Archives Of Weekend Reading For Financial Planners

Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with a striking new consumer survey showing that demand for automated investing is on the rise... and so is increased use of human financial advisors as well, as consumers (especially younger consumers) look to both automate what technology can automate and see the value of financial advisors that go beyond what technology alone can provide.

Also in the news this week is a call from the Foundation for Financial Planning that pro bono financial service should become a standard part of every CFP professional's life as a professional (suggesting the CFP Board implement a recommendation of 25 hours/year of pro bono service), and a new Fidelity study finding that 40% of advisors believe that switching firms will be easier than ever as digital adoption in the aftermath of the pandemic makes e-signature and digital onboarding (or digital signing of ACAT transfers!?) easier than ever.

From there, we have several articles on how COVID-19 continues to (re-)shape our world, from a look at how retirement will likely change in the aftermath of the pandemic (e.g., with 40% of COVID-related deaths occurring in long-term care facilities, will demand rise for more aging-in-place planning that doesn't require leaving the family homestead?), why annuity demand fell during the pandemic despite normally rising in times of market volatility (with indications that the annuity industry's reputation for problematic sales practices may finally be catching up to it even as interest in guaranteed income is on the rise), and a look at how the pandemic may permanently shift consumers to be more likely to use the internet to find a financial advisor (as the shift to the virtual world means it's no longer necessary to look locally for a financial advisor anymore?).

We've also included some articles on client communication this week, from a look at how younger clients are not eschewing financial advisors for technology tools and instead expect to meet with their advisors more often than retirees, to a discussion of how to better communicate with clients 'at scale' by grouping them together for common communication messages, and a broader look at how frequency and responsiveness of communication continue to be the #1 driver of client retention (not investment performance results!).

We wrap up with three interesting articles, all around the theme of trying to manage our time in a world where technology makes work seemingly ever-present: the first explores the phenomenon of "time confetti" where smartphone notifications break up our leisure time and make it feel less rewarding (such that even though we empirically have more leisure time than we did 50 years ago, it feels like far less!); the second looks at how the concept of the "morning routine" may be overpromising and underdelivering; and the last explores what it takes to have a "perfect" day of work, which in the end is all about focusing our time on the few tasks that have the highest and best impact, and really making them a priority to get done... because it always feels good to accomplish our best work in a way that meaningfully moves our business or career forward!

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 a look at what a Biden administration may mean given the increasing odds that the Senate will remain Republican (by winning just one of the two Georgia Senate run-offs), which could stymie major tax legislation from the White House but leaves the way clear for potential new fiduciary regulatory reforms for financial advisors (as a new SEC Chair or Department of Labor Secretary from the White House is all it takes to potentially queue up a new rulemaking process in the coming years).

Also in the news this week is a fresh Risk Alert from the SEC's Office of Compliance Inspections and Examinations highlighting that, as RIAs increasingly expand into multiple locations, they're not always implementing appropriate 'branch office' compliance oversight programs, and the CFP Board has published a new set of "sample" (consumer-tested) Engagement Letters that CFP certificants can use both to describe their services in plain language and also to meet the CFP Board's own new "Duty to Provide Information" obligation that took effect on June 30th.

From there, we have several practice management articles, from a look at how, despite the industry buzz of "consolidate or perish", that small independent advisory firms continue to thrive, and it's some of the largest advisor platforms that appear to be struggling to maintain their size (despite their scale!), to a reminder of the key areas of an advisory business that must be balanced in order to drive (sustainable) growth, and a good discussion of what a COO actually does in a growing advisory firm that has more than 10 employees (and requires an additional level of infrastructure and management to keep the firm organized).

We've also included some articles on client communication this week, from some suggestions on questions to ask new (or prospective) clients to help deepen the relationship, tips on how to make virtual client meetings more collaborative (by not just screen-sharing but creating visuals that the advisor and client can collaboratively fill out and complete), and a good reminder that even though the work-from-home environment may feel more casual it's still important to remember that clients can see you (at least when the video is on!) and that putting together a professional look still matters in a professional services business.

