Nerd's Eye View blog

Weekend Reading For Financial Planners (December 27–28)

December 26, 2025 01:30 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 a survey from Mergers and Acquisitions (M&A) consultancy DeVoe & Company finds that RIA leaders on the whole expect the already brisk pace of deal volume to increase in 2026, as (often private equity-backed) buyers find matches with sellers looking for external partners (who might be able to offer a premium valuation compared to internal successors). Notably, a strong majority of respondents who are looking to make an acquisition cited culture fit as the top characteristic they seek in a potential target (with talent coming in second), perhaps recognizing that successfully integrating an acquired firm is key to the success of a deal (e.g., in terms of client and employee retention). Nonetheless, internal successions do remain viable options for firms, according to the report, with the key to success being a willingness to start planning early to identify potential successors and to create a process and financing program that works for both parties.

Also in industry news this week:

The Securities and Exchange Commission (SEC) has issued a risk alert warning about missteps the regulator has identified regarding its marketing rule, particularly when it comes to making clear disclosures surrounding testimonials, endorsements, and third-party ratings and rankings
The SEC has signaled that it will allow a wide range of asset managers to offer dual-share-class funds, presenting potential fund-expense and tax-saving opportunities for advisors (and potentially raising questions for firms relying on mutual fund commission income)

From there, we have several articles on investment planning:

Morningstar's latest safe withdrawal rate figures ticked higher for those retiring in 2026, with spending flexibility allowing for even higher starting withdrawal rates
While retirement income strategies that rely on spending flexibility are often attractive for clients, explaining potential spending reductions in terms of both the potential dollar amount and the duration of reduced portfolio withdrawals could give clients a better understanding of the tradeoffs involved and avoid negative surprises down the line
Why the concept of sequence of returns isn't just about protecting against market declines early in retirement, but can also be an opportunity to (significantly) boost retirement withdrawals if a positive return sequence occurs

We also have a number of articles on practice management:

Why understanding a firm's capacity could be a more effective forward-looking metric than other measures of productivity
Given that a move 'upmarket' can introduce additional complexity and strain firm capacity, assessing firm infrastructure and fee models before making this move could lead to a more sustainable approach
Why evaluating and potentially revising a firm's internal processes could be more effective than defaulting to hiring a new employee when reaching capacity limitations

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

The value of evaluating the time/money tradeoffs involved when considering whether to take advantage of 'free' offers
How advisors can help clients recognize and address "lifestyle creep" to ensure their spending is aligned with their priorities (perhaps retire earlier than they might expect)
The value of conducting a subscription 'audit' to save time and mental bandwidth in a world of proliferating services charging recurring fees

Enjoy the 'light' reading!

Aligning Your Capital With What’s Important To You By Focusing On Where You PAY Attention: Kitces & Carl 180

December 25, 2025 07:02 am 0 Comments CATEGORY: Kitces & Carl Podcast

Traditionally, financial advisors have focused on managing a client's money to ensure their lifestyle is supported to and through retirement. Yet money is only one form of personal capital; clients can also draw on their energy, time, and attention. Because these resources are often pulled toward competing priorities, clients may find themselves aiming for one goal while unintentionally directing their resources elsewhere, which may create a disconnect between the client's stated priorities and how their capital is actually being used. Even with the best intentions, managing the many opportunities and demands on the different dimensions of a client's personal capital can create unintended misalignment. Yet devising a strategy to intentionally narrow one's focus to what matters most can yield incredible dividends, from peace of mind to increased time on what truly matters.

In this 180th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss how advisors can help clients assess all of their uses of capital: Money, Energy, Time, and Attention. Among these, attention may be both the most powerful and scarce resource. Attention is uniquely fragmented in today's hyper-distracted world, and because it so often dictates where each form of capital flows, a client may internally hold certain values while their calendars and checkbooks reflect different ones.

When an advisor sees tension between a client's stated values and their lived ones, there may be opportunities for gentle nudges toward alignment. For example, if a core goal – such as not being a financial burden to their children – is secure, advisors can invite clients to consider what else matters, such as time spent with grandchildren or supporting adult children still establishing themselves. Giving clients permission to dream about what else is possible with their capital, and to spend their capital in those ways, can be incredibly powerful.

