April 14th, 2009 Bill Winterberg
Yes, posts to FPPad have been sporadic of late, but trust me, work is going on behind the scenes.
In particular, I’ve been working with several individuals on communicating the risks and responsibilities when it comes to using client login credentials (e.g. login and password) to access captive or held-away accounts. As client services continue to expand, advisers are aggregating information on held-away accounts to generate reports that include all of a client’s assets, not just those that are held with the adviser’s custodian of choice.
Last week, I participated on a webinar hosted by ByAllAccounts that addressed the issues of custody when adopting this practice.
Today, Advisor Perspectives has published my article titled The Custody Conundrum. I trust that you will find most of the answers to your questions when it comes to custody and the practice of retaining and using your clients’ account logins.
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April 8th, 2009 Bill Winterberg
Interesting developments have occurred over at Financial Advisor magazine’s online extras this week. First, on April 6, Dr. Somnath Basu wrote an article titled Restoring Trust in the CFP Mark. I encourage you to read it.
While Dr. Basu is correct that the industry needs to do better in its service to clients, he lumps CFP® practitioners together with all financial service professionals, whether they be regulated or not.
So in response, CFP Board CEO Kevin Keller published a response to Dr. Basu titled In Defense of the CFP Mark. Keller clarifies several of Dr. Basu’s misconceptions in his original article and stresses how all advisers must operate with “full accountability and transparency” to clients.
Take a few mintues to read these articles and post comments on FA Magazine’s website.
Update: Now read this post by Dr. David Edward Marcinko at the Medical Executive Post. Dr. Marcinko finishes his comments with this:
And so, why do I shake my fist at Somnath Basu? It’s admittedly with congratulations, and a bit of schadenfreude, because he wrote an article more eloquently than I ever could, and will likely receive much more publicity [good or slings-arrows] for doing so. You know, it’s very true that one is never a prophet in his own tribe. Oh well, Mazel Tov anyway for stating the obvious, Somnath. The financial services industry – and more specifically – the CFP® emperor have no clothes! Duh!
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March 26th, 2009 Bill Winterberg
Posted with QuickPress:As I mentioned earlier this month, I’m training new staff and giving several presentations to professional organizations. As such, blog updating has taken a back seat. I plan to be back in April with insight on TWR performance reporting flaws, custodian captivity concerns involving custom tools, and a review of Smarsh’s recently unveiled CRM.
Until then, you can follow my micro updates on Twitter.
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