{"id":4255,"date":"2017-10-13T10:25:04","date_gmt":"2017-10-13T15:25:04","guid":{"rendered":"https:\/\/www.figmarketing.com\/blog\/?p=4255"},"modified":"2018-12-17T14:52:06","modified_gmt":"2018-12-17T19:52:06","slug":"5-simple-tips-to-operate-in-our-regulated-industry","status":"publish","type":"post","link":"https:\/\/www.figmarketing.com\/blog\/5-simple-tips-to-operate-in-our-regulated-industry\/","title":{"rendered":"5 Simple Tips to Operate in Our Regulated Industry"},"content":{"rendered":"

It can seem too much. Maybe sometimes you feel like you need a full-time employee to comply to every regulation. The stranglehold can be daunting.<\/p>\n

We get it.<\/em><\/p>\n

That grey cloud that glooms over your advising business on occasion doesn\u2019t have to be there. Or, at the very least, it can be less<\/em> grey, and less<\/em> gloomy.<\/p>\n

Operating in a heavily regulated environment is no walk in the park. But with the right research, preparation, and strategy\u2014you can operate your business smoothly and successfully. Be sure to use these five actionable tips to continue to build your business in today\u2019s regulatory climate.<\/p>\n

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  1. Truly understand what the DOL fiduciary rule entails\u2013regardless of when it\u2019s implemented. <\/strong><\/li>\n<\/ol>\n

    The rule is meant to develop more trust between consumers and financial advisors by making sure all conduct is done with the consumer\u2019s best interest first.<\/p>\n

    This \u201cbest interest standard\u201d means that all financial advice should focus on income needs, financial circumstances, investment objectives, and risk tolerances of the investor\u2014without regards to a firm\u2019s or financial professional\u2019s compensation.<\/p>\n

    Concisely, a financial professional must be sure that the compensations for any product is comparable to going market rates of other products with similar features. For example, if a product has unusually high commission payouts and is similar to other products with lower payout rates, regulators may decide to take a closer look.<\/p>\n

    While we\u2019re now to believe the entire DOL fiduciary rule isn\u2019t going into effect until 2019<\/a>, the gist of the saga is this: we don\u2019t really know when it\u2019ll be fully implemented. That being said, it\u2019s best to prepare yourself by learning and understanding the rule. You\u2019ll be happy that you\u2019ve prepared when it does<\/em> come into effect.<\/p>\n

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    1. Learn how to prepare for challenges in the future.<\/strong><\/li>\n<\/ol>\n

      This just in: the financial services industry is constantly altering. From regulations to marketing, products to policies\u2014it\u2019s important to stay on top of the changes.<\/p>\n

      For example, the DOL fiduciary rule is a perfect way to take a holistic reflection on your business and make sure that you\u2019re ready for the challenges of today and tomorrow. You can add more trust into your processes so your clients always know that their interests are put first. Remember\u2014there is nothing more important than trust in this industry, so take time to prepare your business the right way.<\/p>\n

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      1. Build a solid, agile team.<\/strong><\/li>\n<\/ol>\n

        As the industry gets more regulated, there\u2019s obviously going to be more limitations and constraints to what your can do as a business. Focusing on building a solid team that stays on top of changes is key to progress and innovation in a regulated environment. You want to surround yourself with employees that hold a vast amount of skills and varying experiences to help counteract any shortfallings you may have in the company. The more skills packed into one employee, the better. That means to find the office manager that is proficient in social media, or the marketing pro who also understands insurance underwriting.<\/p>\n

        The right mix of people\u2014with the right skills\u2014make for a passionate group of employees who love what they do and why they do it. That should equal success for your business.<\/p>\n

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        1. Strategize to reveal the right solutions for you.<\/strong><\/li>\n<\/ol>\n

          This is an easy one, but it can sometimes get lost in the craziness that is running your own business. In a regulated industry, you should be strategizing what you want to be doing in the next three months, six months, and the next year.<\/p>\n

          Having multiple business plans made for the foreseeable future allows you to be flexible with the changes in the industry, and allows you to make easier adjustments along the way. The idea is to be lean and agile; so don\u2019t get too entrenched with a single strategy.<\/p>\n

          Instead, come up with different strategies for different circumstances. That way, you\u2019re never caught off-guard. It may seem daunting at first, but you will thank yourself when you realize you need to make a change to stay current with the regulations.<\/p>\n

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          1. Let compliance be your friend.<\/strong><\/li>\n<\/ol>\n

            Compliance can get a bad reputation. Sure, it isn\u2019t the most glamorous part of your business, but it sure is one of the most important. If you\u2019re lucky enough to have someone that knows compliance well, be sure to always have them look over your business\u2019 content so you know you\u2019re on the straight and narrow (like we do). It\u2019s worth the time and effort and will keep your business away from any possible legal action.<\/p>\n

            If you don\u2019t have a compliance officer or staff member, you can try to find someone either online or in your community that would be willing to look over your work. You may also consider joining industry-specific networking groups as these can provide good sources of information on how others approach compliance. However, if you believe you can do it yourself, go for it! Just be sure that you know the ins and outs of the industry, and what is needed to be said to comply.<\/p>\n

            There you have it. Be sure to utilize these tips for our ever-shifting industry environment. The DOL fiduciary rule will continue to shift how financial professionals engage in business, but by taking the proper steps now, you will be saving yourself a lot of time, headaches, and stress when the changes do come.<\/p>\n","protected":false},"excerpt":{"rendered":"

            It can seem too much. Maybe sometimes you feel like you need a full-time employee to comply to every regulation. The stranglehold can be daunting. We get it. That grey cloud that…<\/p>\n","protected":false},"author":57,"featured_media":4248,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[364],"tags":[259,135,118,327],"acf":[],"_links":{"self":[{"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/posts\/4255"}],"collection":[{"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/comments?post=4255"}],"version-history":[{"count":1,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/posts\/4255\/revisions"}],"predecessor-version":[{"id":4256,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/posts\/4255\/revisions\/4256"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/media\/4248"}],"wp:attachment":[{"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/media?parent=4255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/categories?post=4255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/tags?post=4255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}