All Archives Of Weekend Reading for Financial Planners

Weekend Reading For Financial Planners (Jan 28-29)

January 27, 2023 02:03 pm 0 Comments CATEGORY: Weekend Reading

Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that CFP Board announced this week that it is splitting into two separate organizations with the same leadership but different nonprofit statuses. By switching to 501(c)(6) nonprofit status, the new CFP Board of Standards will have expanded abilities to advance the planning profession through lobbying and more targeted advertising messages to grow the ranks of CFP professionals.

Also in industry news this week:

Why cash management strategies could become increasingly important parts of an advisor’s value proposition in a higher-interest-rate environment
Why improved returns on cash products could be a double-edged sword for some advisory clients following last year’s market volatility

From there, we have several articles on practice management:

Why advisors could be the big winners when it comes to competition among custodians and the entry of software providers into the space
Why rising interest rates might not be a major hindrance to RIA M&A activity in the year ahead
How consumer behavior research can help advisors pick the best strategy for raising their fees

We also have a number of articles on cash flow and budgeting:

Why spouses can benefit from having different views on money and how advisors can help foster positive communication between partners on financial issues
How advisors can help clients shift the spending paradigm from ‘wants versus needs’ to considering the best strategies for achieving their spending priorities
How advisors can help clients (and their children) understand the potential risks of using ‘buy now pay later’ services

We wrap up with three final articles, all about time management:

Why trying to optimize downtime can lead to burnout
A strategy for ensuring that relationships don’t fall by the wayside
How remote workers can shake up their work from home routines

Enjoy the ‘light’ reading!

Weekend Reading For Financial Planners (Jan 21-22)

January 20, 2023 02:02 pm 0 Comments CATEGORY: Weekend Reading

Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that several states are considering a series of tax hikes targeting higher-income and ultra-high-net-worth residents after similar proposals failed to pass at the Federal level. While it remains to be seen whether the measures will actually be enacted, proposed measures include raising income and capital gains tax rates, instituting wealth taxes, and reducing the state estate tax exemption, potentially creating future planning opportunities for advisors with clients in those states.

Also in industry news this week:

While the number of RIA M&A deals increased in 2022, the size of these deals declined, perhaps reflecting challenging market and economic headwinds
A recent survey suggests that nearly half of financial advisory clients have changed advisors or have considered doing so since the start of the pandemic and that portfolio performance has become a primary consideration in their decision-making process

From there, we have several articles on practice management:

Why advisory firms might first consider whether they are using their current tech stack optimally before looking to new software solutions
How advisory firms can better organize and track their data to avoid drowning in a sea of numbers
Why firm culture and opportunities for career advancement could be more important than starting salary for many financial planning job candidates

We also have a number of articles on cash flow and spending:

A review of several key psychological factors that drive clients’ spending decisions
How consumers are potentially losing money by keeping significant cash in savings accounts at major banks, and the opportunity for advisors to create cash management strategies for clients
How advisors can support clients whose children suffer from ‘failure to launch syndrome’

We wrap up with three final articles, all about the financial advice industry:

Why the competition for talent, a pullback in private equity funding, and firms balancing efficiency with effectiveness could be key trends within the financial advice industry in the coming year
How consumers could benefit from fee-only advice within the insurance industry
The benefits of taking on leadership positions within financial planning industry associations

Enjoy the ‘light’ reading!

Weekend Reading For Financial Planners (Jan 14-15)

January 13, 2023 02:05 pm 0 Comments CATEGORY: Weekend Reading

Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that the Federal Trade Commission has proposed a nationwide ban on noncompete clauses in employee contracts, aiming to give employees more freedom to change jobs within the same industry. In the advisor world, where noncompete agreements are fairly common, a ban on the practice could incentivize firms to reassess their employee value proposition and to consider ways to establish their clients’ relationships with the firm, and not just with their advisors.

