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Practice Management > Building Your Business

Rootin' Tootin' Straight Shootin'

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The first-ever FPA Business Solutions conference opened with a roar March 1 with 250 attendees at the Omni Hotel at Las Colinas, in Dallas Texas. FPA Chair Jim Barnash opened the conference saying that it was designed to give members a leg-up in running an “efficient, effective business,” in a setting that encourages advisors to interact with each other.

Barnash introduced conference chair, and Moss Adams partner, Deena Katz, ” who says advisors “ need to pay as much attention to our business as we do to our clients.” The difference between a practice and a business, she said, is that “in a practice you take on anyone who fogs a mirror [as a client]; in a business, you follow the activities that are in keeping with your mission statement and business plan.” In a practice you don’t know if you are making a profit; in a business, you always know. Katz called for advisors to lobby the CFP Board to add a requirement for mandatory credits in practice management.

Reports from attendees were positive, with several telling IA that they planned to sign up again if the FPA offers the conference next year.


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