Answers in Advice for Advisors

As a financial advisor, you deal with every day business issues that accompany overseeing a practice. In this section you can learn how your advisor colleagues have solved similar issues and gain insights you can apply to your practice.
1 vote
Mary, I'm so sorry to hear you were laid off and haven't found a full-time job yet. Withdrawing before 59 1/2 does normally cause the 10% penalty rule, but there are ways around that. If you can find an advisor or CPA to hire for a set fee or per hour ...(more)
1 vote
Generally, you would have to bill the client directly unless the custodian who holds the other accounts you advise on is the same as the 529 custodian. Your client should have signed an advisory contract with you and the contract would stipulate how ...(more)
0 votes
Thanks for the feedback Pam. I really appreciate it.
5 votes
Erik, thanks for your question. The BrightScope forum is focused more on the personal rather than the business side of planning. I recommend you visit the Financial Planning Association website ( for information on your question. This ...(more)
2 votes
Best advice is to: A. Contact the HR Department at your previous employer. B. Look for a phone number on your most recent statement C. Find a good, local, Certified Financial Planner to help you with your finances. Best of Luck, Rod
4 votes
Joe Soto Level 15
Absolutely!! No matter who you are; sponsor, employee, or adviser. Get in there and find out what that 401(k) plan is paying. Every long-term investor needs two things to be successful, time and rate of return. With the new fee disclosure legislation ...(more)
4 votes
This is a very complicated question. Having been a recordkeeper myself for 10+ years as part of my 20+ year career has given me a huge advantage because I understand what different firms are trying to achieve when servicing their customers and I can ...(more)
3 votes
Ken Krausman Level 9
Hi William, Depending on the role that this administrator serves with a particular plan sponsor, they may be identified on the Form 5500. If so, there are several search providers that aggregate 5500 data that you can search and export results to an ...(more)
3 votes
Adi Benyishay Level 13
Retirement plans are a complicated issue. You should probably talk to a professional specializing in this. There are a few options for doing this: if your interest in this is in building a practice, your best bet is to join, at least in the beginning, ...(more)
6 votes
This is a continuing problem with reporting systems. Having used Advent Axys for a number of years, it was always a struggle to have internal reporting match that from the custodian. While the internal reporting is accurate, it is difficult to prove out ...(more)
3 votes
James Holland Level 18
Alfred some very good suggestions from some very knowledgeable people above. We run RFPs often for providers so we have vetted quite a few. Important aspects of a good recordkeeping partner. They have the updated technology as Mike mentions a must. FLAT ...(more)
4 votes
Mike Kane Level 15
We developed our proprietary RFP that has over 30 pages. We have responses by 28 of largest bundled record keepers. We incorporated technology questions six years ago. About half the record keepers are losing money. That is the reason that we continue ...(more)
4 votes
Hi Alfred, Record keepers do come in a wide variety with varying attributes; and while some may be more expensive, they also may bring more to the table. For me, it's a 'bottom-up' approach based on client needs. Once a short-list is developed, I would ...(more)
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