TRANSITION TALK

Protecting Business Value and Advisor Tenure WITHOUT Non-Competes: A Look at the FTC Ruling

Posted by FP Transitions on Jul 10, 2024 6:41:14 PM

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In late April, the Federal Trade Commission voted to finalize their Non-Compete Rule which prohibits the inclusion or enforcement of non-compete clauses in employment agreements in the United States. The rule is currently set to go into effect on September 4, 2024, but is the subject of active litigation which may delay or stop it from going into effect. The FTC’s Non-Compete ban applies to most employer-employee business relationships (with limited exceptions), but how will it affect wealth management and financial services businesses like yours? How will it impact your ability to protect the assets and value of your business if and when team members decide to leave the firm?

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Topics: Industry News, Client Retention, Talent Recruitment, Building Your Team, Equity Pathways, Client Relationships, Client Experience

What You Need to Know About the New FTC Non-Compete Ban

Posted by FP Transitions on Jul 10, 2024 6:10:16 PM

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In late April, the FTC voted to finalize and promulgate their Non-Compete Rule which prohibits the inclusion or enforcement of non-compete clauses in most employment agreements. Industry experts from FP Transitions and Key Bridge Compliance sat down this week to discuss the details of the Rule, the level of concern business owners in the industry should have, and which other means advisory owners have to protect their business. You can listen to the full discussion here.

Below are essentials that you need to know about the FTC’s Rule.

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Topics: Industry News, Client Retention, Talent Recruitment, Building Your Team, Equity Pathways, Client Relationships, Client Experience

Important Legal Updates 2024: What They Mean for You & Your Business

Posted by FP Transitions on Mar 26, 2024 4:16:07 PM

Federal, state, and local laws are constantly shifting and changing. Which is why it’s important to have consistent communication with your legal counsel so that you are made aware of any new and changing regulations that may affect your business or affect you as the business owner. This year there are three significant changes to be aware of regarding ownership transparency and certain employment and contractor agreements.

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Topics: Industry News, Announcements, Compliance

(Tech) Stacked for Growth

Posted by FP Transitions on Jan 12, 2023 10:12:00 AM

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Growth can be enabled – or hindered – by your technology. And not only that, but it can also seriously erode your profit margin if it costs you clients, requires constant fixing, or slows down cross-department collaboration. But here’s the thing: NOT using tech is the bigger mistake you can make. With so many best-in-class solutions on the market (and more appearing everyday), certainly having something is almost guaranteed to be better than nothing…right? Let’s explore your best tech investments that enable revenue growth in 2023.

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Topics: Business Growth, Industry News, Next Generation, Compliance, Client Retention, Wealth Management, Trends, Branding, Tech, marketing, Client Experience

News Roundup: Business Preparedness and Compliance

Posted by FP Transitions on Mar 26, 2020 4:53:59 PM

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The last thing any business owner and professional needs is to deal with more ambiguity and uncertainty than the global situation has already dealt us. In our highly regulated industry, many advisors are asking questions about how to keep their teams safe and do their part to "flatten the curve" while remaining compliant in operations and client communication. Many industry experts and institutions are weighing in on how to maintain business continuity, protect your clients, and remain compliant during the COVID-19 pandemic. Below are some of the resources we found most valuable on these subjects:

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Topics: Industry News, Continuity, Compliance, Leadership

Continuity Now : Don't Leave Your Business Unprotected

Posted by Lisa Cordial and Mike McKennon on Mar 26, 2020 12:27:00 PM

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Ongoing developments with COVID-19 have prompted a number of advisors to contact us and make sure their death and disability continuity plans are up to date. It’s worth noting that only about 30% of advisors have any type of formal, written death and disability agreement in place. That leaves 70% with little to no protection for their business and clients.

What is Continuity Planning?

Business Continuity Planning is required by most regulatory organizations in the financial services industry. The common objective is preserving client service and asset management continuity in the event of natural disaster, national emergency, or exit of the licensed principal. Death or disability agreements provide a contingency plan that ensures a seamless transfer of control and responsibility for the business in the event of an owner’s unplanned and abrupt departure.

