CHAPTER 1 Balancing Personal and Work Lives

1
CHAPTER 1Balancing Personal and Work Lives

• Where Can I Find Out More?
• How to Do It

2
CHAPTER 2Selecting a Business Model

• Regulatory Structure
• Compensation Structures
• Client Economics
• Tax Type
• Firm Size and Office Type
• Putting It All Together

3
CHAPTER 2Selecting a Business Model

• Your Business Model
• Business Model 1 Independent BD Representatives
• Business Model 2 Sole Practitioner
• Business Model 3 Limited Liability Company
• Where Can I Find Out More About It?

4
CHAPTER 3Naming Your Practice

• Practical Pointers
• Domain Name Issues
• Trademark Issues

5
CHAPTER 4Locating Your Office

• Home Office
• Commercial Office Space
• Office Space Rentals
• The Clients Office
• Summary

6
CHAPTER 5Setting A Compensation Structure

• Fees and Commissions
• The Fee-Offset Fee Structure
• The Fee-Based Fee Structure
• Assets-Under-Management (AUM) Fees
• Retainer Fees
• Hourly Fees
• Choosing a Compensation Structure
• Where Can I Find Out More About It?

7
CHAPTER 6Personal Time Management

• Time Management Fundamentals
• 1 Keeping a Diary
• 2 Analyzing How You Spend Your Time
• Time Wasters
• 1 Going to the File Cabinet
• 2 Using the Wrong Client Contact Management
  System

8
CHAPTER 6Personal Time Management

• Time Wasters (contd)
• 3 Keeping More Than One To-Do List
• 4 Failing to Edit Your Emails
• 5 Preparing and Sending Out Marketing Materials
  (or Having Your Staff Do It)
• 6 Failing to Delegate Outside the Confines of
  Your Office
• Where Can I Find Out More About It?

9
CHAPTER 7Marketing

• Direct Mail and Seminars
• Third Party Endorsements
• Referrals from Existing Clients
• Referrals from Other Professionals
• Referrals Resulting from Media Contacts
• Dos and Donts of Working with the Media
• Internet
• Where Can I Find Out More About It?

10
CHAPTER 8Developing a Target Market

• Criteria for Developing a Target Market
• Sizing Up Prospective Clients
• Planner Profiles
• How to Target Clients and Professionals
• Where Can I Find Out More About It?

11
CHAPTER 9Qualifying A Prospective
Client/Conducting A Client-Making Meeting

• Qualifying the Prospective Client
• Conducting A Client-Marking Meeting

12
CHAPTER 10Client Service

• Infrastructure
• Personnel
• Systems
• Website
• Cultivating the Right Attitude

13
CHAPTER 11Problem Clients

• The Im-Too-Busy-Which-Is-Why-Im-Paying-You-To-H
  andle-It Client
• The Obsessed-With-Investment-Performance Client
• The Counter-Value Client
• The Two-Minded Client

14
CHAPTER 11Problem Clients

• The Sometimes-Competent Client
• The Numbers Geek
• Handholding Clients
• The Disappearing Client
• Handling the Problem Client

15
CHAPTER 12Dealing With the Clients Other
Professionals

• Criteria for Selecting Professionals
• Methods of Finding Professionals
• Potential Problems

16
CHAPTER 13Surveying Clients

• Planner Profiles
• Harnessing Survey Technology

17
CHAPTER 14Ethics

• Defining Ethical Behavior
• Conflicts of Interest
• Where Can I Find Out More About It?

18
CHAPTER 15Communicating to Manage Client
Expectations

• Modes of Effective Communication
• Using Market Fluctuations to Manage Expectations
• Giving Advance Notice Before Change Is Key
• Managing Investment Return Expectations

19
CHAPTER 16Hiring Employees or Outsource Partners

• Virtual Work Partners vs. Employees
• What to Look for When Hiring
• Where Can I Find Out More?

20
CHAPTER 17Taking on a Partner

• Case Study The Formation Process of a
  Partnership
• Where Can I Find Out More About It?

21
CHAPTER 18Compliance

• Compliance Manual
• Client Communications
• Proxy Voting, Best Execution, Asset Custody
• Best Execution
• Proxy Voting
• Asset Custody
• Where Can I Find Out More About It?

22
CHAPTER 19Managing Growth

• Where Can I Find Out More About It?

23
CHAPTER 20Coaching Getting It and Giving It

• Where Can I Find Out More About It?

24
CHAPTER 21Selling Your Practice

• Where Can I Find Out More About It?

