Inside Information Newsletter
DISCLAIMER: This document has not been approved, disapproved, or otherwise acted upon by any senior technical committees, and does not represent an official position of the American Institute of Certified Public Accountants. It is distributed with the understanding that the contributing authors and editors, and the publisher, are not rendering legal, accounting, or other professional services. If legal advice or other expert assistance is required, the services of a competent professional should be sought.
Note: Access to Inside Information is a benefit of PFP/PFS membership, which is an individual membership. If your peers would like access to this newsletter service, they can either purchase directly from Bob Veres or sign up for PFP membership.
October 2019 In this issue…
- The Dimensions of Leadership: What is leadership? How do you cultivate it in yourself and your staff?
- The Profession: Introducing an entirely new way to promote financial literacy.
- Practice Management: A different way to train your employees, and a practice structure that may be much more efficient and profitable than the norm.
- Parting Thoughts: How to overcome the stagnation that has seized up the profession.
September 2019 In this issue…
- Time = Money: Here are some of the benefits of having everybody in your office track the time they spend on client and administrative work.
- Time Tracking Tips: Here’s how a number of advisory firms are using time-tracking software, the categories they are assigning to their time, and the insights the data has given them to better manage their firms.
- Things I Worry About
August 2019 In this issue...
- Trendy Technical topics: Here are some of the highlights from the AICPA’s ENGAGE conference in Las Vegas, which will help you provide more value to your planning clients.
- Conferences: Takeaways from the ENGAGE conference keynote presentations.
- Client Service: Here's a process where you can survey your clients and get instant data analysis on the responses.
- Parting Thoughts: A much better tax proposal than the SECURE Act.
July 2019 In this issue…
- High-Tech Investing: From index replication to automated tax-loss harvesting, from subscribing to portfolio management to customized SRI investing, there’s a lot of technological change in the investing space.
- Planning: Congress has created a lot of complication for high-end estate planners. Here's how to fix the problems.
- The Profession: How "cloud native" software could transform your desktop and the way you do business.
- Parting Thoughts: A close look at the actual disclosure requirements in the text of the SEC's Reg BI regulation.
June 2019 In this issue…
- Improving Your Mind, Raising Focus, Hiring Practices and Compliance Synopsis: Here are the highlights of the NAPFA Spring conference in Austin, TX.
- Client Services: You've probably heard about one client assessment tool. But here are three much better ones.
- Practice Management: What are the most interesting discussions taking place in the HIFON network these days?
- Parting Thoughts: How Wall Street captures the SEC, one staffer at a time.
May 2019 In this issue...
- Storm Cloud Gathering: A bond manager’s front-row view of increasing debt, another round of credulous bond ratings, looser debt security and indiscriminate buying. Didn’t we see these same warning signs eleven years ago?
- Practice Management: What if you could replace PortfolioCenter with a less expensive system--and get additional software capabilities as well?
- Practice Management: What software saves you the most time and delivers most value to clients?
- The Profession: Make way for the CFAs.
- Parting Thoughts: My return to consulting.
April 2019 In this issue...
- Marketing to Perfect Strangers Synopsis: Social media may not be as complicated as people a certain age had assumed.
- Client Services: A new resource uses best practices from the best advisory firms to help you improve your client service.
- Client Services: Tools and tutorials that help you provide college planning advice.
- Practice Management: Chalice Financial Network offers some attractive discounts.
- Parting Thoughts: Maybe state regulation of financial planners isn't so bad after all.
March 2019 In this issue...
- More Dangers of Suitability: When brokers line their pockets at the expense of their customers, fiduciary advisors often have to clean up the mess they left behind.
- The Profession: Winners and losers at the recent T3 advisor conference— and some of the trends that the software world is driving in the profession.
- Practice Management: to use the data that you already have in your system to drive growth and profitability.
- Parting Thoughts: Here's a difficult conversation that I hope never happens.
February 2019 In this issue…
- Succession Template: Start ten years before your succession begins, by building a strong staff and providing training in leadership. Create an open, collaborative process where the candidates are given feedback on their qualifications. Separate management from ownership, as a way to simplify the process.
- The Profession: Takeaways from the PFP Summit, featuring Tracy Beckes, Angie Herbers, Ed Jacobson and two experts on office design.
- Client Services: An AI-driven bookkeeper can help you provide cash flow management to your complicated clients.
- Parting Thoughts: The next lobbying frontier for a fiduciary standard appears to be at the state level.
January 2019 In this issue…
- Objective Compensation: Here’s a rare guide to how you can transform subjective performance bonuses into incentives to achieve specific, measurable metrics.
- Client Service: Read this before you give clients advice on their student loans.
- Practice Management: How to get instant workflows into your CRM system.
- The Profession: Is it really such a great idea to have instant ACATS transfers?
- Parting Thoughts: Next year's debate about the SEC's Reg BI proposal is going to be good for the profession.