I hope you’ve had a chance to recharge your batteries…

I hope this post finds you well and enjoying your families during this holiday time. 

I’m sure each of you has completed your strategic planning for next year and you’re ready to attack it come January 5th, right? 

I don’t need to tell each of your that next year is going to be  a challenging year indeed although hopefully by now, the clients that were borderline clients to begin with have fallen by the wayside because they didn’t really get it in the first place.  I mean who’s going to call or get upset or question your investment philosophy during an up market?  Of course, it’s during these tough times you are really able to see who’s on board and who is not and this is a silver lining to all of this for sure. 

So, what do I recommend you be doing now?

1.  Finalize your strategic plan for 2009.  If you didn’t ask for the examples I offered a month or so ago, please do so now.  I can you send my process along with some documents so you do not have to stare at the blank page.

2.  Have a “pep rally” with your staff.  Now is the time when everyone is in a pretty good mood.  Try and remember five great things you guys did last year (help a client in  a tough spot, got your operations manual started or written, had a successful audit) and then remind them why you’re doing this…to bring value to your clients and a quality of life to you and your staff as well.

3.  Make sure you’ve completed your December compliance checklist and have everything ready to file your ADV for 2008.

4.  Now is a great time to buy technology if you need it.  You can take it as a 2008 deduction and there is so much on sale, some at ridiculous prices!

5.  Get your marketing goals for 1st quarter 2009 in front of you.  Print them in a large font and put them somewhere you can see them each day.  If you need to make calls, set up meetings, etc., formulate a time line as to when these items need to take place and get them on your calendar.

6.  If you have an incentive plan in place (and if you don’t, why not?), I’m sure no one got paid the last few quarters.  Just remind your folks that the plan is still in place, the markets will turn and there are many folks out there who need your assistance.  We must endure these down times to really appreciate the up ones.

These are just a few suggestions to get you going and excited about 2009!  I think it’s going to be the best year ever for advisors as more and more folks are coming to understand how important your role is.  These tough times make it very clear that you are more than just a “stock picker”.

Have a wonderful rest of the holiday season and safe and and happy new year!  Call me if I can assist you with any of these items.  I really enjoy speaking to folks about the challenges they are facing.

The Dreaded “C” word – yes, Compliance

As we approach the end of the year, it’s a good time to take a look at your compliance manual and review it for accuracy and completeness.

If you use a compliance service such as compliancemax (www.compliancemax.com), now owned by NRS or ncsonline (www.ncsonline.com) (I cannot stress enough the importance of outsourcing this time consuming yet vital task), then you have (hopefully) completed your monthly checklists and are in good shape for the coming year.  The only thing you need to do is get your fees to the IARD and update your ADV if necessary.

If you do not outsource this function (seriously, why not, these services are very cost efficient), then you will need to go through your manual and make sure that you have done everything it calls for the CCO to do.  If it says you are doing something, then make sure you are doing it AND documenting it or if you’re not, take it out.  When it comes to compliance manuals, more is not always better.  If it’s in there, you’d better be doing it.  If you’re not doing it, don’t put it in there (unless of course it’s something required by the Securities Act).

Another tip…set up your compliance files electronically in one folder named “compliance” and then set up as many subfolders as you need such as “trade error” file.  Even if you don’t have any trade errors to document, put a document in it that says “there are no trade errors to document”.  By putting all the folders and files together, you can easily give them to an auditor in hard copy and electronic form and get them out of your office as quickly as possible.  Fumbling around for files and documents is a “no-no” when it comes to being audited.

Take some time now…you’ll be glad you did when the auditors coming knocking.

Call me if you’d like to talk about your compliance program.  Thanks!

Put your own mask on first…

I touched  on this topic recently but I think it’s important enough to touch on it again. 

As we all know, when you travel by plane, there are instructions that come from the flight crew before departure.  Most of us travel so much, we don’t even hear it anymore. However, in the midst of those instructions, there is one very important one that applies to what I want to talk about here today…”Put on your own oxygen mask before you put on others…”.  It’s easy to understand why…if you pass out, you can’t help the others!

The same is true with your business right now.  When I talk to my clients, I  hear their fatigue, frustration, anxiety and stress.  They are working long hours to help their clients in any way they can.  They care, perhaps, to their own detriment, very much.

So, I say to you…”put your own mask on first”.  Take care of yourself and you will benefit everyone around you - your family, your friends and your clients, by being as healthy and rested and clear headed as possible.  With the holidays upon us, whether it be Hanukkah, Christmas or Kwanzaa, take some time to take care of yourself.  Plan some time away from the office to spend doing something you really love even it’s curling up by the fire with a good book (NOT work related) you’ve been trying to read for the past year or taking naps.  Take this time to clear your mind and recharge your batteries.  You’ll be glad you did.

Take care, Ginny