More On Legal & Compliancefrom The Advisor's Professional Library
- The Few and the Proud: Chief Compliance Officers CCOs make significant contributions to success of an RIA, designing and implementing compliance programs that prevent, detect and correct securities law violations. When major compliance problems occur at firms, CCOs will likely receive regulatory consequences.
- Preventing and Dealing with Client Complaints Although the SEC has not provided specific guidance on how client complaints should be handled, a firms policies and procedures should provide clear direction how to do so, as neglecting complaints can exacerbate a bad situation.
Fusion Advisor Network, a provider of support and practice management services to independent broker-dealers and financial advisors, announced Wednesday the launch of THRIVE, a program that assists advisors in managing their health, wellness and stress level, reconciling the demands of the business and their family to derive more personal satisfaction from their practice.
“We found when working with advisors that many of them achieve tremendous professional success and profitability but the price they pay is high: increased stress levels, little time devoted to family or hobbies and constantly feeling that the business is a ‘burden,’” said Stuart Silverman, Fusion’s CEO. “We believe that the beauty of owning your own business is the ability to balance professional success with personal life. We listened to what our advisors were telling us about finding balance in their lives and developed this program based on their needs. We ultimately believe that the business can and should contribute to the personal lives of advisors, just like a well-rounded life can help advisors perform professionally.”
Based on survey feedback from Fusion-affiliated advisors, of which AdvisorOne contributor Philip Palaveev, (left), is president, there is a growing trend of advisors feeling professional “burn out” – a sense of stress and lack of enthusiasm. Nearly 68% of respondents indicated they would like to manage stress better and find a better balance of life. Fully100% said they would like to spend more time with their families.
In response to this issue, Fusion has designed the THRIVE program, which will engage Fusion’s 120 firms in focused workshops, retreats, presentations and information that will coach them on techniques for managing their stress level, increasing their level of activity and setting personal and professional goals. These program tactics have all been designed to inspire advisors to share ideas, experiences and activities that lead to a more balanced life.
The first THRIVE event is scheduled for May 2011 and will engage advisors in a dialogue about staying physically and mentally active past the age of 40. The session, being held at an annual Fusion meeting, will be hosted by Chris Crowley, author of “Younger Next Year.” Later in July 2011, a group of 30 advisors will attend Fusion’s Mindful Leadership and Wellness Retreat, which is a program Fusion designed in conjunction with the University of Massachusetts Center for Mindfulness and Janice Maturano, the founder of the Institute for Mindful Leadership. There, advisors will go through a four day class on managing stress, mediation, life balance and cultivating their mindfulness.
Fusion also organized “advisor clubs” comprised of advisors in the Fusion network that have similar interest or hobbies. “The runners club is an excellent way to run with friends and colleagues who share the same passion for the sport and the same professional ambitions”, said Steve Gallo, CPA partner in U.S. Financial in Fairfield, N.J.