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Why add Financial services to your practice?

Why add Financial services to your practice?. Presented by BlueChip Financial Advisors, LLP. Definitions Pros & Cons Models Solicitor/RIA Rep?. Agenda. Broker Dealer – RIA Series 65 or 63/7/6 Fiduciary vs suitability Solicitor U4/U5/ADV Part 1 & Part 2 CRD FINRA

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Why add Financial services to your practice?

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  1. Why add Financial services to your practice? Presented by BlueChip Financial Advisors, LLP

  2. Definitions • Pros & Cons • Models • Solicitor/RIA Rep? Agenda

  3. Broker Dealer – RIA • Series 65 or 63/7/6 • Fiduciary vs suitability • Solicitor • U4/U5/ADV Part 1 & Part 2 • CRD • FINRA • State vs Federal Registration Definitions

  4. Why add financial services?

  5. Additional Revenue • Client Retention Referrals

  6. Pros & Cons

  7. Additional Revenue • Strengthen Client Relationships • Increase in Referrals Pros

  8. New skill set to learn • Can be added complexity • Finding right model Cons

  9. License types

  10. Need Broker Dealer • Can sell securities for commission • Will need insurance license for annuities Series 7/6/63

  11. Fiduciary responsibility • No commission selling, fee only • May have exception to testing Series 65

  12. Models

  13. Work directly with custodian • Form separate entity for CPA practice • Maintain ‘Back office’ • Software requirement • Compliance officer • Need to be RIA rep of RIA RIA

  14. Align with RIA • Participate in fee revenue • Must register on U4 (65/PFS/CFP/etc) RIA Rep/outside ria

  15. All states, except MA, require 65 or equivalent • Can refer to RIA with proper discloser and share fees Solicitor

  16. Outsource management of assets to 3rd party • Receive portion of fee • No actual control or active involvement Tamp (Turnkey asset Management Program)

  17. Is this right for you • How to learn more • Thanks Conclusion

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