Search results for: "asset location"

Enjoy the current installment of "weekend reading for financial planners" - this week's issue is focused on articles about practice management, career development, and technology, and kicks off with a discussion from industry commentator Bob Veres about advisor fee models, particularly the AUM fee model, and how many are looking at changing and evolving beyond an AUM-centric business focus.

From there, we have a number of practice management articles, including a discussion of whether advisors are increasingly "stealing" clients from others in order to grow, how many succession planning deals are actually poorly structured and priced, and the importance of having a career track in your firm to attract and retain talent (and potential future successors!).

There are also a number of technology-related articles, including a review of new digital content marketing services Vestorly and AdvisorDeck, a review of financial planning software eMoney Advisor and how it can also serve as a personal financial management tool for clients, the importance of adopting rebalancing software, the viability of using cloud-based office productivity software like Microsoft Office 365 or Google Apps, and how to balance the benefits of marketing automation with the importance of personalized service.

We wrap up with three final articles: the first is from Angie Herbers and looks at how relinquishing some control to employees is crucial for staff (and ultimately the firm itself) to grow and develop; the second is a case study discussion of the XCelsior study group as an example of the importance and value of being involved with a study group; and the last looks at how clients in the future will have different needs and expectations of their advisor than the baby boomers of the past, and that becoming a "Gen-Savvy Financial Advisor" in order to succeed may require not just an evolution for advisors but an entire revolution from the way things are currently done. Enjoy the reading!

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Enjoy the current installment of "weekend reading for financial planners" - this week's issue starts off with a summary of some of the final comment letters submitted regarding the SEC's request for information for a cost-benefit analysis about a uniform fiduciary standard. Why industry organizations like SIFMA and NAIFA indicated that a fiduciary standard would significantly increase compliance costs and force advisors to stop serving middle market clients, the results of a Financial Planning Coalition study found that fiduciary advisors generate significantly more revenue - suggesting that revenue growth could more than offset any higher costs - and that there are no statistically significant differences between the number of middle-market clients that fiduciary vs non-fiduciary advisors currently serve.

From there, we have a wide array of technical articles, including: a discussion of the ongoing Commission on Long-Term Care established by the American Taxpayer Relief Act to propose structural solutions to the country's long-term care challenges; a great overview of the coming new health insurance rules and how to start planning for them; a discussion of the importance of disability insurance for both clients and advisors themselves; a look from Ed Slott at how the Net Unrealized Appreciation strategy may be a little less appealing at today's long-term capital gains tax rates; and an intriguing analysis by Moshe Milevsky that in some circumstances equity-indexed annuities with guaranteed living benefit riders might actually produce slightly more income than a simple single-premium immediate annuity.

There are also a number of investment-related articles this week, from a review of recent applied research by Harold Evensky in the Journal of Financial Planning, to a discussion by Bob Veres of five new investment approaches being implemented by advisors that appear to have value, to a look at whether it's time to acknowledge that the efficient frontier of mean-variance optimization is more like an efficient "range" because ultimately neither the inputs to the model nor the preferences of investors are really as precise as a strict interpretation of Modern Portfolio Theory implies. There's also a good review of the recent Active Share research and why "hyperactively managed" funds may be best outperformers of all actively managed funds.

We wrap up with an article from industry veteran and luminary Richard Wagner, who suggests that financial planning could become the most important profession of the 21st century, as we human beings collectively become increasingly cognizant of the powerful role that money exerts in our lives, and the unique contribution that financial planners can bring to the table in helping clients to navigate those forces effectively. Enjoy the reading!

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Enjoy the current installment of "weekend reading for financial planners" - this week's issue kicks off with three interesting practice management articles: the first suggests it may be time for advisors to re-evaluate the value of serving smaller clients, who PriceMetrix finds are 108 times more likely to leave their advisor than become a large client while with the same advisor; the second looks at the tendency for advisors (even/especially fiduciary RIAs) to selectively discuss/disclose their fees but not fully explain all underlying fees; and the third examines the emerging trend towards financial advisory firms engaging in mergers and acquisitions to grow and reach scale.

From there, we have a wide array of technical articles, including: a look at fascinating new research that suggests that immediate annuities may be far less effective than previously posited due to how they are impacted by unexpected client health events; new estate planning trusts that focus more on the income tax opportunities at death (e.g., step-up in basis) rather than avoiding estate taxes; the implications of this week's announcement to delay the employer mandate for the Affordable Care Act; important things to know about the new state health insurance exchanges (which are still scheduled to open up in October!); how to plan for Social Security dependent benefits and why it's not always a good idea to delay until you're age 70; and the latest from PIMCO's Bill Gross about how the rising turmoil in bonds may be troubling but it's not time to abandon ship.