We wrap up with three interesting articles, all around the theme of the ongoing challenges for both teams, businesses, and individuals continuing to work from home: the first explores how effective team communication in a virtual environment is all about "bursty" communication (with concentrated groups of meetings, followed by blocks of focus time); the second explores the ongoing challenge of loneliness when working from home for extended periods of time; and the last looks at what some businesses are starting to do now to head off the growing concern of work-from-home burnout, from 'spontaneous' 3-day weekends to allowing team members the option for 30-hour work weeks or simply having "self-care" days where it's required to turn the computer/laptop off, step away, and unplug from the home office that is otherwise so hard to disconnect from when it's right there in the house!

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Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that a prospective win for presidential candidate Biden may cause regulatory reform of financial advice to become an issue once again in 2021, as a new administration may seek to reign back the expansion of advice at broker-dealers that was permitted by this year's introduction of Regulation Best Interest (or at least, may more actively enforce Reg BI against broker-dealers that overstep the line when switching their RIA and broker-dealer hats).

Also in the news this week is the announcement that Canadian RIA aggregator, CI Financial, is considering a potential public listing on the New York Stock Exchange in what could become the second publicly traded RIA aggregator (alongside Focus Financial) in yet another wave of new buying activity for advisory firm acquisitions (potentially pushing already-record RIA valuations even higher in the coming years?), and a look at recent InvestmentNews Research data showing just how dramatic the shift to independence has been, as both independent broker-dealers and RIAs continue to gain nearly 1,000 new advisors per year from wirehouses, insurance broker-dealers, and banks.

From there, we have several practice management articles all around the theme of leveraging staff hires, from the importance of creating a vision of the firm's future org chart when it grows to better visualize what the next hires should be to keep the growth moving forward, to the benefits of hiring service-minded advisors (in lieu of rainmakers) to scale an advisory firm, and some tips on how to successfully transition existing clients to service-minded advisors without undercutting their credibility.

We've also included some marketing articles this week: a look at some advisory firms that are doing content marketing well, and what they're actually doing that makes it work; a review of 10 advisor websites that are especially appealing, and what they are doing to make the content, design, and messaging so effective at connecting with the prospects they're looking to attract; and some suggestions on advisor marketing strategies that are actually working in the age of social distancing.

We wrap up with three interesting articles, all around the theme of leveraging one's time and efficiency: the first is a look at why Inbox Zero may not be something to aspire to, as being efficient with email can still misfocus an advisor's time on the tasks that don't really matter most; the second explores the challenge of "hoarding" to-dos and the compulsion we sometimes have to keep and check off everything... instead of focusing on just checking off the tasks that truly matter the most; and the last provides some valuable tips to overcome the tendency as financial advisors in a service-minded profession who just want to help people of saying "yes" to everything, because in the end we still only have so much time and have to learn to say "no" to helping everyone in order to have the most positive impact on those we can help the most.

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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 is considering a new round of retirement legislation, dubbed the "Securing A Strong Retirement Act" or simply "SECURE Act 2.0" on the heels of last year's 2019 SECURE Act legislation, which could be passed in the lame duck Congressional session this December with a wide range of new benefits (from allowing QCDs from IRAs to be contributed to a charitable remainder trust, to increasing the RMD age yet again to age 75).

Also in the news this week is a rising discussion of new estate planning strategies that may become popular in the last 2 months of the year if there is a "blue wave" on election day (given looming discussions of proposed upper-income tax increases from the Biden campaign), and a recent Dalbar study finding that 83% of investors agreed that their account balance is higher today because of the help of their advisor during the crisis and 9-in-10 investors reported a slight or significant increase in confidence and trust in their advisor (and being more likely to retain their advisor) in the aftermath of the pandemic

From there, we have a few sales-related articles, including why it's so important for financial advisors to tell their own personal story of why they're an advisor in order to deepen a relationship with prospective clients, what to say and how to try to recover if you unwittingly put your foot in your mouth in the midst of a meeting with a new prospect, and why even advice-centric firms may still need to consider establishing sales quotas on business development to create a culture of accountability around growth (or risk being acquired and subsumed by other advisory firms growing faster because they have figured out how to do so).