25
CHAPTER 22Buying a Practice

• Things to Do When Buying a Practice
• Have the Right Credentials and Experience
• Achieve Proficiency with Technology
• Arrange Financing in Advance
• Pursue a Practice That Resembles Your Own in Key
  Ways
• Provide Similar Client Services

26
CHAPTER 22Buying a Practice

• Things to Do When Buying a Practice (contd)
• Ask the Seller for the Right Information
• Do Your Homework
• Carefully Construct Your Buyers Listing
• Demonstrate the Capacity to Serve More Clients
• Making the Transition

27
CHAPTER 23Errors Omissions (EO) Insurance

• Where to Get Technical Information on EO
  Insurance

28
CHAPTER 24Whats the Next Step? Do I Go Out on
My Own, or Look for a Job?

• Where Can I Find Out More About It?

29
CHAPTER 25Creating a Plan/Finding Clients

• Finding Clients, Etc.
• The Web
• Helping People Find You on the Web
• Being Quoted in the Local Press
• Online Referral Sources
• Other Organizations
• The Garrett Planning Network, Inc.
• Cambridge Alliance of Advisors, Inc.
• My Financial Advice
• Drip Marketing

30
CHAPTER 26Communication Tools Email

• Email Software
• Microsoft Outlook 2003
• Email Enhancers
• Nelson Email Organizer Pro Version 3.0 (NEO Pro
  3.0)
• Keeping Contact Information Current
• PocketKnife
• Attachment Forget Me Not
• Anagram
• Personal Folder Backup
• Email Saver Xe

31
CHAPTER 26Communication Tools Email

• Other Email Programs
• Microsoft Outlook Express
• Eudora
• Bloomba
• Web Based Email
• Dealing With Junk Mail

32
CHAPTER 27Communication Tools Websites

• Online Meetings
• Some Providers Serving Our Industry
• AdvisorSites
• AdvisorSquare
• Emerald Publications
• Financial Visions, Inc.
• Newsletters
• Listserv

33
CHAPTER 28Security

• The Threats
• Unauthorized Access
• Password Protection
• Theft
• Malicious Code
• Preventing Malicious Code Attacks
• Firewalls
• Antivirus Programs
• Spyware and Related Threats
• Updating Your Microsoft Programs

34
CHAPTER 28Security

• The Threats
• Backups
• Other Backup Solutions for Small Offices
• Other Solutions for Larger Offices
• Archiving
• Mirra Personal Server
• Smaller Backups
• Computing in Public Places
• Improper Disposal of PCs
• Business Continuity Planning

35
CHAPTER 29Office Hardware

• Computers
• Networking
• Printers
• Fax Machines
• Copy Machines
• Telephone Services
• Freedom Voice Systems
• EasyTel
• VolP
• Shredders
• A Word About Furniture

36
CHAPTER 30General Office Software

• Software Suites
• Microsoft Office and You
• OneNote An Additional MS Office Application
• Quicken
• QuickBooks
• askSAM A Free Form Database
• FileMaker Pro
• Voice Recognition Software

37
CHAPTER 31Client Relationship Management (CRM)
Software

• MS Outlook 2003
• Microsoft Outlook with Business Contact Manager
• Sharing Your MS Outlook Calendar
• ACT! Version 6.0 An Overview
• The Middle Ground Add-Ons
• Act4Advisors
• Act4Advisors Bundle

38
CHAPTER 31Client Relationship Management (CRM)
Software

• Cyberbroker
• Installation
• Templates
• Training and Consulting Services
• BrokersAct
• Installation
• Some Typical Screen Layouts
• Client Road Map
• Templates
• Other Features
• Summing Up Add-On Products

39
CHAPTER 31Client Relationship Management (CRM)
Software

• Goldmine
• Junxure-I 3.0
• A More Powerful Product
• Automation
• Protracker
• Time Matters 5.0
• Overview
• Engagements
• Time Management and Scheduling

40
CHAPTER 31Client Relationship Management (CRM)
Software

• Time Matters 5.0 (contd)
• Timer
• Personal Journal
• Triggers
• Chain Templates
• Custom Forms Templates
• Document Management
• Scanning
• Formattable Clipboard

41
CHAPTER 31Client Relationship Management (CRM)
Software

• Time Matters 5.0 (contd)
• Phone Calls
• Email and Fax and Instant Messaging
• Printing to PDF or RTF
• Synchronization
• Security
• Whats Hot?
• Whats Not
• Bottom Line

42
CHAPTER 32Understanding the Need for Document
Imaging and Management

• Tools of the Trade

43
CHAPTER 33Document Imaging and Document
Management Selecting the Right Scanner

• Scanner Basics
• Centralization vs. Decentralization
• The Role of a Flatbed Scanner
• Drivers
• Recommendations
• Fujitsu ScanSnapTM Scanner
• Fujitsu fi-4120C Scanner

44
CHAPTER 33Document Imaging and Document
Management Selecting the Right Scanner

• Recommendations (contd)
• Canon DR-2080C
• Fujitsu fi-4220C Scanner
• Panasonic KV-S2026C
• Xerox DocuMate 252 Scanner
• Fujitsu fi-4530C
• Other Choices
• Conclusion

