Enjoy the current installment of "weekend reading for financial planners" - this week's edition kicks off with a recent Guidance Update from the SEC about cybersecurity, suggesting that the regulator is increasingly concerned about whether RIAs are properly stepping up to their obligations to protect client data and whether they are really prepared to deal with a potential data breach.
From there, we have several technical planning articles this week, from a look at how clients might need to update the gifting provisions in their Power of Attorney documents in light of current Federal gift/estate tax exemptions, to the growing trend of "Impact Investing" for especially higher-net-worth clients, tips for how to utilize family resources when a child or grandchild is going to college while minimizing any adverse impact on financial aid, and a roundtable interview on the current issues advisors should be thinking about when it comes to health insurance and the new health insurance exchanges.
We also have a couple of practice management articles, including: the differences in how top RIAs do marketing compared to their peers; the challenges that advisory firm owners/founders face as the business continues to grow; a look at how mega-accounting firm Deloitte is revamping its system of managing employee performance and reviews (with lessons for us all about how to better manage employees); and a look at technology tools that may be helpful for advisors trying to revamp their online presence from website to social media and more.
We wrap up with three interesting articles: the first is commentary from FPA NexGen President-Elect Rianka Dorsinvail about how advisory firms should think about hiring and retaining young talent; the second is a profile of Apex Clearing, the platform that has powered most "robo-advisor" start-ups in the past several years and is now looking to offer its tools more directly to traditional RIAs as well; and the last is a sad reminder that as clients age, financial decision-making capacity is often one of the first things to go, which makes it especially important for advisors to be watchful as the first line of defense... and have a plan in place about how to contact other family members for support, should it become necessary to do so.
And be certain to check out Bill Winterberg's "Bits & Bytes" video on the latest in advisor tech news at the end, including the latest from the Shareholders Service Group (SSG) conference, a partnership between Orion Advisor Services and Jemstep Advisor Pro, and the latest from the SEC on cybersecurity issues for advisors.
Enjoy the reading!