On a larger scale, this perspective offers a powerful reframing of the value of financial advice. Peace of mind, often seen as an intangible benefit of planning, may in fact be an 'attention dividend' that frees clients from the mental load of managing their finances and allowing them to focus their attention elsewhere. In this sense, advisors don't just save clients money or time; they also help clients reclaim attention and energy – intangible yet deeply valued resources. A client who once spent four hours each week monitoring markets might discover 11 more days each year to focus on other things that are more meaningful to them. Financial advice, in this view, becomes not only about wealth management but also about attention management!

Ultimately, this points toward a more human-centered model of advice – one rooted in empathy, presence, and personal alignment. In a world of endless options and technology solutions, the deeper value of advice lies in helping clients direct their attention toward what truly matters and uncover the misalignments between their stated values and their lived reality. Advisors who embrace this broader mandate – helping clients align all forms of capital with what they truly value – can strengthen their role into that of a trusted guide in an increasingly distracted world.

Why Taxable Custodial Accounts Are Better Than OBBBA “Trump Accounts” For Kids’ Savings

December 24, 2025 07:02 am 0 Comments CATEGORY: Taxes

One of the more surprising features of the One Big Beautiful Bill Act (OBBBA) of 2025 was the introduction of a new type of retirement account intended to be opened and contributed on behalf of minor children, which the law named the Trump Account (TA). Conceptually, the purpose of Trump Accounts is to give kids a head start on saving for retirement, and so many of the account's aspects mirror those of traditional IRAs; however, there are unique rules for TAs that take effect from birth through age 17.

For instance, TA contributions are generally limited to $5,000 per year (up to $2,500 of which can be from an employer). But certain organizations, including the Federal, state, and local governments and 501(c)(3) charitable organizations, can contribute additional funds (including an initial $1,000 'pilot' contribution by the Federal government for children born in the years 2025 through 2028). And while TA contributions from individuals are made on an after-tax basis, contributions from employers and government and charitable organizations are made pre-tax, giving the TA many of the same characteristics as a traditional IRA with a mix of pre-tax and after-tax funds. So, when funds are eventually withdrawn from the account – which (like IRAs) can only be done penalty-free after age 59 ½ without a specified exception – they're a mix of both tax-free (i.e., from after-tax contributions) and taxable dollars (from pre-tax contributions and investment growth over time).

The caveat, however, is that many of the issues that often make traditional IRAs problematic for their owners – including pre-tax dollars being taxed at ordinary income tax rates on withdrawal, Required Minimum Distributions (RMDs), and the "10-year rule" for most beneficiaries after the death of the account owner – also apply to TAs. And with the potential for TAs to be funded at a very early age and left to compound and grow for 60 years or more, it's possible that they'll eventually create the very same tax headaches in the future that owners of large traditional IRAs are dealing with today.

Thankfully, there are other vehicles available for parents to consider when giving funds to their kids. In addition to 529 plans (which can grow tax-free to be used for qualified higher education expenses), one option that worth exploring is a taxable custodial (e.g., UTMA or UGMA) account. Although taxable accounts don't receive tax-deferred treatment on investment income, that fact could actually turn out to be an advantage because of the "kiddie tax" rules, which allow up to $2,700 of qualified dividends and capital gains to be realized tax-free for dependent children. As a result, a custodial account could have significantly more "basis" than a TA at age 18 and beyond – meaning that the TA will end up generating more taxable income in the future (and be taxed at higher rates on that income due to the ordinary income treatment of gains upon withdrawal)!

One factor that could make TAs more favorable is the ability to convert TA funds to Roth, which could allow a TA owner to pay tax on the funds in their account at relatively low rates early in their career and allow them to grow tax-free thereafter. However, unless the owner has funds available outside of the account to pay the actual tax on the conversion, they'd need to withdraw from the account to pay that tax (and pay tax plus an early withdrawal penalty on that amount as well), significantly reducing the amount that's left in the Roth account to grow tax-free. Which means that even with the ability to convert to Roth, the taxable account could still come out ahead in the end (or at least not be so far behind as to be worth sacrificing the greater flexibility of the taxable account's funds to be used pre-retirement).

The key point is that when it comes to saving for kids, starting to save at an early age is far more important than what type of account those savings go into. While many illustrations of TAs project how their value can grow to eye-popping levels over time, the reality is that similar (or even better) results can be achieved in other types of accounts that have far more flexibility than TAs. And so while TAs can serve as a good conversation starter with parents who are interested in saving for their kids (and it may even be worth opening a TA just to receive the 'free' $1,000 pilot contribution if there's a child who is eligible for it), it may be best to involve other types of accounts in the discussion as well – since they could prove to be an as good or better option for growing a child's savings for the long term!

