Going Independent or Looking for a New IBD Relationship?

If you are going independent or looking for a new IBD relationship, this post will interest you:

When John Lindsey left a wirehouse to start his own financial advisory firm in 2012, he knew there would be challenges and opportunities building a business as an independent financial advisor. Building an online presence and using social media to win friends and influence people was part of the plan. He’d also just come through – and won – a FINRA arbitration in a long and nasty battle with Edward Jones. So he needed to work extra hard to clear his good name and mitigate what some uninformed consumers might have easily misunderstood.

Working in tandem with his OSJ and the Cooper McManus team, John set out to do two things: 

1. Spark a conversation about wirehouse abuses and help other captive advisors figure out a smart and productive way to go independent
2. Generate a strong online presence using social media, traditional PR and SEO tactics

After creating his brand, setting up his website, and getting a little press on his own, John knew it was time to get professional help. Thus, my team and I have been helping John refine his strategy and accomplish the two goals above for a few months now (check out www.TheBoldAdvisor.com for relevant advisor-oriented content).

As a result of our work together, John Lindsey and I have been asked to do a "tag team" presentation at the Wealth Management and Marketing Conference being hosted May 16-17, 2014 in Laguna Beach.

See photo gallery from last year's Surf and Sand event. 

John Lindsey, far right, enjoys last year's 2013 retreat in Laguna Beach.

In our 50-minute presentation on May 17, 2014, John and I will:

• Demystify social media and the new digital reality 
• Share strategies for building relationships using digital media and expanding your online presence
• Outline the challenges, opportunities and action steps needed to capitalize on the new frontier
• Provide insights on how to get started if you don’t have any experience, and what to do next if you're already well down the social media path
• Tell how Cooper McManus and Securities America support their advisors' efforts

If you are a financial advisor looking for a new IBD relationship (or if you are currently at a wirehouse and are thinking of going independent), you may qualify to attend this 2-day retreat in Laguna Beach. 

Take a quick look at the Agenda.

Just contact Shawn Sandoval at Cooper McManus and tell him you read this blog post by me and he'll visit a bit with you about your current scenario and the Wealth Management and Marketing Conference.

Here's how to reach Shawn:

Cooper McManus
9870 Research Drive

Irvine, CA 92618

800-516-5333

ssandoval@coopermcmanus.com

Cooper McManus is a SEC Registered Investment Advisory Firm. Financial Advisors of Cooper McManus are Registered Representatives of and offer securities through Securities America, Inc. A Registered Broker/Dealer. Member FINRA. Cooper McManus and Securities America are not affiliated.

Continuity Planning is Essential for Financial Advisors - Take Action Now!

Recognizing a critical gap in advisors’ understanding of the difference between continuity plans and succession plans, Securities America has designated October as “Continuity Planning Month.” The independent broker-dealer is providing educational webcasts, agreement templates, an informational video and other resources such as a Continuity Planning Checklist to help advisors stop procrastinating and put a written plan on file.

TALES FROM THE TRENCHES
Securities America advisor Tim Boyd of San Diego said a continuity agreement would have greatly helped in the fall of 2008, when the industry faced a financial crisis and his office partner died suddenly while jogging.

Read financial advisor Tim Boyd's story now.

ADVISORS AS STEWARDS
“Advisors are stewards who direct, guide and care for the financial wellbeing of their clients,” said Kirk Hulett, Securities America executive vice president of strategy and practice management. “In focusing their attention and expertise on clients, advisors may overlook their important role as stewards for their family and their employees, whose well being is also dependent on the advisor. A continuity plan protects all the people under an advisor’s stewardship – family, employees and clients.”

Kirk provides 10 Reasons You Needed a Continuity Plan Yesterday in this article he penned for AdvisorOne.com. 

CONTINUITY PLANNING / SUCCESSION PLANNING
“Advisors who lump continuity planning into succession planning miss the point: the risk of dying today versus the relative certainty of retiring tomorrow,” said Roger Verboon, a senior practice management consultant at Securities America who coaches advisors about continuity planning.

