Byallaccounts Blog Feed

Encourage Sharing of Information About Your Firm to Help Drive Word of Mouth

Fri, 17 May 2013 00:00:00 +0000

Encourage sharing of information about your firm to help drive Word of Mouth. First in a series of actionable, tips on driving more referrals from Word of Mouth by Cynthia Stephens.

Visualize Your Practice Management Areas as a Venn Diagram

Mon, 13 May 2013 00:00:00 +0000

When evaluating practice management areas, advisors tend to focus on each area as if it were a stand-alone component. Advisors also like to create their practice management list in order of importance or by the percentage of time they spend in each area.

Change Your Thinking and Decrease Your Reconciliation Process. – There is Value in Providing Position Only Account Data – Part 2

Thu, 09 May 2013 00:00:00 +0000

Another reason to consider position only data is; when you are reporting on held away assets, sometimes getting access to the transactions is not an option. The website does not have them or, if they do, they are not at a level where they can be accurately interpreted. With this type of access it would be better to just pull in the positions and at least provide your client the ability to look at what is in their account on a day to day basis.

Traits of Successful Financial Advisors

Mon, 06 May 2013 00:00:00 +0000

In Q2 2012, ByAllAccounts conducted a survey to find out the common traits of successful financial advisors. The survey provided interesting insights. What we found was that advisors spent most of their time with clients, not in the back-office - 81% said they spend the majority of their time on client management, communication and service; while only 18% said back-office operations and reporting. Among the other key findings were:-

Take Charge of Your Prospecting and Revitalize Your Sales Funnel

Thu, 02 May 2013 00:00:00 +0000

Before embarking on a road trip, you need to know a few important facts – not only your point of origin and your desired destination but also a detailed map of the route you want to take. Your prospects go on a similar journey on their way to finding financial services. Their point of origin is the realization that they need sound financial advice from a professional. Their destination is opening an account at your office and transferring their assets to you.

Change Your Thinking and Decrease Your Reconciliation Process – The Value in Providing Position Only Account Data (Part 1)

Fri, 26 Apr 2013 00:00:00 +0000

Fiduciary and asset allocation responsibilities have increased the need to report on non-managed accounts. Reconciliation is taking up more time with the need for reporting and monitoring these non-managed accounts.

The Cost of Financial Peace of Mind for Aging Americans

Thu, 25 Apr 2013 00:00:00 +0000

It should come as no surprise that the next 10 years will bring significant and rapid change for financial advisors and their clients, many of whom are Baby Boomers. Longer life expectancies, savings for health expenses estimated to be as high as $250,000 per person during retirement, historically low interest rates and ongoing volatility, have converged to bring unprecedented challenges to this generation and their financial quarterbacks.

5 Proven Ways to Drive More Word-of-Mouth Referrals

Thu, 18 Apr 2013 00:00:00 +0000

Word-of-mouth. It’s often called the most valuable form of advertising—with good reason. A word-of-mouth referral from a friend, colleague or industry expert can go a long ways, and provide all the impetus necessary to contact the person or firm being recommended.

How Automation and Scalability Can Keep You Compliant

Mon, 15 Apr 2013 00:00:00 +0000

With the recent news about JPMorgan Chase and its $6.2 billion loss in derivatives trading, there are renewed calls for increased government oversight and tightened regulations on today’s financial services firms.

Business Intelligence – Having the Right Information, Making Good Decisions

Thu, 11 Apr 2013 00:00:00 +0000

Advisors understandably question what vendors mean when they advertise products as “Business Intelligence” tools. Search on-line for business intelligence and you get a process used by companies with a lot of buzzwords such as SQL, data analytics, and data mining for large volumes of data. Does the same process that large financial services organizations use apply to advisory firms? The answer is yes.

5 Steps for Simplifying the Movement of Data Through Your Organization

Wed, 03 Apr 2013 00:00:00 +0000

For advisors, adding new technology can be a huge step, whether you’re installing or upgrading a portfolio management system, CRM, planning tool, rebalancing software, client portal or any other application.