Specializing In (Sound) Income Sources For Retirees To Differentiate A $4 Billion Advisor Enterprise: #FASuccess Ep 469 With David Scranton

December 23, 2025 07:02 am 0 Comments CATEGORY: Financial Advisor Success Podcast

Welcome everyone! Welcome to the 469th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is David Scranton. David is the CEO of Sound Income Group, an RIA based in Fort Lauderdale, Florida, that oversees approximately $4 billion in assets under management for 10,000 client households.

What's unique about David, though, is how he has built his business by standing out through his strategy of investing client assets in income-producing individual securities to produce a steady stream of income at a time when many advisors have taken a "total return" investment approach and build portfolios using mutual funds and ETFs.

In this episode, we talk in-depth about how David builds portfolios using a combination of what he calls "insured options" (such as bank CDs, government bonds, and fixed index annuities), "non-insured contractual securities" (such as individual bonds and preferred stocks), and "equity-oriented investments" (including business development companies, real estate investment trusts, and high-dividend stocks), why David prefers to invest in individual securities instead of investment funds both to control the exact securities he's investing in and to avoid forced liquidations when investors in a mutual fund sell at once, and how David finds that prospects are often receptive to this approach given the steady cash flow it generates without necessarily eating into principal to create retirement income (which has also led to greater client retention during market downturns).

We also talk about David's four keys for financial advisors to attract clients (which include having a point of differentiation as well as established branding, lead generation, and conversion processes), how David's focus on these keys shifted over time (from an emphasis on lead generation early on in his career to build a steady flow of prospects to branding now that he's leading an advisor enterprise), and how David has leveraged book-writing (with the assistance of professional ghostwriters and publishing firms) to further build his brand and generate greater familiarity with his ideal target clients.

And be certain to listen to the end, where David shares how he implements his investment approach by using two portfolio management tools (for trading and reporting, separately) and offers it to advisors who don't have the capacity to implement this approach themselves, how David was able to overcome his previously overly analytical nature to be able to focus on the bigger picture of running his business, and how David has found that narrowing in on a specialization has ultimately (and perhaps counterintuitively) allowed him to serve more families than he might have taking a more generalist approach.

So, whether you're interested in learning about what it takes to implement an income-based investment strategy, attracting more prospects by showing how your firm is ‘different', or how to build your brand by authoring books, then we hope you enjoy this episode of the Financial Advisor Success podcast, with David Scranton.

2025 Highlights – The Top 22 Nerd’s Eye View Blog Posts You Might Have Missed

December 22, 2025 07:02 am 0 Comments CATEGORY: Nerd's Eye View

As 2025 comes to a close, it is a time of reflection on the year… and leaves me so thankful once again to all of you, the ever-growing number of readers who continue to regularly visit this Nerd's Eye View Blog (and share the content with your friends and colleagues, which we greatly appreciate!).

We recognize (and appreciate!) that this blog – its articles and podcasts – is a regular habit for tens of thousands of advisors… and that the sheer length of our articles and podcasts means that not everyone has the time or opportunity to read every blog post or listen to every podcast that is released throughout the year. Nor do we expect everyone to read and listen to everything – thus why we make the titles and headlines as clear as possible, so you can decide for yourself what to invest your time into (and skip the rest)! However, this does mean that an article once missed is often never seen again, 'overwritten' (or at least bumped out of your inbox!) by the next day's, week's, and month's worth of content that comes along.

Accordingly, just as we did last year, and in 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, and 2014, we've compiled for you this Highlights List of our top 22 articles in 2025 that you might have missed, along with a few of our most popular episodes of 'Kitces & Carl' and the 'Financial Advisor Success' podcasts. So whether you're new to the blog – and #FASuccess (and Kitces & Carl) podcasts –and haven't searched through the Archives yet, or simply haven't had the time to keep up with everything, I hope that some of these will (still) be useful for you! And, as always, I hope you'll also take a moment to share podcast episodes and articles of interest with your friends and colleagues!

Don't miss our Annual Guides as well – including our list of the 17 Best Financial Advisor Conferences To Attend in 2026, the ever-popular annual 2025 Reading List of Best Books For Financial Advisors, and our increasingly popular Financial Advisor "FinTech" Solutions Map and AdvisorTech Directory!

