Posts by Rebecca Lake, CEPF®
Compliance & Legal
Text Message and SMS Compliance Rules for Financial Advisors
Your clients value transparent communication. So in addition to phone calls and emails, you may rely on text messages to stay connected. While test messages are a quick and convenient way to check in with clients, it’s important to tread carefully to avoid compliance violations. Developing a text messaging compliance strategy can help you avoid… read more…
Firm Management
The Importance of Succession Planning as a Financial Advisor
Succession planning is something you may assist your clients with, but consider how much thought you’ve given to the future of your own business. When it comes to succession planning for financial advisors, there are numerous benefits, yet roughly one-third of advisors lack a formal exit strategy. Early planning can make for a smoother transition… read more…
Firm Management
4 Succession Solutions for Financial Advisors
Even though you may be focused on growing your practice, you’ll eventually need to think about how you want to handle your eventual exit. This is where succession planning consultants come in. They can help you develop a strategic plan for transitioning your business to someone else, with the goal of making the process as… read more…
Firm Management
When Should Advisors Start Succession and Exit Planning?
Building a thriving advisory firm is a significant accomplishment, but what happens to the business, and your clients, when you’re ready to move on? A comprehensive succession plan can help answer those questions. In regards to when financial advisors should start succession planning, the short answer is as soon as possible. But the longer answer… read more…
Firm Management
How Much Outsourcing Paraplanning Fees Costs
If you’d like to free up more time to spend with your clients, you might consider outsourcing some of your daily tasks to a paraplanner. Paraplanners can work alongside advisors to help lighten their workload. But what’s a fair price to pay for this type of service? Researching outsourced paraplanning fees can give you an… read more…
Compliance & Legal
Cybersecurity Compliance Solutions for Financial Advisory Firms
The SEC’s cybersecurity rule has created new compliance requirements for registered investment advisors (RIAs). Those requirements include the development of a written cybersecurity plan and the timely reporting of data breaches or other cybersecurity incidents, should they occur. Working with a cybersecurity compliance solution provider can help make navigating these requirements less stressful. SmartAsset’s Advisor… read more…
Firm Management
What to Know About Outsourcing Paraplanning Services
Developing financial plans lies at the core of what you do, but a busy schedule may have you looking for help with this task. That’s where paraplanners come in. Paraplanners can complete certain tasks in the planning process so that advisors can spend more time with their clients. Some advisors choose to hire in-house staff… read more…
Firm Management
AI Agent Services That Can Revolutionize Client Operations
Artificial intelligence (AI) is a game-changer for financial advisors who want to run their businesses more efficiently, and without neglecting the client experience. One of the latest innovations involves the use of AI agents to handle client-facing tasks that aren’t necessarily reliant on human interaction. Luckily, there are several platforms that can help financial advisors… read more…
Compliance & Legal
Navigating the SEC ESG Disclosure Requirements
Advising on ESG strategies is one way to expand your niche and attract new clients. After all, environmental, social and governance factors may be top of mind for clients who prefer an investment approach that reflects their values. And SEC ESG disclosure requirements specify what information companies are required to share about how climate-related risks… read more…
Compliance & Legal
How to Use AI Tools and Keep Client Data Safe
Artificial intelligence (AI) is making its presence felt across multiple industries, including the financial services space. While AI is unlikely to completely replace advisors, more financial professionals are using this technology in running their businesses. If you count yourself among them, or plan to, it’s important to consider establishing security standards for AI tools when… read more…
Firm Management
7 Tips for Financial Advisors to Avoid Burning Out
Financial services is a demanding industry, and managing the day-to-day can be stressful, to say the least. When you’re constantly in motion, working both in your business and on it, taking care of yourself may be the last item on your to-do list. Before you know it, you’re staring down a case of financial advisor… read more…
Industry Trends
Integrating ESG Investing Into Advisory Portfolios
ESG investing incorporates environmental, social and governance factors into investment decisions. And while it’s something investors seem interested in, most aren’t implementing it in their own portfolios. A 2025 Gallup poll found that 48% of investors said they’d be interested in purchasing ESG investments, but only 10% are currently invested in sustainable funds1. Developing an… read more…
Marketing
4 Financial Advisor LinkedIn Summary Examples
