Financial Advisor Marketing & Technology

Marketing & Technology For Independent Financial Advisors

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Archive for February, 2010

Advisor Products Has A New Address

Advisor Products has moved. Our new address is:

333 Jericho Turnpike
Suite 333
Jericho, NY 11753

Our phone number remains the same at (516) 333-0066 or (888) 274-5755.

Performance Reporting For Advisors Going Independent

For advisors going independent, producing monthly or quarterly performance reports is unfamiliar ground.

Without a documenting the process and choosing a technology platform to implement a system, performance reporting can be overwhelming.

Advisors4Advisors, a practice management portal for independent advisors that I started about six month ago, recently produced a webinar to help brokers making the transition to independence and who have never before had to use portfolio-reporting software and manage the delivery of performance reports to clients.

Two seasoned executives from Orion Advisor Services were our guest presenters for the session. Orion is a portfolio reporting services that is used by about 200 independent advisory firms. The firm got its start in 1999. Originally the system was built by CLS Investments, which manages about $3 billion in assets, to produce client performance reports and then it was offered as a product that could be used by other RIAs.

Bill Wostoupal, the head of business development, and Randy Lambert, who runs operations at Orion, did a great job of explaining the performance reporting process RIAs must go through without making it sound like a commercial for Orion.

They also came up with a template process and worksheet that new RIAs can use to develop reporting procedures internally. The template process and worksheet is useful to RIAs no matter what portfolio reporting system you use.

The process Orion provides is a template that you can adapt to your needs, and the worksheet makes it easy for you to document the process and embed it in your CRM system. If you embed your firm’s performance reporting process in your CRM system and assign staff to each step in the workflow, then your firm will be more efficient. Staff will be held accountable and reporting tasks will not be dropped or handled improperly.

Members of Advisors4Advisors can down download the Performance Reporting Workflow Worksheet for free.

You can view a replay of the session here.

Keebler Kills At Roth Conversion Webinar And Proves Some Advisors Are Nuts

Bob Keebler killed at yesterday’s session of the Financial Advisor Webinar Series. Attendees who filled in our post-webinar survey with ratings and comments on the session raved.

Keebler over the past decade has established himself as the premier educator of financial professionals on IRAs.

While he lacks the showmanship of other IRA experts, Keebler is great at making IRA esoterica understandable. He does not try to make things simple but clearly explains the arcane.

Keebler received the highest rating of any speaker since we started the weekly webinar series in October 2008. With five being the best score, attendees gave the webinar overall a 4.7 rating, and that was dragged down ratings on my performance as moderator. Keebler’s rating, without mine factored in, was an astounding 4.8!

In fairness to all of the other presenters that have come before Keebler, advisors are incredibly critical. No matter what we do on these sessions, some attendees complain.

If we go beyond one hour to take questions, some attendees ream me out in the surveys for letting the sessions go long. If we don’t take many questions because we want to end on time, I get an earful from some attendees about that.

Even Keebler, who was obviously great, got some flak for speaking too fast, and several attendees several attendees actually gave him a rating of 1.

What this demonstrates is that some advisors are really nuts. They complain no matter what you do for them.

On the other hand, more than half of the advisors on the session took the time to fill our post-webinar survey and the vast majority gave us great ratings. And the fact that a small handful of advisors found something to give us poor ratings is not all bad. At least they care enough about what we’re doing to express an opinion.

If you’re a member of Advisors4Advisors, you can get CFP Continuing Education by viewing a replay of the session. If you’re not a member, you can view it (with no CE credit) at the Advisor Products webinar page.

I’d ask one favor of you: We have plans to automate the attendee ratings from the post-webinar survey to feed the ratings module in A4A, but we’ve not gotten to it yet. If you’re one of the 1,500 members of the A4A community, please take a minute to go to the Events page on A4A and rate the Keebler webinar and any other sessions you’ve attended.

Below are comments attendees gave us on Keebler’s session, in answering the question, “What could we do to improve the webinar?

  • Good topic and good presentation – thanks!
  • Excellent
  • Excellent! Great info!
  • Excellent
  • The content was excellent, but you should have allowed more time & had Bob speak in more depth about various of the issues
  • Don't change a thing.
  • Very informative
  • Excellent. All excellent material that I can use to communicate with clients
  • Thank you
  • This particular webinar was very helpful. However, in other webinars (last week's) this survey form did not populate at the close. Therefore, in order to receive CE credit, I must call in or email advisors4advisors the following week. This has been frustrating since it has happened multiple times. Improvements here would be much appreciated!
  • Great seminar. The best one I have heard on this topic by far.
  • How to market this concept?
  • Very useful. This will be a bigger topic than many advisors realize this year.
  • Liked it, very helpful
  • I think it is really excellent. Perhaps being ab;e to access the slides as soon as the webinar begins would be great it was hard to keep up at times
  • I thought the webinar was great and there's nothing that comes to mind to improve it.
  • Great webinar, extremely useful, looking forward to receiving the two-pager.
  • Excellent!
  • I thought it was very good and put together well. My only issue is that it went by so fast. I will probably have to listen to it again once you get it online.
  • Great information!
  • Awesome. This helped me raise the bar on evaluating CPA quality!
  • Very in-depth discussion. I think the opportunity to print out the front/back handout in advance of the webinar might have helped. It would have been good to be able to read.
  • Very good…Bob is a little fast in delivery.
  • Absolutely, wonderfully informative.
  • Splendid. No suggestions.
  • Wow! May be the most relevant subject and best speaker possible. Excellent info. I have attended many of your webinars the past year and found this one and the Don Phillips webinar last Feb to be the best. Thanks for making this available.
  • This was one of if not the best webinar I have attended on advisors for advisors.
  • Bob did a great job of answering specific questions. He went well beyond the basics which have been outlined many times. Nice work!
  • Great job
  • Honestly….a little hard to keep up but I'll download the presentation….thanks.
  • You might consider posting the handout, in addition to the slides, prior to the start of the webinar. Overall, time well-spent! Thank you.
  • Every time I listen to a presentation on ROTH conversions I pick up new information
  • It was great, a real eye opener on Roth conversions.
  • Great speaker
  • This was the best ever. Bob Keebler was the sharpest, most knowledgeable presenter you have ever had. My head is still swimming.
  • Have Bob speak again-Great Webinar!!!
  • Very informative
  • Great presentation and useful material. More info on case studies will be handy as I visit with clients down the road.
  • Good topic. thanks.
  • Great Seminar. Thanks Andy!
  • I'm a CPA/PFS and not a CFP. Can I get CPE credit for these webinars?
  • One of the best yet, but too many questions..
  • Excellent, thank you for allowing it to run over for questons.
  • Awesome!
  • Very knowledgeable speaker
  • Difficult to cover it all on this topic. Nice job though.
  • I have heard several presentations on htis issue and this was the best in terms of being understandable and detailed at the same time.
  • It was a great overview of all concepts regarding the topic.
  • I thought it was great. One of the best sessions on ROTHs and conversions I've listened to. Bob is very knowledgeable and I'm sure I'll go listen to the replay when questions hit me in the middle of the night! Thanks again!

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