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 amid economic and market headwinds, the pace of RIA M&A activity was slower in January and February compared to the same period last year. If this trend continues, 2023 would be the first year in more than a decade to see fewer transactions than the year before, though some industry observers continue to see significant appetite for deals.

Also in industry news this week:

• A recent FINRA arbitration ruling reaffirmed the ability of brokers operating in the independent broker-dealer model to take their clients with them when they change firms
• A bipartisan group of U.S. Senators is considering potential ways to shore up Social Security, from raising the retirement age to 70 to creating a sovereign wealth fund

From there, we have several articles on practice management:

• How advisory firms can leverage their CRM software to run a more efficient practice
• Best practices for firms to consider when choosing training programs
• Why getting back to basics, particularly when it comes to decision making, can help firms overcome challenging market conditions

We also have a number of articles on wealth:

• What being ‘upper-middle class’ actually means in dollar terms
• Why many consumers overestimate the size of the nest egg they will need to have a comfortable retirement
• How advisors and clients might change their expectations for fixed-income investments as interest rates and yields have risen

We wrap up with three final articles, all about taking action:

• Why trying to live a life with ‘no regrets’ can hinder self-improvement
• Why it is important to not let major ‘events’ distract from the overall ‘journey’, whether it is an interpersonal relationship or a client’s retirement
• How a willingness to take imperfect actions can help drive advisory firm growth

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 the SEC’s proposed “Safeguarding Rule” would significantly increase the number of investment advisers deemed to have custody of client assets and increase paperwork requirements for advisers and qualified custodians, though the contours of a final regulation remain uncertain.

Also in industry news this week:

• Why the behavior of some TAMPs and investment advisers might have led the SEC to propose its new (and potentially burdensome) ‘outsourcing rule’
• Why independent broker-dealers could become major players in RIA M&A in the coming year

From there, we have several articles on advisor marketing:

• How to craft engaging calls to action on an advisory firm website
• Steps advisors can take to grow and manage an effective marketing email list
• 5 features that can make an advisor’s website a more valuable marketing tool

We also have a number of articles on tax planning:

• How advisors can help their clients avoid an IRS audit this tax season
• How major life changes, such as a move or a new job, can affect a client’s tax returns
• A review of the best tax preparation software tools for a variety of tax situations

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

• Why showing poise, the combination of style and substance, is often at the heart of a successful career
• Why it can be valuable to have “permission to suck” when it comes to trying new things
• Why a little bit of self-doubt can help individuals make better decisions

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 the SEC is proposing to expand the adviser custody rule beyond securities and funds to cover all assets in a client’s portfolio, including private securities, real estate, derivatives, and cryptoassets. Further, an investment adviser who can make trades on behalf of a client would be deemed to have custody of the client’s assets, which could substantively shift a very sizable portion of the wealth management RIA community under the custody rule, though it remains to be seen whether or what exact custody rule compliance requirements would be introduced for advisers who have custody through discretion but are still otherwise using third-party qualified custodians.

Also in industry news this week:

• A court ruling this week vacated Department of Labor guidance that a one-time rollover recommendation from a company plan to an IRA would trigger fiduciary duty requirements under ERISA
• Vanguard’s CEO this week indicated the firm plans to invest heavily in direct indexing amid the growing use cases for the strategy

From there, we have several articles on practice management:

• The tactics the most successful RIAs are using to attract and retain talent in the current tight labor market
• The practice management techniques that can help firms improve their long-term health rather than just short-term profits
• Recent advisor surveys suggest that while AUM remains the most commonly used advisor fee structure, an increasing number of firms are offering more than one fee model

We also have a number of articles on retirement planning:

• Survey data indicates that retirees are willing to be flexible with their spending, creating implications for retirement income planning
• How advisors can add value for clients by helping them make better Medicare decisions
• Why an advisor decided to buy an indexed universal life insurance policy for himself

We wrap up with three final articles, all about daily living:

• Why practicing gratitude can help one from overlooking some of the key influences of a happy life
• At a time when optimizing every minute of the day is in vogue, why focusing on just having “one good day” can be a more successful path
• How advisors can help clients avoid falling into a “deferred life plan” and make the most of their lives today

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 according to CFP Board leaders, “everything is on the table” when it comes to the organization’s announced competency standards review. Among others, one notable item that could be reviewed is the current certification requirement that a candidate must have attained at least a bachelor’s degree, which some observers have suggested limits the pool of potential CFP professionals at a time of high demand for advisor talent.

Also in industry news this week:

• The SEC this week released its 2023 examination priorities, which include its new marketing rule, Reg BI, and complicated investments
• The House of Representatives is considering legislation that would broaden the definition of who qualifies as an accredited investor and is potentially eyeing a role for financial advisors to help guide clients interested in private investments

From there, we have several articles on practice management:

• A structured approach firms can use to design a forward-looking org chart
• Why outsourcing certain operational tasks still requires ongoing work from firm employees
• How firms can get employee buy-in when making major business changes

We also have a number of articles on retirement planning:

• A study has found that retirement can lead to cognitive impairment, possibly as the result of reduced social engagement
• Why professionals might consider taking several mini-retirements throughout their careers
• A simple rule that can help individuals choose the best place to live

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

• Why internal meetings can be bad for both productivity and employee wellbeing, and how firms can make them better
• How one company benefited from canceling all meetings for an entire week
• Tactics firms can use to reduce the burden of meetings, from sending asynchronous videos to implementing ‘No-meeting Wednesdays’

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 the SEC has issued a risk alert outlining Reg BI-related deficiencies discovered during recent examinations of broker-dealers, from dual-registered advisors not clearly communicating whether they were acting as a commission-based broker or a fee-based investment adviser to firms failing to update their training and compliance systems to meet the requirements of Reg BI.

Also in industry news this week:

• Annuity sales hit record levels in 2022, possibly spurred on by volatile markets and rising interest rates
• A recent survey suggests that an overwhelming percentage of both employers sponsoring retirement plans and their employees are interested in receiving advice from financial advisors

From there, we have several articles on advisor marketing:

• How advisors can get more clients by devoting just two hours per month to marketing
• 5 research-backed tactics advisors can use to improve their marketing ROI
• How finding a ‘patient zero’ can help new firms market to their chosen niche

We also have a number of articles on investing:

• Why falling interest rates were not necessarily the key driver of investment returns during the past 25 years
• Why there might not be a rush among investors to fixed income investments, even as yields reach levels not seen in years
• While Indexed Universal Life policies have been insurance companies’ hottest products in recent years, economic headwinds and concerns about their utility could slow their growth

We wrap up with three final articles, all about Artificial Intelligence (AI):

• How AI could revolutionize a wide range of professions, from education to medicine
• How ChatGPT and other large language models can be used by investment professionals now and in the future
• How AI systems could both create greater efficiencies for human financial advisors and challenge current advisory business models in the years ahead

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 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!

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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!

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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!

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