Moving Backwards, or not

On Saturday of last week, I cleaned my office, and filed everything away.  I also sat down and wrote out all of the things that I needed to do to make my asset management business go live.  It had 14 items.  Here is the list as of today:

  1. Decide on Custodian – Ask opinions from others
  2. Compliance Strategy
  3. Including Web Compliance Strategy
  4. Privacy Policy
  5. Aleph Investments Website and E-mail domain
  6. E&O Insurance
  7. Trademark
  8. Accounting and Tax Software
  9. Attestation
  10. Marketing – and deal w/e-mail, Linked-in day
  11. Other contacts, Press Release
  12. Strategy for Illiquid names – DIIBF, PCCC, IBA, NWLI
  13. Procedures for suitability
  14. Proxy Voting Policy?
  15. Update and move disclaimer
  16. Update disclaimers on pitchbook
  17. Create a template for a daily journal of activity
  18. Create checklists for what I give to potential clients, new clients, and old clients.

18 items?  Well, I finished one, and got five more as I did research.  I have made significant progress on half of them.  Here’s where I stand now:

Decide on Custodian – Ask opinions from others

I have one more demo to watch, but I am leaning toward Interactive Brokers, with Scottrade second, and ETrade being lousy marketers third.  You have any thoughts on this?

Compliance Strategy

I am reviewing the Maryland code on compliance, and designing my methods of capturing all of the necessary data.

Including Web Compliance Strategy

That includes my blog posts, Twitter, and comments around the web. Ugh.

Privacy Policy

Yes, I need a privacy policy, and I have trolled around the web to see what others in my shoes do.  I should be able to get something together.

Aleph Investments Website and E-mail domain

Not hard to do.  Just have to get it done, and separate my business and personal life.

E&O Insurance

Alas, I think I need Commercial General Liability insurance as well.  Any body else have an opinion here?  Also, if you are an RIA, who insures you?  E-mail me.

Trademark

I need to trademark a slogan of mine.  That will not be completed by the time I go live.

Accounting and Tax Software

I will get this through Intuit, because the business is simple; I just have to do it.

Attestation

I have contacted an accountant for an attestation of my performance.

Marketing – and deal w/e-mail, Linked-in day

I have a lot of people to write to, and others to talk to on LinkedIn.

Other contacts, Press Release

I may do a Press Release on my startup.

Strategy for Illiquid names – DIIBF, PCCC, IBA, NWLI

Do I sell them off before I start, or do I keep them and try to add them delicately to client portfolios? DIIBF trades more liquid in Canada, should I buy/sell it there?

Procedures for suitability

What I am doing is only suitable for risk assets.  How do I assure that investors only bring money that they can afford to lose?

Proxy Voting Policy

My consultant said that an acceptable policy was, “I don’t vote your proxies.”  Fair enough, but I went around the web, and found a variety of policies.  I should be able to write one of my own from that.

Update and move disclaimer

I need to strengthen my disclaimer at this blog, and move it higher.

Update disclaimers on pitchbook

I need to update disclaimers on my pitchbook, making them larger and more obvious.

Create a template for a daily journal of activity

I need to design a method of capturing daily activity for my firm, so that each day’s actions are memorialized.

Create checklists for what I give to potential clients, new clients, and old clients.

I want to make sure that I do this right for all of the people/firms that deal with me.

That’s all for now.  I am still shooting for a December 1st start, and I think that is achievable.

Thanks to all who have contacted me and given me advice, or said they would like to invest.