Protecting Your Practice
Knowing the Alphabet.
Section One: Defining Who's Who.
A review of what you are legally entitled or required to call yourself.
Chapter 1: The Financial Planner.
Who is and is not liable.
Chapter 2: The Investment Adviser.
Who must register and with whom.
Chapter 3: The Fiduciary.
You have a higher standard of care.
Chapter 4: Other Financial Professionals.
Legal rules may also cover you.
Section Two: Playing by the Rules.
A review of the laws and regulations that apply to your practice.
Chapter 5: The Competency Factor.
How to prove you are world-class.
Chapter 6: Insurance Regulations.
Required disclosures build trust.
Chapter 7: Broker-Dealer Regulations.
Key rules affecting your practice.
Chapter 8: Investment Adviser Regulations.
How to use them to your advantage.
Chapter 9: Other Laws.
Communications in various media.
Section Three: Going on the Offense.
How to keep clients happy and why you should build a paper trail.
Chapter 10: Product and Service Providers.
How to find and select the best.
Chapter 11: The First Client Meeting.
Identify expectations at the start.
Chapter 12: Subsequent Client Meetings.
How to satisfy expectations.
Chapter 13: The Importance of Feedback.
Two-way communications are key.
Chapter 14: The Unhappy Client.
How to identify and defuse them.
Section Four: Building a Good Defense.
How to avoid lawsuits and survive an audit.
Chapter 15: When Clients Sue.
Take a malpractice risk test now.
Chapter 16: Common Complaints.
A suitability and disclosure review.
Chapter 17: Errors and Omissions Coverage.
Carrier and other considerations.
Chapter 18: Mediation.
A less-expensive alternative.
Chapter 19: Arbitration.
It has plusses and minuses.
Chapter 20: SEC and State Audits.
How to prepare for and pass them.
A: Regulators and Associations.
B: Sample State Investment Adviser Requirements.
A: Codes of Ethics.
B: Documents and Sample Forms.
—Thomas W. Johnson
Executive Editor, Financial Planning
"There's no part of being a financial adviser that's less understood, or more troubling, than the legalities of registering with the SEC and client relations. Protecting Your Practice offers that rare kind of technical writing that combines a voice of authority and knowledge that comes from years of dealing with these issues, with an unmistakable understanding of how readers feel about the situations they face. It makes the challenge of being a financial adviser easier."
Editor in Chief, Investment Advisor
"Not only did I enjoy reading this book, it was enlightening as well. This is the most definitive guide on the subject of protecting your practice. If you do not read it, you do so at your own peril!"
—Stewart H. Welch, III, CFP, ChFC, AEP
The Welch Group