questions, to be sure, but well worth the contemplation. Time for me to go on a long walk and think about those questions myself.</span></span><br />
<span style="font-weight: normal;"><br /></span>
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<a href="http://1.bp.blogspot.com/-aPcF852nVEk/VcZscrWBZ9I/AAAAAAAABcY/0zhvw7ZEHr4/s1600/communication.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="333" src="http://1.bp.blogspot.com/-aPcF852nVEk/VcZscrWBZ9I/AAAAAAAABcY/0zhvw7ZEHr4/s400/communication.jpg" width="400" /></a></div>
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<div class="blogger-post-footer">Visit http://www.impactcommunications.org to learn more about Marie Swift and Impact Communications. Visit http://www.marie-swift.blogger.com to post a reply or read other Best Practice profiles.</div>Anonymoushttp://www.blogger.com/profile/18223031810652431388noreply@blogger.com5tag:blogger.com,1999:blog-2253482211213829524.post-5150913460200435892015-09-02T23:30:00.000-05:002015-09-02T23:36:31.490-05:00Marketing Your Financial Services Firm in the Digital World<a href="http://4.bp.blogspot.com/-hmFtJKLEJwc/VeCZjUvoVuI/AAAAAAAABfI/6__oQ3CRsbQ/s1600/Screen%2BShot%2B2015-08-28%2Bat%2B12.25.08%2BPM.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="http://4.bp.blogspot.com/-hmFtJKLEJwc/VeCZjUvoVuI/AAAAAAAABfI/6__oQ3CRsbQ/s1600/Screen%2BShot%2B2015-08-28%2Bat%2B12.25.08%2BPM.png" /></a><span style="font-family: Times, Times New Roman, serif;"><b>Free Webinar: </b></span><br />
<b><span style="color: #660000; font-size: large;">Marketing Your Financial Services Firm in a Digital World</span></b><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span style="font-family: Arial, Helvetica, sans-serif;">On September 2, 2015, Marie Swift, founder of PR and marketing firm Impact Communications, and business colleagues Blane Warrene, co-founder of technology consulting firm QuonWarrene, and Julie Edge, co-founder of custom content creation firm Creelio, spoke about marketing your financial services firm in the digital world.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span style="font-family: Arial, Helvetica, sans-serif;">Download the recording and you will learn:</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Arial, Helvetica, sans-serif;">- Why People Share Online and Off</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">- How to Create Compelling Content</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">- Why Being Seen as a Leader Online is Vital</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">- How to Stay Relevant in Digital Age</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">- How Mobile Connectivity is Reshaping Consumer Mindsets</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">- Tools for Measuring, Monitoring and Managing Social Media</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Arial, Helvetica, sans-serif;">In short engaging "spotlight appearances", Marie, Blane and Julie each presented their best thinking on the topics above. Marie fielded questions from the audience at the end of the three mini-presentations.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Arial, Helvetica, sans-serif;">Download or watch the recorded webinar now:</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><a href="https://vimeo.com/138137726"><span style="background-color: white; color: #acb1b4; line-height: 15px;">https://vimeo.com/</span><span id="custom_url_id" style="background-color: white; color: #acb1b4; line-height: 15px;">138137726</span></a></span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">Feel free to share with interested others.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Arial, Helvetica, sans-serif;">See you next time!</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">Marie Swift and Friends</span><br />
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<div class="blogger-post-footer">Visit http://www.impactcommunications.org to learn more about Marie Swift and Impact Communications. Visit http://www.marie-swift.blogger.com to post a reply or read other Best Practice profiles.</div>Anonymoushttp://www.blogger.com/profile/18223031810652431388noreply@blogger.com0tag:blogger.com,1999:blog-2253482211213829524.post-67221972474492497842015-06-16T13:00:00.003-05:002015-06-21T23:57:08.923-05:00Building Your Business with Social Media - See You in DC July 14?<div class="p1">
<span style="font-family: Arial, Helvetica, sans-serif;">Looking to jazz up your summer?</span></div>
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<a href="http://1.bp.blogspot.com/-0LHwUpTY0rs/VYBjRziY8xI/AAAAAAAABZw/KQkCUJiM5So/s1600/Screen%2Bshot%2B2015-06-16%2Bat%2B12.55.17%2BPM.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="52" src="http://1.bp.blogspot.com/-0LHwUpTY0rs/VYBjRziY8xI/AAAAAAAABZw/KQkCUJiM5So/s200/Screen%2Bshot%2B2015-06-16%2Bat%2B12.55.17%2BPM.png" width="200" /></a></div>
<a href="http://3.bp.blogspot.com/-QMFq5SnX0zs/VYBjK8fWJVI/AAAAAAAABZo/BAXQeCqv8pQ/s1600/Screen%2Bshot%2B2015-06-16%2Bat%2B12.55.06%2BPM.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="142" src="http://3.bp.blogspot.com/-QMFq5SnX0zs/VYBjK8fWJVI/AAAAAAAABZo/BAXQeCqv8pQ/s200/Screen%2Bshot%2B2015-06-16%2Bat%2B12.55.06%2BPM.png" width="200" /></a><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Join me for the Women Adviser Summit in Washington, DC on July 14 for a day that will reinvigorate your business!</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">My session:</span><br />
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<b><span style="color: #e06666; font-family: Arial, Helvetica, sans-serif;">BUILD YOUR BUSINESS WITH SOCIAL MEDIA </span></b><br />
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<b><span style="font-family: Times, Times New Roman, serif;"><i>Presenter: Marie Swift </i></span></b><br />
<b><span style="font-family: Times, Times New Roman, serif;"><i>Moderator: Marion Asnes</i></span></b><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">You know about LinkedIn, Twitter and other social networks—but are you using them effectively? This session will give you step-by-step advice on:</span></div>
