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Portfolio > Investment VIPs

Adding Clients and Getting In Some Reading

By Mike Patton

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The term one armed paper hanger has taken on a new meaning this week. I gained another comprehensive financial planning client, which makes three total. Working on three plans at once, with the level of detail I engage in, is a bit challenging, to say the least. The specific nuances of each require a fairly high degree of customization. Plus, I am very passionate about providing clients with clear, concise analyses of their current situations and appropriate recommendations.

I’ve spent a lot of time deciding on software, marketing materials, getting better acquainted with the Investment Advisers Act of 1940 (try reading this at bedtime), and other things. At some point soon, I hope to have more free time to get back to staying abreast of advanced planning strategies. First things first, I suppose.

I am currently waiting for the green light of approval from my RIA custodian, which brings me to another subject, that of investing.

I am now in the process of finalizing my investment policy–as a firm–so when the time comes I am ready to act. Most of this policy is complete and covers the general types of investments I will recommend such as individual stocks, mutual funds, closed end funds, separate accounts, etc. Also, the screening process I will use to pick the investments. I am now in the process of putting it all down on paper.

I’m still deciding on the contact management software I will use. I have received a few e-mails from you, the readers, with suggestions on this and I am looking into different solutions.

All in all, things are progressing nicely. However, I will need to do more marketing as soon as some of the initial issues are resolved. I have developed a good relationship with a well respected and honest estate and tax attorney, who will be referring some clients to me. I have also referred some of my clients and contacts to him. I trust he will do an excellent job and this will reflect favorably on me since I introduced him. After all, serving clients is about bringing the right advisors to the table. I guess the moral of the story is really this: “When the client is well served, so is the profession, and so is the advisor.” So serve your clients well and I look forward to hearing from you.

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