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Enhancing Your Practice: The Benefits of Adding Financial Services

Discover the advantages and challenges of incorporating financial services into your practice. This presentation by BlueChip Financial Advisors, LLP covers essential definitions, models, and the pros and cons of becoming a financial advisor or solicitor. Learn about the requirements for different licenses, including Series 65, and understand fiduciary responsibilities versus suitability standards. Explore how financial services can lead to additional revenue, strengthen client relationships, and increase referrals. Find out the best practices for navigating compliance and registration, and determine if this path is right for you.

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Enhancing Your Practice: The Benefits of Adding Financial Services

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Presentation Transcript

  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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