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Dear Reader
July 4, 2010
Anniversary Letter
Greetings!
Round and round she goes... and where she stops... nobody knows.
Am I talking about regulatory reform, market recovery, or "The Original Amateur Hour?" This ain't no industry for amateurs.
The market always takes its twists and turns, but the Crazy 2008's and the early 2009 Decline was not for the weak of heart. While recovery has taken place, many of us are still feeling a bit queasy and bracing for a bumpy ride.
Regulatory reform started on a fast track but then went through many gyrations. After years of debate, we thought we were finally going to resolve the fiduciary and harmonization issues, but this may now revolve into a year-long study. The financial regulatory reform bill is working its way through conference as I prepare this letter. The House and Senate are going head-to-head to resolve the differences in the two versions of the bills. Obama may ink legislation by the time this letter finds its way to you. But then comes the arduous process of rulemaking.
You only need to have been in this business for just a short time to have taken a twirl. Here's a quick review of my more recent anniversary letters:
- July 2004 hectic year for rulemaking
- July 2005 more rules
- July 2006 breather on rulemaking
- July 2007 regulators/Congress sympathetic to overregulation;
talk principles-based rules
- July 2008 talk of streamlining the financial services industry
- July 2009 things come crashing down and the regulators get tough
- Today not sure where all this will wind down
Where are you heading? Will you be turning in circles, or find the straight path to compliant and profitable operations? What will it take to make you lead the pack?
The enclosed spinning top is a quick-fix stress reliever when you find yourself in a topsy-turvy world. Take time to ponder how you will pirouette your way to success.
Here are some of my ideas of how you can jump ahead of your competition.
- Take calculated risks. (Implement a new business strategy.)
- Spend money to make money. (Develop a PR campaign.)
- Do the most productive thing at any given moment. (What gets you in front of a client or makes your company money?)
- End procrastination. (Getting started is the key obstacle that you must overcome.)
- Delegate. (Hire competent staff and outsource to a compliance consultant.)
- Focus on the business. (Don't delegate and divest; still perform your supervisory duties.)
There are other resources to harmonize your operations:
- CompliancE-Post: A free monthly e-mail service with brief postings of what's the hot industry buzz.
- CompliancE-News: The executive summary of all the news that made the news. Annual subscription 12 monthly e-mail issues.
- CompliancE-Alert: A value-added service to the CompliancE-News -- includes timely alerts when news hits, and newly published research and forms.
For those of you trying to find their way down the path, get your hands on Go to CEO! How to Start Your Investment Advisory Firm - available on e-book or audio book.
If you are in need of being pointed in the right direction, call or email me for consulting services. I work with a limited number of clients under annual retainer. I generally keep a full client load. However, I do take on new clients from time to time, so keep those inquiries and referrals coming.
Additional compliance resources... If you are a do-it-yourself type person, I offer an array of products that are both educational and easily customizable to your practice. Click here for a complete list.
I steady your way and lift the burden of compliance and marketing off your shoulders. July 4th marks 21 years of service as a "Professional Weightlifter."
Nancy Lininger
"The Original Amateur Hour" introduced the famous "Wheel of Fortune" and the phrase: "'round and 'round she goes... and where she stops... nobody knows."
To claim your spinning top, please e-mail me at: Nancy@liftburden.com
Tell me that you want to find balance in a topsyturvey world, and give me your mailing address.
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