News You Can Use
This issue's article is by David Lawrence, a practice efficiency consultant and President of David Lawrence and Associates, a practice consulting firm based in Lutz, Florida. 

"Choosing Your Support Systems" By David L. Lawrence For the smaller financial practice, how support systems and resources are chosen can make or break a firm. The simple fact is, there are more resources out there from which you can choose than you will ever need or want. Sifting through the marketing messages and attempting to find those items that fit your needs can be a daunting task, to say the least. Thus, some simple rules might be applied to help with the selection.   First: Ask yourself what it is you need. That might seem simple enough, but many practitioners make decisions on the purchase of software (for instance) without fully understanding their needs and without knowing whether or not the software will meet that need. Often the decision to purchase a particular product or service is based on either a recommendation from a peer or perhaps because their broker/dealer offers a discount on the purchase.  So, the first step should be to look past those elements and attempt to understand what the product or service does before actually deciding whether or not you need it.   Second: If you embrace the idea of a client-centered practice, another question to ask is how does the purchase of this product or service benefit my clients? Simply purchasing all the latest technology or the newest fad in support services could end up costing you and/or your practice money that could better be used elsewhere. I have lost count of the number of practices I have worked with who owned technology and/or other systems or services that their either did not use at all or had no idea how to leverage profitably within their practice. This leads to the third question:   Third: How well does this product or service integrate with my existing systems or technology? A central element of efficient operations is the extent to which your operations, procedures, technology, and employees are able to communicate with each other, share data seamlessly and operate transparently to the client. Running your practice more like a business requires that you make most efficient use of your resources so that you keep your expenses as low as possible to provide the best opportunity to maximize profit. David Lawrence is President of David Lawrence and Associates, your practice efficiency consultant. He also writes a monthly column on practice efficiency for Financial Advisor Magazine. For further information or to inquire about his services, please visit www.efficientpractice.com or email David at: dLawrence@efficienpracticecom.   **** Since our inception we have helped over 400 financial consultants make the move to independence. "I cannot express to you the joy and the increase in quality of life that I have found since leaving the wirehouse world." Shane Merritt, Branch Manager Merritt Capital Management Here Are A Few of the Benefits of "Going Independent": ·         Payouts on all your business, including fee based accounts of 90% plus. ·         The opportunity for you, not someone at the home office, to control your bottom line and the profitability of your practice. ·         The opportunity to build related businesses such as insurance, qualified plans, or trust companies, and keep those revenues. ·         The opportunity to eliminate your clients' perceptions of conflicts of interest with research departments and corporate finance groups - TRUE OBJECTIVITY. ·         The opportunity to charge and keep substantial fee income for planning, analysis and other services to your clients. ·         The availability of technology that is as good or better than anything you have now. The list goes on... This month's Registered Representative Opportunity: Our client is an integrated investment advisory boutique that works with break‑away advisors and independent high‑end advisors who are ready to take control of their professional lives while providing the objectivity and sophistication their clients demand.   The current financial advisory business and asset management system is broken. It is dominated by massive corporations that have perfected the art of inefficiency and resistance to change, all to the detriment of investment advisory professionals and their client relationships. In an industry plagued by conflicts of interest and other abuses, it is little wonder that your clients expect more. This BD offers more for investment advisors servicing high net worth individuals, corporate entities, and institutions.   Investment Professionals Control Their Own Destiny: This BD functions as a strategic service partner with each of the investment professionals it supports, granting the investment professional "destiny control" over compensation, marketing, employment decisions, product offerings, and expenses.   Extensive Support from Transition and Compliance to Training and Education: They will guide investment professionals through an orderly transition from brokerage firm to true independence with minimum difficulty. Similar capabilities assist the transition from commission‑dependent to fee‑based compensation structures.   Wide Access to Alpha‑generating Asset Classes: Sophisticated clients are looking for objective advice and access to a wide range of non‑traditional investment choices. This BD focuses on highly specialized research and portfolio implementation efforts on hedge funds, hedge‑fund‑of‑funds, small‑cap, international equities, high yield, real estate, private equity, and others. Flexibility: This opportunity can be structured competitively as either an independent or employee based affiliation.  If you know someone who might be interested in the above opportunity or who might be ready to go Independent, please have them visit www.goingindependent.com (go to our Opportunities section and click on Hotjobs) or contact Jason Burke directly at 727-725-8876.

Here's some additional information from Turning Point, Inc...

Good News for Financial Services:
"Employment in financial activities rose by 17,000 in April. Year-over-year, employment in financial activities increased by 167,000."
Staffing Industry Employment Bulletin, May 1, 2005

TURNING POINT in the MEDIA!
Mitch Vigeveno of Turning Point, Inc has been quoted in several articles in 2005 (including Investment News and Horsesmouth.com).  Please visit our Media page to read what Mitch had to say!

TURNING POINT PARTNERS:
Are you getting the most out of your business?  Are you operating at peak efficiency?  How about your marketing, your compliance,  or your HR?  We have some friends who can help you out.  Just visit our Partners section in our website for links to a variety of services that are helpful to building your business!

Quote of the day:
"The best and safest thing is to keep a balance in your life, acknowledge the great powers around us and in us. If you can do that, and live that way, you are really a wise man."
Euripides (484 BC - 406 BC)