FP+Careers - Part 11

Announcing Expanded IAR CE And Price Updates And The State Of The (Nerd’s Eye View) Blog

December 12, 2022 07:04 am 0 Comments CATEGORY: Nerd's Eye View

Financial advisors have had to navigate many challenges in 2022, from an inflationary environment, the likes of which we have not experienced in decades, to weak stock and bond market performance. Here at Kitces.com, we have sought to provide advisors with the insights and education they need to help their clients (and their firms) navigate these uncertain conditions, from blog posts and podcasts on these trending topics to the continued expansion of our Kitces Courses and our popular monthly Office Hours and webinars.

Earlier this year, we introduced our own Investment Adviser Representative (IAR) CE programs that allow those in the growing number of states that have adopted the NASAA Model Rule to meet their 12 hours/year CE requirement. Combined with the continued availability of CE credit for CFP certification, CPA and EA licenses, and various Investment & Wealth Institute (IWI) and American College designations, Kitces Premier Members have a wide variety of opportunities to fulfill their CE requirements.

To keep pace with the current inflationary environment (which also comes with a new CFP Board fee for CE credits and rising staff costs), the Kitces Members Section will be implementing a concomitant $20/year increase in its annual membership fee for Premier Members in 2023, from $149/year to $169/year (the first increase in 3 years!). In addition, Kitces.com will be required to collect a new $36/year “IAR CE Reporting Fee” from advisers who choose to earn IAR CE with Kitces.com to cover the new mandatory reporting costs being imposed on CE providers reporting CE credits completed by IARs.

Notably, as part of the pricing change, we will be making significant investments into the back end of the Kitces platform on behalf of members as well, including hiring a new Senior Director of Platform and Product, who will lead our 2 full-time developers in a significant overhaul of the underlying architecture of the site, to make it faster and easier to navigate in the year(s) to come! We will also be hiring a new Director of Advisor Education, Instructional DesigNerd, and Director of Advisor research soon to support our efforts to provide the best educational content for Advicers. Advisors can also look forward to the release of our newest Kitces Course, “How To Review Insurance Documents To Ensure Clients Understand Their Risk And Address Gaps In Their Coverage” in early 2023, and can take a look at new investments in our AdvisorTech Directory, including the addition of AdvisorTech Satisfaction scores and Integration scores.

In 2023, Kitces Premier Members will also get to experience new formats for our monthly Office Hours sessions, which will include “Software Showcases” to help advisors select between tools in key AdvisorTech categories, as well as “Advisor Makeover” sessions, where industry consultants and I will give advisors real-time feedback on their websites, pricing, firm finances, compensation structures and more!

Ultimately, though, we are still just getting going with the ongoing growth of the Kitces platform as we continue to execute on providing Advicers with relevant content across our 4 strategic pillars: Navigation, Education, Research, and Development (and yes, our organizational strategy really does spell out N-E-R-D!). All in pursuit of our mission: Making Financial Advicers Better, And More Successful. I hope you’ll continue the journey along with us in 2023 and beyond!

#FA Success Ep 310: Filtering Down To The Most Impact-Weighted Work To Scale Client Value, With Natalie Taylor

December 6, 2022 07:03 am 0 Comments CATEGORY: Financial Advisor Success Podcast

Natalie Taylor Podcast Featured Image FAS

Welcome back to the 310th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Natalie Taylor. Natalie is the owner of Natalie Taylor Consulting Services, an independent virtual RIA, and is also the Head of Financial Advice for Monarch Money, a personal financial management tool that helps consumers track their spending and net worth over time.

What's unique about Natalie, though, is how, during her years of working for a FinTech company, she realized that providing valuable financial advice that is more affordable for the masses ultimately requires collecting only the data, and delivering only the advice, that will provide the greatest amount of impact and value to the client… and filtering out the rest that just isn’t cost-effective advice for the end consumer.

In this episode, we talk in-depth about how, while working for LearnVest, Natalie realized that their financial advisors were much more limited by the constraints of data, time, and fees, than the traditional advisor, which inspired her to develop a framework that focuses on providing only the most impactful financial advice to help clients move forward right now, how while also working at LearnVest, Natalie developed a ‘brand voice guide’ to help all of their advisors communicate advice to clients more consistently, that revolved around 5 principles for advisors to implement during the advice delivery process (including “be the Coach”, “be the Expert”, “be the Cheerleader”, “wide lens/narrow lens”, and “listen and direct”), and how the acquisition of LearnVest by a large financial services company, and the repurposing of its technology tools, ultimately led to Natalie leaving and having to dismantle the advice offering she originally helped build and develop.