We wrap up with three final articles that look a bit more inward: the first is from the Farnam Street blog and provides tips about how to quickly build rapport with someone when meeting for the first time (e.g., a prospective client!); the second is an introspective look from the Wall Street Journal's Jason Zweig about the challenges of saving investors from themselves and why it's a worthwhile effort to pursue anyway; and the last delves into some of the latest research about the connections between money and happiness and how to utilize more money to ensure it really brings more happiness. Enjoy the reading!

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Enjoy the current installment of "weekend reading for financial planners" - this week's issue starts off with a discussion of the CFP Board's decision to issue a Letter of Admonition to its former board president Alan Goldfarb, tying to the fact that Goldfarb indicated he was a "fee-only" advisor even though he had a 1% ownership interest in a broker-dealer (though his clients only paid him directly via fees).

Beyond that, there are several practice management articles this week, including a profile of some newer advisors and how they're growing their business in a world where cold calling is dead, a discussion of how to transition your business from a generalist practice to one focused on a specialized niche in a world where specialists in various professions tend to make far more money than generalists, some ideas about how to identify good prospective rainmakers to hire and promote for your firm, a discussion of whether the boomers vs Gen X/Gen Y gap may be less about the failings of younger advisors and more about the fact that they simply approach the world differently, and some tips to taking advantage of the slower summer season to review and update your firm's technology.

From there, we have several more technical articles, including a Journal of Financial Planning article that provides a nice review of semivariance/semideviation and downside portfolio risk measures, a discussion of health care planning for retirees, and tips to establish "incentive" trusts like a financial skills trust or business skill trust that will encourage the beneficiaries towards certain behaviors by incentivizing the desired results.

We wrap up with three final articles that look a bit more inward: the first is from Angie Herbers and suggests that while advisors often tackle bad "financial enabling" behaviors in their clients the advisors themselves are often enablers in how they structure compensation and give raises to their staff; the second is from Mark Tibergien, and looks at how, because the best motivation is ultimately internally driven, it's important not to rely too much on just designing incentives to build a successful business but instead its better to focus on building an environment where motivated staff can be successful and flourish; and the last is from Carl Richards, who makes the important point that while it's crucial for financial planners to help clients weigh trade-offs, including complex decisions that have both financial and personal values consequences, it's equally crucial for planners not to impose their own value system and judgement on client decisions and instead let them come to their own conclusions. Enjoy the reading!

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Enjoy the current installment of "weekend reading for financial planners" - this week's issue starts off with a great article by Texas Tech professor Michael Finke, who tackles the challenging question of whether financial planning is more art or science, concluding that while it may not be all science, financial planners should probably be incorporating a lot more science than is typically done today.

Beyond that, there are a number of articles about technology for advisors this week, including a review by Bill Winterberg of using live chat systems on your website for communication with prospects and clients, reviews by Joel Bruckenstein of portfolio tool Chaikin Analytics for iPad and separately the cloud-based virtual desktop solution External IT being rolled out by Fidelity Institutional Wealth Services. There's also a review of some of the interesting tech companies that were seen earlier this Spring at the Finovate conference for financial services tech innovation, and a look at some of the recent data from the InvestmentNews 2013 Advisor Technology Study revealing that "innovator" firms that aggressively adopt technology are showing gains in everything from revenue and profits to valuations and easier succession planning.

From there, we have several articles specifically looking at some of the challenges that insurance companies are facing these days, from a new warning that some insurers many be less secure than they appear due to a "shadow insurance" loophole where they are reinsuring themselves with their own subsidies, to a subset of long-term care insurance companies that have been creating a lot of claims hassles with fine print and red tape, to the recent announcement by The Hartford that it will force a large swath of existing variable-annuity-with-income-rider policyowners to effectively renew what was supposed to be a lifetime guarantee or it will be cancelled.

We wrap up with three final articles: the first is from Angie Herbers and suggests that perhaps the "slow to hire and quick to fire" management practice is not really the best approach; the second is a good reminder that even as the world goes more digital, it is important not to forget the human beings at the other end of your business; and the last provides an important reminder that while the facts about why clients should work with us are important that it's ultimately the emotional connections we make that lead to real trust. Enjoy the reading!

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