We've also included a number of practice management articles, from a look at the ongoing rise of incorporating legal and/or accounting services into advisory firms (and some of the complexities that arise), the announcement that eMoney Advisor is piloting an outsourced paraplanner solution to help firms with the back-office work of actually creating their financial plans (so advisors can focus on client meetings), and some tips on how to delegate - what to keep doing and what should be delegated - to focus an advisor's time into its highest and best use.

We wrap up with three interesting articles, all around the theme of financial literacy: the first explores how, finally, financial education is starting to be incorporated more into college campuses as the ability to navigate the financial system is itself becoming an essential life skill in the modern era; the second explores how, despite the obvious appeal of financial literacy, the actual results of providing more broad-based financial education are mixed at best, and that 'just-in-time' focused education when needed most may be more relevant for individuals; and the last explores how to make financial literacy and personal finance more fun, by getting away from jargoned explanations of technical topics (e.g., what is life insurance and how does it work), and instead focusing on more entertaining and relevant ways to teach key financial concepts (e.g., why is life insurance appropriate for Homer Simpson but not Batman!?).

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Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with a new consumer research survey from Cerulli, finding that consumer willingness to pay for financial advice is at an all-time high, as the pandemic has increased demand for financial advisors and shifting business models are providing consumers new ways to engage with a financial advisor on a fee-for-service basis (even if they don't have a portfolio to manage or a need for a particular financial services product).

Also in the news this week is an AssetMark study finding that while many financial advisors have been happy with their advisory relationship through the pandemic, many are not (and the biggest driver appears to be the extent to which the advisory firm has implemented virtual meeting tools to communicate with and stay connected to the client), and another Cerulli study finding that advisory firms that are heavier adopters of technology average almost twice the size of "light" technology users and are almost 60% more likely to have very affluent clients.

From there, we have a few marketing-related articles, including a discussion of how some advisory firms are adapting to remote business development, a series of 21 "virtual marketing" ideas (from virtual wine tasting events to virtual games nights with clients and prospects), and a discussion of the striking parallels between fishing and prospecting for advisors (including a focus on trying to reel in leads as soon as they bite, and recognizing that often the most important driver of the outcome is simply figuring out the right location to fish and focus your efforts in the first place!).

We've also included a number of practice management articles, including a look at how (and why it's so important) to hire for skills and not necessarily years of experience, the "Hawthorne effect" that often employees just want to know that management is watching and cares what's going on (more than any particular intervention they may try to boost productivity), and a powerful reminder that even in client-centric fiduciary advice businesses it's the team that should come first (and not clients).

We wrap up with three interesting articles, all around the theme of the ongoing evolution of financial planning itself: the first looks at how the nature of financial planning advice may be (permanently) changed by the pandemic; the second explores how the ongoing rise of financial services (including financial planning advice) in the employer workplace channel as an extension of how employers are already so financially connected to their employees (by the paycheck); and the last examines whether financial planning as a profession is doing enough to live up to its "implied promise" to always be there for clients and help them through the most challenging and often highly emotional times... which matters more than ever as we navigate through the pandemic.

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Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with a new survey finding that, despite the turmoil of the pandemic and its disruption for the business activities (including the marketing) of advisory firms, 71% of advisors are now reporting that they have more clients than they did before the coronavirus pandemic broke out... a remarkably fast recovery and turnaround (coinciding with the sharp V-shaped recovery of the markets themselves in March), and far different from the more protracted decline and recovery that the typical advisory firm faced after the 2008-2009 financial crisis.

Also in the news this week is the latest Putnam Social Advisor study that, not surprisingly, shows a significant uptick in the advisor use of social media as traditional marketing channels have struggled (with the average advisor in the survey who uses social media reporting $7M of new assets from social media channels in 2020, up from just $2.4M on average in 2019), and the latest Schwab benchmarking survey finding that despite all the hand-wringing that small RIAs are 'doomed' and cannot compete without consolidation, that in practice the average RIA with <$100M of AUM saw slightly more revenue and client growth than larger RIAs (at 7.7% and 4.6%/year, respectively, for smaller firms, compared to 7.4% and 4.4% for larger RIAs) and had better retention (at 97.5% for small RIAs, compared to 96.5% retention rates for larger firms).

