A former SEC examiner told me so.

He said at most firms compliance is either
a) An excuse or
b) Control

If you’re an independent it’s a)

→ If you’re working for a
→ Firm that blocks you
→ At every turn, it’s b).

But if you don’t move firms, it’s back to a).

So compliance is almost ALWAYS an excuse not to
↳ Do more marketing.
↳ Learn or change technology.
↳ Communicate more with clients.

→ The need for compliance is real
→ But at most firms it should
→ Just be called Control.

When you remove the fear, being compliant is pretty simple it turns out.

→ Do the right thing for the client.
→ Record everything and be able to reproduce it.
→ Follow a few rules on process, depending on your state/SEC.

Anyone who tells you any different is full of $h!t

→ But the worst part is
→ The industry itself uses the
→ Scary headlines to sell you things.

Ideas – Consulting – INACTION

You see the less you understand and think for yourself,

→ The more you
→ Depend on them
→ And buy from them.

→ F.U.D. (Fear, Uncertainty, Doubt)
→ Still sells, unfortunately.
→ Think for yourself.

And move your business forward.

So go ahead and:
↳ Communicate by text – But keep records.
↳ Use technology and even AI – But Don’t share PII.
↳ Use media to get your message out to prospects. – But be smart

And if your firm complains and you’re doing all the right things.

Move on.

How has compliance been used to hold you back?

The post Your compliance excuses are bu!!$h!t first appeared on Blueleaf.

In This Episode

Katie Hendrix and Shawn Jaberzadeh talk about how historically, it has been incredibly labor intensive for financial advisors to deliver bespoke investment management to their clients. Until recently, even large companies like Dimensional Fund Advisors (DFA) required a minimum account balance of $20 million for their separate managed account (SMA) offering.

However, advances in technology and a shift in demand from clients has led DFA to create a solution that is set to democratize SMAs for the average investor.

You can learn more about the new SMA solutions offered by DFA here. Or simply email sma@dimensional.com

Our Guests

Katie Hendrix is the Senior Researcher and Vice President at Dimensional Fund Advisors for the past 7 and a half years. Prior to her time at DFA, Katie worked at NERA Economic Consulting as an Associate where she developed analyses for securities class action litigation, then made the transition to Economic Analyst. She also worked as a Senior Consultant at Navigant Economics.

Shawn Jaberzadeh is the Vice President at Dimensional Fund Advisors and has been for the last 16 years. He has worked closely with RIAs in the Enterprise Group, which partners with the largest US-based national RIA and intermediary clients. He works with firms to address their most significant issues, from developing investment solutions to thinking through strategic business initiatives.

The post The Trend Toward The Personalization Of Investing At Scale first appeared on Blueleaf.

In This Episode

Your ability to deliver high quality financial advice to your clients depends greatly on the completeness and quality of the information you have about their financial lives. As Jason O’Shaughnessy, Head of International Business at Envestnet | Yodlee explains, the Open Finance movement is creating new opportunities for financial advisors and clients alike. 

Once a clunky and manual process, account aggregation is now moving to a system that is more reliable and more accurate. And this same connectivity, made possible by companies like Envestnet | Yodlee is opening the door for new services.

Our Guest

Jason O’Shaughnessy is the Head of International Business for Envestnet | Yodlee. He is responsible for all new business, strategic partnerships, account management, and customer success for our entire international business. Having previously worked at Envestnet | Yodlee for 15 years, Jason originally started up and grew the International business, and he’s played a critical role in the growth of FinTech and in driving innovation with Financial Institutions across multiple countries. Outside his day job, he also advises multiple startups and businesses in a non-executive director capacity and has unique experience in the startup ecosystem. Along with business development, Jason has extensive experience in Open Banking/ Open Finance, directorship, and assisting with fundraising, to mention just a few of his many skills.

The post New Account Aggregation Approaches Are Creating Fantastic Opportunities For Financial Advisors first appeared on Blueleaf.

