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JenniferW View Drop Down
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    Posted: Oct/16/2019 at 11:33am
Hi All,

I am an IAR (Series 7 and 66) and a CFP. I purchased the book from my previous boss in 2017 when he retired, which was great, but as I've transitioned to my own practice I've found a lot of areas where he wasn't exactly in compliance and I've needed to make changes (sometimes costly) in my own processes. I don't really have any other advisors to discuss things with (my OSJ is across the country and a huge group, so I'm small potatoes to them) so I'm here to see what other do for best practices, software, etc.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote B24 Quote  Post ReplyReply Direct Link To This Post Posted: Oct/16/2019 at 11:39am
Welcome Jennifer. So what's your setup? B/D, how many clients/assets, what your tech and compliance struggles are.

And word to the wise, this place is like the local Elks Club on a Thursday night, so don't be put off by some of our characters!
"If Bellicheat pulls that rabbit out of his a$$ with this kid at quarterback, I'll personally kiss his ring." - Sporsfreak, 09/20/16

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Cue the harassment because you’re female in 3.....2.....1.....
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Post Options Post Options   Thanks (0) Thanks(0)   Quote JenniferW Quote  Post ReplyReply Direct Link To This Post Posted: Oct/16/2019 at 2:03pm
Originally posted by B24 B24 wrote:

Welcome Jennifer. So what's your setup? B/D, how many clients/assets, what your tech and compliance struggles are.

Thanks. It's just me, I'm with LPL (yeah, I know), about $17M AUM and about 80 clients. Tiny. Compliance-wise the biggest issue is my boss was a hybrid and the OSJ/LPL basically ignored his SWM accounts. I made the stupid decision to go with LPL corporate and moved to SAM accounts, and now I have trading requirements and position concentration thresholds which may or may not always be in the best interests of the client, IMO. Some accounts have been deactivated or moved to brokerage, which overall has lost me about $30k in annual fees.

As far as tech, right now I'm looking at financial planning software and trying to decide between WealthVisionSelect or MoneyGuidePro. (We used to do retirement planning/projections but that was an Excel spreadsheet; my boss was in his 70s-80s when I worked for him so we were well behind the curve on technology. He still used WordPerfect...) I currently use Redtail but am planning to switch to WealthBox, I find it more intuitive. I use Riskalyze and like it, and use the client reporting function from LPL. My OSJ uses Riskalyze, Redtail, and MoneyGuidePro. I just don't know if those are the best/most efficient programs for me, or if there might be something better for a small AUM.

I also am interested in what others use for data backup, efaxing, cloud storage, etc., and just day-to-day best practices. I really need to step up my social marketing game, and look at doing a newsletter, or annual/quarterly client letter, or annual "account information update" surveys. I didn't want to change much the first year because there was enough going on with moving from SAM to SWM accounts, and then getting risk profiles done and rebalancing things, but doing things just because that's the way they've always been done doesn't generally end up serving anybody well.

Mostly I'll probably just lurk and read. :)


Originally posted by B24 B24 wrote:

And word to the wise, this place is like the local Elks Club on a Thursday night, so don't be put off by some of our characters!

Originally posted by Hacksaw Hacksaw wrote:

Cue the harassment because you’re female in 3.....2.....1.....

Yeah, if I'd done more browsing before registering I might have chosen a different username.... But hey, if someone wants to be a dick, that's on them, not me.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote B24 Quote  Post ReplyReply Direct Link To This Post Posted: Oct/16/2019 at 2:25pm
Hopefully you can mine some more assets from all those households.

As far as tech, I would stick with the biggies. I would use MGP instead of WV. I would shy away from B/D-specific technology that you might have to change down the road.

I love Wealthbox. I tried Redtail, but didn't like it.

I use Microsoft Office 365, so OneDrive for my local stuff, and I also use Citrix for most custodial documents. They have a nice client upload/portal feature, and my backoffice provider uses it. If you use a cloud service for storage, you don't REALLY need a backup storage service, as they all have redundancies. 

I save nothing on my hard drive, and I used to have a local NAS drive, but that became unnecessary, although it's still connected to my office network.

I use MyFax for fax. It's $10/month. I think they're all about the same.




"If Bellicheat pulls that rabbit out of his a$$ with this kid at quarterback, I'll personally kiss his ring." - Sporsfreak, 09/20/16

"Jags/Vikes Super Bowl. Write it down" - Sportsfreak 01/19/18
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Post Options Post Options   Thanks (0) Thanks(0)   Quote missionshooter Quote  Post ReplyReply Direct Link To This Post Posted: Oct/16/2019 at 2:30pm
Jennifer, welcome girl!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote luvindy Quote  Post ReplyReply Direct Link To This Post Posted: Oct/16/2019 at 2:47pm
In before Wet Blanket tries to strong arm you into his services.

I like Jennifer!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote JenniferW Quote  Post ReplyReply Direct Link To This Post Posted: Oct/19/2019 at 1:39pm
Quote  I would use MGP instead of WV. I would shy away from B/D-specific technology that you might have to change down the road.


Good point. The reason I was looking at WV was because it will pull in the accounts from LPL, but maybe that's not really a big deal.

Quote I save nothing on my hard drive, and I used to have a local NAS drive, but that became unnecessary, although it's still connected to my office network.


The data backup is mostly for the tax business, I have a contractor that comes in during the season and the tax info is stored on a NAS drive. I do have Office 365 with OneDrive and LPL has a storage system for those investment accounts, so most of that is covered.

