Enjoy the current installment of "weekend reading for financial planners" - this week's edition kicks off with the announcement that NASAA has finalized its model rule that, as states adopt the rule, will require state-registered investment advisers to create a written "succession" plan for their business.
From there, we have a number of practice management articles this week, including: strategies to effectively delegate tasks to staff; why it's best to build out the staff infrastructure supporting your advisory firm by building roles around people, rather than trying to fit people into roles; a profile of several advisory firms that have been successful in creating a strong culture that supports the firm; a guide of what to do if you find out you're being terminated by your broker-dealer; and a look at where advisors get their best ideas (from peers and conferences) and how they create the accountability to follow through on them (using coaches and study groups).
We also have a few marketing-related articles, from a look at how being less available to prospective clients can actually help to close them, to strategies to invoke an emotional connection with prospective clients to get them interested in doing business with you, and a discussion of how the world of wealth management is changing as the (younger) emerging affluent have different expectations of what they'd like to see in a "good" wealth management service in the first place.
We wrap up with three interesting articles: the first looks at some of the ways that investment advisers misreport investment performance (from skewed benchmarks that create an illusion of alpha to buying premium bonds that make yield appear higher than it will be over time); the second is a message from a Millennial working in financial services about how mismatched most of today's providers are to the true needs and desires of younger investors; and the last looks at the CFP Board's public awareness program after nearly five years, and the progress the CFP Board is really making in advancing awareness of the CFP marks.
Enjoy the reading!