When a job change is on the horizon, don’t forget to roll over 401(k) assets. That message apparently has gotten through to most workers. According to a recent Investment Company Institute study, 59 percent of households with a traditional individual retirement account had IRAs that included rollover assets in 2016, and 82 percent of those households had transferred their entire 401(k) balance. Read Full Article
Retirement advisers, brokers and dealers are speeding to change the way they deliver planning advice ahead of the June 9 deadline of the federal fiduciary rule, against which the industry has fought a year-long battler. Read Full Article
While industry manufacturers prepare for the long-awaited June 9 phase-in of DOL’s Conflict Interest Rule, key distribution players on which the brunt of the rule’s requirements will fall — independent marketing organizations — are themselves scrambling to become DOL ready. Read Full Article
Now open to financial advisors—regardless of corporate affiliation! Read Full Article
New Entity Offers Access to Comprehensive Training, Coaching and Turnkey Processes to Industry
Cleveland, Ohio – March 16, 2017 – Clarity 2 Prosperity announces the launch of its fee-only training organization. This new entity offers financial advisors access to comprehensive training, coaching and mentoring as well as turnkey financial planning, innovative operations and marketing processes. These valuable resources will be available to all financial advisors, regardless of their corporate affiliations.
“We’ve heard from numerous advisors and institutions who craved the robust training we’ve developed in programs such as holistic planning and The Bucket Plan® Best Interest Planning Process. Unfortunately, our previous structure limited our programs to financial professionals who were already associated with the Clarity brands,” says Jason L Smith, Founder and CEO of Clarity 2 Prosperity. “Now, all advisors—whether they work for an institution, are independent, or are licensed through other third parties—can tap into our programs and processes for a fee. In addition, we have also opened our programs to institutions who desire turnkey training for their advisor force.”
Over the past year, Smith has had direct lines of communication with the DOL and SEC and has gained the insight needed to get in front of upcoming legislative changes. While the final form and timeline of the fiduciary rule continues to take shape, Clarity 2 Prosperity’s offerings are designed to equip advisors and institutions with the processes they need to adapt and succeed in representing their client’s best interests in addition to new or evolving regulations. “We want to make sure all advisors, and not just those who work for multi-billion-dollar wirehouses, have the opportunity to not only survive but thrive, regardless as to how fiduciary regulation continues to evolve,” says Smith. “Our training gives individual advisors and small to mid-sized institutions a leg up and their clients access to planning processes that are truly in their best interest. It’s a win-win for all!”
“We’ve identified a gap in the industry” explains Dave Alison, Executive Vice President and Founding Partner of Clarity 2 Prosperity. “With holistic planning and documentation processes becoming more necessary and in greater demand, there are very few organizations as prepared to provide this level of training and resources to help advisors meet those needs. Regardless of legislation, advisors want to work in their client’s best interest, and all of our offerings are designed to help advisors do just that.”
Clarity 2 Prosperity’s offerings include:
Each of these processes incorporates learning tools such as audio recordings, videos, scripts, checklists and flowcharts, with all processes divided into simple steps for easy implementation. This focus on education is all part of the company’s overarching mission to make holistic financial planning available to consumers nationwide, and the company believes it can best deliver on this mission by expanding training to include all financial advisors.
“In the new organizational structure, Clarity 2 Prosperity will serve as the stand-alone training, coaching and mentoring entity that will continue to develop IP and processes for advisors,” says Smith. “It is neither an IMO nor an RIA and does not provide or represent any financial products.”
Advisors interested in financial products and support can still work with Clarity’s sister organizations, C2P Advisory Group, the insurance marketing organization (IMO), and Prosperity Capital Advisors, an SEC-registered investment advisory firm (RIA).
In respect to the last, the DOL proposal estimates that an IMO with average sales of $2 billion could satisfy this liability requirement by setting aside $20 million. If valued at 7 percent (3 percent net), the IMO’s “attendant opportunity cost” would total $1.4 million ($600,000 net) in the first year. Read Full Article
Regulatory thresholds proposed for independent marketing organizations (IMOs) to participate in the sale of fixed indexed annuities are so high as to be virtually worthless and unworkable for the bulk of the IMO industry, industry experts said. Read Full Article
For advisors who want to thrive post-DOL
December 6-8 in Las Vegas, Nevada
WHAT: This Holistic Advisor Academy is a 1.5-day educational event designed for advisors who want to thrive post-DOL. Attendees will learn how to “DOL-Proof” their sales and planning processes, revenue and businesses as a whole.
