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Summary: Wirehouse and other advisors with an itch to open their own independent firm beware: The move can be rewarding — but if (and only if) it’s done correctly, according to several breakaway specialists.
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Summary: Now is the right time to start an RIA firm regardless of the COVID-19 pandemic and other challenges, but it is important that advisors make certain they are doing it for the right reasons, according to industry executives who spoke Friday during the RIA in a Box webinar “The Path to Independence: How to Build Your Technology Stack.”
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Summary: The lockdowns, social distancing and market volatility stemming from the coronavirus pandemic have elevated the importance of digital engagement, according to a new report.
However, the current crisis has also exposed flaws in processes that are not fully digitized. Completing workflows that require manual intervention can be very difficult when operational volumes are high, clients are anxious and staff members are working from home.
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Summary: It’s not uncommon for the compliance function within most RIAs and broker-dealers to get overshadowed by the organization’s core investment activities. This is not to say the area isn’t vitally important, but it’s also true that those outside of compliance rarely understand all that goes into the day-to-day of most chief compliance officers. Unlike other ancillary functions, however, when it comes to compliance, what executives don’t know can hurt them.
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Summary: In just two days, technology and remote staff helped ex-Wells Fargo FAs managing $281 million open client accounts at their new employer.
