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End User License Agreement
by Ivan M. Illan
Success as a Financial Advisor For Dummies
Cover
Introduction
About This Book
Foolish Assumptions
Icons Used in This Book
Where to Go from Here
Part 1: Getting Started as a Financial Advisor
Chapter 1: Looking at the Big Picture
Understanding What a Financial Advisor Does (or Should Do)
Evaluating Yourself: Do You Have What It Takes?
Deciding Whether to Fly Solo or Work in a Firm
Taking Inventory: What You Need to Know
Providing Superior Service to Your Clients
Growing Your Client Base
Moving Up: Starting Your Own Firm
Chapter 2: Deciding Whether You’re Geared to Be a Financial Advisor
Evaluating Your Personality Traits
Questioning Your Motivations
Balancing Leadership and Service
Chapter 3: Performing a Self Background Check
Choosing a Career Path
Capitalizing on Your Personal Experience
Evaluating Your Financial Position
Chapter 4: Deciding to Work for a Firm or Build Your Own Practice
Knowing Your Options
Investigating Different Revenue Models
Getting On-the-Job Training as an Employee
Finding Employment as an Independent Contractor
Becoming a Registered Investment Advisor
Chapter 5: Surveying the Regulatory Landscape: The Fiduciary Standard
Familiarizing Yourself with Your Role as Financial Advisor
Recognizing the Confusion over Obligations and Care Standards
Sifting through the Clouds of Bureaucracy
Governing Itself: Industry Organizations Weigh In
Looking to the Future
Part 2: Mastering Core Competencies
Chapter 6: Pursuing Professional Development
Identifying the Core Competencies
Getting a Formal Education
Obtaining Your Licenses to Practice
Applying Certifications across the Financial Advisory Spectrum
Embracing Continuing Education
Chapter 7: Getting Budgeting under Your Belt
Guiding Clients on Household Budgeting
Exploring Helpful Technology Tools
Leveraging the Power of Auto Pay and Payroll Deductions
Chapter 8: Brushing Up on Asset Management
Developing a Client’s Investment Policy Statement
Agreeing on an Investment Philosophy
Cautioning Clients on “Hot Money” Investments
Comparing Revenue/Compensation Models
Chapter 9: Delving into Liability Management
Assessing a Client’s Risk Profile
Reviewing Insurance Lines and Products
Comparing Revenue/Compensation Models
Chapter 10: Excelling in Estate Planning
Addressing Estate Planning Essentials
Preparing for Estate Settlement Complications
Helping Clients Pass along Values, Not Just Wealth
Teaming Up with Estate Planning Attorneys and Family Accountants
Chapter 11: Tackling Taxation
Reminding Yourself That You’re Not an Accountant
Adding a Tax Advisor to the Team
Managing Capital Gains: Don’t Let the Tail Wag the Dog
Using Tax-Deferred Accounts to Maximize Compounding Returns
Exploring Tax-Free and Tax-Lighter Investments
Slashing Taxes with Retirement, College, and Health Savings Accounts
Taking a Nibble Out of Taxes with Charitable Contributions
Chapter 12: Getting Up to Speed on Behavioral Finance
Recognizing Irrational Factors That Drive Thinking and Behaviors
Muting Irrational Thoughts and Behaviors
Appealing to the Rational Side of Your Client’s Brain
Riding Out Market Cycles: Balancing Fear and Greed
Part 3: Providing Superior, Personalized Service
Chapter 13: Formalizing Your Client Due Diligence Process
Deciding Whether You Want Clients or Consumers
Considering the Factors That Really Matter
Mastering the Four As of Due Diligence
Chapter 14: Developing a Personalized Financial Plan
Obtaining Your Client’s Input
Going Deep and Broad with Every Client
Outlining a Client’s Financial Plan
Making Your Job Easier with Tools and Guides
Reviewing the Plan Regularly
Chapter 15: Offering Collaborative Value-Added Advice
Recognizing the Benefits of a Collaborative Approach
Collaborating to Serve Your Clients Better
Taking on the Role of Your Team’s Quarterback
Chapter 16: Adjusting Your Service Level to Different Clients
Building a Tiered Client Service Model
Scoring Your Clients
Rewarding Quality Clients
Chapter 17: Benchmarking Performance
Measuring Portfolio Success Against a Chosen Index
Riding the Personal Benchmark Trend
Tailoring Performance to Each Client’s Needs
Own It! Don’t Make Excuses for Poor Performance
Part 4: Building Your Clientele
Chapter 18: Earning Clients and Making a Career for a Lifetime
Adding Value before Asking for Referrals
Speaking to Clients in Plain English
Showcasing Your Value Proposition
Being Humble and Honored to Serve Your Clients
Chapter 19: Raising Your Profile with Networking and Marketing
Establishing an Online Presence
Getting Connected in the Real World
Building Your Own Sales Force
Promoting Yourself over the Long Haul
Chapter 20: Teaming Up to Build Synergies
Choosing Your Preferred Role: Lone Wolf or Leader of the Pack
Collaborating with Other Financial Advisors
Part 5: Running Your Practice as a Business
Chapter 21: Transitioning from Solo Practitioner to Business Owner
Gut Check: Deciding Whether Starting Your Own Firm Is the Right Move for You
Putting All the Pieces in Place
Measuring Success in Terms of Profit Margin
Achieving Growth through Mergers and Acquisitions
Planning Your Exit Strategy
Chapter 22: Structuring Your Firm as a Well-Oiled Machine
Organizing Your Business by Department
Identifying Business Development’s Focus Areas
Delegating Responsibilities to Client Service Associates
Assigning Administrative/Operational Responsibilities
Chapter 23: Divvying Up Your Business: Equity Participation
Keeping Some Profits in the Firm
Adopting a Founder Mentality
Offering Equity Buy-in to Team Members
Proceeding When Equity Ownership Doesn’t Matter
Chapter 24: Ensuring Business Continuity and Planning for Succession
Creating a Hit-by-the-Bus Business Continuity Plan
Protecting Your Heirs’ Interests with a Buy-Sell Agreement
Planning for Succession
Part 6: The Part of Tens
Chapter 25: Ten Tips for Being a Successful Financial Advisor
Let Your Conscience Be Your Guide
Beware of False Profits
Protect Your Clients from Predators
Don’t Use Big Words
Remember That Good Service Makes Up for Other Shortcomings
Be Active in a Community Cause
Be Eager to Acquire New Information and to Share What You Know
Focus More on Skills, Less on Tools
Appreciate the Trust Your Clients Place in You
Always Ask: What If I’m Wrong?
Chapter 26: Ten Business-Building Activities
Schedule Client Review Meetings
Keep a Log of Friends and Family That Your Clients Mention
Sponsor One Charitable Event Each Year
Break Bread with Your Best Clients
Be Responsive: Practice the Same-Day Rule
Attend Every Party You’re Invited to
Have an Elevator Pitch
Welcome All Prospects, Large or Small
Stop Selling and Start Telling Stories
Be Active on Social Media
Appendix: Financial Advisor Resources
Professional Licensing Bodies
Professional Development Resources
Trade Publications and Resources
Consultants and Books
Index
About the Author
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