Thanks for the input!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote JenniferW Quote  Post ReplyReply Direct Link To This Post Posted: Oct/19/2019 at 1:40pm
Originally posted by missionshooter missionshooter wrote:

Jennifer, welcome girl!


Thanks!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote JenniferW Quote  Post ReplyReply Direct Link To This Post Posted: Oct/19/2019 at 1:41pm
Originally posted by luvindy luvindy wrote:

In before Wet Blanket tries to strong arm you into his services.


LOL - I'll keep an eye out!

Quote I like Jennifer!


Thanks, me too!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote missionshooter Quote  Post ReplyReply Direct Link To This Post Posted: Oct/20/2019 at 9:45am
J-WOW, the 30k of deactivated advisory is killing you. There is a form to reactivate these accounts. Unless they are nonqualified accounts, you might consider rebalancing annually to meet your requirement. Those people DCAing also helps with activity in the account.

Good luck

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Iamlegend Quote  Post ReplyReply Direct Link To This Post Posted: Oct/20/2019 at 2:02pm
Can you talk about how you have integrated tax services and the economics of that?
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Originally posted by Iamlegend Iamlegend wrote:

Can you talk about how you have integrated tax services and the economics of that?


^This. Are you doing prep, planning or both?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Wet_Blanket Quote  Post ReplyReply Direct Link To This Post Posted: Oct/21/2019 at 9:52am
Originally posted by Moraen Moraen wrote:

Originally posted by Iamlegend Iamlegend wrote:

Can you talk about how you have integrated tax services and the economics of that?


^This. Are you doing prep, planning or both?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote JenniferW Quote  Post ReplyReply Direct Link To This Post Posted: Oct/23/2019 at 11:42am
Originally posted by missionshooter missionshooter wrote:

J-WOW, the 30k of deactivated advisory is killing you.

Tell me about it!

Quote There is a form to reactivate these accounts. Unless they are nonqualified accounts, you might consider rebalancing annually to meet your requirement.


I have the forms, but thanks. The problem is convincing the clients of the value of moving out of a portfolio that's averaged about 13-14% returns for the last 10 years. The return of volatility has helped in some cases but there are still some big accounts holding out. (A few are non-qualified so they're looking at massive capital gains. Some of those we're doing a portion each year at whatever tax burden they can bear.)
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Post Options Post Options   Thanks (0) Thanks(0)   Quote JenniferW Quote  Post ReplyReply Direct Link To This Post Posted: Oct/23/2019 at 11:56am
Originally posted by Moraen Moraen wrote:

Originally posted by Iamlegend Iamlegend wrote:

Can you talk about how you have integrated tax services and the economics of that?


^This. Are you doing prep, planning or both?


Mostly prep. A little "informal" planning using the tax software's built-in function for some clients, if they expect a change for the upcoming year. As I get more into financial planning I'll of course do more formal tax planning, too.

Economically, the tax business is profitable, but if it was a stand-alone it probably wouldn't be. (I'm already paying for office space, utilities, etc. through the advisory practice.) It is a separate business, so I have two websites, two business cards, two signs on the building, etc. but after the initial setup that hasn't been too much of a hassle.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote B24 Quote  Post ReplyReply Direct Link To This Post Posted: Oct/23/2019 at 11:59am
Originally posted by JenniferW JenniferW wrote:

Originally posted by Moraen Moraen wrote:

Originally posted by Iamlegend Iamlegend wrote:

Can you talk about how you have integrated tax services and the economics of that?


^This. Are you doing prep, planning or both?


Mostly prep. A little "informal" planning using the tax software's built-in function for some clients, if they expect a change for the upcoming year. As I get more into financial planning I'll of course do more formal tax planning, too.

Economically, the tax business is profitable, but if it was a stand-alone it probably wouldn't be. (I'm already paying for office space, utilities, etc. through the advisory practice.) It is a separate business, so I have two websites, two business cards, two signs on the building, etc. but after the initial setup that hasn't been too much of a hassle.

But you pay a contractor to do the tax prep, correct?

Does that bring in a lot of assets for your advisory business?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote JenniferW Quote  Post ReplyReply Direct Link To This Post Posted: Oct/23/2019 at 1:05pm
Originally posted by B24 B24 wrote:

But you pay a contractor to do the tax prep, correct?

Does that bring in a lot of assets for your advisory business?


The contractor does about half of the returns, I do the other half.

It does bring in assets, yes. Most of the tax clients now are also advisory clients -- I purchased this business so most of the relationships were already established, but when my former boss was starting out as an advisor the bulk of his investment business came from his existing tax clients. I've gained a couple new investment clients from the tax business in the last year and as I focus on growing both businesses I expect there will be more "dual" clients. It's an advantage to them that I know both their investments and their taxes, and I make sure to mention that to the clients who aren't yet with both businesses. ;)
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Mike Damone Quote  Post ReplyReply Direct Link To This Post Posted: Oct/23/2019 at 3:38pm
SAM is terrible.  If you''re in the growth stage or just want a low maintenance practice I would only be using MWP.   Also Welcome!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote JenniferW Quote  Post ReplyReply Direct Link To This Post Posted: Oct/23/2019 at 4:50pm
Originally posted by Mike Damone Mike Damone wrote:

SAM is terrible.  If you''re in the growth stage or just want a low maintenance practice I would only be using MWP.   Also Welcome!


Thanks! I'm looking at MWP for some of the smaller deactivated accounts that they won't let back as SAM accounts, and will probably start there with new accounts going forward. (I like the GWP idea, too, but right now it's not a good fit for my clients.)

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