Prospecting More Effectively in Four Easy Steps

Mon, 01 Apr 2013 00:00:00 +0000

The success of many of the top-earning financial advisors hinges on their ability to simply get more clients. Although exceptions to this rule exist, the advisors who outlast their peers and are nearing retirement with a big book of business are usually those who did more prospecting (and more effective prospecting) earlier in their career. They are also more likely to have maintained the practice even when other advisors stopped.

How to Improve the Operational Efficiency of Trust Services

Tue, 26 Mar 2013 00:00:00 +0000

Demand for trust services is on the rise. One in two (57%) financial professionals recently polled in a Wealth Transfer, Estate Planning and Planned Giving Survey cited an increase in demand last year. And, 46% believe there will be a further increase of up to 20% this year.

A Primer for BreakAways (Part 2) - The Transition

Fri, 22 Mar 2013 00:00:00 +0000

We already established that there is life in a post-wirehouse world. Indeed, for most, the post-wirehouse world is the beginning of the better half of their careers. But what does that transition look like? What is involved? Most are unfamiliar with the transition process, so in this second chapter of the Primer for Breakaways, we are going to walk you through the transition process step-by-step. What you will learn is that the most difficult part of the process is overcoming your inhibitions. In a world full of outsourcing solutions, there are plenty of partners to facilitate a relatively straightforward process to establish your own independent RIA and begin the better half of your careers.

In Charge of Asset Management Distribution? Three tips for how to connect with RIAs

Tue, 19 Mar 2013 00:00:00 +0000

In case you missed the seismic shift in distribution (a.k.a. sales) that has occurred during the past decade let me repeat it -- power has shifted from sellers to buyers. As a consequence selling has become increasingly difficult.

To Succeed, Advisor CEOs, Compete to Be Unique, Not the Best

Wed, 13 Mar 2013 00:00:00 +0000

As business people, we’ve had it drilled into us that we need to strive to be the best. Our firm must outshine all others. Even if we do the same things as other businesses in our space, we must differentiate ourselves by our sheer operational superiority.

A Primer for Breakaways (Part 1) - Trends & Rationale

Tue, 12 Mar 2013 00:00:00 +0000

Nary has a day gone by without an article about the burgeoning breakaway trend. And the data supports it whether you look at the shift in assets under management or the headcount of advisors themselves. With that said, I have personally been surprised by the number of wirehouse advisors that concede they know very little about the world of independence. In fact, a survey of breakaway brokers conducted by Fidelity last year concluded that the #1 obstacle to independence was a lack of understanding about how to do it.

Amplifying Word of Mouth to Drive More Referrals

Fri, 08 Mar 2013 00:00:00 +0000

Like most financial advisors you probably get the majority of new clients through referrals. Many of you ask your clients for referrals, while others have told us in surveys they don’t ask because they don’t feel they have earned the right to ask for one.

5 Things Your Back-Office Staff Would Like You to Know

Wed, 06 Mar 2013 00:00:00 +0000

If asked how well you understand your business, you can probably boast how well you know and manage your clients. You can forever talk about how good you are at managing money and giving investment advice.

Two must-have client communication elements you might be missing

Thu, 28 Feb 2013 00:00:00 +0000

Client reporting is tricky. Reporting tools, client portals, your own presentation formats – they all present information in different ways and spur different reactions from clients. Some good, some not so much.

The Evolving ERISA Fiduciary Standard - What Do You Need To Know?

Thu, 21 Feb 2013 00:00:00 +0000

We are delighted to have Marcia Wagner, Managing Director of The Wagner Law Group, return as a guest speaker on the evolving ERISA Fiduciary Standard. Marcia is a specialist in ERISA, Employee Benefits and Executive Compensation Law.