Roger provides his insights about continuity planning and how it is different from succession planning in this 15 minute audio interview with Marie Swift.

Listen now:

 

As seen in Financial Planning magazine, November 2012 issue

Watch  informational video now:

DID YOU MISS THE WEBINAR ON JULY 15, 2011?

MAXIMIZING YOUR ONLINE PRESENCE IN A SMART, COMPLIANT WAY

WEBINAR SPONSORED BY: 

FPA Fairfield CT, FPA Hudson Valley, Fairfield University, NAPFA, Securities America* and Impact Communications  

CLICK HERE TO DOWNLOAD SLIDES 
 










CLICK PLAYER BAR TO LISTEN TO RECORDING 

SESSION DESCRIPTION: 

Having a good website is mandatory in today’s digital, online world. Multimedia such as podcasts, interactive graphics, and flash movie segments that combine music, narration, images and video clips can make your website come alive. Social media sites such as blogs, Twitter, Facebook, Ning and LinkedIn can help you connect in new, exciting ways with current and prospective clients. But creating or expanding an online presence that will grow your practice requires clear objectives and a plan that delivers on those objectives. This session will cover the fundamentals –  “and then some.”  

In this recorded one-hour webinar, you will:
 

• See colorful examples of what other advisors have done in the digital world
 

• Learn about Spider Marketing – and how that can help generate more traffic to your primary website
 

• Understand what the ROI is likely to be  
 

• See why it is more important than ever for you to embrace one or more of the social networking platforms
 

• Hear from a compliance expert on the do’s and don’ts related to social media use
 

• Get advice from a marketing expert on where to start if you’re late to the party
 

• Hear suggestions on what to do next if you’ve already dipped your toe into the water
 

In a nutshell, your instructors will cover:
 

• Best practices for creating a powerful online presence
 

• How to add multimedia to online sites
 

• When and how to add social media to your strategy  
 

• How to work most effectively with compliance
 

• What the FINRA guidelines say and how to protect yourself from regulator scrutiny
 

• The best and easiest ways to get started
 

• How to get help if you’d rather not do it alone

Your instructors: 

Marie Swift is President and CEO of Impact Communications, a full-service marketing communications firm serving a select group of independent financial advisors, industry thought-leaders and allied institutions. 

A regular contributor to industry publications such as MorningstarAdvisor, RIABiz.com, AdvisorOne, Research and Financial Planning magazines, industry expert David Drucker calls her a “PR consultant extraordinaire” and featured her firm in “Raising Perceptions,” an article published by Research magazine about the benefits of public relations and credibility marketing. Bob Veres says, “Marie is perhaps the best PR professional in our industry.”  

A popular speaker, Swift has spoken at numerous conferences within the financial services industry. She has received high ratings from participants at various venues including the NFL Players Association, TD Ameritrade, Pershing, Lockwood University, Charles Schwab, Securities America, Financial Network, the Financial Planning Association, the National Association of Personal Financial Advisors and the Garrett Planning Network. 

Swift uses Twitter (http://www.twitter.com/marieswift) and her Best Practices in the Financial Services Industry blog (http://www.marieswift.com) as well as LinkedIn, Ning, multi-media engagement tools and online newswire services to build relationships in the digital realm. 

Learn more about Marie Swift at http://www.impactcommunications.org.  

Leia Farmer is Deputy Chief Compliance Officer with Securities America, Inc., one of the largest independent broker/dealers in the nation.  Leia’s primary responsibilities are to oversee the RIA Compliance and Policies and Procedures teams within Securities America. 
 

During its National Conference in Orlando, Fla., in June 2011, Securities America announced its new social media program, which will allow all of its 1,800 reps to access and post content on Facebook, LinkedIn and Twitter in mid-July. Leia was a part of the internal task force that analyzed and selected Securities America's social media compliance solution, and will participate in the social media / compliance training sessions provided by the firm in 2011.  

