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Practice Management > Building Your Business

On Monte Carlo, E-Mail, and E&O

By Mike Patton

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What a week! I had several appointments that were very productive. I was also working feverishly to tie up some loose ends before I set off for Boston next week (No, I’m not going to a Celtics game. They beat my Pistons!). I have been asked to speak to a group of advisors and some company executives on “Using Monte Carlo Simulation in a Financial Planning Context.” The company, Oracle, has a product called Crystal Ball which I’ve been using for 10+ years now. I will demonstrate how I use it in financial planning. There will be another person speaking on using Crystal Ball in portfolio management. Afterwards, I will travel up to New England to visit with a client, take some time to relax, hike, and visit some old friends.

I have been writing a monthly newsletter and e-mailing it to clients and others for about 6 months now. The responses I’ve received have been great, which encourages me to continue. Today I sent out a separate, periodic report and will continue to do so whenever the situation warrants.

On Friday the 6th, the dollar weakened, oil prices rose substantially, and stocks plummeted. This periodic report summarized the day’s events. I used ACT contact management software to facilitate this using an e-mail merge. This is very efficient way to communicate with clients.

This week I also acquired E & O insurance and learned a lot about it in the process. One company I found would only cover life and health business while another covered L&H plus financial planning and investment management. This second carrier automatically rejects the applicant if they have a Series 24 license. I have one but it will expire next month along with my Series 7 so I was approved for coverage. The company I chose has a much higher limit and the premium was about the same as the first company so it was an easy choice. According to a well known attorney in our field, on the day my licenses expire, I should celebrate. He said my liability will be greatly reduced. I trust he knows more about this than I do.

So there you have it, another week in the can. I love independence!

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