Goal-Based Wealth Management: Preparing Clients for Retirement

Tue, 19 Feb 2013 00:00:00 +0000

Retirement is not what it used to be. Once, with a sound, performance-based wealth management plan, our forebears could count on an adequately-funded retirement in which they had sufficient assets to meet their needs.

A Social Media Sharing Guide for Financial Advisors

Wed, 13 Feb 2013 00:00:00 +0000

In my work with financial advisors and firms, I have learned that one of the biggest obstacles to engaging in social media is knowing what to share on social networks. You’ve built your social media profiles and they look fantastic. Now what? I’m going to help you get unstuck and give you some recommendations for what to do next.

Show (Don’t Tell) Your Clients Your New Technology Tools

Mon, 11 Feb 2013 00:00:00 +0000

Congratulations! You just implemented a new ______________ (insert CRM, portfolio reporting, re-balancer, client portal, etc.) and you see an immediate improvement in the efficiency of your back-office. These sophisticated tools can store more client data, automate the consolidation of client assets, and streamline the reporting process to shorten the delivery time.

Wealth Transfer, Estate Planning and Planned Giving in the Wake of the American Taxpayer Relief Act of 2012

Thu, 07 Feb 2013 00:00:00 +0000

It would appear that trust companies experienced a windfall last quarter in anticipation of the fiscal cliff, as concerned higher-income taxpayers looked for tax havens. The big question now is, how will demand for wealth transfer, estate planning and planned giving options change in 2013 in the wake of the American Taxpayer Relief Act of 2012?

Key Current Challenges of the Asset Management Industry and Operational Answers

Mon, 04 Feb 2013 00:00:00 +0000

Investment management is under great pressure. Volatile markets make accurate forecasting impossible and the growth in regulation increases the cost of doing business for all participants. Investment managers must find new ways of working to achieve more with less. Technology has a vital role to play in helping investment managers profit from change. We predict a new role for operating platforms in the investment management firm of the future. Change takes many diverse forms and stems from numerous different sources. However, at a high level, change is either driven by internal or external factors, or a combination of both. Successful asset managers are those that embrace change by re-engineering their businesses to meet new challenges created by change.

How to Use Laptops/PCs to Give your Clients Peace of Mind

Mon, 28 Jan 2013 00:00:00 +0000

When it comes to using technology gadgets, such as computers, tablets and Smartphones, most advisors probably think of them as tools to enhance business productivity. As a marketer, I recommend that you also think of them as a means of communication. Third in a three-part series of actionable, tips on using technology.

How to Use Video to Delight Clients and Inform Potential Clients

Thu, 24 Jan 2013 00:00:00 +0000

Second in a three-part series of actionable, tips on using technology. The start of a New Year is a great time to think about new ways of delighting your clients and potential clients. In this post I’ll give you a tip for effectively using online video in your practice. And, the best part? You don’t have to be a marketing wiz or tech guru to use it.

Population Trends, The Labor Force and a Look at the Muni Index

Thu, 17 Jan 2013 00:00:00 +0000

We start this week with a look at the DIVER Muni Index and then jump into a discussion about population trends, employment and wages. If you get no further than this opening, the short of it is that you really need to look closely at the data and where things are getting better – really – and where things are perceived to be better. This is especially so as some pundits suggest the higher tax rate on the wealthy will be beneficial to muni-land as more wealthy people seek to offset the increased tax burden.

Don’t Accept the Inefficiencies of Manual Data Entry

Mon, 14 Jan 2013 00:00:00 +0000

Does this scenario sound familiar? There are particular asset classes you think could benefit your clients and firm—different types of alternative investments, for example—but the harsh reality is that you’re simply not prepared for the torrent of unstructured data that the custodians, asset managers or other keepers of the data for the funds in these categories are about to throw at you.