Under the Securities America program, advisors will need to get static content, such as a profile page or market commentary, pre-approved by the firm’s compliance department. But any communications that are interactive—accepting events, creating groups and posting Tweets and comments that respond to questions—will not require pre-approval before they go live. These types of communications will go through a review process after the content has gone up. 

Leia understands the FINRA guidelines as they pertain to registered representatives and social media use. She will share her insights with the webinar attendees on July 15th.
 

Prior to joining Securities America, Leia worked as the Chief Compliance Officer for Brecek &Young Advisors, Inc., a mid-sized broker/dealer that was acquired by Securities America in 2009. She was also a compliance analyst for E*Trade. In addition to over 11 years of industry experience, Leia has a bachelor’s degree from the University of California Berkeley in Legal Studies and a Master’s Degree in Organizational Management from the University of Phoenix. Leia holds the Series 7, 63, 24, 4, and 66 licenses.  

Learn more about Leia at http://www.securitiesamerica.com. Get practice management tips and learn more about building your online presence at http://www.AdvisorPod.com.  

*Securities America, Inc. is a Registered Broker/Dealer, Member FINRA/SIPC. Advisory services are offered through Securities America Advisors, Inc., a SEC Registered Advisory Firm.

Want to take a deeper dive? 

Attend the next Web 2.0 and Social Media Boot Camp!

 AS SEEN ON ADVISORTV
If you are interested in taking a deeper dive and/or building your online presence during a live, instructor- guided, computer-lab experience led by marketing expert Marie Swift, sign up now to attend one of these live boot camps:

SPONSORED BY FPA AND FAIRFIELD UNIVERSITY

Fairfield, CT - Saturday, September 24, 2011
Learn more at http://www.fpact.org

SPONSORED BY NAPFA

Brooklyn, NY - Monday, October 24, 2011 
Learn more at http://www.napfa.org  

See what FPA San Diego 2011 Task Force Chair Evelyn Zohlen has to say about the Web 2.0 and Social Media Boot Camp on AdvisorTV!

Securities America's Nagengast on Industry Trends for Growth

Jim Nagengast, the CEO of Securities America Corp., chats with Pam Black on November 1, 2010, at Sourcemedia's AdvisorTV in-house studio about volatility in the markets, his firm's distribution system for advisors, and its new emphasis on working with community banks.

Watch now:
http://www.financial-planning.com/video/nagengast-video2669865-1.html

Did You Miss These Tweets? Good Stuff!

Ck out the Web 2.0 and Social Media Boot Camp (2/28/10) being offered by FPA and Impact Comm - a first! http://www.socialmedia-bootcamp.blogspot.com

Doing webinar for FPA (1/20/10) on Using Web 2.0 and Social Media to Build Business. Sign up now - cheap! http://www.fpanet.org/Learn/VirtualLearningCenter/ClassDescriptions/UsingWeb20AndSocialMediaToBuildRelationships/

Will be speaking at TD Ameritrade's national conference first of Feb. Then on to the T3 Conference mid-Feb where speaking, doing PR for conf. www.tdainstitutional.com and www.technologytoolsfortoday.com for more info.

RT @Fiduciary360 Social networking site for advisors built to be FINRA compliant: http://bit.ly/6Fci7C @NewsfromIN

RT @ovrdrv What are the five biggest mistakes in social media measurement? http://bit.ly/6xsUDU

Kiplinger's PF says Seek Advice on 401k, profiles Impact client Smart 401k - puts Smart 401k clients on cover: http://bit.ly/7hwRNY

New tools 4 end of life planning http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20100103/REG/301039968/1082: http://bit.ly/8IxHI5

What's your major? http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20100107/BLOG01/100109903: http://bit.ly/4zespt

Don't know your risk tolerance? Here's how to find out: http://www.pbs.org/nbr/blog/2009/12/dont_know_your_risk_tolerance.html

Bob Veres offer Client Article Svc. Great 4 FA's client newsletters. Inside Info subscribers $151 discount code E2DE http://www.bobveres.com

Evolution of a Planning Firm - http://blogs.wsj.com/financial-adviser/2009/12/31/voices-sheryl-garrett-on-the-evolution-of-a-planning-firm/

RT @WSJPersFinance Relax, You Can Beat That Stress http://bit.ly/6bkn4h

RT @tweetmeme Tips for Better Twitter Tweets — Art Biz Blog http://bit.ly/K7gYv

RT @sangsito I need NAPFA advisor that can help me reach my goal in life without cost me arm and leg. Thanks.

