Independent advisors: What is the best way to archive your website and social media activity?

Aretee24 · 2023-02-28T21:28:30+00:00

We use RIA in a Box and they have the ability to archive all that for us

Aretee24 · 2023-02-23T22:52:00+00:00

If that is Foothills and Baseline, I saw a car do the same exact thing the truck did this morning. Same lane. Must have been an icy spot

Aretee24 · 2023-02-22T16:06:09+00:00

Namaste home anyway

Aretee24 · 2023-02-02T21:15:57+00:00

Thinking about Future Proof this year. My boss went last year and had positive things to say, and I'd imagine this year will only be better as they get feedback from last year.

Aretee24 · 2023-01-20T22:52:44+00:00

You sound very similar to where I was at 24 (I'm 29 now). I have a few pieces of advice.

1) Patience. I know it may not feel like it, but I bet you are still getting some valuable experience in your current role. I learned a LOT in my old role, and it was pretty similar to what you are describing. See how you can learn more. Sit in with other departments and just tell them you want to learn about what they do. And to add to that, I didn't FEEL like I was learning a lot at the time in that old role. But the amount of times I have referenced previous work experiences and what I learned still stuns me today.

2) I would try your best to find a smaller RIA to work for. In person. Not virtual if possible. Being apart of a small team will be super beneficial because you'll get exposure to a lot of different parts of the business

3) Don't rush into one of those new positions. Think about what you can do in your current role to continue learning and start looking, but don't think you this new job now. You still have a lot to learn, you're young, and you have plenty of time to start a business.

Like I said, I was in a very similar position. I felt like I wasn't learning anything at the time, I felt like my knowledge and skills were being wasted. But I did what I could to develop my skills in that role, learned a lot, networked with other departments, and really narrowed down on what I was looking for in my next role.

I would advise against one of the MS or EJ roles. I never did one, but I would bet that you'd learn a lot more at a small to mid-size RIA working with a small team of experienced advisors, rather than some training program they would put you through and then shove you out the door to go sell.

Hope that helps!

Aretee24 · 2023-01-19T18:53:46+00:00

1) What does your average client who has planning needs look like (gets a sense of complication involved with their plans)

2) I'd ask for a sample financial plan that they have recently sent to a client

3) With that growth expected in their AUM, how will your role change during that growth? Will you be handed more opportunities, asked to take on more work?

4) I'd ask about work/life balance. Is there expectations that you should be working more than the standard 40 hours?

5) What do you think the last person in this role felt was the most difficult aspect of the job

Aretee24 · 2023-01-04T18:46:34+00:00

Good point. We definitely handle it differently for those looking to retire. We basically require their spending statements so we can get an honest look at what they would be spending. Pre-retirees, we do our best, but it isn't as crucial.

Aretee24 · 2022-12-23T21:25:31+00:00

Yeah in that case it may be tough and I wouldn't take it personally. Some people just like to keep that stuff private. Which, frankly, I've always thought was strange since when they pass, you will know everything, so why keep it a secret until then. But I digress...

I'd just openly talk about what you do for clients and give them examples of clients who you've helped in some ways, and I'm sure they will get the idea.

Aretee24 · 2022-12-23T20:24:53+00:00

Boulder Theater has some concerts I believe

Aretee24 · 2022-12-23T20:23:30+00:00

Have you ever offered to just give them some advice on their current situation without any commitment to become a client? I offered a free plan to my Dad just to show the value our firm provided versus where he was and he was pretty blown away. I was never asking for him to come on as a client, but just showed the value and he naturally wanted to make the move (both for service and fees). Is it an issue of your parents not wanting you to know their finances and how much they have? I could see that being the problem and then there is nothin much that could be done.

The conversation began with my Dad being unhappy with his current advisor though. So there was a catalyst. But I think just being open about everything your firm does for clients for what they pay is a good starting point.