Also in industry news this week:

A study suggests that simplification is the top reason consumers combine their investment accounts, signaling that the onboarding process for new advisory client assets is a value-add in itself
FINRA has released its enforcement priorities for 2023, including a continued focus on compliance with Regulation Best Interest as well as several new priority topics, such as manipulative trading, fixed-income pricing, and trading in fractional shares

From there, we have several articles on retirement planning:

The latest rules for 2023 Required Minimum Distributions from inherited retirement accounts
How reviewing and adjusting capital market assumptions can help advisors refine their use of Monte Carlo simulations
Why relying on Treasury Inflation-Protected Securities (TIPS) to support the bulk of retirement income needs could be risky

We also have a number of articles on investment planning:

A recent study indicates that rebalancing a portfolio on an annual basis is superior to longer or shorter time horizons
How stocks and bonds tend to perform following their biggest down years
The long-term portfolio growth trajectory clients can expect when implementing a dollar-cost averaging strategy

We wrap up with three final articles, all about dealing with distractions:

The four types of attention and how individuals move between them throughout the day
How consolidating the wide range of ‘inboxes’, from email to workplace messaging, can help limit distractions throughout the day
How incorporating breaks to review notifications and social media during the workday can create more time for focused work

Enjoy the ‘light’ reading!

Weekend Reading For Financial Planners (Jan 7-8)

January 6, 2023 02:04 pm 0 Comments CATEGORY: Weekend Reading

Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that the Securities and Exchange Commission (SEC) has received significant pushback from investment adviser and financial industry trade groups to the regulator’s recent proposal that would establish formalized due diligence and monitoring obligations for investment advisers that outsource certain advisory functions. While the proposal received support from state regulators and consumer advocates, adviser industry groups argued that the measure would create unnecessary extra work for advisers and could be a particular burden on smaller firms.

Also in industry news this week:

Amid a robust regulatory agenda, the SEC is facing elevated employee attrition, particularly in its senior ranks
How planning specializations can help firms and their advisors stand out from the pack

From there, we have several articles on retirement planning:

Why an individual’s portfolio of relationships could be just as important as their investment portfolio when it comes to happiness in retirement
A recent study shows how delaying Social Security benefits typically leads to greater lifetime wealth than claiming benefits early in order to reduce portfolio withdrawals
Why ‘failure’ scenarios in Monte Carlo simulations are very different than plane crashes

We also have a number of articles on practice management:

Why the most successful firms in the coming years might be those who dominate individual market segments rather than those that are ‘overdiversified’
Four ways firms can attract next-generation advisor talent
Why being proactive can help firms overcome the challenges of hitting capacity ‘walls’

We wrap up with three final articles, all about New Year’s resolutions:

Why the most successful goals are often those that fit within one’s self-identity
How a ‘time audit’ can help an individual spend more time on their most important personal and professional activities
Why a single push-up could be the key to achieving a New Year’s resolution

Enjoy the ‘light’ reading!

Weekend Reading For Financial Planners (Dec 31-Jan 1)

December 30, 2022 01:04 pm 0 Comments CATEGORY: Weekend Reading

Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that the passage of “SECURE Act 2.0” has brought a wide range of changes to the world of retirement planning. And given the variety of planning opportunities created by the legislation – from the raising of the beginning age for RMDs to the ability to transfer funds from 529 plans to Roth IRAs – advisors have a significant opportunity to demonstrate value for their clients!

Also in industry news this week:

Why many clients of robo-advisors are seeking out human advisors in the current market climate
A new study shows that there is a wide gap between firms leveraging technology to enhance the client experience and those that do not treat their tech stack as a priority

From there, we have several articles on advisor technology:

A recent survey shows that many advisors at large firms are unhappy with their firm’s current tech stack and that client growth has suffered because of it
Why it is important for advisory firms to conduct an audit of their tech stack and the steps they can take to conduct the exercise
Why advisors might consider looking past some of the big names in advisor technology to find tools that can provide a better experience for themselves and their clients

We also have a number of articles on investments:

Fixed-income ETFs saw inflows this year, while their mutual fund counterparts experienced significant outflows, suggesting that the dominance of bond mutual funds could be eroding
How advisors are increasingly purchasing individual bonds rather than bond funds in client accounts
Why a higher interest rate environment could represent a ‘sea change’ for investors in the years ahead

We wrap up with three final articles, all about self-improvement:

Why working to change their mindsets might be the activity that provides the greatest return-on-investment for advisors
How to set better health goals for 2023 and actually follow through on them
Why the ability to achieve big goals starts with seemingly small habits

Enjoy the ‘light’ reading!