Kick off 2013 with Helpful Resources

Fri, 11 Jan 2013 00:00:00 +0000

January is a great month to adapt your practice to meet the changing needs of today's investors and adjust your approach to a new era of deep client engagement. “What are you going to do differently to grow your business?” asks Sara Gilbert, founder of Strategist in Montreal.

Maximize Your Online Presence as a Financial Advisor

Tue, 08 Jan 2013 00:00:00 +0000

Financial advisors have travelled a long way from some of the very old marketing tools to the newest high-end techology-based tools. Today, your clients’ and prospects’ habits have evolved along with the marketing industry. They have access to millions of pages online and will not tolerate being treated as a number in your mailing list or continuing to be fed old snail-mail marketing pieces. They want to be recognized as individuals and be treated as such. Instead, they will look for the information online, whether it is on websites, blogs or social media sites. Your goal as a financial advisor is to get found on all these different platforms. This means having an updated website, creating value on your blog and engaging with your community on Twitter, Facebook or LinkedIn.

Get Your Platform Ready as Alternatives Go Mainstream

Wed, 02 Jan 2013 00:00:00 +0000

Modern portfolios need to incorporate more vanilla stocks and bonds to keep high-net-worth clients happy and liquid. Does your firm have the technical muscle it needs? According to one recent survey, about half of all advisors expect to expand their clients’ exposure to alternative assets by at least 15% this year, while most of the rest are boosting their allocations by smaller amounts.

How to use QR Codes to Transform Print Materials

Mon, 31 Dec 2012 00:00:00 +0000

At last week’s Women Advisors Forum, I was reminded about how multi-faceted the role of a financial advisor is. Joni Youngwirth’s presentation hit home with me when she spoke about the HR, marketing, operations, and other roles an advisor plays to manage her practice.

Don’t Let Your Data Limit Your Investment Universe

Thu, 27 Dec 2012 00:00:00 +0000

Working with structured data feeds is a dream. But in an industry that needs to be increasingly open to alternative asset classes and retail-level accounts, turning unstructured data into a structured back-office-friendly format is the Holy Grail.

Who is Running the Business – Your Back-Office or You?

Thu, 27 Dec 2012 00:00:00 +0000

Advisors that view their back-office as an investment will structure the back-office to support their business plan. Advisors that view their back-office as a cost tend to invest in what they consider affordable – altering their business plan based on what the back-office can provide.

Eliminating Manual Processing in Alts: Millennium Trust’s McCartan

Tue, 18 Dec 2012 00:00:00 +0000

The use of alternative investments is increasing—big time. But as usage increases, so, too, do the hours that advisors find themselves devoting to the manual processing and reporting of data related to these investments.

Can You Grow Ahead of Your Data?

Tue, 18 Dec 2012 00:00:00 +0000

Breakaway asset managers can get along running their operations on what amounts to sweat and a shoestring budget, but once they start capturing clients, the pressure is on to automate.

Survey Says: Advisors Want To Simplify Their Alternatives

Mon, 10 Dec 2012 00:00:00 +0000

One in two financial professionals ByAllAccounts and Millennium Trust Company recently polled say they would use alternative investments more — if only they could ease the time spent per reporting cycle.

“Just in Time” is Too Late for Efficient Compliance

Mon, 03 Dec 2012 00:00:00 +0000

The time to have the files ready for the regulators is before the regulators even schedule the review. Third-party gurus say it’s time to get your documentation ready for 2013. By getting ready for an audit now — even before the appointment is on the calendar — a firm can allocate scarce resources far more efficiently.

Holiday Reading List for Advisors - Top 25 Books

Mon, 03 Dec 2012 00:00:00 +0000

Ringing in a New Year always provokes a desire to change and whether you find yourself with more or fewer resolutions in 2013, professional development is one of the keys to your success in this, and every year. In this article, we thought we'd inspire you by providing a reading list to help you get started.

Alternative Investments: A Custodian Speaks

Mon, 26 Nov 2012 00:00:00 +0000

Alternative investments are hot enough that RIAs, broker dealers, family offices and others are feeling the pressure when it comes to picking the right vehicle and incorporating it into their reporting systems.

