Enjoy the current installment of “weekend reading for financial planners” – this week’s edition kicks off with the official release of IRS regulations that kill the charitable “workarounds” that many states have been trying to create since the Tax Cuts and Jobs Act capped the State And Local Tax (SALT) deduction at just $10,000… even as many high-income individuals complete their first tax returns (for 2018) and realize that due to the prior impact of the Alternative Minimum Tax (which eliminated SALT deductions entirely), that, in practice, the SALT cap is often not as problematic as many had feared early on.
From there, we have several articles on the SEC’s recent Regulation Best Interest now that the dust is beginning to settle and the details are emerging, with one article looking at how Reg BI will cement the “two-track” regulatory approach (of keeping broker-dealers and RIAs separate, rather than merging them under a single uniform fiduciary standard), when certain brokers will no longer be allowed to use the advisor/adviser titles (unless they at least become dual-registered as RIAs as well), and what RIAs will need to do to comply with the new Form CRS requirements.
We also have a few articles around the theme of learning to better do sales and business development (especially as an employee advisor who is not naturally inclined towards sales and business development!), including tips for how to better support “sales” activities for non-sales advisor professionals (by reframing it as how to help the advisor help others with their unique skills and abilities), what firms should consider when employee advisors do want to start marketing themselves, why/how professional designations do (or don’t) help make advisors more successful (especially when it comes to getting new clients), what to do to avoid getting brushed off when you do get a referral from a client to a new prospect, and some low-key ways to follow up with prospects after the first meeting to keep them engaged.
We wrap up with three interesting articles, all around the theme of the mid-career crisis and what to do if we feel we’ve hit a wall: the first explores the phenomenon of the mid-career crisis itself, and how it’s similar to a midlife crisis, but requires somewhat different remedies (and mindset changes) to resolve; the second explores the research about why employees ultimately tend to quit their jobs (which is less about the job and company itself, and usually about their direct manager and whether he/she is doing what it takes to support and develop the employee in their career and stage); and the last explores the phenomenon of the “Late Bloomer”, and how, in reality, our brains are still developing throughout our teens and 20s, such that, while society today often celebrates the “early bloomer,” it’s the late bloomer in their 30s, 40s, or even 50s, that may actually be more common and expected. (Which is why it’s never too late to start a new career or path as a financial advisor!)
Enjoy the “light” reading!