Transcript Why add Financial services to your practice

WHY ADD FINANCIAL
SERVICES TO YOUR
PRACTICE?
Presented by BlueChip Financial Advisors, LLP
AGENDA
 Definitions
 Pros
& Cons
 Models
 Solicitor/RIA
Rep?
DEFINITIONS
 Broker
 Series
Dealer – RIA
65 or 63/7/6
 Fiduciary
vs suitability
 Solicitor
 U4/U5/ADV
Part 1 & Part 2
 CRD
 FINRA
 State
vs Federal Registration
WHY ADD FINANCIAL
SERVICES?
A.
Additional Revenue
B.
Client Retention Referrals
PROS & CONS
PROS
A.
Additional Revenue
B.
Strengthen Client Relationships
C.
Increase in Referrals
CONS
A.
New skill set to learn
B.
Can be added complexity
C.
Finding right model
LICENSE TYPES
SERIES 7/6/63
 Need
 Can
 Will
Broker Dealer
sell securities for commission
need insurance license for annuities
SERIES 65
 Fiduciary
 No
responsibility
commission selling, fee only
 May
have exception to testing
MODELS
RIA
 Work
directly with custodian
 Form
separate entity for CPA practice
 Maintain
‘Back office’
 Software
requirement
 Compliance
 Need
officer
to be RIA rep of RIA
RIA REP/OUTSIDE RIA
 Align
with RIA
 Participate
 Must
in fee revenue
register on U4 (65/PFS/CFP/etc)
SOLICITOR
 All
states, except MA, require 65 or equivalent
 Can
refer to RIA with proper discloser and
share fees
TAMP
(TURNKEY ASSET MANAGEMENT PROGRAM)
 Outsource
 Receive
 No
management of assets to 3rd party
portion of fee
actual control or active involvement
CONCLUSION
1.
Is this right for you
2.
How to learn more
3.
Thanks