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• Cover
• Introduction
• About This Book
• Foolish Assumptions
• Icons Used in This Book
• Where to Go from Here
• Part 1: Getting Started as a Financial Advisor
• Chapter 1: Looking at the Big Picture
• Understanding What a Financial Advisor Does (or Should Do)
• Evaluating Yourself: Do You Have What It Takes?
• Deciding Whether to Fly Solo or Work in a Firm
• Taking Inventory: What You Need to Know
• Providing Superior Service to Your Clients
• Growing Your Client Base
• Moving Up: Starting Your Own Firm
• Chapter 2: Deciding Whether You’re Geared to Be a Financial Advisor
• Evaluating Your Personality Traits
• Questioning Your Motivations
• Balancing Leadership and Service
• Chapter 3: Performing a Self Background Check
• Choosing a Career Path
• Capitalizing on Your Personal Experience
• Evaluating Your Financial Position
• Chapter 4: Deciding to Work for a Firm or Build Your Own Practice
• Knowing Your Options
• Investigating Different Revenue Models
• Getting On-the-Job Training as an Employee
• Finding Employment as an Independent Contractor
• Becoming a Registered Investment Advisor
• Chapter 5: Surveying the Regulatory Landscape: The Fiduciary Standard
• Familiarizing Yourself with Your Role as Financial Advisor
• Recognizing the Confusion over Obligations and Care Standards
• Sifting through the Clouds of Bureaucracy
• Governing Itself: Industry Organizations Weigh In
• Looking to the Future
• Part 2: Mastering Core Competencies
• Chapter 6: Pursuing Professional Development
• Identifying the Core Competencies
• Getting a Formal Education
• Obtaining Your Licenses to Practice
• Applying Certifications across the Financial Advisory Spectrum
• Embracing Continuing Education
• Chapter 7: Getting Budgeting under Your Belt
• Guiding Clients on Household Budgeting
• Exploring Helpful Technology Tools
• Leveraging the Power of Auto Pay and Payroll Deductions
• Chapter 8: Brushing Up on Asset Management
• Developing a Client’s Investment Policy Statement
• Agreeing on an Investment Philosophy
• Cautioning Clients on “Hot Money” Investments
• Comparing Revenue/Compensation Models
• Chapter 9: Delving into Liability Management
• Assessing a Client’s Risk Profile
• Reviewing Insurance Lines and Products
• Comparing Revenue/Compensation Models
• Chapter 10: Excelling in Estate Planning
• Addressing Estate Planning Essentials
• Preparing for Estate Settlement Complications
• Helping Clients Pass along Values, Not Just Wealth
• Teaming Up with Estate Planning Attorneys and Family Accountants
• Chapter 11: Tackling Taxation
• Reminding Yourself That You’re Not an Accountant
• Adding a Tax Advisor to the Team
• Managing Capital Gains: Don’t Let the Tail Wag the Dog
• Using Tax-Deferred Accounts to Maximize Compounding Returns
• Exploring Tax-Free and Tax-Lighter Investments
• Slashing Taxes with Retirement, College, and Health Savings Accounts
• Taking a Nibble Out of Taxes with Charitable Contributions
• Chapter 12: Getting Up to Speed on Behavioral Finance
• Recognizing Irrational Factors That Drive Thinking and Behaviors
• Muting Irrational Thoughts and Behaviors
• Appealing to the Rational Side of Your Client’s Brain
• Riding Out Market Cycles: Balancing Fear and Greed
• Part 3: Providing Superior, Personalized Service
• Chapter 13: Formalizing Your Client Due Diligence Process
• Deciding Whether You Want Clients or Consumers
• Considering the Factors That Really Matter
• Mastering the Four As of Due Diligence
• Chapter 14: Developing a Personalized Financial Plan
• Obtaining Your Client’s Input
• Going Deep and Broad with Every Client
• Outlining a Client’s Financial Plan
• Making Your Job Easier with Tools and Guides
• Reviewing the Plan Regularly
• Chapter 15: Offering Collaborative Value-Added Advice
• Recognizing the Benefits of a Collaborative Approach
• Collaborating to Serve Your Clients Better
• Taking on the Role of Your Team’s Quarterback
• Chapter 16: Adjusting Your Service Level to Different Clients
• Building a Tiered Client Service Model
• Scoring Your Clients
• Rewarding Quality Clients
• Chapter 17: Benchmarking Performance
• Measuring Portfolio Success Against a Chosen Index
• Riding the Personal Benchmark Trend
• Tailoring Performance to Each Client’s Needs
• Own It! Don’t Make Excuses for Poor Performance
• Part 4: Building Your Clientele
• Chapter 18: Earning Clients and Making a Career for a Lifetime
• Adding Value before Asking for Referrals
• Speaking to Clients in Plain English
• Showcasing Your Value Proposition
• Being Humble and Honored to Serve Your Clients
• Chapter 19: Raising Your Profile with Networking and Marketing
• Establishing an Online Presence
• Getting Connected in the Real World
• Building Your Own Sales Force
• Promoting Yourself over the Long Haul
• Chapter 20: Teaming Up to Build Synergies
• Choosing Your Preferred Role: Lone Wolf or Leader of the Pack
• Collaborating with Other Financial Advisors
• Part 5: Running Your Practice as a Business
• Chapter 21: Transitioning from Solo Practitioner to Business Owner
• Gut Check: Deciding Whether Starting Your Own Firm Is the Right Move for You
• Putting All the Pieces in Place
• Measuring Success in Terms of Profit Margin
• Achieving Growth through Mergers and Acquisitions
• Planning Your Exit Strategy
• Chapter 22: Structuring Your Firm as a Well-Oiled Machine
• Organizing Your Business by Department
• Identifying Business Development’s Focus Areas
• Delegating Responsibilities to Client Service Associates
• Assigning Administrative/Operational Responsibilities
• Chapter 23: Divvying Up Your Business: Equity Participation
• Keeping Some Profits in the Firm
• Adopting a Founder Mentality
• Offering Equity Buy-in to Team Members
• Proceeding When Equity Ownership Doesn’t Matter
• Chapter 24: Ensuring Business Continuity and Planning for Succession
• Creating a Hit-by-the-Bus Business Continuity Plan
• Protecting Your Heirs’ Interests with a Buy-Sell Agreement
• Planning for Succession
• Part 6: The Part of Tens
• Chapter 25: Ten Tips for Being a Successful Financial Advisor
• Let Your Conscience Be Your Guide
• Beware of False Profits
• Protect Your Clients from Predators
• Don’t Use Big Words
• Remember That Good Service Makes Up for Other Shortcomings
• Be Active in a Community Cause
• Be Eager to Acquire New Information and to Share What You Know
• Focus More on Skills, Less on Tools
• Appreciate the Trust Your Clients Place in You
• Always Ask: What If I’m Wrong?
• Chapter 26: Ten Business-Building Activities
• Schedule Client Review Meetings
• Keep a Log of Friends and Family That Your Clients Mention
• Sponsor One Charitable Event Each Year
• Break Bread with Your Best Clients
• Be Responsive: Practice the Same-Day Rule
• Attend Every Party You’re Invited to
• Have an Elevator Pitch
• Welcome All Prospects, Large or Small
• Stop Selling and Start Telling Stories
• Be Active on Social Media
• Appendix: Financial Advisor Resources
• Professional Licensing Bodies
• Professional Development Resources
• Trade Publications and Resources
• Consultants and Books
• Index
• About the Author
• Advertisement Page
• Connect with Dummies
• End User License Agreement