@sangsito Visit http://www.garrettplanningnetwork.com to view 300 fee-only (commission free) planners. Will work on hourly or project basis.

Take a look at six social media trends for the upcoming year. http://bit.ly/5pKp0k

Great PM info for Financial Advisors = AdvisorPod.com http://www.advisorpod.com/SociallyAdept

Twitter Digest - Did you Miss These Tweets?

I will be one of 18 "world class presenters" in a virtual summit next week. FREE. No travel involved! Register: www.InsuranceSellingSummit.com

Highlights from Invest In Others gala http://tinyurl.com/investinothers Impact Communications proud to represent top advisor / industry thought leader Brett Ellen.

Great article by Tara Siegel Bernard in the New York Times - To Retire in This Weak Market, the Magic Word Is ‘Focus’. An added bonus: several of Impact Communications' clients are quoted - smart people, all.

Interesting 7 minute podcast with New York Times reporter Tara Siegel Bernard and editor Jane Bornemeier - how to plan for and think about retirement: http://www.nytimes.com/2009/10/15/your-money/15LIFE.html

Julie Littlechild of Advisor Impact / Client Audit system - Watch Twitter Live! vblog: How advisors should be thinking about defining/articulating their value http://fpatwitterlive.blogspot.com/2009/10/julie-littlechild-advisor-impact-client.html

Mary Zimmerman of Kinder Institute / Path Financial - Watch Twitter Live! vblog: Thoughts on achieving success in 2010 and beyond: http://fpatwitterlive.blogspot.com/2009/10/mary-zimmerman-path-financial.html?spref=tw

Advisors - how to Create a Five Touch Campaign. Read my articles on MorningstarAdvisor.com

Financial planning dean - Deena Katz - says more regulation on the way - Watch Twitter Live! vblog

Liz Weston says credit will be the big story for 2010. View Twitter Live! video blog. Follow @lizweston

Impact Communications hosted the Industry Thought Leaders at booth at FPA Anaheim 2009. Wonderful seeing everyone there!

Great conversations w/ old friends and new at FPA Anaheim. Beth Sanders http://www.lifebio.com offering cool services for advisors.

Impact Communications coordinated a new and exciting session at FPA Anaheim 2009 -- Twitter Live! with Industry Thought Leaders. Watch video clips at www.fpatwitterlive.blogspot.com

Follow all the FPA Thought Leader tweets @fpassociation and/or use hash tag #FPA2009 to pull up consolidated digest.

Use my name "swift" and save 30% off ASN360 Practice Mgt Summit. I am speaking Nov 7. Enter SWIFT in discount box - early bird ends10/5 - register at www.asn360.com

Read George Kinder's article in Bank Investment Consultant magazine. Help your clients achieve their dream of freedom.

Gave away over $10,000 in prizes at FPA Anaheim 2009. Fun hanging out with dozens of industry thought leaders.

Securities America Congratulates Brett. S. Ellen - Invest in Others Award

Brett S. Ellen, CFP, president of American Financial Network of Calabasas, Calif., founder of TKO Helping Hands, has been named winner of this year's Community Leadership Awards Mentoring Excellence Award. A top advisor and registered representative with Securities America, Ellen is a great example for financial advisors across the globe. His family foundation, TKO Helping Hands, will receive $12,500 from the 503(c) Invest in Others organization.

In photo: Brett Ellen accepts his award from Robert DeChellis of Allianz Life Financial.

