Enjoy the current installment of "weekend reading for financial planners" - this week's edition highlights recently announced changes from the CFP Board regarding the experience requirement and the consequences of a bankruptcy for certificants, and three 'warning' articles to take note of: one about the crowd funding solicitations your clients will likely receive in the coming year(s) as a result of the new JOBS act; a second about problems arising in the ETN/ETF marketplace that suggest more due diligence may be in order; and the third about an annuity agent who was thrown in jail for selling an annuity to a senior who was later deemed incompetent due to dementia, raising serious questions for all advisors about the standard of care for determining whether a client is competent before working with them. From there, we look at three interesting studies hitting the news this week: the first was a research study by NBER that suggested most 'advisors' are not giving advice in the interests of their clients; the second found that "fee-based" is actually a negative term in the minds of most consumers and may be eroding consumer trust; and the third suggesting that a uniform fiduciary standard for brokers may not increase the cost of advice for lower income individuals or shift the industry to focus on the affluent, despite many claims to the contrary. From there, we look at two blog posts: one about how using video on your website may be easier (and cheaper) than most people believe, and another that makes the good point that just because someone offers investment insights in the financial media does not mean they're giving advice - and we need to stop confusing the two. We finish with a striking write-up of a recent study released by the BLS looking at consumer spending over the past century, and exploring the challenging question: if our country has gotten so much richer, why do so many feel poor and struggle these days? Enjoy the reading!
In the nebulous space where financial services firms decide what to call themselves and how to hold themselves out to the public, there's not necessarily a very clear distinction between a "financial planning" firm and a "private wealth management" advisor. Often, the difference is little more than the perceived marketing distinction of the labels to certain target clients.
Nonetheless, there is some evidence to suggest that the services delivered to very high net worth clients can be quite different than those provided to the average American, and accordingly may require a different set of knowledge and skills to deliver effectively.
As a result, there is an effort underway to try to study the real differences between what it takes to be a successful financial planner versus a private wealth management advisor, in order to develop certification that is unique and appropriate to the distinct specialization.Read More...
Enjoy the current installment of "weekend reading for financial planners" - highlights this week include a new pieces about tactical asset allocation by yours-truly in the Journal of Financial Planning, an interesting article about the correlation between use of financial planners and willingness to invest in risky assets, a number of great articles about the unfolding debt crisis in Europe and its economic and investment implications, and a nice discussion about the importance of establishing a work environment that's right for you. We also look at a great piece from Angie Herbers discussing how different today's new financial planners are compared to those of 10, 20, or 30 years ago - and the ways firms need to adjust to maximize on the opportunity. Enjoy the reading!Read More...
Enjoy the current installment of "weekend reading for financial planners" - highlights this week include two new articles on safe withdrawal rate research, an investment discussion about Europe from John Hussman, a few practice management articles about business development and cultivating relationships (or not!), a controversial piece that 401(k) plans should have no more than 10(!) investment offers, and more. Happy reading!
In the ongoing search for more diversification - and especially, low correlations as a potential for stabilizing returns in a difficult stock environment - advisors have increasingly shifted in recent years towards "alternative" investments. From real estate and REITs to gold and other commodities to more, a recent FPA survey on Alternative Investments found that 91% of advisors are using some form of alternative investments. Sadly, though, the focus on finding investments that have a low correlation - according to FPA's survey, the number one criteria for choosing an alternative investment - has grown to such an obsession, that we're willing to name anything that has a low correlation as "a new asset class." But the reality is that while some alternatives really are investments that truly have their own investment characteristics unique from stocks and bonds as asset classes, others alternatives - like managed futures - simply represent an active manager buying and selling existing asset classes. Which means it's about time for us to start distinguishing between a real alternative asset classes (e.g., commodities or real estate), and the real value of managed futures.
This past week featured the 2011 FPA NorCal regional conference. Pulling over 600 attendees, don't let the "regional" label fool you - the event is on par with any national financial planning conference! The opening general session event featured Neel Kashkari, currently a managing director with PIMCO, and former chief of the Trouble Asset Relief Program (TARP) for the Federal government. Here are the highlights... as captured on the #FPANorCal twitter hashtag!Read More...
This past week was the NAPFA 2011 National Conference in Salt Lake City. Pulling almost 500 attendees from across the country, it's one of the top financial planning events of the year. Unfortunately, though, many did not have the time or opportunity to attend the conference. The good news, however, is that a growing cadre of Twitter users "live-Tweeted" the conference for all to enjoy, using the #NAPFA11 hash tag. So for those of you who missed the conference, here's a quick synopsis of the entire 3-day conference from start to finish... from those who Tweeted it!
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