Solving the Alt Investing Reporting Problem

Mon, 19 Nov 2012 00:00:00 +0000

When you look at alternative investments, you can’t help but see how significantly their use has increased. In the past 12 months alone, there has been a double-digit increase in the use of alternative investments, including hedge funds, private equity, REITS, managed futures and the assorted other types of investments that comprise the category.

Take Compliance Out of the Ivory Tower

Wed, 14 Nov 2012 00:00:00 +0000

Too many asset managers isolate their internal watchdogs from the day-to-day operations they need to observe first-hand. An integrated approach will impress the regulators and make the whole process run more smoothly.

Make 2013 Your Most Successful Year

Mon, 12 Nov 2012 00:00:00 +0000

Year-end client reviews are around the corner, and so is your annual business review. As you evaluate your 2012 goals and objectives and start planning next year's, consider going back to basics: how do you position yourself to clients and prospective clients? “Verbalizing clearly who you are, what you do and who you do it for will paint a clear picture for your clients and lead to better qualifying prospective clients”, says Sara Gilbert, founder of Strategist in Montreal.

Reconciliation Comes Into Focus Again

Thu, 08 Nov 2012 00:00:00 +0000

Asset safety means more than simply an independent reputable custodian holding the assets under management. High profile frauds exposed during the financial downturn have highlighted the need for processes that ensure timely and accurate recording of assets plus an effective reconciliation between the books of the investment manager, custodian or other fiduciary (e.g. prime broker).

The Cloud is the Clear Outsourcing Choice for RIAs

Tue, 06 Nov 2012 00:00:00 +0000

One of the advisors I work with recently started looking for a new outsourcing solution, only to realize that a lot of factors need to be considered before choosing a vendor. Thinking through all the parameters up front will help drive the selection process. Otherwise, juggling each factor along the way only makes the process very confusing.

The Data is the Client Experience

Wed, 24 Oct 2012 00:00:00 +0000

In today’s new era of wealth management, where choice, independence and objectivity are the new value proposition, the ability for firms to control the client experience can be daunting. An unprecedented amount of advisor transitions are being enabled through new business models and advances in data accessibility and transferability. This new landscape consists of multiple custodians and platforms that create an even more disruptive challenge for controlling and managing data, much less the client experience. The impact is challenging traditional models of how applications and data work together. Market forces that are driving independence and open architecture are taking a data challenge once unique to sophisticated clients downstream to less sophisticated clients now operating in a more complex environment.

Alternative Investments Still Need Traditional Reporting

Tue, 23 Oct 2012 00:00:00 +0000

Stocks and bonds are simply no longer enough to give your clients the diversification and performance they demand, and as “alternative” assets go mainstream, commodities — especially gold — are leading the way. Unfortunately, while advisors and investors alike are begging for alternative assets, the data management challenges of monitoring and reporting their impact on client portfolios can be very burdensome.

The Best Way to Run Your Reconciliation Desk

Mon, 15 Oct 2012 00:00:00 +0000

Asset managers must turn reconciliation into a value driver. Here’s how. Often brushed aside as a tedious chore, the reconciliation system occupies a unique and privileged position in the back office in terms of the revelations it can open up to firms that are paying attention.

Up Your Game with an Automated Reconciliation Process

Fri, 12 Oct 2012 00:00:00 +0000

It’s playoffs time in basketball. This is the time of year when people focus on the star of a team to propel them to the championship by scoring points and making game winning shots. Usually it is the star player who receives all the credit for leading their respective teams to the championship. Though they are important, they are only one piece to the puzzle. A team still needs role players, who are hard working players that dive for balls in the crowd, grab rebounds and defend the best players on the other team. Role players do all the little things that go underappreciated, but in the grand scheme of things they may have been the reason why you won the championship in the first place.