Even with the aid of compliance consultants, many firms overlook key issues affecting wealth management firms as a result of the DOL's "Conflict of Interest" and related rules, such as:
- Why the manner of compensation is far more important than the amount of compensation;
- The 237 words that form the heart of the DOL's rule making efforts;
- The need for Investment Committees to "up their game" as the prudent investor rule is applied, both as to selection and documentation of investment strategy and the selection of investment products;
- Practicing defense, in a proactive fashion, by key inclusions in the investment policy statement delivered to clients;
- Factors affecting IRA rollover due diligence, including changes in a firm's value proposition;
- The impact of the DOL's rule making on the standards of conduct applicable to non qualified accounts;
- Changes in compensation methods, and the rise of a new career path for interns and new associates; and
- Financial adviser retention measures, and how to protect a firm against significant loss of shareholder value that may result from financial consultant departures.
Dr. Ron Rhoades has been hailed as a "one-man think tank" and as a visionary for the financial planning and investment advisory profession. He is a national expert in fiduciary law as applied to financial services. Over the past decade, he has frequently been called upon to share his insights with policy makers at the SEC, DOL, and on Capitol Hill. With his background as an attorney, investment adviser (including past service as Chief Compliance Officer and Investment Committee Chair of an RIA firm), and professor of finance and financial planning, Dr. Rhoades navigates and integrates key insights the fields of fiduciary law, financial services regulation, strategic business planning, financial planning, life coaching, and investment theory.
Ron Rhoades' unique insights for your firm and/or practice include zeroing in on the most important issues firms should address during the upcoming transformation of financial services, as well as suggesting practical solutions for implementation.
As a consultant to wealth management firms - from wirehouses to independent broker-dealer firms to larger and mid-size RIA firms - Dr. Rhoades assists a firm's management as they affirm or modify their vision and mission. He then assists firms in identifying and and assimilating a culture and structure designed for success in the new, fiduciary era of financial services. Dr. Rhoades provides key insights into investment committee due diligence, investment policy statements, compensation policies, and/or financial adviser retention structures.
How to Engage Dr. Rhoades.
Dr. Rhoades may be engaged for individual consultations to wealth management firms, and also for presentations to investment and/or financial services organizations. To inquire, please submit a request with a statement of desired topics to address during consultations and/or presentations, to Dr. Rhoades at Ron.Rhoades@wku.edu. Please also indicate your desired date(s) for consultation or speaking engagements (see list of available dates, below).
Consulting fees and honoraria.
Foundational consulting to wealth management / financial advisory firms and practices, including preliminary telephone conference to discuss objectives and gather preliminary data, followed by a one-day onsite visit. The onsite visit may include: (1) review of the firm's current culture, structure and strategies; (2) review of solutions under consideration by the firm; (3) presentation by Ron of key impacts to the firm resulting from changes to financial services regulation; (4) identification and discussion of key strategies and changes the firm may seek to implement; and/or (5) presentations and/or discussions of the DOL Rule with groups of executives, managers, and/or financial advisers. $4,500 flat fee, plus hotel costs and either air fare or mileage at standard IRS rates.
Additional coaching and implementation services are available following the foundational consultation, including coaching to leadership on effecting culture changes, review and/or design of investment committee investment strategies and investment product due diligence including adherence to the requirements of the prudent investor rule, investment policy statement design for reduction of the firm's risk exposures, coaching and/or presentations to middle managers, and/or training presentations for the firm's financial and investment advisers. Services and fees are negotiated. While fixed fees for projects are preferred, an hourly fee rate of $500/hour is available for consultations of more uncertain scope or duration.
Speaking engagements to groups of executives or managers: $2,500 honorarium for a 1-hour presentation; $500 each additional hour (maximum of four hours). Plus reimbursement of hotel, airfare, mileage, rental car, and/or taxi costs as incurred.
Remaining available dates for consulting visits or presentations: (as revised 9.24.16)
- Thursday, Nov. 10, 2016;
- Monday, Dec. 12, 2016;
- Wed., Dec. 14, 2016;
- Friday Dec. 16, 2016;
- Monday, Jan. 2, 2017 through Friday, Jan. 6, 2017;
- Wed., Jan. 11, 2017;
- Thurs., Jan. 12, 2017;
- Monday, Jan. 16, 2017;
- Thursday, Feb. 2, 2017;
- Thursday, Feb. 16, 2017;
- Tuesday, Feb. 21, 2017; and
- March 13-17, 2017.
Dr. Ron A. Rhoades