Enjoy the current installment of "weekend reading for financial planners" - this week's reading kicks off with some turmoil between NAPFA and the CFP Board, which have split on the definition of "fee only" and created the awkward scenario where some "fee only" planners under NAPFA actually don't qualify as "fee only" CFP certificants.
From there, we have several practice management articles this week, including some ideas from Bob Veres about how to fix the industry's regulatory woes, some tasks to target for outsourcing in your firm, and a discussion of whether we need to reframe "succession planning" as "continuity planning" instead (to recognize that many advisors want a more continuous and ongoing role in the transition). We also have a few articles related to technology topics, including a look at how to make sure your client data is safe when you're using your laptop and mobile devices on (public) WiFi networks, and a nice summary of Susan Weiner's "Virtual Book Tour" with a long list of great articles on blogging for financial advisors (great tips whether you're thinking about getting started, or trying to get better).
There are also a few technical articles this week, including on from Ed Slott about the latest proposals for changes to retirement accounts under President Obama's budget (some beneficial for clients, some not so much), and another article about the rising specialty of helping clients through health care and health insurance issues in retirement.
We wrap up with three interesting final articles: the first is from the Research Puzzler blog, suggesting a fresh way to look at the active vs passive debate is to distinguish between "maximzers" and "satisficers" instead; the second about the concept of "negative selling" and reverse psychology, where sometimes clients are more engaged by telling them what they can't have than what they can; and an intriguing discussion by financial planning blogger Ronald Sier about the fact that in the end, most clients don't have financial goals, they have real world goals that have financial ramifications, and we as advisors need to adjust our conversations accordingly. Enjoy the reading!