Adding Clients and Getting In Some Reading
The term one armed paper hanger has taken on a new meaning this week. I gained another comprehensive financial planning client, which makes three total. Working on three plans at once, with the level of detail I engage in, is a bit challenging, to say the least. The specific nuances of each require a fairly high degree of customization. Plus, I am very passionate about providing clients with clear, concise analyses of their current situations and appropriate recommendations.
I’ve spent a lot of time deciding on software, marketing materials, getting better acquainted with the Investment Advisers Act of 1940 (try reading this at bedtime), and other things. At some point soon, I hope to have more free time to get back to staying abreast of advanced planning strategies. First things first, I suppose.
I am currently waiting for the green light of approval from my RIA custodian, which brings me to another subject, that of investing.
I am now in the process of finalizing my investment policy—as a firm—so when the time comes I am ready to act. Most of this policy is complete and covers the general types of investments I will recommend such as individual stocks, mutual funds, closed end funds, separate accounts, etc. Also, the screening process I will use to pick the investments. I am now in the process of putting it all down on paper.
I’m still deciding on the contact management software I will use. I have received a few e-mails from you, the readers, with suggestions on this and I am looking into different solutions.
All in all, things are progressing nicely. However, I will need to do more marketing as soon as some of the initial issues are resolved. I have developed a good relationship with a well respected and honest estate and tax attorney, who will be referring some clients to me. I have also referred some of my clients and contacts to him. I trust he will do an excellent job and this will reflect favorably on me since I introduced him. After all, serving clients is about bringing the right advisors to the table. I guess the moral of the story is really this: “When the client is well served, so is the profession, and so is the advisor.” So serve your clients well and I look forward to hearing from you.
Hi
I’ve been with New York Life since 1991 and at the same time maintain a general insurance brokerage, In 2001 I became a CFP, joined Eagle Strategies an RIA and started to manage assets for fees.
I have only done one fee-based financial plan (and that was a disaster) BUT the CFP designation has changed my life.
I have developed so many relationships with Attorneys — that now I tell clients that when we meet my collaberative associate (one of 4 attorneys) will be with us; the benefit is that these guys have taught me SIGNIFICANT advanced techniques to transfer wealth, protect assets, minimize income and cap-gains tax AND MY income goes up every year.
For your contact management — try Goldmine — it’s very powerful; the only downside is the cost of tech support (and you will need it) — you will find that it’s well worth your dollars.
Brian Peter McNamara, CFP