Read article about Brett Ellen's charitable activities in Investment News: Teaching Children to Help Others

Hear podcast with Janine Wertheim, CMO, Securities America, Inc. - great ideas for companies who wish to give back to the community: Securities America Celebrates 25th Anniversary with 25 Weeks of Caring, Giving and Sharing.


Read related article: Entrepreneur.com

Five-Touch Campaigns - Advisor Success Stories Here

In my last article for Morningstar Advisor, I provided thoughts and detailed instructions on how financial advisors could create an effective Five-Touch Marketing Campaign.

Be sure to read Power Up Your Marketing Plan - a companion article - too.

Please post your comments and success stories on this blog. We can create a dialog here.

Going Independent? Great Webcast!

5 Industry Experts share their views and insights:

1. Marie Swift, President and CEO, Impact Communications
2. Gregg Johnson, Senior VP, Branch Office Development, Securities America
3. Clyde Wyatt, Managing Director, Navigation Financial
4. Arthur Cooper, Co-Founder, Cooper McManus
5. Don Patrick, Managing Partner, Integrated Financial Group

In this 50 minute webcast, the panelists share over 100 years of experience in the independent financial advisory world - including practical considerations about setting up your office, selecting a broker/dealer, building a team and much more!

AdvisorPod - Fast, Fun and Informative Practice Management Tips for Financial Advisors

Since it's recent launch, AdvisorPod.com has provided podcasts and tools to hundreds of subscribers. Check out a few of the latest podcasts available:

- Client Segmentation and Analysis,
- Structuring Your Client Communications
- The Number One Non-Investment Service

AdvisorPod.com is an exciting new podcast subscription service for financial services professionals that provides relevant best practices for running an efficient, profitable and enjoyable practice.Advisorpod podcasts have been featured as "New and Notable" in the Podcasts/ Business/Management & Marketing section of iTunes. Find out why!

Tips for Controlling Costs in Recession

Small Businesses Struggle to Remain Competitive in the Recession: Financial Advisors Offer Tips for Controlling Costs

From corporate board rooms to the kitchen table, Americans are at work cutting the fat from over-extended budgets. This switch into survival mode is equally imperative in the small business arena where tight credit and the nation's newly adopted frugality have combined to create unprecedented financial challenges.

Listen to this helpful podcast now.

Time to Transition to Independence

With everything going on in the economy and the state of the financial services industry, is now the right time to make a transition to an independent business model? Whether you choose to affiliate with an established branch or build your own independent office, the benefits of independence may be more relevant than ever.

Listen to Is Now the Time to Go Independent?

Virtual roundtable with independent advisors Arthur Cooper, Bill Glubiak, Clyde Wyatt, Don Patrick and Kathy Goss

This podcast will let you hear what it really means to be independent – and provide information that can help you decide whether it's right for you.

Also ... Download the Going Independent Quiz! How do you rate?

Shaping the News - Great Example of Advisor Leading the Way through Positive PR

Thank goodness the elections are over and we are now able to refocus as a nation on other important matters.

Case in point: Open Enrollment Season.

The average person spends more time planning Thanksgiving dinner than studying their employee benefits package. Many employees spend less than 10 minutes flipping through the glossy benefits brochures before pushing them aside.

Andy Smith, Senior Partner with Cornerstone Financial Partners, Inc., believes that workers may be leaving money on the table and putting their future at risk.

While the mainstream media may be focused on the Wall Street Melt Down and stock market gyrations, Andy Smith and Cornerstone stand out as a "Best Practice Firm."

They are shaping the news and, through a series of positive PR moves, hope to help people understand their options and make better decisions.

Tick tock. Watch the clock!

Read Andy's advice now.It's Open Season on Employee Benefits: Financial Professional Recommends Five Questions Every Employee Should Ask During Open Enrollment

Proclaim your independence!

Navigating today’s financial markets and economic situation is difficult for any advisor. But it’s especially complex for financial consultants at the big-brand sales institutions.

Talk about uncertainty. Turmoil. Stress.

The truth of the matter is that there has never been a better time to be an independent advisor. The Wall Street Melt Down and Economic Mess was not created by Main Street Advisors. And now is a really good time to help the general public understand just that.