Reflect back on how your firm did business ten or fifteen years ago. Back then, many “advisors” were commissioned sales people mainly focused on pushing product. Today most are fee-based or fee-only with many offering comprehensive wealth management and planning services.

Holistic wealth management and financial planning are in demand. Prospect pools, thanks to digital platforms and virtual meetings, have grown. Geographical boundaries not as important as they once were. Pricing, once a key differentiator, is a non-factor. Can you see the change now?

Blueleaf Helps You Roll with the Changes

In a world where all advisors are expected to offer holistic wealth management, the only way to differentiate your firm is through your client offering. Your offering is ever more digital and that means your technology is an ever more critical part of how you build a differentiated offering. Blueleaf, which was built for the rapidly evolving world we live in, can help you do this in the following ways:

·  “Always On” Access:  Clients want to go online and see their money. Banks have capitalized on that for years. The average working adult gets home after regular business hours. The Blueleaf client portal gives them 24/7 access to all their accounts and performance numbers, making the advisor’s job easier.

·  Automated Email Updates: Printed quarterly reports just don’t cut it anymore. Make a client wait three months for communication and they’ll forget you exist. Blueleaf sends more frequent automated email updates on your behalf to keep your firm top-of-mind with clients. Setting these on a weekly or monthly cycle has proven to be effective.

·  Holistic View of All Accounts: No need to log into multiple sites to see bank accounts, investment portfolios, and liabilities. The Blueleaf client portal pulls it all into one place for you, using best-in-breed data aggregation and banking-level security protocols. This approach makes your firm the central authority to clients on all things financial.

·  Client Behavioral Tracking: Asking clients to add all of their accounts to one portal is a trust-building exercise that pays off when advisors pay attention to client behavior. Blueleaf provides client insights, including email and document openings, to let you know what clients are thinking and how you can better serve their needs.

The client portal log-in page, any reports that you run, and the automated email updates are all branded with your firm name and logo, further enhancing the Blueleaf experience for your firm. We do all the work for you. Your firm reaps the rewards.

Simplicity is Value and a Brand Differentiator

When Blueleaf first entered the wealth management space, we heard stories about complexity everywhere in the business. Overtime, that complexity has gotten worse for your firm and your clients. Much of the technology in the market seemed to make the problem worse.

Simplicity has alway been a hallmark of what we delivered to our customers. We simplify customer’s business by simplifying their technology. The client portal delivers answers to clients most common questions immediately on login, updates are also automatically sent to clients so they don’t even have to login to get value from your firm and if clients have technical questions, we can answer for you, leaving you free for the important stuff.

This approach makes it easier for clients to buy into what the advisor is offering. Our sales team has a saying, “If a client has difficulty on their first login, they’ll never come back for a second visit.” Our designers and engineers have made sure that doesn’t happen.

Financial advisors want to have their finger on the pulse for their clients and not get lost in the weeds by using complex software applications. In most cases, clients do not have a degree in finance. Blueleaf breaks down financial information so they don’t need one.

When you simplify your information, you won’t have to explain it. Another popular catchword in advisor marketing is “transparency.” Your firm won’t need to promote that concept when you use Blueleaf.  Our platform is clearly transparent, no explanation necessary.

Creating an “Anxiety-Free” Client Experience

Investing and saving for retirement are emotional experiences for your clients. That’s why firms in the last century kept them in the dark. Don’t try that today. If your firm isn’t providing information to your clients, someone else will.

By combining all the features of Blueleaf, advisors can create an anxiety-free client experience. Automated emails keep them informed and also increase retention rates for the firm. Our customers stay with us because their clients love their experience with Blueleaf and our customers get all the credit.

Yes. The world is changing. That doesn’t have to be stressful, for the advisor or the client. Automation, insights, and communication enable the advisory firms on our platform to figure out where they add value and leverage that to better serve their clients.

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The post How Blueleaf Supports Your Firm’s Evolving Value Proposition first appeared on Blueleaf.