With the greatest legislative change in the financial industry in more than 40 years, get to the core of what the DOL legislation means to your business with specific insight on the DOL rule, including an overview of what’s changing and how you’ll be impacted, points still up for determination, compliance considerations and highlights of recommended action steps. From proven, turnkey processes to tangible takeaways, get the tools you need—attending this event is in your best interest.
WHERE: Holistic Advisor Academy—DOL Edition will be held in at The Mirage in Las Vegas, Nevada.
The Mirage
3400 S Las Vegas Blvd.
Las Vegas, NV 89109
WHEN: December 6 – 7 p.m. (PT)
December 7 – 8 a.m. to 5 p.m. (PT)
December 8 – 8 a.m. to Noon (PT)
WHO: Hosted by Clarity 2 Prosperity and Prosperity Capital Advisors, Holistic Advisor Academy—DOL Edition is led by advisors, coaches and business leaders, including founder Jason L Smith, a nationally-acclaimed speaker, financial planner, author, coach and DOL subject matter expert. As founder of one of the first IMOs to file for Financial Institution Exemption, Jason has had direct personal conversations with the Department of Labor and has worked with them on multiple occasions to gain an in depth understanding of the developing regulation. Jason has been featured in a wide variety of industry publications as well as on numerous webinars, podcasts, and training platforms breaking down and educating advisors on what the new rule may potentially mean to them, as well as teaching proven turnkey processes they can implement to proactively adapt their practices.
WHY: Take the guesswork out of “DOL-Proofing” your overall practice with real, practical knowledge that includes topics such as: How to meet the best interest standards through a “DOL-Proof” holistic planning process; Implement a “DOL-Proof” sales process, without the need for expensive software; turn “documentation requirements” into a planning process that creates value for prospects; an exclusive, guided self-assessment on the DOL-readiness of your financial planning process to determine what areas need adjustment; the screening process used to select products and portfolios to meet the best interest standards for your clients; how to set a planning fee as well as protect the fees you’re already charging; how to introduce new lines of business to your firm that are not impacted by DOL regulation; build a business plan you can execute today for business post-DOL; step-by-step analysis of business expenses as you move into a fee-based industry and so much more.
DETAILS: Tuition for the 1.5-day event is $499 and includes all meals during the event and a two-night stay at The Mirage in Las Vegas, Nevada. For more information about Holistic Advisor Academy and to register for this event, please visit C2PEvents.com.
For an advanced look at the topics covered at the event, visit C2PEvents.com and download the white paper “5 Critical Areas Impacted by the DOL Rule, and What You Can Do Now.”
About Clarity 2 Prosperity and Prosperity Capital Advisors
Clarity 2 Prosperity and Prosperity Capital Advisors are affiliated financial planning organizations with a mission to shift advisor focus from selling products to becoming holistic service providers, effectively serving the comprehensive needs of American families. For more information about Clarity 2 Prosperity visit Clarity2Prosperity.com or call (888) 240-1923 and for Prosperity Capital Advisors visit ProsperityCapitalAdvisors.com or call (888) 240-0064.
Prosperity Capital Advisors is an SEC registered investment adviser with its principal place of business in the State of Ohio. For more detailed information about Prosperity’s products and services, please visit www.adviserinfo.sec.gov or contact the firm at www.ProsperityCapitalAdvisors.com. Please read this disclosure statement carefully. Registration with the SEC does not imply any level of skill or expertise. PCA does not provide tax or legal advice.
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At the beginning of my career, a big mistake I made for quite a long time was being just like everybody else. There was nothing unique I did as a broker. Differentiating yourself can be the key to standing out and creating a strong and loyal client base. Read Full Article
With the passing of the U.S. Department of Labor’s fiduciary ruling in April of this year, the real work has begun for the financial services industry. Read Full Article