Weekend Reading For Financial Planners (Dec 24-25)

December 23, 2022 01:07 pm 0 Comments CATEGORY: Weekend Reading

Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that Congress appears poised to pass “SECURE Act 2.0”, a series of measures that will have significant impacts on the world of retirement planning. From gradually raising the RMD age to 75 to expanding opportunities to make Roth-style contributions, to increasing the annual limit for Qualified Charitable Distributions, this legislation will likely impact nearly all financial planning clients!

Also in industry news this week:

How a recent survey shows that financial advisors are increasingly attracted to independent affiliation models, with greater autonomy, higher potential pay, and the ability to build value in a business cited as key factors driving this preference
While RIA M&A activity has been red hot during the past couple of years, a survey suggests that advisors are expecting lower valuations in 2023

From there, we have several articles on advisor marketing:

Five tactics advisors can use to make the most of the online referrals they receive
How advisors can structure introductory prospect meetings to build trust and increase the chances of moving the relationship forward
Why advisors crafting their marketing message might first want to consider whether their target client needs a ‘life raft’ or a ‘sailboat’

We also have a number of articles on spending and budgeting:

Why advisors might want to consider using a client service calendar to organize the wide range of services they provide for clients throughout the year
A review of financial planning actions, from tax-loss harvesting to charitable giving, that have a December 31 deadline
How the holiday season presents an opportunity to have important money-related conversations with family members

We wrap up with three final articles, all about gift giving:

The do’s and don’ts of holiday gift giving in the workplace
How ‘regifting’ can help save money and reduce waste
Why being present during gatherings with friends and family members can be the best gift of all during the holiday season

Enjoy the ‘light’ reading!

Weekend Reading For Financial Planners (Dec 17-18)

December 16, 2022 02:00 pm 1 Comment CATEGORY: Weekend Reading

Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that CFP Board is forming a Competency Standards Commission in 2023 to review and evaluate its competency requirements for Education, Examination, Experience, and CE, which represents an opportunity for CFP Board to adjust its requirements, in alignment with the desires of the CFP community itself, to build confidence among the public that those with the CFP marks really will provide them with a consistently high level of financial planning advice!

Also in industry news this week:

While the FPA is going full steam ahead on its federal and state lobbying efforts to regulate the title “financial planner”, CFP Board is more focused on increasing recognition of the CFP marks
A recent survey suggests that Americans who use a financial advisor are less stressed than those who do not, but that the perceived price of advice is a deterrent to many (even those with significant assets)

From there, we have several articles on practice management:

Why it is important for advisors charging on a fee-for-service basis to regularly reassess their pricing, and best practices for letting current clients know about a fee increase
How advisors can benefit from reviewing their list of clients and letting go those who are no longer good fits for the firm
How firms can best leverage their internal data to improve the number of client referrals they receive

We also have a number of articles on retirement planning:

While weak stock and bond market performance has challenged advisors and their clients this year, these trends have likely increased the ‘safe’ withdrawal rate for new retirees
How the tontine, a centuries-old financial product has made a comeback this year as a way to mediate longevity risk
A recent survey indicates that Americans broadly feel like they are behind on their retirement saving, with those closest to retirement age most likely to think they need to catch up

We wrap up with three final articles, all about personal growth:

The lessons entrepreneurs and investors can take from the life and career of Warren Buffett
How individuals can best harness their willpower to achieve their biggest goals
While financial advisors regularly give advice to clients, more care is needed when giving unsolicited advice to friends and family

Enjoy the ‘light’ reading!

Weekend Reading For Financial Planners (Dec 10-11)

December 9, 2022 02:04 pm 0 Comments CATEGORY: Weekend Reading

Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that amid concern that retail investors are paying ‘hidden’ fees in the form of suboptimal execution of their trades, the SEC is preparing to propose a “Regulation Best Execution” rule that would, among other measures, establish a best execution standard for brokers. Though given that potentially conflicted practices such as ‘payment for order flow’ are a source of revenue for brokers, such regulation could portend a shift back to explicit transaction fees as they seek to maintain their top line.