So, if you are currently an independent advisor, get out and spread the word!

A recently published article in the Wall Street Journal states that a whopping 83% of clients of the large Wall Street firms are considering changing advisors. Independent advisors who have planned and implemented a solid publicity campaign are in a good position to attract new clients.

“Disenchanted clients and big-brand reps are heading for the door,” says Mitch Vigeveno, President of Turning Point, Inc. (www.tpisearch.com), an executive recruiting and industry consulting firm that helps disgruntled (or, on the flip side, visionary) executives and advisors find a new home in the independent broker/dealer world. But according to Vigeveno, evaluating all the choices can be overwhelming. “Without good information and guidance, too many people end up hopping from the frying pan into the fire,” he says.

John Napolitano, CFP®, CPA, PFS, MST, RLP®, a long-time financial advisor who is also President of independent broker/dealer U.S. Wealth Management LLC (member FINRA/SIPC, www.uswealthcompanies.com) adds his advice for the big-brand brokers:

“I’ve been talking to a lot of people – people just like your clients and you know what they are saying? They are telling me that their advisor isn’t as smart as they once thought. ‘Doesn’t he read the headlines? Doesn’t she know that his firm is going down, or has gone down? Doesn’t he know that under new ownership everything will be different?’”

“Clients are really concerned that their advisor really doesn’t care about them,” Napolitano adds. “They think the most important thing to their advisor right now is the advisor’s trailing income – and, frankly, they might be right.”

So here’s the deal:

If you are thinking about going independent, now is a golden time. But, if you’ve been at a wirehouse or other big-name firm, going pure RIA is probably not the right choice.

“Most of the advisors who join us after having left a big firm appreciate the fact that my firm, which functions as a Securities America branch office (one of the nation’s largest, independent broker/dealers, member FINRA/SIPC, www.securitiesamerica.com), can provide more freedom and flexibility than they’ve had in the past along with a collaborative team environment and all of the big firm services they’ve grown to love,” says Bill Glubiak, managing principal of Cedar Brook Financial Partners LLC (www.cedarbrookfinancial.com).

Cedar Brook is a Private Wealth Management Firm established in July 2005 by 13 people with over 100 years of combined industry experience. With more than 50 financial professionals, Cedar Brook differs dramatically from other independent firms composed of only a few individuals.

“Hybrid advisors – those who are affiliated with an independent broker/dealer yet still licensed to offer fee-based services as either an RIA or an IAR – are going to come out ahead in the long run,” says David Drucker, CFP®, founder of Drucker Knowledge Systems (www.daviddrucker.com). Drucker is one of the most visible and best respected speaker/writers in the financial planning industry.

“Whatever your thinking may be, there has NEVER been a better time to change firms. When else do you think that your clients will welcome a stack of paper with ‘sign here’ sticky notes? The time is NOW,” Napolitano says.

So...What's "Going Independent" All About? According to Vigeveno:

• It's about CHOICE
• It's about FREEDOM
• It's about FLEXIBILTY
• It's about BUILDING EQUITY
• It's about LIFESTYLE

I'll "second" Vigeveno's list above and add:

• It's about TRANSPARENCY
• It's about PROFESSIONALISM
• It's about a BETTER BUSINESS MODEL
• It's about putting CLIENTS' NEEDS FIRST

LISTEN TO THIS PODCAST NOW

John Napolitano wrote the book The Complete Idiots Guide to Success as a Personal Financial Planner (Penguin, December 2007). A sought after speaker in financial planning circles, he delivers dozens of speeches to attentive financial advisor and CPA groups each and every year.

You can sign up for his free newsletter here www.theparagonadvisor.com and access his blog here www.theparagonadvisorblog.com.

I asked John to share some additional insights via a telephone interview I conducted September 26, 2008. John was once a fee-only (no commission) advisor, but returned to an independent broker/dealer model in due time.

Curious to know why?

Click the “play” button to hear our conversation now.