In the meantime, I hope you're having a safe and happy holiday season. Thanks again for the opportunity to serve you in 2025, and I hope you enjoy all the new features and resources we'll be rolling out in 2026 (and beyond!), too! Stay tuned for our State-of-the-Blog update in January with more details of what's to come!

Weekend Reading For Financial Planners (December 20–21)

December 19, 2025 02:00 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 a report from The Ensemble Practice finds that advisory firms are predominantly hiring and developing newer advisor talent rather than directly hiring experienced advisors. While there are several reasons why firms might want to do so (from a newer hire being a 'blank slate' that the firm can train on its service model and culture to their relatively lower compensation requirements), the report notes that hiring established advisors comes with its own advantages (from the ability to serve clients and generate revenue soon after being hired to the fresh ideas they might bring to the business from their previous firms). Notably, though, this is not an either/or choice for firms and some might choose to evaluate their current talent pipeline and assess whether they could benefit most from 'drafting' developmental talent or adding a seasoned 'free agent' for their next hire!

Also in industry news this week:

Research from Cerulli Associates finds that multi-advisor teams studied have hire average per-client AUM and offer more services than solo advisors and are supported by deeper service teams (though creating and managing advisor teams can come with added complexity compared to the [supported] solo model)
The SEC in the coming year is planning to pay close attention to firms engaged in merger and acquisition activity and those using alternative investments in client portfolios to ensure firms are providing sufficient disclosures and are abiding by their fiduciary responsibilities

From there, we have several articles on investment planning:

An analysis of whether investors are facing the prospect of an Artificial Intelligence (AI)-fueled bubble as well as the potential short- and long-term impacts of rapidly growing investments in AI
A look into previous market cycles and current valuations suggests that the current bull market could have additional room to run (though negative earnings surprises or other factors could still lead to a downward turn)
How advisors can help nervous clients feel empowered amidst concerns that a potential AI-fueled bubble could lead a dramatic market downturn, from reconfirming a match between their asset allocation and liquidity needs as well as taking advantage of portfolio rebalancing opportunities (including potential tax savings from donating highly appreciated positions)

We also have a number of articles on advisor marketing:

A guide for creating a quarterly tactical marketing plan that can help an advisory firm stay on track to meet its annual client growth goals
How breaking down marketing goals into weekly 'chunks' can provide small 'wins' that build momentum (and keep an advisor accountable) on the path to achieving longer-term targets
Key Performance Indicators (KPIs) that advisory firms can use to determine which of their marketing tactics are performing the best and which they might stop doing

We wrap up with three final articles, all about health:

A study finds that office workers who employ a prescribed sit-stand ratio during the day can potentially experience productivity gains and less stress
How one study finds that the mood benefits of drinking caffeinated beverages are particularly acute soon after waking up
Why getting out into the sunlight early in the day can potentially improve an individual's sleep patterns and overall health

Enjoy the 'light' reading!

Helping Underspenders And “Savers” Understand They CAN Spend More With 4 Stages Of “Experiments”

December 17, 2025 07:02 am 0 Comments CATEGORY: Financial Psychology

Many financial planning clients have spent much of their adult lives saving. Self-discipline and restraint may be key traits in building wealth, but when clients enter a phase of life where spending is more appropriate, they can hit a roadblock. Even when their plans support discretionary spending and they express a desire for it, they may find themselves unable to act. For advisors, this can be perplexing – and even frustrating! – when the numbers say "yes" but the client still says "no." However, underspending is rarely a purely financial issue. Instead, it's often shaped by deeply rooted values, personal identities, and psychological barriers. Understanding the reasons behind why clients underspend is essential not only for preserving client trust but also for supporting a more holistic, values-aligned use of wealth.

In this article, Meghaan Lurtz, behavioral finance expert and partner at Shaping Wealth, describes the psychological barriers that hold clients back and how advisors can gently help them experiment with spending more. By framing expenditures as low-stakes trials, advisors can help clients discover which expenditures truly add value – and which do not.

Common barriers include fear of future dependence ("What if I need this money later?"), doom forecasting (catastrophizing about worst-case scenarios), and a fixed saver identity that makes spending feel like betrayal. These patterns are reinforced by behavioral biases such as loss aversion and poor emotional forecasting. Even joyful experiences, like a family vacation, may be overshadowed by the psychological 'cost' of seeing account balances drop, making it challenging for clients to spend even when they logically know that they can.