We also talk about how, in the early stages of Natalie’s career, she felt that as a young advisor she was not prepared to give advice at the level of an expert and instead switched firms to work with a mentor who recognized her talents and gave her more opportunities to work with higher caliber clients (and really build her confidence with them), how, after leaving LearnVest, Natalie focused on speaking engagements and consulting but reached a crossroads as she recognized she missed the type of direct impact she had for clients in her previous roles that doesn’t come from consulting alone, and how Natalie realized that she did not have to choose between her desire to provide a breadth of impact through a FinTech or a depth of impact with personal financial planning and instead chose to do both, by splitting her time between the launch of her own independent RIA while simultaneously joining a personal financial management tool company, Monarch Money, as the head of financial advice where she could help them systematize advice for the masses.

And be certain to listen to the end, where Natalie shares how working in FinTech and at an RIA helped her understand how important it is to balance between advice that is exact and solutions that may not be as ideal but helps the client actually move forward and take the next positive step, why Natalie believes it is important for newer, younger advisors to not get discouraged by the uncertainty of career paths and instead concentrate on getting clear on what values are important to them and using those values as a filter to find the next steps on their paths, and why Natalie believes the key to her success stems from developing her own personal list of 6 core values that she and her husband use to filter their major family and career decisions… and review each year to ensure the ongoing decisions they are making are still in alignment with what is really most important to them, and can keep propelling them forward in their careers and their lives.

So, whether you’re interested in learning about how Natalie dealt with having to dismantle the FinTech she helped develop, why Natalie ultimately decided to work simultaneously for a FinTech company and her own RIA, or why Natalie focuses her work on the meaningful impact she can provide in her clients’ lives, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Natalie Taylor.

#FA Success Ep 309: Leveraging Structured Notes To Differentiate A Highly-Leveraged $300M Solo Practice, With Anh Tran

November 29, 2022 07:06 am 2 Comments CATEGORY: Financial Advisor Success Podcast

Welcome back to the 309th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Anh Tran. Anh is the Founder and Managing Partner for SageMint Wealth, a corporate LPL-affiliated RIA based in Orange, California, that oversees nearly $325 million for 195 client households.

What's unique about Anh, though, is how, as a solo advisor, she differentiates her firm by leveraging the combination of a high-touch concierge approach to client service with a unique investment management approach through the use of very carefully chosen structured notes to differentiate her portfolio design from other advisors.

In this episode, we talk in-depth about how, even though it is admittedly more time consuming for her firm, Anh conducts extensive due diligence and analysis to integrate structured notes into her client portfolios and ladders them on a rolling quarterly basis so that clients can continuously reinvest at then-current rates and features, why Anh decided to hire not a second advisor to scale her firm but, instead, hired a full-time Director of Advanced Strategies to serve as an internal consultant to identify and outline ways to increase client service efficiencies as well as implement the technology to improve those strategies over time, and how Anh doesn’t implement a service model based on a client’s assets but rather segments clients based on how complex their needs are (which will determine the number of touch points they will receive, and in turn, the amount of fees they pay).

We also talk about how Anh began her career as an attorney, but decided to move away from the more transactional short-term relationship of litigation, and then, it was while she was working for Goldman Sach’s Ayco, that she realized that she could have a greater impact on her clients’ lives through financial planning and ultimately decided to become a CFP, the confidence struggles that Anh faced when she was assigned senior executives at Fortune 500 firms as a 20-something advisor and had to learn to get comfortable in demonstrating her expertise without feeling intimidated, and why Anh decided to remain a licensed attorney so that she could utilize her legal knowledge to guide clients through their estate planning needs (though she owns and operates her estate-planning firm with her husband as a separate entity).

And be certain to listen to the end, where Anh shares how she struggled early in her career to find a mentor that looked like her (especially as an Asian female advisor who is not from a wealthy background), but by leveraging study groups provided through LPL and other channels, she now has a steady foundation where she can gain insight with advisors who are similar to her (while helping to uplift other minorities in the financial services industry), why, after years of evolving her own confidence, Anh feels it’s important for younger, newer advisors to present their authentic selves to clients from the beginning of their careers so that they can not only connect with clients better but truly develop deeper and longer-lasting client relationships, and why Anh defines success simply by the term "freedom", where she can pick and choose the types of clients she works with, serves them the way she sees fit, has the ability to provide opportunities for her staff to thrive and grow, and has the flexibility to be present for her husband and her children.

So, whether you’re interested in learning about why Anh differentiates her portfolio management with structured notes, how hiring a Director of Advanced Strategies helped Anh transform her business, or how Anh helps uplift other minorities in the financial services industry, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Anh Tran.

#FA Success Ep 308: Accelerating Growth From Referrals By Building Checklists For Every Meeting Detail, With Matthew Blocki

November 22, 2022 07:07 am 2 Comments CATEGORY: Financial Advisor Success Podcast

Matthew Blocki Podcast Featured Image FAS

Welcome back to the 308th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Matthew Blocki. Matthew is the CEO of Equilibrium Wealth Advisors, an independent RIA based in Pittsburgh, Pennsylvania, that oversees more than $275 million in assets under management for 330 client households.

