From there, we have a number of practice management and technology articles this week, including a look at what advisors need to consider when adopting "e-signatures" for clients who want to sign documents electronically, a fascinating look at the challenges that large RIAs (e.g., $1B+) are facing in their efforts to grow to $5B and beyond (and what they need to do to take the next step), a review of the latest release of Redtail CRM, and a discussion of how InStream Solutions is transforming financial planning software from just a tool to analyze client situations to a firmwide tool to manage and oversee what advisors are recommending across all their clients.
We also have a few more technical articles this week, from a review of what "collaborative divorce" is all about and why divorcing clients should consider it (and also how advisors can actually do work as a "financial neutral" in a collaborative divorce specialist!), a study looking at how retirees spend their time in retirement (finding that most of their time is spent doing inexpensive leisure activities, and household activities that could actually reduce their cost of living in retirement!), and a great discussion of how young adults have so much job instability that perhaps they should be invested in an especially conservative manner with their portfolios and not aggressively as the conventional wisdom suggests.
We wrap up with three interesting articles: the first looks at the rising number of CPAs entering financial planning, and whether they could help fill the dearth of young talent in the profession; the second examines the latest benchmarking studies for financial advisors, and suggests that advisors may be too complacent about the potential impact the next bear market could have (and that they're underestimating how reliant they've become on market growth to sustain their current growth rates); and the last looks at how even though all the buzz of the industry is about the threat of "robo-advisors" that the real trend that is currently underway has been the rise of "phono-advisors" - mega financial services firms delivered financial planning through call centers that already have more than 100(!) times the AUM of today's robo-advisor platforms!
And be certain to check out Bill Winterberg's "Bits & Bytes" video on the latest in advisor tech news at the end, including a recently announced Microsoft vulnerability (don't open any suspicious emails with Powerpoint presentations attached!), and a look at advisor tech consulting firms now offering cybersecurity audits for advisors to identify any risks to client data! Enjoy the reading!