To address these barriers without undermining client agency or triggering defensive reactions, advisors can reframe spending as an experiment. These experiments are low-stakes, time-bound, and designed to generate feedback. This shifts the focus from identity ("I'm a spender now") to curiosity ("Let's see how this feels"). For instance, rather than recommending a wholesale shift to luxury travel, an advisor might suggest trying business class once on a meaningful trip. Clients gather 'emotional data' from the experience, which can then guide future decisions. Advisors support the process by designing the experiment, encouraging participation, facilitating a thoughtful debrief to separate value from extravagance, and aligning the results with the client's self-image as a responsible steward of wealth.

This iterative, feedback-driven process can be transformative. Experiments give clients permission to try new behaviors while preserving their sense of responsibility around money. Over time, these conversations shift spending from a moral referendum to a learning opportunity, helping clients clarify what truly brings joy and meaning. As clients build confidence in their ability to use money in ways that reflect their values and enhance their lives, they often become more open to further experiments, deepening both their financial well-being and their relationship with their advisor.

Ultimately, underspending isn't solved by pushing clients to spend more. It's about helping them align their money with the life they want – whether that means spending, giving, or simply feeling free to explore what's possible. By framing spending as experimentation, advisors can offer clients a safe, low-stakes way to test new behaviors, learn from the results, and ultimately unlock greater satisfaction and purpose. The shift from static planning to dynamic experimentation empowers clients to confidently align their wealth with what matters most!

Navigating Accelerated Succession When Cancer Forces An Early Retirement: #FASuccess Ep 468 With Kay Dee Cole

December 16, 2025 07:01 am 0 Comments CATEGORY: Financial Advisor Success Podcast

Welcome everyone! Welcome to the 468th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Kay Dee Cole. Kay Dee is the founder of Clarity Wealth Development, an RIA based in Corvallis, Oregon, that oversees approximately $200 million in assets under management for 220 client households.

What's unique about Kay Dee, though, is how she has navigated an accelerated succession plan within a growing firm after experiencing a recurrence of cancer and deciding to transition away from the business.

In this episode, we talk in-depth about how Kay Dee initially sold a minority stake in her firm (using a seller-financed loan) to her Chief Operating Officer (who had taken many aspects of running the business off of Kay Dee's plate) with plans to increase the stake over time, how Kay Dee's cancer recurrence has led her to speed up the equity transition, with her planning to give other firm employees the chance to buy in as well, and how Kay Dee is thinking through whether to hold on to the seller-financed loans (which could create stress by continuing to tie her to the business and its success even though she's retired) and how this decision will impact her own finances.

We also talk about how Kay Dee initiated a four-meeting process to transfer her clients to other advisors in her firm (with a senior advisor leading the first meeting and giving the other advisor an increasing role until they are ready to lead the relationship), how Kay Dee and other “first chair” advisors have regular one-on-ones with more junior advisors throughout this transition process to review previous client meetings and to game plan together for the next one (allowing both sides to gauge the junior advisor's readiness to take on more responsibility), and how Kay Dee communicated this advisor transition plan to clients and made them aware of her condition and plans to retire (only losing a few clients [who were likely planning to leave anyway] in the process).

And be certain to listen to the end, where Kay Dee shares how her firm has created four client segments based on AUM to ensure the level of service being provided (for instance, number of meetings per year or the seniority of advisor they're working with) is in line with the fees they pay (helping it double its AUM to $200 million in 5 years), how Kay Dee's adoption of the Entrepreneurial Operating System and its principles has helped her build more durable structures for her firm (amidst the ongoing transition) and open up lines of communication with her partner and employees, and how Kay Dee has found success in part by prioritizing in-person interactions with fellow advisors and industry professionals (whether at conferences or informally for coffee chats), allowing her to gain new insights and build relationships in a way that's harder to replicate in an online environment.

So, whether you're interested in learning about creating an adaptable succession plan to prepare for unforeseen circumstances, transitioning clients to new advisors while maintaining high retention, or segmenting clients into different service models to ensure profitability, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Kay Dee Cole.

How Much To Pay An Associate Advisor? Using Industry Benchmarking To Design A Competitive Compensation Package

December 15, 2025 07:03 am 0 Comments CATEGORY: Practice Management, Research

Determining how much to pay a new associate advisor can be one of the most critical – and complex – decisions a growing advisory firm makes. Compensation not only influences who applies for a position but also sets the tone for the productivity required by that employee: paying too little may limit candidate quality or long-term retention, while overpaying can hinder profitability unless the employee delivers commensurate value. Given the financial and operational ripple effects of these decisions, firms must strike a careful balance between competitiveness and sustainability in designing compensation packages for early-career advisors.