From there, we have several articles on broader industry trends, including a look at the ongoing consolidation of TAMPs (which unlike advisory firms themselves, really do appear to be in need of mergers for greater size and better economies of scale to survive), the shift in broker-dealer approaches to advisor grid compensation as advisory firms focus less on just new client production but also on the quality of service and relationships of existing clients as well (which grid payouts historically did not compensate as well), and the extent to which permanent life insurance has actually declined over the past 25 years (with insurers holding nearly 10% of household wealth in 1995, but only 4% today, while the use of mutual funds and retirement accounts have exploded upwards).

We've also included a number of tax and retirement-related articles on new government guidance, including an update on the 'simplified' forgiveness application process for small businesses that took out less than $50,000 in PPP loans, new SECURE Act guidance on everything from coordinating post-age-70-1/2 contributions and QCDs to exactly what it takes to qualify for the new "Qualified Birth Or Adoption" exception to the early withdrawal penalty, and new guidance on Pooled Employer Plans (PEPs) that may soon become available as a tool in the toolbox for advisory firms with a large number of small business owner clients.

We wrap up with three interesting articles, all around the theme of finding more energy and feeling fulfilled in our own work as advisors: the first examines why it's so important to take breaks every day (and how to structure your breaks to best maximize replenishing your energy); the second looks at the challenges of keeping up social connections in the workplace when you're in a position of leadership (i.e., "why it's so lonely at the top"!); and the last explores recent new research on financial advisors themselves and what makes us feel fulfilled (or not) at the firms we work for, where technology is now the leading frustration while growth opportunities and like-minded leadership are the biggest drivers of retention.

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 barely 2 months after Charles Schwab made waves by offering (MoneyGuidePro) financial planning software directly to their consumer clients for free, Bank of America is launching a similar solution, dubbed "Life Plan", that will be made available to their clients directly and provide them the opportunity to create and track progress towards their own goals (and then contact a Bank of America/Merrill Lynch human financial advisor if they want further advice).

Also in the news this week is the official closing of the "Schwabitrade" merger of Charles Schwab and TD Ameritrade (but only the beginning of what is anticipated to be an 18 - 36 month integration process, and many open questions about exactly what TDA software and systems will remain, or not), and the revelation that Goldman Sachs has been quietly recruiting talent for what appears to be its own soon-to-be-launched RIA custody offering on the back of its recent Folio Financial RIA custodial acquisition earlier this summer.

From there, we have several investment articles this week, including the news that Morgan Stanley is acquiring mutual fund manager Eaton Vance as the consolidation of asset managers continues (though the real story may be the fact that more than half of Eaton Vance assets are in Parametric's 'direct indexing' and ESG-customized portfolios as the 'next big thing' after mutual funds?), a recent industry survey finding that while only a small segment of clients are focused on ESG investing the ones who are appear to be far more likely to refer their financial advisor (who delivers well on social investing) to their own friends and family, and a recent investing poll finding that while new investing apps like Robinhood and Acorns have been highly controversial they may be single-handedly cutting the racial and age gaps in individual stock ownership (albeit with a concerning about of leverage and margin investing!).

We've also included a number of articles on the challenging theme of customization and personalization in the digitally based pandemic era, including a fresh look at how you scale the "special" of your advisory firm while maintaining personalization (hint: instead of providing customized advice for each different client, create a customized advice process for a unique type of client and then focus on serving that differentiated clientele), what it takes to create intimacy in a digital world (hint: it's all about personal connection), and the real-world challenges that remain in trying to create intimacy in a virtual environment (and why the future of the financial advice business may be all about the things that we can uniquely only do in an in-person relationship).

