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Weitzman’s Right to Use CFP® Certification Mark Suspended

Posted on September 30, 2009 by in General

Several months ago FPPad chronicled the activities of Matthew Weitzman (Anti-Fraud Measures Your Practice Needs and Follow Up to Fraud Prevention Practices) after the SEC alleged that Mr. Weitzman misappropriated client funds through a series of unauthorized transfers.

Today, CFP Board announced that it issued an Interim Suspension Order to Mr. Weitzman suspending his right to use the CFP® certification marks. The suspension was issued because “Mr. Weitzman failed to respond to CFP Board’s Order to Show Cause within 20 calendar days, as required by CFP Board’s Disciplinary Rules and Procedures,” according to CFP Board.

CFP Board’s will complete further investigation on the claims and likely issue further action, but until then, Mr. Weitzman is no longer able to use the CFP® certification marks in any literature, advertisements, or correspondence.

One Adviser’s Battle Against Inefficient Workflow

Posted on September 29, 2009 by in Efficiency

With increased workload and compressed margins of the last 12 months, financial advisers are looking for ways to maintain excellent client service while streamlining internal processes. One popular area for efficiency gains is the management of internal workflow.

I want to share an article published on IATechForum that highlights Laserfiche’s Avante product. Joseph Salpietro, President and CEO of Xpyria Investment Advisors (why the website domain is yannico.com is beyond me), shares his experience integrating the product into existing firm functions.

While the article features only the Avante solution (Laserfiche is one of the primary forum members), pay attention to the concepts of how the software was used to eliminate paper-pushing in the firm’s processes.

Click here to read Making Work Flow on IATechForum.

Download Education Session Materials From Schwab IMPACT® 2009

Posted on September 15, 2009 by in Professional Development

Advisers who were unable to attend the Schwab IMPACT® 2009 Conference this week can still benefit from the myriad of presentations offered during the event.

Schwab has uploaded a majority of the conferences presentation materials to this website. Slide handouts can be downloaded for free and many of the presentation audio recordings can be downloaded for $15 each.

Also, many conference attendees are providing live updates from the event through Twitter. Follow tweets from the following individuals and companies for more information, or search for updates containing the #IMPACT09 hashtag.

Tamarac 9 is Industry’s Latest Integrated Solution for Advisers

Posted on September 11, 2009 by in Portfolio Management Software, Software

Sure enough, yesterday I posted about announcements coming from technology vendors leading up to Schwab’s IMPACT 2009 Conference.

Today, Tamarac Inc., best known for their SaaS rebalancing solution, announced the release of its Tamarac Advisor® 9 platform (coverage from InvestmentNews). This platform expands on the company’s rebalancing offering to include the following technologies:

Read More…

Flood of Tech Announcements Anticipated at Schwab IMPACT Conference

Posted on September 10, 2009 by in General

Schwab’s IMPACT® 2009 Conference begins Monday next week, and buzz is already being circulated about technology announcements from wealth management vendors.

Case in point, CRM Software pre-announced its upcoming releases of Junxure 8, an updated version of its CRM software, and a new offering called Junxure Mobile, a product that allows advisors on the road to access data in Junxure 8 via laptop, Blackberry, or iPhone.

Also just announced is ExpertPlan’s launch of a new trading platform to advisors who custody assets with Schwab.

I expect the flood of announcements to last throughout the duration of the conference, and there will be too many for FPPad.com to keep up with.

Be sure to watch Schwab’s IMPACT® 2009 website for all the details.

Google vs. Bing: Reinventing Search

Posted on August 23, 2009 by in Technology

This post was originally published at advisors4advisors.com on August 11, 2009. For continuously updated news, information, and commentary relevant to financial advisors, sign up today.

This is a quick post on developments in the search engine space. This advisors4advisors article link talks about Google’s infusion of “caffeine” updates to speed up indexing and improve results. This is likely a response to the introduction of Microsoft’s Bing search engine.

If you’re like me, you don’t want to spend much time searching. Browsing the Internet is so 1990s.

Read More…

Surprise Audit Costs Severely Underestimated by SEC According to SIFMA

Posted on August 5, 2009 by in Practice Management

I wrote back in May about the SEC’s proposal to require surprise audits of Registered Investment Advisers who have custody of client assets. The proposal also clarified that custody requirements apply to advisers who withdraw advisory and/or management fees directly from client accounts. Therefore, advisers with custody of client funds would be required to undergo surprise audits, estimated by the SEC to be $8,100.

The Securities Industry and Financial Markets Association (SIFMA) recently said not so fast. $8,100 is severely underestimated.

According to SIFMA, estimates for surprise audits of RIAs who custody funds are as high as $282,800. You read that right: nearly three hundred thousand dollars.

Obviously the exact estimate depends on the amount of assest under management and the number of accounts, custodians, and securities maintained by an RIA.

For more information on the cost estimates, refer to this article at InvestmentNews.

Save Time & Money: Free Long Distance Calls to Businesses

Posted on August 3, 2009 by in Efficiency, Technology

This post was originally published at advisors4advisors.com on July 27, 2009. For continuously updated news, information, and commentary relevant to financial advisors, sign up today.

Nearly all wealth management firms are experiencing declining revenues and increasing operating costs, compressing profit margins in all areas. Here is one simple solution to save time and money on a ubiquitous entry in a firm’s operating expenses: long distance phone calls.

Google has a free 411 service, GOOG-411, that allows users to call nearly any business nationwide and connect for free.

How It Works

GOOG-411 is simple to use. From any phone, dial 1-800-GOOG-411 (1-800-4664-411). At the prompt, say the business name followed by the city and state. GOOG-411’s voice recognition will attempt to match the request to businesses listed in its ever-growing directory. If the request is recognized, GOOG-411 offers the top listing and will automatically connect to the business unless given other instructions.

Read More…

FPPad to Deliver Commentary on New Practice Management Website for Advisers

Posted on July 24, 2009 by in Practice Management

I have an exciting announcement to make, which in part explains the delays in updates to the FPPad.com blog.

I was asked, and have accepted, to be the technology contributor to a new practice management website for financial advisers, advisorsforadvisors.com.

Now I must admit, practice management website is not the best way I’d describe advisorsforadvisors. Yes, you will find articles and commentary on practice management issues, but advisorsforadvisors offers much more.

advisorsforadvisors is positioned to be a key destination for financial advisers looking for timely, relevant information on the markets and economy, investment news, regulatory changes, compliance, marketing, practice management, software reviews, and technology.

Read More…

Relocation to Dallas Complete; Setup Underway

Posted on July 15, 2009 by in General

In case you haven’t been following my updates on Twitter, I am now in Dallas, TX after just over 2,000 miles of driving. I left Portland, OR on Saturday morning and arrived in Dallas on Tuesday afternoon.

I’ll be catching up on emails and voicemail messages after being offline for the last 4 days, so please be patient while I get back into my routine of tracking technology trends in the financial adviser marketplace.

Thanks to those who wished me safe travels, and for those of you in the DFW metroplex, I look forward to meeting you in person.