Also in industry news this week:

A recent survey indicates that retirement plan sponsors currently using financial advisors to support their plan are overwhelmingly satisfied with the service they receive, which also leads to improved retirement savings for their employees
Recruitment has become the top concern for RIAs, according to a Charles Schwab survey, outpacing client acquisition through referrals and other priorities for the first time in the history of the study

From there, we have several articles on practice management:

Why creating a defined employee value proposition could be the key for RIAs to attract and retain talent in the current tight labor market
The key questions aspiring partners can ask themselves to determine whether becoming a partner in their firm is the right course for them
Why firm owners looking to sell might find fewer potential buyers and receive less favorable deal terms in the current interest rate environment

We also have a number of articles on cashflow management:

How advisors can help couples navigate the decision of whether to combine their finances or keep them separate
A four-step process that advisors can use to help clients who tend to overspend
Strategies parents can use to encourage their children to have a healthy relationship with money

We wrap up with three final articles, all about career and personal management:

How to make tough decisions when facing a career crossroads
Five research-derived strategies for getting promoted
Why going on a “self-date” can provide a sense of solitude and relaxation for those with hectic lives

Enjoy the ‘light’ reading!

Weekend Reading For Financial Planners (Dec 3-4)

December 2, 2022 02:08 pm 0 Comments CATEGORY: Weekend Reading

Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with a research study suggesting that the market volatility experienced in 2022 could increase demand for financial planning services. This increased demand could be particularly acute among younger investors (who might be experiencing an inflationary environment and sustained market downturn for the first time) and those nearing retirement (who might seek professional guidance to ensure their retirement plan is secure).

Also in industry news this week:

Why a former SEC official expects the regulator to come out swinging when it comes to enforcing its new marketing rule
Why wrap fee programs appear to be in the crosshairs as the SEC begins to enforce Reg BI

From there, we have several articles on practice management:

The three essential skills firm owners need to build the right team, including why it is important to always be on the lookout for potential employees
Why it is important to identify the specific skill sets of firm employees and ensure that they are in sync with the requirements of their position
Why an incentive compensation program can be superior to a broad-based cost-of-living adjustment for both firms and their employees during the current inflationary period

We also have a number of articles on investments:

How launching an ETF can create efficiencies for advisors and their clients alike
A breakdown of the potential costs and benefits for advisors considering launching their own ETF
Why some RIAs are converting their SMA strategies into ETFs

We wrap up with three final articles, all about time management:

How to say ‘no’ to taking on extra work without burning any bridges
Why outsourcing or automating certain tasks can allow you to focus on what’s most important
How to set appropriate boundaries during the holiday season and beyond

Enjoy the ‘light’ reading!

Weekend Reading For Financial Planners (Nov 26-27)

November 25, 2022 02:20 pm 2 Comments CATEGORY: Weekend Reading

Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that the Biden administration’s Department of Labor (DoL) is planning to propose its own ‘fiduciary rule’ that seeks to create higher standards than the rule put in place by the Trump administration (though perhaps not as tough as the Obama administration’s original ‘fiduciary rule’ proposal). Among potential measures, the new rule could provide that a single recommendation would be considered fiduciary advice, so that if an advisor has a relationship of trust and confidence with the participant, that a rollover recommendation will be fiduciary advice.

Also in industry news this week:

The Biden administration has extended the student loan payment pause out to as far as August 31, 2023 amid legal battles over its broader student loan relief plan
Why RIA M&A activity has slowed down since October and how deal structures could be affected in the current economic environment

From there, we have several articles on spending:

How advisors can support clients looking to cope with high rents and elevated home purchase costs
How adult children can more effectively give advice to their parents
Several easy ways advisors can help find unclaimed assets and save money as the year comes to an end

We also have a number of articles on retirement planning:

How advisors can incorporate Social Security benefits into a client’s retirement asset allocation
Why annuities with “Protected Lifetime Income Benefits” could be an attractive option for clients looking for additional upside exposure in addition to guaranteed income benefits
Why there are a few silver linings amid the challenge of high inflation

We wrap up with three final articles, all about time management:

Why creating a routine checklist can be more effective than keeping a fixed daily schedule
Best practices for removing distractions and boosting productivity
How to diplomatically set boundaries amid a sea of invitations and meeting requests

Enjoy the ‘light’ reading!