We wrap up with three interesting articles, all around the theme of learning and new ideas: the first looks at how new ideas and innovation occur within a business, where it's not enough to have a visionary or 'genius' who can create new ideas, but also the social 'butterflies' who help propagate new ideas across the company so they're actually implemented; the second explores a new research study finding that we're far more likely to learn lessons from our experiences when we control the decision about which path to pursue in the first place; and the last examines the awkwardness of feeling like a "noob" (newbie) when trying something out for the first time, and why even though it's natural to want to avoid those feelings of awkward "noobness", that in the end the only way we ever improve is to create (and then push through) those feelings of awkwardness on the path to learning something new!

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 announcement that the CFP Board is 'updating and modernizing' its governance structure as an organization, including a revision to its Board terms, and more significantly, an expansion of the Board's role in both enterprise risk management (after the CFP Board's recent PR woes with Wall Street Journal exposes) and enforcement of the new Code and Standards (a further signal the CFP Board intends to further its enforcement efforts of its new standards in the years to come, and perhaps finally begin to clean up its own bad apples?).

Also in the news this week is the announcement that the "Schwabitrade" merger has received its final clearance (from the Federal Reserve, given the sheer size of its affiliated-bank business) with the deal anticipated to close in the coming week (but will still take until as late as 2023 to actually complete the merger integration process), and the revelation that, while most RIAs have been in "wait-and-see" mode about the outcome of the merger, that mega-RIA Edelman Financial has already begun an RFP process to solicit competing RIA custodians to bid for its $30B AUM business (for which the rumored leading contender is lesser-known-but-more-tech-savvy Apex Clearing).

From there, we have several articles on recent regulatory issues for advisors, including the rise of "credential stuffing" where hackers don't try to brute force their way through advisors' passwords but instead find already-exposed passwords from other website hacks and try to use them on the advisor's business websites (which makes it all the more important to regularly change passwords, use different passwords for different websites, and/or enable multi-factor authentication so a compromised password alone is no longer enough for hackers to get through), how the rise of fee-based annuities and advisors extracting AUM fees to manage them may now be permitted by the IRS for tax purposes but could still require an additional (and often not obtained) insurance consultant's license from the state, and why advisors who are managing clients' 529 college savings accounts need to be certain to check the right boxes (literally, on Form ADV) but in most cases still should not be claiming their clients' 529 plans as part of their "Assets Under Management" for regulatory reporting purposes.

We've also included a number of articles on the theme of how advisory firms name and market themselves, including a small study that analyzed how often RIAs today are still marketing with the "fiduciary" label now that Regulation Best Interest has obscured the difference between fiduciary RIAs and broker-dealers (answer: less than 1/3rd of RIAs studied even note that they're fiduciaries on their homepage now), a second that looks at how advisory firms are overwhelmingly using 'generic' names (e.g., "Capital Management", "Wealth Management", "Partners", etc.) and may be amplifying their differentiation challenges, and some tips for advisory firms that are looking to establish a new firm name (either for the first time or as a name change) about what to consider.

We wrap up with three interesting articles, all around the theme of financial planning's pathway to finally becoming a bona fide recognized profession: the first explores what are the 'traditional' hallmarks of a distinct profession; the second examines whether the industry currently has the right regulatory and oversight structure to become a profession; and the last explores the CFP Board's recent efforts to begin developing a "roadmap to profession" for financial planning, and why it may still take a long time to truly achieve recognized "profession" status (and what we collectively must do to get there!).

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 a striking new study from state regulators finding that broker-dealers are drastically more likely to recommend 'complex' investment products than RIAs (from being 2X more likely to use leveraged and inverse ETFs, to 8X more likely to recommend variable annuities, and 9X more likely to use non-traded REITs), raising questions of whether or how the newly implemented Regulation Best Interest will actually change such tendencies or not (which NASAA is preparing to measure with a follow-up study in early 2021).

Also in the news this week is news that FINRA is preparing new Regulation Best Interest guidance as initial broker-dealer exams reveal where firms are doing well and where they're still struggling to implement, and a new industry study that finds the Department of Labor's 2015 fiduciary rule really was reducing the cost of annuity products for consumers while not limiting access to financial advice for small investors (at least for the limited time window it was in effect before the product manufacturing and distribution companies successfully sued to have it vacated anyway).