What's unique about Matthew, though, is how he and his firm have implemented pre-meeting, during-meeting, and post-meeting checklists to create more efficient processes that not only save their staff (and clients') time, but also map out all the details to be covered for each client meeting, ensuring that no detail in the client’s life is missed.

In this episode, we talk in-depth about why and how Matthew and his firm decided to develop and then implement their pre-, during-, and post-meeting checklists as a way to better position themselves as their clients’ personal CFOs offering a more concierge experience, how Matthew leverages one-to-many recorded videos and online FAQs to increase his communication with existing clients on key issues, and why, while Matthew feels his firm is only incrementally better than other good advisory firms, he attributes the 4x growth of his firm over the past 4 years to the fact that, like horses in a race, sometimes being just incrementally better than your competition and beating them out by an inch is all it takes to be the winner of the race.

We also talk about how Matthew made the decision to break away from a large insurance company after a point of self-reflection where he realized that his career goals weren’t really truly helping him grow as an advisor and were really set by the company’s culture and its internal competition structure that made him feel like he had to just keep getting more new clients instead of focusing more on the existing ones, why, after considering corporate and tuck-in RIA models, Matthew ultimately decided to go the independent RIA route as he felt it was the best way for him to maintain autonomy and implement the systems and processes that he felt would best serve his clients the way he wanted to see them served, and how, after realizing that Matthew and his team were serving close to 700 clients at the insurance company, he decided to run an analysis of his revenues and profits and saw how 80% of his revenue and profits were coming from just 20% of his clients… and consequently decided that those would be the only ones he would even want to continue with, and would leave the rest behind, in the transition to independence.

And be certain to listen to the end, where Matthew shares how he formulated the 125-150 client capacity targets for his advisory teams that he set to determine when to hire the next new advisor (to ensure his existing advisors have enough time to really focus on their client experience, and do not reach a stage of burnout), why Matthew implements a top five values exercise with his clients so that they can focus on what is best for them, their family, and their peace of mind rather than just what is the best financial decision, and why Matthew believes that for him, the key to being a successful advisory firm owner has been the recognition that the adversity he’s faced and tension he's felt at various points along the way is what helps him to recognize when he’s actually growing and learning and is about to get to the next level.

So, whether you’re interested in learning about how having checklists for each meeting stage helps Matthew’s firm carve out more time to focus on the client experience, how implementing client capacity goals ensures that Matthew’s advisors are not overworked and gives the firm the room to grow and scale over time, or how, by offering direct indexing, Matthew helps his physician clients maximize their tax-loss harvesting, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Matthew Blocki.

Hiring Next-Gen Associate Advisors: A Guide To Recruiting, Training, And Retaining For Your RIA

November 14, 2022 07:05 am 1 Comment CATEGORY: Practice Management

In the not-so-distant past, the typical career path toward becoming a financial advisor was to build up a book of business on one’s own, often by either tapping into one’s own personal networks or cold-calling prospective clients in bulk to generate enough business to gain a foothold. But the obvious flaw with this ‘eat-what-you-kill’ model was that newer advisors overwhelmingly succeeded or failed – not by virtue of the quality of advice they gave to their clients, but by how effectively they could sell the financial products for which they were usually compensated via commission.

In more recent years, however, the rise of the fiduciary advice model (in which the quality of advice provided to the client really does matter to the firm’s success) has allowed a new career path to emerge: that of the associate advisor, who generally takes on financial planning tasks, like data gathering and analysis, to support the lead advisor so that they can focus more on managing the client relationship and bringing in new business. And as the associate gains experience and trust among existing clients, they can gradually take over some of the lead roles themselves, to be supported by new associate advisors of their own – thus allowing the firm to transition its clients from the founder to the next generation of advisors.

But for many experienced advisors (and particularly those whose careers evolved through the older eat-what-you-kill model), integrating an associate advisor into an existing practice can come with its own challenges. For example, seeing eye-to-eye on the expected responsibilities of the associate advisor’s role, as well as the role’s future possibilities and its meaning to the associate advisor’s career trajectory, may not come naturally, especially when the senior and associate advisor are each from distinctly different generations – which can result in dissatisfaction from both parties if they aren’t both clear and in agreement on the role’s purpose and where it is headed.

In this guest post, Penny Phillips, president and co-founder of Journey Strategic Wealth, uses her expertise in helping advisors address some of the common challenges in introducing new associate advisors into their firms and how senior advisors can scale their time and productivity to successfully integrate associate advisors into their advisory practices.