LinkedIn is primarily a networking and social media platform, but it also has potential as a marketing tool for advisors. A well-organized profile can elevate your brand image and help you attract ideal clients who may be browsing the platform for an advisor to work with. Your summary or About section is one of the… read more…
Firm Management
Guide to AI Notetaker Solutions for Financial Advisors
Artificial intelligence (AI) has numerous uses in the advisory landscape, from financial planning to organizational tasks. Replacing your current note-taking system with an AI note taker for financial advisors can help you capture the most vital details from client meetings without taking your focus off the client. Here’s how these AI note-taking tools work, so… read more…
Client Retention
How to Match Your Clients With Advisors Based on Personality
Compatibility is an important part of the advisor-client relationship. Even the most experienced advisor may have difficulty making a connection if their personality doesn’t mesh well with the client’s. If you oversee a team of advisors, the decisions you make about which clients to pair them with can have a significant impact on the outcome.… read more…
Client Retention
How to Build a Better Client Experience as a Financial Advisor
One key aspect of your success as an advisor is your ability to deliver a superior client experience. Clients who feel valued are more likely to remain loyal to your firm, and they can be a vital source of referrals, which in turn helps you grow. Developing a plan for your firm and enrolling in… read more…
Firm Management
How to Create a Successful Client Meeting Agenda as a Financial Advisor
Your time is valuable, and so is your client’s. When it’s time to schedule a meeting, it makes sense to ensure that it runs efficiently, so not one second is wasted. Developing a template or checklist for client meetings can help ensure that you hit the most important talking points. Here’s what you might want… read more…
Compliance & Legal
Social Media Archiving Solutions for Financial Advisors
Social media may be an integral part of your marketing plan. And as with other business activities, there are some compliance rules you’ll need to observe. Registered investment advisors (RIAs) are subject to SEC and FINRA recordkeeping rules, which are designed to ensure the proper retention of all business communications, including social media content. Software… read more…
Marketing
Social Media Software Options for Financial Advisors
Social media’s power as a marketing tool is undeniable, and savvy advisors understand the value in leveraging platforms like Facebook, YouTube and Instagram to connect with prospective clients. Software programs can help you create and manage your content more efficiently, while ensuring that your firm adheres to compliance requirements. Features, benefits and pricing are important… read more…
Client Retention
Average Client Retention Rate for Financial Advisors
New client acquisition is essential for growth, but retaining the clients you already have is how you build a solid foundation for your business. Measuring your client retention rate against industry averages can offer insight into what you may be doing right, or wrong, when it comes to your firm. Read on to learn where… read more…
Firm Management
Growth Strategies for Independent Financial Advisors
Going independent can mark the beginning of an exciting new phase of your career. You’ll immediately have freedom and flexibility, but what you might need next are clients to help your firm grow. The challenges are real: You may have less money to pour into your marketing budget, fewer labor resources to rely on, and… read more…
Professional Development
Guide to Financial Advisor Equity Compensation
Joining a new firm is an exciting step forward in your career. But before you can begin serving clients, you have to work out the details concerning your new role. A focal point of the negotiations may be your compensation and benefits package. And your firm may offer equity compensation in addition to your regular… read more…
Marketing
How to Build an Email and Mailing List as a Financial Advisor
Email is one of the most cost-effective ways to stay in touch with clients and connect with prospects who need professional financial advice. Advisors who aren’t tapping into email’s potential as a marketing tool may be missing opportunities to convert more of those prospects to clients. Building an email list as a financial advisor is… read more…
Compliance & Legal
Do Financial Advisors Qualify for the QBI Deduction?
The Qualified Business Income (QBI) deduction, also referred to as a Section 199A deduction, allows eligible business owners to deduct up to 20% of their qualified business income on their return. Deductions can prove valuable at tax time, as they reduce your taxable income. But not everyone is eligible to claim them. So while financial… read more…
Client Retention
How to Utilize Transition Services as a Financial Advisor
Change is sometimes necessary for growth. That may mean a change of scenery, as you move from one advisory or wealth management firm to another. Or it could mean a change in your business model if you’re ready to go independent and start your own RIA. Financial advisor transition services can aid in making the… read more…