45
CHAPTER 34Document Imaging and Management
Software

• Introduction
• About OCR
• File Formats
• Basic Products
• Using Adobe Acrobat
• Using Microsoft Office
• Bundled Scanning Software
• Filing, Indexing, and Searching Using the
  Operating System

46
CHAPTER 34Document Imaging and Management
Software

• Basic Products (contd)
• CRM Products ACT!, Goldmine, Junxure-I
• PaperPort
• Drivers and File Formats
• Intermediate Products
• DocuXplorer Professional
• Application Design
• Drivers and File Formats
• Indexing
• User Definable Index Sets

47
CHAPTER 34Document Imaging and Management
Software

• Intermediate Products (contd)
• DocuXplorer Professional (contd)
• Automatic-Indexing with Multiple Index Field
  Controls
• Extended Database Features
• Security
• Adding Documents
• Retrieving
• OCR
• Document Viewing

48
CHAPTER 34Document Imaging and Management
Software

• Intermediate Products (contd)
• DocuXplorer Professional (contd)
• Annotation
• Archiving
• Versioning and Check-in/Check-out
• Global Access to Your Documents
• Workflow
• Interface Modes

49
CHAPTER 34Document Imaging and Management
Software

• CEO Executive
• Drivers and File Formats
• Indexing
• Retrieving
• OCR Capabilities
• Annotation
• Security
• Archiving
• Another Feature of Note

50
CHAPTER 34Document Imaging and Management
Software

• More Robust Systems
• Cabinet NG
• Drivers and File Formats
• Indexing
• Retrieving
• OCR Capabilities
• Annotation
• Security
• Archiving
• Other
• Other Enterprise Solutions

51
CHAPTER 35Client Survey Software

• Finding Out What Your Clients Really Think
• SurveyMonkey
• PollMonkey
• Advisor Products Survey Kit

52
CHAPTER 36Financial Planning Software

• A Brief History of Financial Planning Software
• Spreadsheets
• Evaluating Commercial Financial Planning Software
• Differentiators
• Comprehensive vs. Modular
• Comprehensive Financial Planning Software
• Modular Financial Planning Software

53
CHAPTER 36Financial Planning Software

• Cash Flow vs. Goal Driven Software
• Cash Flow Driven Software
• Goal Based Financial Planning Software
• Desktop vs. Application Service Provider (ASP)
• Desktop Software
• Advantages
• Disadvantages
• Application Service Providers (ASP)
• Advantages
• Disadvantages

54
CHAPTER 36Financial Planning Software

• Beginning Your Software Search
• Specific Capabilities You May Require
• Making the Comparison
• Survivors

55
CHAPTER 37Portfolio Construction and Management
Tools

• Portfolio Construction
• Principia
• Morningstar
• M-V Optimizer
• Ibbotson
• SunGard
• Skill Weighted Portfolio
• Portfolio Management and Reporting

56
CHAPTER 37Portfolio Construction and Management
Tools

• Desktop Software Products
• Centerpiece (Portfolio Center)
• PowerBroker
• CapTools
• Advent

57
CHAPTER 37Portfolio Construction and Management
Tools

• Application Service Providers (ASPs)
• Investigo
• StatementOne
• Fidelity/IDS
• Morningstar Workstation Office Edition Portfolio
  Management
• Outsourcing
• Choosing a Custodian

58
CHAPTER 38Data Sources, Presentation Software,
and Professional News

• Data Sources
• Morningstar
• Products
• Advisor Intelligence
• Value Line
• Bloomberg
• Ibbotson
• BigCharts

59
CHAPTER 38Data Sources, Presentation Software,
and Professional News

• Presentation Software
• Ibbotson Associates
• Kettley
• Forefield
• Emerald
• Newkirk
• Professional News
• Bloomberg Wealth Manager
• Financial Advisor

60
CHAPTER 38Data Sources, Presentation Software,
and Professional News

• Professional News (contd)
• Financial Planning Magazine
• Investment Advisor
• Other Useful Stuff
• Horsemouth
• Inside Information
• Virtual Office News
• Leimberg Information Services, Inc.
• Tax Facts Online

61
CHAPTER 39Collaboration Tools

• Virtual Offices
• Groove Network
• Blue Tie, Inc.
• Intranets.com
• 4Team Online
• Virtual Meeting Tools
• WebEx
• Microsoft Live Office

62
CHAPTER 39Collaboration Tools

• Virtual Meeting Tools (contd)
• AdvisorSites Web Conferencing
• GoToMyPC
• GoToMeeting
• Financial Planning Software
• MoneyGuidePro
• NaviPlan Offline/Online
• Online File Accessibility for Clients
• One Example Mirra

63
APPENDIX ARecommended Resources
64
APPENDIX BCode of Ethics