In the wake of COVID-19, we’ve seen many of these operational contingencies enacted by advisory firms nationwide, and that the preparation for a sudden exit is equally as crucial. Highly transmittable and difficult to predict respiratory viruses aside, you never know when an unexpected event will prevent you from performing your role as owner and advisor.

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Topics: Commentary, Business Growth, Industry News, Continuity Partner Matching, Continuity

News Roundup: Communicating with Clients During a Crisis

Posted by FP Transitions on Mar 25, 2020 10:22:00 AM

News Roundup Communicating with Clients During a Crisis

Many things are up in the air right now, and we’re all experiencing major changes to the way we live our lives. It’s no wonder that investors—and advisors—are wondering the best course of action as markets fluctuate and many businesses can’t operate as usual. Many industry leaders (including our own experts) are sharing their advice on how to mitigate uncertainty and provide valuable guidance to investors. Below you'll find some of the articles we've found most impactful:

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Topics: Industry News, Leadership

Be a Resource in Times of Uncertainty

Posted by Brad Bueermann on Mar 24, 2020 1:44:34 PM

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The last few weeks have been eerie. The markets are fluctuating, schools are closed, streets are deserted. The Portland area had a run of 65-degree sunny days followed by two days of snow. Our office is down to a skeleton crew, and the rest of the staff are working from home.

At the beginning of March staying away from the coronavirus seemed as simple as keeping anyone sick at home. Now the ambiguity of who might be carrying the virus has sparked fear of the unknown and driving us to make drastic, unprecedented changes in our lifestyles to protect those at highest risk for severe infection. The situation and preventative measures seem to change daily and vary state to state.

But, this, too, shall pass, and we are all trying to stay productive and maintain perspective on the current situation. Twelve years ago, we experienced a similar market shock. Though the circumstances and drivers are different now, the way the industry adapts and manages investor uncertainty to find our way to the other side of this, as innovators and entrepreneurs, we will have to think similarly.

Be a Resource

The biggest piece of advice I can give to advisors who expect to make it through is this: be a resource.

Be a resource for your clients and their communities. They’re all searching for guidance right now. Even if you can’t give them concrete answers, you can give them context. Nobody can predict exactly what is going to happen in the next few months, but you can support your community by sharing your knowledge of the financial system.  

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Topics: Commentary, Business Growth, Industry News, Client Relationships

News Roundup: Expert Tips for Working Remotely

Posted by FP Transitions on Mar 18, 2020 10:27:52 AM

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Things have been changing for years, more and more people work from home and do so productively. Gone are the days, for many industries, where being in an office is a requirement. As technology continues to improve and online communications have become a daily occurrence, full-time employees around the country have had more freedom and flexibility, often able to work from any location.

Businesses around the world are asking employees to work from home in an effort to curb the spread of COVID-19. This is an excellent policy for public health, but how do you work from home without sacrificing productivity and client satisfaction? We've culled the internet and found helpful advice from people who know how to do it right.

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Topics: Business Growth, Industry News, Leadership

Create a Schedule : Tips for Working from Home with Kids

Posted by Elise Rogers on Mar 17, 2020 4:26:00 PM

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With school closures across the country and many parents working from home, we asked a seasoned, work-from-home pro, our Marketing Director Elise Rogers, how she’s adapting to working remotely with her three boys full time. Below she shares a tool she’s created to keep her oldest son productively engaged and everyone else on task.

This new change in my family’s lives is causing my managerial mentality to go into over-drive, and like any manager, I am tackling this new homeschool lifestyle with a plan.

I have three kids (12, 2 ½ and 7 months old) and while my husband and I are tag-teaming the little ones, we want to be sure my oldest son is engaged and completing his online learning and not spending all his time watching TV or playing video games for the next month or more. Here is some insight I have gathered from creating this process for my own family.

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Topics: Business Growth, Industry News, Leadership