I remember back when I was in college hearing about what was then termed the “professional student”, a person who stayed in college after completing a course of study and receiving a degree. Usually relying on his or her parents, the professional student would go on to another program and pursue another degree, putting off for as long as possible the necessity of getting a job. Of course, there is nothing wrong with learning and continuing to learn, but some form of application of that learning seems to be reasonable.

Working up your annual review and update for your RIA business requires you to take a close look at your firm’s processes and disclosures as well as other aspects of the business. Clearly, this is a good time to communicate with your staff and employees about these items. What you – or your employees – do not know about your business operations CAN hurt you.

One way to look at the discussion here is as a training opportunity. You and your compliance personnel will already be involved in preparation of the annual update and so the concepts, changes and potential issues will be front of mind.

Summer is on its way out and thoughts turn to the start of another school year across the land. Though we often see our receiving a degree as the end of a process, it is important to remember that learning can and should continue long after we have left high school, college, and even grad school behind. Our businesses continue to evolve and we – and our colleagues – should not overlook the benefits of additional education and growth.

One way to address this need is through participation in seminars and trainings designed to keep us fresh and informed about changes in the rules, the approaches and the best practices in our chosen fields.