News

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.

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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.

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Technology Tips to Cut Costs and Increase Revenue

Posted on July 1, 2009 by in Technology

I participated in a webinar on June 9 hosted by InvestmentNews titled “50 Cost-Saving and Money-Making Ideas in 50 Minutes” (blogged about here).

The replay of that webinar is available here or use the embedded player below (my portion begins at the -27:50 time point).

I highlighted the following 10 technology tips to help advisers cut costs and increase revenue:

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Another Twitter Archive Service Offers Social Media Compliance

Posted on June 24, 2009 by in Software

Following on Monday’s post regarding LifestreamBackup, I learned of another service that is designed to capture and archive messages posted through Twitter.

CagedTweets is another utility that captures and archives comments posted on Twitter. Customers have three options of service depending on the number of Twitter accounts to be archived. Archiving of one account runs $50 and covers 3 years of service (I think), ten accounts runs $100, and firm-wide archiving runs $500.

Unfortunately their website does not have a demonstration of how the service works, nor is a free trial offered to test the service. Yet I have to hand it to the folks behind CagedTweets; they are offering this service through rapid development after being inspired by an April 27 Wall Street Journal article on compliance requirements involving social media.

Still, I’m inclined to endorse LifestremBackup over CagedTweets for two main reasons. First, the former tool features connections to other social media services in addition to Twitter, and second, the service is offered for a very similar price as CagedTweets.

However, according to their website, users who sign up for CagedTweets before the end of July will receive free archiving for all social media applications added to the service.

Check out CagedTweets through this link.

(Hat tip to @jrueckert for mentioning CagedTweets to me)

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Satisfy Compliance Requirements For Social Media Content

Posted on June 22, 2009 by in Technology

Update: LifestreamBackup recently changed its name to Backupify. The points in this post are still applicable despite the name change!

Many advisers who consult with me regarding the use of social media are justifiably concerned about compliance when it comes to using such services. Advisers can use outlets like Twitter, Facebook, and LinkedIn to communicate with others and to broadcast information to targeted niche markets. These tools are fantastic ways to build brand recognition for an adviser or a firm and to identify the level of services offered to the public.

I’ve written here previously how FINRA and the SEC may determine that any message disseminated through social media services constitutes marketing and/or advertising and at the very least should be archived and retained in a compliance file. If you are a representative regulated under FINRA, you likely need pre-approval from compliance before posting any messages through social media services. SEC-registered advisers should consult with their Chief Compliance Officer before posting messages as well.

Now let’s assume that an adviser decides to use social media to grow the business. Terrific! But what can be done to efficiently archive and retain those messages sent through social media services?

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NAPFA Addresses Former Member Accusations in Open Letter

Posted on June 11, 2009 by in General

In an open letter to NAPFA members and friends, Diahann Lassus, National Chair of NAPFA, addresses what the organization of fee-only planners is doing in light of recent accusations brought against several former members.

In the letter, Lassus writes:

Rest assured, NAPFA is not ignoring the accusations made against our former members, and we will continue to do what is right for our members, for our industry, and for the consumers we all serve. This commitment has guided us for more than 26 years and will continue to guide us well into the future.

See the entire letter by clicking here (PDF at NAPFA.org).

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Follow Up to Fraud Prevention Practices

Posted on June 10, 2009 by in Practice Management

This is a quick follow up to my post Anti-Fraud Measures Your Practice Needs where news of “irregularities” in accounts managed by Matthew Weitzman of AFW Wealth Advisers was highlighted in the New York Times.

It turns out the Mr. Weitzman is facing very serious charges. Here’s a snip from an InvestmentNews article released today:

Earlier today, the U.S. attorney’s office for the Southern District of New York in Manhattan and the New York office of the FBI said they charged Matthew Weitzman, 43, of Armonk, N.Y., with one count of investment adviser fraud and six counts each of securities fraud and wire fraud.

He also faces charges from the Securities and Exchange Commission over the alleged theft of client funds.

Click here to view the full story at InvestmentNews.

It’s unfortunate to see anyone take advantage of clients, and it’s even worse when the individual in this case once had an affiliation with NAPFA, a group of respected fee-only financial advisers.

So again, take this opportunity to communicate to your clients about the processes and procedures you have in place to prevent fraud and protect your clients’ interests.

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Advisor Social Networking Replay; 50 in 50 Webinar Registration

Posted on June 8, 2009 by in Practice Management

Advisor Products, Inc.Thanks to Andy Gluck at Advisor Products who hosted the webinar Advisors Using Social Networking Successfully. I really enjoyed the opportunity and have been overwhelmed by the positive feedback I’ve received about the content.

If you were not able to attend the live presentation, click here to register at Advisor Products and view the replay.

Also, you have a little more than 24 hours to register for the upcoming webinar 50 Cost-Saving and Money-Making Ideas in 50 Minutes hosted by InvestmentNews.

InvestmentNews Web Event

Click here to register for the InvesetmentNews webinar.

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Upcoming Webinars on Social Media and Cost-Saving Technology

Posted on June 1, 2009 by in Practice Management, Technology

Over the next week, I’ll be participating in two webinars that I hope you will attend.

First, Andrew Gluck at Advisor Products, Inc. has asked me to participate in Friday’s Financial Crisis Webinar Series. The topic is Advisors Using Social Networking Successfully. I will share some of the experiences I’ve had through the use of Twitter, LinkedIn, and Facebook mediums that have personally resulted in new connections and new business.

Click here to register for the Friday, June 5 webinar Advisors Using Social Networking Successfully.

Second, I’ll be part of a panel hosted by InvestmentNews to offer 50 Cost-Saving and Money-Making Ideas in 50 Minutes. I have a list of my top 10 technologies that I believe financial advisers can use to save money, make money, and sometimes both simultaneously. There should be at least one good tip for every adviser listening to the webinar.

Click here to register for the Tuesday, June 9 webinar 50 Cost-Saving and Money-Making Ideas in 50 Minutes.

Hope to “see” you on the web.

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SEC Surprise Audit Proposal Likely to be Dropped According to FPA

Posted on May 27, 2009 by in Practice Management

Last week I wrote about the proposed changes published by the SEC to require surprise audits of investment advisers who debit fees directly from clients’ accounts, falling under the requirements of custody. The proposed changes were estimated to cost each adviser office on average of $8,100 a year in compliance costs.

This proposal, just barely three weeks old, seems likely to be rescinded according to this Financial Planning article published by Donna Mitchell.  In it she writes:

Unofficial reports from the SEC, however, now suggest that the regulator is dropping the third-party compliance audit requirement for advisors, according to the Financial Planning Association’s Web site.

To read the full article, click here.

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