From there, we have several articles on the ongoing rise of new lower-cost annuity solutions, including a fresh look at how Single Premium Immediate Annuities compare to bonds in today's low-interest-rate environment, when it pays to wait to buy an annuity to avoid 'locking in' today's low interest rates (and how far and fast rates must rise to actually benefit), and how a new wave of no-commission annuities are being developed by annuity companies after a major new Private Letter Ruling last year that allows RIAs to bill their AUM fees from the products directly (but are still struggling with the technology integrations necessary for RIAs to execute annuities in their client portfolios at scale).

We've also included a number of client communication articles this week, from a reminder that helping panicking clients starts with first acknowledging that it's normal to panic during turbulent times (rather than telling clients to 'calm down'), to a look at how Financial Therapy is gaining more and more attention as a complement to (and facilitator for implementing) financial advice in the pandemic environment, and a look at how clients will rarely change their behavior until their advisor understands and helps them to change their own financial stories first.

We wrap up with three interesting articles, all around the theme of how to maintain a cohesive work environment in the midst of what is now becoming a long-term work-from-home world: the first looks at how introducing a "virtual commute" can help us to more effectively transition from our home life to our work life (and back again); the second looks at the techniques that companies are implementing to maintain their office cultures in an online/virtual world (from internal video podcasts to virtual team-building exercises); and the last looks at how technology tools themselves are being reshaped in how they are used to maintain a strong office culture in a world where it's unclear when we'll be returning to our offices (or if we ever will for at least some firms!?).

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 despite concerns from fiduciary advocates that the Department of Labor's new "fiduciary" rule will undermine consumer protections by allowing "fiduciary commissions", the annuity industry is mounting a challenge to the rule out of a concern that it is still too stringent in attaching a higher standard of care to sales of annuities into IRA rollovers, raising the question of whether a final rule will be issued in the coming months or not (and if it is, whether it will again be challenged and struck down as the last DoL fiduciary rule was).

Also in the news this week are some interesting new industry studies, including a look at the growing interest from industry providers to gain adoption of Health Savings Accounts amongst financial advisors to use as a supplemental retirement savings account for more affluent clientele, and another study finding that 44% of investors (and 68% of Millennials) would consider switching away from an advisor who did not align with their political views (stoking fears amongst some advisors that political discussions will cause lost clients, but signaling an opportunity for others that being more upfront about the advisor's politics can actually better bind clients who share similar political views).

From there, we have a few articles on industry trends around advisor platforms, including a veritable explosion of new recruiting efforts from broker-dealers that have transitioned to virtual recruiting (as it's now easier to vet a new platform from the comfort of your home office!?), the ongoing tension that RIAs face in choosing which RIA custodian on whom they both depend and may compete with (as the Schwab-TD Ameritrade merger creates a veritable oligopoly of mega providers), and the options for advisors to consider if they don't have enough in assets under management to affiliate with one of the mega RIA custodians.

We've also included a number of marketing articles this week, from a look at how anticipated SEC revisions to the advertising and (anti-)testimonial rules could create an upheaval in advisor marketing in 2021, how "expertise marketing" is different than traditional advisor marketing and is all about finding synergies that build compounding marketing momentum over time, and why it's so important to consider the Client's "Lifetime Value" and not just the top-line revenue growth of the firm to understand the health of an advisory firm and its marketing efforts.

We wrap up with three interesting articles, all around the theme of what clients really want from the advisor-client relationship: the first explores a recent Spectrem Group study that finds, despite the rise of robo-advisors and more and more online technology, that more consumers are relying on financial advisors now than in the aftermath of the financial crisis a decade ago (though at the same time, there has also been an uptick in self-directed investors relying on increasingly sophisticated technology solutions); the second provides an interesting perspective from the client's point of view (literally, written by a client who has had many financial advisors over the years) on what really matters when it comes to client retention; and the last recaps a keynote session from this week's Morningstar conference about how the future of the financial advice industry is changing, where the AUM model and in-person meetings won't vanish, but a growing range of virtual meetings and non-AUM fee-for-service business models are opening new doors of opportunity to grow advisory businesses!

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