Archives Of Weekend Reading For Financial Planners

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!

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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!

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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!

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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!

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Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that AdvisorTech giant Envestnet has announced a partnership with New Zealand-based FNZ that will allow Envestnet to offer custodial services to advisors beginning in the second half of 2023. At a time of significant change in the RIA custodial space, epitomized by the ‘Schwabitrade’ integration (also in late 2023), Envestnet’s custodial offering will provide advisors with an alternative option to the legacy custodians and could offer potentially attractive synergies for advisors already in the Envestnet ecosystem.

Also in industry news this week:

• The CFP Board has proposed a series of changes to its disciplinary processes, including a two-year deadline for advisors subject to an interim suspension to file a petition for reinstatement
• A potential compromise during the lame-duck Congressional session could see a boost to the child tax credit and extended tax breaks for businesses

From there, we have several articles on tax planning:

• How advisors can add value for their clients by managing their exposure to mutual fund capital gains distributions
• How advisors can help their clients turn their HSAs into wealth-building machines
• A new research study suggests that delaying taxes in retirement is often not the optimal course of action

We also have a number of articles on practice management:

• Why looking inward at their leadership style can be one of the best ways for firm leaders to prevent employee turnover
• Three things other than pay that firms can do to attract currently employed talent
• The time management principles that are used by the most successful leaders

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

• How advisors can decide on the best client gifts from the wide range of options, from bottles of wine to donations to a favorite charity
• Why it is important to first consider regulatory requirements and firm policy before giving clients gifts
• How advisors can give clients gifts that are both thoughtful and could lead to referrals in the new year

Enjoy the ‘light’ reading!

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Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that as enforcement of the SEC’s new marketing rule began on November 4, advisory firms are taking a variety of approaches. While some are looking to gain a first-mover advantage by leveraging client testimonials and third-party endorsements (and adjusting their compliance programs before doing so), others are taking a wait-and-see approach.

Also in industry news this week:

• Why “SECURE 2.0” appears to remain on track to be passed by the end of the year, no matter the final results of the midterm elections
• Amid an “incredibly active” period for cyberattacks, the director of the SEC’s examinations division highlighted the areas of cybersecurity where advisory firms are most often deficient

From there, we have several articles on advisor marketing:

• Three tactics advisors can use to improve their ‘close’ rate with prospective clients
• How a regular firm newsletter can keep clients engaged and improve retention
• The most effective question advisors can use to end initial prospect meetings

We also have a number of articles on retirement planning:

• How the recent increase in interest rates has made TIPS a more viable option to increase a retired client’s safe withdrawal rate
• Why advisors need to take care when analyzing the expected performance of Registered Index-Linked Annuities (RILAs)
• While “free” Medicare Advantage plans might sound enticing, advisors can help their clients assess whether a different plan might actually be more cost-efficient

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

• How advisors can harness the power of compounding, not just with investments, but to improve their health and relationships as well
• How advisors can help their clients overcome the cyclical nature of investment knowledge, particularly when FOMO kicks in
• Five mindsets that advisors can use to create success in their professional and personal lives

Enjoy the ‘light’ reading!

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