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<li class="li3"><span style="font-family: Arial, Helvetica, sans-serif;">Building a social media plan that revs up your marketing, with compliance in mind</span></li>
<li class="li3"><span style="font-family: Arial, Helvetica, sans-serif;">Branding yourself on social media</span></li>
<li class="li3"><span style="font-family: Arial, Helvetica, sans-serif;">Promoting your events</span></li>
<li class="li3"><span style="font-family: Arial, Helvetica, sans-serif;">Gaining confidence in your online “voice”</span></li>
<li class="li3"><span style="font-family: Arial, Helvetica, sans-serif;">Tools to help spread your message, without devouring your time </span></li>
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<span style="color: #e06666; font-family: Arial, Helvetica, sans-serif;"><b><br /></b></span>
<span style="color: #e06666; font-family: Arial, Helvetica, sans-serif;"><b>The rest of the agenda looks really good, too. </b></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The InvestmentNews Women Adviser Summit, a one-day workshop held in three cities, is uniquely designed for the sophisticated female adviser who wants to take her personal and professional self to the next level.</span></div>
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<span style="color: #e06666; font-family: Arial, Helvetica, sans-serif;"><b>Attend and:</b></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">- Learn how to build a more profitable practice</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">- Discover how to help clients deal with life transitions</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">- Find out what your professional personality style says about you</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">- Get the tips you need to make social media a driving force in your business</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">InvestmentNews is dedicated to empowering women in the workforce, and they’re pleased to announce a partnership with Dress for Success. A portion of all registration fees will be donated to the non-profit organization that promotes economic independence of disadvantaged women, by providing professional attire, a network of support, and the career development tools to help women thrive in work and life.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><b><a href="http://www.investmentnews.com/section/event?eventID=WAS&page=agenda#agenda2" target="_blank">See agenda for the DC event.</a></b></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><b><a href="http://www.investmentnews.com/section/event?eventID=WAS&page=REGISTER" target="_blank">Register now!</a></b></span></div>
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<div class="blogger-post-footer">Visit http://www.impactcommunications.org to learn more about Marie Swift and Impact Communications. Visit http://www.marie-swift.blogger.com to post a reply or read other Best Practice profiles.</div>Anonymoushttp://www.blogger.com/profile/18223031810652431388noreply@blogger.com1tag:blogger.com,1999:blog-2253482211213829524.post-45207146790486529342015-05-31T22:21:00.000-05:002015-05-31T22:24:46.360-05:00GuideVine Launches Summer Scoop, Dishes Out Useful Financial Tips<br />
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“Summertime – and the livin’ is easy,” or at least it should be when it comes to getting simple answers to common financial questions. That’s why GuideVine is launching a campaign to provide the general public with daily “scoops” of useful information in short 1-2 minute videos, easy to view no matter where you are.</div>
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Follow them on any of their social media pages - <a href="http://guidevine.us3.list-manage.com/track/click?u=495e55f313e09a5316dd5f3b2&id=4a6e27515b&e=0332029cb7"><span class="s1">Facebook,</span></a> <a href="http://guidevine.us3.list-manage.com/track/click?u=495e55f313e09a5316dd5f3b2&id=ecd914b776&e=0332029cb7"><span class="s1">Twitter,</span></a> <a href="http://guidevine.us3.list-manage2.com/track/click?u=495e55f313e09a5316dd5f3b2&id=dc09dd31a4&e=0332029cb7"><span class="s1">LinkedIn,</span></a> <a href="http://guidevine.us3.list-manage.com/track/click?u=495e55f313e09a5316dd5f3b2&id=66cab5e484&e=0332029cb7"><span class="s1">Google Plus</span></a> - to get the #SummerScoop2015!</div>
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All the content comes straight from expert financial advisors who live and breath these topics. Simply press “play” each day, and by August 31 you’ll know a lot more about how to manage your finances!</div>
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Want to help the financial literacy cause? Share this content on social media!</div>
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<tr><td style="text-align: center;"><a href="http://4.bp.blogspot.com/-HMt-H-CpyXo/VWvOn5GtXSI/AAAAAAAABYE/5Lw-ogNvzhE/s1600/GuideVine%2BSummer%2BScoop_Video%2BStill_Intro.png" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="300" src="http://4.bp.blogspot.com/-HMt-H-CpyXo/VWvOn5GtXSI/AAAAAAAABYE/5Lw-ogNvzhE/s400/GuideVine%2BSummer%2BScoop_Video%2BStill_Intro.png" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: Arial, Helvetica, sans-serif; font-size: small;"><a href="https://www.youtube.com/watch?v=TQRSdbPGSPw&utm_source=Consumer+Database&utm_campaign=e76abdc6a3-Summer+Scoop+announcement&utm_medium=email&utm_term=0_6c46f35e2f-e76abdc6a3-161322213" target="_blank">Watch Introductory Video Now</a></span></td></tr>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: Arial, Helvetica, sans-serif; font-size: small;"><a href="http://www.guidevine.com/" target="_blank">Learn More at GuideVine.com</a></span></td></tr>
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<div class="blogger-post-footer">Visit http://www.impactcommunications.org to learn more about Marie Swift and Impact Communications. Visit http://www.marie-swift.blogger.com to post a reply or read other Best Practice profiles.</div>Anonymoushttp://www.blogger.com/profile/18223031810652431388noreply@blogger.com0