In this article, Senior Financial Planning Nerd Sydney Squires discusses industry trends for associate advisor compensation – including variable pay tied to firm or individual performance, core benefits such as healthcare and retirement plans, and non-financial motivators such as career development and firm culture – and how hiring firms can use this information to create a competitive offer.

While base salaries remain the foundation of compensation, data from the latest Kitces Research on Advisor Wellbeing shows that most advisors received some level of incentive pay. Overall, most incentive structures are tied either to firm revenue or to individual qualitative performance, with the latter slightly more common.

Additionally, benefits play a substantial role in candidate decision-making. Across the industry, larger firms tend to offer more robust benefit packages, including comprehensive health insurance and higher employer retirement plan contributions, while smaller firms often differentiate through day-to-day flexibility and personalized offerings. Health insurance is near-universal among mid-to-large firms, and retirement benefits like 401(k) plans with employer contributions are increasingly viewed as baseline expectations. Meanwhile, offerings such as parental leave, professional development stipends, wellness subsidies, and generous PTO policies can serve as tiebreakers in a competitive labor market – though these are often more accessible to firms with deeper resources or more mature infrastructure. Likewise, benefits like parental leave are increasingly expected – with over 70% of firms offering some form of paid leave – and can influence both recruitment and long-term retention, especially among younger professionals planning for major life transitions.

Remote and flexible work arrangements also continue to shape the employee experience. While fully remote roles are less common than they once were, flexibility remains a highly valued perk, especially among early-career professionals. At the same time, fully remote associate advisor roles may limit on-the-job learning and mentorship opportunities, which are critical for professional growth. Thus, firms can remain competitive even with in-office expectations by offering moderate flexibility in hours or schedules.

Ultimately, compensation is both a strategic and cultural signal. For small but growing firms, it's rarely feasible to offer everything at once. But by thoughtfully designing a compensation package that blends competitive pay, scalable incentives, and high-impact benefits, advisory firms can attract strong associate advisor candidates while aligning their compensation philosophy with firm values and long-term growth plans. As expectations continue to evolve, firms that stay attuned to what early-career professionals value – and communicate their offerings transparently – will be best positioned to recruit, retain, and grow talent that fuels the firm's future!

Weekend Reading For Financial Planners (December 13–14)

December 12, 2025 02:00 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 a study of RIAs with at least $100 million in AUM finds that those who made at least one acquisition during the past five years tended to have stronger AUM growth during the past three years (net of market performance) than those that did not. While assets brought in via acquisition(s) no doubt played a role in this finding, the report noted that the success of a particular acquisition (in terms of boosting long-run growth) can vary significantly depending on how well the acquiror integrates the selling firm. Which suggests that while an acquisition can provide a boost to AUM, completing a deal successfully isn't just about meeting the sale price, but also putting in the time and effort to ensure the two organizations come together with as few disruptions as possible (leading to greater client and employee retention in the process).

Also in industry news this week:

A study finds that advisory firms looking to serve ultra-high-net-worth clients are adding new services (including business planning, foundation management, and concierge services) and are often increasing their fees (or charging separately for particular services) to reflect the additional time and hard-dollar investment required to provide them
FINRA in its annual oversight report specifically calls out potential areas of concern regarding the use of AI tools, including 'hallucinations' that could lead to inaccurate advice and the use of AI 'agents' that could take unwanted or incorrect actions on behalf of an advisor

From there, we have several articles on retirement planning:

An analysis finds that the 'traditional' Social Security claiming advice for client couples doesn't necessarily apply when the spouses make similar incomes or are very close in age
Why the 'widow tax hit' might not be as severe as might be assumed, with the loss of income from a deceased spouse frequently having a much larger influence on the surviving spouse's lifestyle
While many client couples assume they will retire simultaneously, survey data suggest that only a small minority do so, suggesting a valuable role for financial advisors in helping clients talk through how they might handle a staggered retirement

We also have a number of articles on charitable giving:

How a "Giving Power" metric can help advisors and their clients better understand the most efficient (and inefficient) ways to donate to charity
How offering charitable planning services not only can help clients make the best use of their charitable dollars, but also potentially allow advisors to differentiate themselves from other advice providers who don't focus on this planning area
Questions, scripts, and tools financial advisors can use to improve engagement with clients when it comes to charitable planning

We wrap up with three final articles, all about leadership and culture: