Enjoy the current installment of "weekend reading for financial planners" - this week's edition kicks off with coverage of this week's Supreme Court decision in the case of Tibble v. Edison, that will likely send ripples (and possibly even shockwaves) through the world of 401(k) plans and increased scrutiny about the expenses and share classes held inside of 401(k) plans. Also in the news this week is a proposal from the SEC to 'modernize and enhance' Form ADV with new information requests that RIAs would need to complete, and an announcement that robo-advisor-for-advisors Trizic has raised $2M of venture capital as the opportunities in providing 'robo' technology for advisors continues to heat up.
From there, we have several practice management articles this week, including: a look at the emerging trend of advisors using 'co-working' spaces instead of a home or traditional office; another emerging trend of advisory firms launching their own "active" ETFs even as large mutual fund companies struggle to do so; mistakes to be avoided when 'breaking away' or changing broker-dealers; how to use the free HARO (Help A Reporter Out) service to get media exposure; the issues that arise when couples have differing levels of risk tolerance (and the importance of measuring husbands and wives separately so you know there's an issue in the first place!); and the challenge in how to effectively "fire" a client who is no longer a good fit (ideally without burning a bridge in the process!).
We wrap up with three interesting articles: the first points out that notwithstanding all the buzz about the Department of Labor's fiduciary proposals, the real regulatory issue in the coming year is the potential for "harmonization" of regulation for investment advisers and brokers that could ultimately subject RIAs to FINRA oversight; the second is a discussion of what the popular personal finance blogger Mr. Money Mustache - as someone who 'retired' in his 30s - is aiming to teach his son about money; and the last looks at the rising number of firms that are beginning to explore hourly and retainer models, and whether the future of financial planning will eventually migrate away from today's AUM fees and make them obsolete.
And be certain to check out Bill Winterberg's "Bits & Bytes" video on the latest in advisor tech news at the end, including Advicent's launch of the new Figlo financial planning software platform, the announcement that Bloomberg-terminal-competitor YCharts has raised $6M of venture capital, and the release of a new workflows solution from SEI!
Enjoy the reading!