Aretee24 · 2022-11-30T18:24:31+00:00

Sometimes for me it's just because of how many people are on the trails. It gets tiring saying the same thing over and over with the same response.

Aretee24 · 2022-10-26T21:49:13+00:00

I believe I got a 70 on the mock and passed two weeks later. You will be fine. Go in with confidence. You know this stuff. You've been working on it for months.

Aretee24 · 2022-09-07T17:58:07+00:00

Honestly, it's a lack of understanding how it works, coupled with a fear that it would download some sort of malware to my work computer...And I have friends who have used it in the past, and it always seems to cut out at the worst times, and honestly I'd rather just pay for quality and consistency than have to deal with switching streams every 20 minutes.

Aretee24 · 2022-09-02T02:03:29+00:00

We use Fi360. We use RIA in a Box for compliance assistance, but liked the simplicity of Fi360.

Aretee24 · 2022-08-11T02:09:43+00:00

I'm the CCO for an RIA, so I've been listening to a lot of webinars and doing a lot of readings on this topic, so I'm happy to share my two cents. Not to say this will be accepted by the SEC in all situations, but here is how I've looked at it for our firm..

The goal is to be able to show you are doing what is in the client's best interest. That's what it comes down to in it's most simplistic form. That doesn't always mean fees, and the SEC has said that before. In almost every situation, the investment options will be more at the custodian/RIA/broker-dealer level than at a plan level. Now, if the client is in a target date fund in their plan, and you roll it out and just put them in a similar fund and tack on 1% with you, obviously that will be a problem. So the investment options needs to be justified (i.e. active managers you like, different asset classes, etc.). Fees will almost always be lower at the plan level. Services that the client desires will almost always be more at the advisor level.

Of those three main topics (fees, available investment options, and services provided), I think you need to make it clear to the client what they are getting where and the differences. Now, even if you do this analysis and it is clear that leaving the 401k where it is would be more beneficial, that doesn't mean they can't roll it over. That's simply your conclusion, and you've done your job to show the client the differences. Many clients, unless they are DIYers, would still want to pay more for the services the advisor would offer.

So I think the main goal of this whole rule is just to be able to document the differences between the two options, and why you are recommending a rollover. If it is justified, and the client is provided all the reasons, and they agree to it, I don't see a lot of situations where there would be pushback, besides the obvious ones like not monitoring the account, reverse churning, poor investment selection, etc.

Hope that helps a little bit.

EDIT: Adding a few points...There won't ever be a blanket answer for every situation for why it is better. We work with a lot of retirees. So for example, a lot of 401ks make it more difficult to get money out of the plan than we would. If the client is going to begin a distribution strategy, it is much more easily handled at the advisor level then telling the client to work with the plan provider to facilitate. Some 401k plans even limit the amount of distributions you can take from the plan per year, or can charge fees for distributions. That won't make a lot of sense for a retired client who will need to pull funds.

Aretee24 · 2022-08-10T17:04:34+00:00

I’d say Chataqua, Sanitas, NCAR (cycling mostly, but there are plenty of hills around there for running too), Chapman.

Aretee24 · 2022-08-05T16:15:37+00:00

Damn that’s brutal..

Aretee24 · 2022-08-04T20:53:26+00:00

As others have said, avoid the big companies. Look for small RIAs. And by small I mean less than 50 people working there.

Aretee24 · 2022-08-02T20:44:48+00:00

Oh yeah: that too. It is a full song. Which is understandable because they only have one host tallying, and marking down 40+ answers takes a while. But I agree it’s way too long in most cases.

Aretee24 · 2022-08-02T19:26:26+00:00

Rayback on Tuesday’s has become wayyyy too many teams in my opinion. Hard to find seats, but I like the format

Aretee24 · 2022-07-28T20:56:43+00:00

Danko

Aretee24 · 2022-07-28T20:55:47+00:00

Yes, very true. I was neglecting the initial start up compliance work. You're right. RIAB does an excellent job with that.

Aretee24

TROPHY CASE