Enjoy the current installment of "weekend reading for financial planners" - this week's edition kicks off with the upcoming "Fiduciary September" events being facilitated by the Institute for the Fiduciary Standard, as both the SEC and the Department of Labor continue their fiduciary rulemaking considerations. Also this week was the CFP Board's Program Directors conference, which highlights the latest successes (registered programs are up 13% in the past 4 years, with bachelor's programs up 40%) and also the ongoing challenges (schools are still struggling with improving student enrollment, retention through the program, and follow-thru to taking the exam); the CFP Board is exploring new initiatives to try to support programs and shore up these shortfalls.
From there, we have a few retirement articles this week, including the latest research from Morningstar's David Blanchett on weighing immediate annuities against the new breed of longevity annuities, a discussion of an emerging trend for states to consider launching automatic-enrollment IRAs after Federal legislation continues to stall, and a deep look at the various enrollment periods that must be considered for clients who are either enrollment in Medicare now or plan to delay but want to enroll in the future without incurring a financial penalty.
We also have several practice management articles, from a look at a new bank that is lending to advisors to facilitate acquisitions and internal succession plans (to the tune of $100M in loans in just the past 18 months!), to some tips for associate advisors who feel like they've hit a wall and can't figure out how to advance themselves to a lead advisor position, to how our psychological tendency to want to reciprocate and repay debts can be used to grow a business. There's also an article on the crucial importance for advisors to have not just a succession plan for the long run, but a continuity plan in the short run, to avoid leaving clients in the lurch if there is an unexpected health event - told from the perspective of Dan Candura, a financial planner who recently found out at age 64 that he has inoperable prostate cancer and had no continuity plan in place.
We wrap up with three interesting articles: the first is a discussion from advisor tech guru Joel Bruckenstein about the challenges in the advisor tech industry that "keep him up at night", including complacent advisors underinvesting in technology and vendors that are still doing a poor job at integration amidst a lack of industry data standards; the second is a look from the Wall Street Journal at an increasing number of advisors who charge "termination fees", raising the question of whether such practices are appropriate, or even legal for fiduciary advisors that may be putting an undue burden on unhappy clients; and the last is from industry commentator Bob Veres, exploring how "unusual" advisory firms really are from most "normal" types of small businesses, and the unique challenges that advisors face in navigating and growing their businesses successfully.
And be certain to check out Bill Winterberg's "Bits & Bytes" video on the latest in advisor tech news at the end, including the latest offering from yet another robo-platform-for-human-advisors solution! Enjoy the reading!