TRANSITION TALK

5 Compliance Mistakes You're Probably Making

Posted by Rachel Beckwith on Oct 17, 2017 1:28:00 AM

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Compliance is a “have to” in the financial services industry. Advisory firms are required to have a compliance officer or a designated third-party compliance administrator. While your business might technically meet internal compliance requirements, there’s much more to consider in order to keep your business protected from regulatory scrutiny.
 
We recently teamed up with Bates Group to film a series of special Roundtable Talks centered on the importance of staying on top of compliance. One of Bates Group’s Managing Directors, David Birnbaum, JD, joined us to talk about the ways to achieve good compliance management, as well as how it can impact the value and growth of your firm. From these conversations we’ve found the following five compliance mistakes to be the most common to many financial services businesses.

1. Neglecting Internal Compliance Audits

If you wait until you’re faced with a regulatory audit to look at your policies and operating procedures, you’ve waited too long. By reviewing the business periodically, you’ll not only be able to head off potential issues before they arise, but you’ll be prepared for any observations a regulator could make during a compliance audit. In addition to the security in knowing everything is running smoothly and within regulation, you’ll also be able to confidently answer any questions a regulator or outside party might have about your business.

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Topics: acquisition, value, Roundtable Talks, compliance

A Focus on Reputation and Client Trust for Acquisition Success

Posted by Jessica Villagrana on Sep 27, 2017 1:16:22 PM

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Whole Foods has been a bastion of the organic movement since its founding in 1980. Urbanites flocked to pay top dollar for picture-perfect produce, wines curated by professional wine stewards, and abundant organic, non-GMO options to suit any number of nutritional requirements. However, competition eventually flooded the market. Enter Amazon. The online retail giant acquired Whole Foods in a $13.7B deal that left consumers eager to see price reductions, but concerned that the brand that they have come to trust would suffer for the sake of supply chain efficiency.

As a brand, Whole Foods became synonymous with healthy living, quality, and friendly customer service. How the acquisition will impact brand reputation and consumer trust is yet to be seen. Indeed, this is a concern of every entity when considering a merger or acquisition.  In the financial services arena, a strong reputation and client trust is hard won over many years of dedication and commitment to a fine-tuned value proposition.  Large or small, the success of a merger or acquisition depends on protecting the relationship capital of the business.

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Topics: acquisition, commentary, buying & selling, client retention

SOLD : INSURANCE PRACTICE in Upstate South Carolina

Posted by FP Transitions on Sep 8, 2017 10:39:00 AM

FP Transitions is pleased to announce the sale of a 420 household insurance practice in Upstate South Carolina for $630,000.

VIEW CURRENT LISTINGS HERE

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Topics: Selling Your Practice, buying & selling, aquisition, SOLD

Compliance, Acquisition, & Value : A Special Roundtable Talk Series with Bates Group

Posted by FP Transitions on Sep 7, 2017 8:36:01 AM

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Compliance is a “have to” in the financial services industry. Advisory firms are required to have a compliance officer or a designated third-party compliance administrator, either of which must meet specific qualifications. Doing only as much as is required, however, still leaves you open to the risk of regulatory issues and scrutiny that you’re not prepared for.

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Topics: webcasts, Roundtable Talks, regulatory, compliance

Is Your Business Ready for the Road Ahead? : Strategies for Organizational Growth [VIDEO]

Posted by FP Transitions on Aug 21, 2017 1:54:42 PM

You took the risk to become independent, hung out the shingle, and spent a myriad of sleepless nights worrying about how to build a business that paid the mortgage. A few bumpy months led to a smoother ride over the years; you now have a strong entity and responsibility over the lives of your clients and employees. As you stabilize, concern shifts from survival to how to perpetuate something that has become bigger than you. Your focus becomes generating growth that secures your future, as well as that of those onboard.

With Growth Comes Challenges

Floyd Green, Founding Partner at Cornerstone Wealth Management in Raleigh, North Carolina faced one of the biggest challenges of his life. Unexpected circumstances forced Floyd to quickly reduce his work hours from 45 to 20 hours a week. Too young to retire and with a staff that had “come to expect a paycheck,” he had to consider how to ensure his business not only survived, but thrived, without him as the sole growth engine.

Thanks to existing relationships, recruiting advisors who shared his vision, values, and passion was the first hurdle cleared; deciding how to effectively incorporate them into the ownership structure would prove more difficult. The issue was not only one of compensation, but also cultivating the motivation and mentality required to be an owner amongst Floyd’s key producers. He wanted to encourage ownership of outcome, a decision-making mindset that considers the future impact on the business.

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Topics: testimonial, succession, continuity

David Grau Sr., JD on Better Conversation. Better Outcomes. Podcast

Posted by FP Transitions on Aug 14, 2017 1:42:36 PM

Last week our president and founder, David Grau Sr., JD, joined BMO Global Asset Management’s Better Conversations. Better Outcomes. Podcast to discuss buying or selling financial advisory practices. The 30-minute podcast explores:

  • How to prepare to buy or sell,
  • The current acquisition marketplace,
  • How to be a qualified buyer,
  • How to assemble a team to help you through the process,
  • And what success looks like from both buyer and seller perspectives. 

Click here to listen to the podcast.

Podcast is also available through iTunes and Google Play.

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Topics: buying & selling, podcast

SOLD : RR in South Puget Sound Washington

Posted by FP Transitions on Aug 2, 2017 1:53:00 PM

FP Transitions is pleased to announce the sale of a 381 household practice in South Puget Sound Washington for $1,535,000.

VIEW CURRENT LISTINGS HERE

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Topics: Selling Your Practice, buying & selling, aquisition, SOLD

SOLD : RR in Long Island, NY

Posted by FP Transitions on Jul 4, 2017 11:23:00 AM

FP Transitions is pleased to announce the sale of a 330 household practice in Long Island, NY for $1,320,000.

VIEW CURRENT LISTINGS HERE

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Topics: Selling Your Practice, buying & selling, aquisition, SOLD

SOLD : RR in Little Rock, AR

Posted by FP Transitions on Jun 19, 2017 2:15:00 PM

FP Transitions is pleased to announce the sale of a 2187 household practice in Little Rock, AR for $225,000.

VIEW CURRENT LISTINGS HERE

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Topics: Selling Your Practice, buying & selling, aquisition, SOLD

SOLD : RIA in Portland, OR

Posted by FP Transitions on Jun 14, 2017 9:30:00 AM

FP Transitions is pleased to announce the sale of a 29 household, fee-only RIA practice in Portland, OR for $190,000.

VIEW CURRENT LISTINGS HERE

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Topics: Selling Your Practice, buying & selling, aquisition, SOLD

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