One of the most important components of bringing on an associate advisor is being clear about the purpose and requirements of the role during the hiring phase. And because associate advisors are often hired in the early stages of their careers, it should also be clear how they will be taught and supported by the firm to succeed in the role. This can be achieved by establishing a framework of Objectives central to the associate advisor role, as well as clearly identifiable Key Results that will help team members recognize whether they are achieving the desired results.

Furthermore, this Objectives and Key Results (OKRs) framework can also be extended to the associate advisor’s career development to define and work toward key skills that bring them closer to what they want to achieve. And as the senior advisor’s own role evolves with the addition of an associate, they may want to develop their own set of OKRs to ensure they are progressing towards their goals for themselves and their practice!

Ultimately, the key point is that finding and developing an associate advisor will take time and effort – for both the senior advisor and the associate advisor. However, a successful partnership between senior and associate advisors has the potential to last many years and can allow the practice to scale up in ways that aren’t possible for a solo advisor. Taking care to start the process on the right foot can therefore pay dividends for both parties in the long term!

#FA Success Ep 306: Restructuring Partner Compensation And Roles To Align For The Next Stage Of Growth, With Cean Kenefick-Rogers

November 8, 2022 07:09 am 0 Comments CATEGORY: Financial Advisor Success Podcast

Cean Kenefick Rogers Podcast Featured Image FAS

Welcome back to the 306th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Cean Kenefick-Rogers. Cean is the CEO and co-founder of Ironwood Wealth Management, an independent RIA based in Chandler, Arizona that oversees just under $550 million of assets under management, for nearly 500 households.

What's unique about Cean, though, is how the path that he and his partners took to break away from the insurance and brokerage worlds to run their own independent RIA inadvertently created a three-way struggle to find the proper compensation and accountability structure across their differing books of business, and ultimately forced them to seek third-party intervention from an industry consultant that eventually allowed them to restructure their partnership roles and compensation… which then unlocked their next stage of growth and scaling up the business.

In this episode, we talk in-depth about the journey that Cean and his partners took, from originally starting their careers at an insurance company, then moving on to a brokerage firm, until they ultimately decided to transition to an independent RIA and on the advice of their attorney drop their FINRA licenses altogether to reduce the risks to their RIA and simplify their ADV, how after struggling with infighting over proper compensation and accountability amongst the partners and almost reaching a point of dissolution, Cean and his partners sought help from an industry consultant to help restructure the firm roles and create compensation structures that all partners agreed were fair and would help the firm refocus on growth, and why shortly after taking on the role of CEO after that restructuring, Cean decided to implement a minimum quarterly fee and expand into an assets under advisement model that manages clients’ held-away 401(k) plans through Pontera… increasing both the profitability of the firm, and the happiness of their clients who now receive a more holistic service.

We also talk about how Cean leveraged the firm’s custodial relationship with Schwab to access one of their internal marketing consultants, which then led to Ironwood hiring an external marketing firm that revamped their website and Google searchability, increasing their visibility and digital leads to the point the revenue they received from onboarding new clients more than paid for the consulting, how, even though Cean proclaims to be a competitive person and does well under pressure, he was nervous about doing the right thing when taking on the role of CEO and turned to his friends who inspired him to form a firm advisory board to gain more confidence that he was making the right decisions for the firm, and how, despite understanding it would be difficult to launch and run an advisory firm, Cean was still surprised by how much work it actually takes… and even more surprised by the fact that he truly enjoys it.

And be certain to listen to the end, where Cean shares how, even though all the partners, including Cean, agreed he should take on the role of CEO in their new firm structure, it was challenging to adjust to viewing the firm not just as an advisor but its leader, and navigate the new pressures that come with having sole accountability and decision-making responsibility for the firm, why Cean wishes he and his partners dropped their insurance and FINRA licenses much sooner, as it would have given them more of an opportunity earlier to apply a laser-like focus on how they wanted to provide value to clients, and how Cean measures success beyond just his own contributions to the firm, but instead by building the right internal structure to support his employees so that they can continue to thrive, grow, and find their own successes.

So, whether you’re interested in learning about how designating Cean to the role of CEO helped realign the firm and created clear hierarchal structures, why Cean and his firm pre-schedule all of their client meetings for the year in advance, or how Cean and his firm implement service teams instead of departments, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Cean Kenefick-Rogers.

Weekend Reading For Financial Planners (Oct 29-30)

October 28, 2022 02:04 pm 0 Comments CATEGORY: Weekend Reading

Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that the SEC has proposed a rule that would require RIAs to conduct enhanced due diligence and recordkeeping when using certain outsourced investment management services and other third-party service providers. While the rule is currently in the public comment stage, given the growing popularity of outsourcing certain tasks to free up time for other planning and operational responsibilities, particularly among smaller RIAs, the new rule could add a significant administrative burden to firms going forward.

Also in industry news this week:

A proposed Department of Labor rule would limit the type of workers who could be considered independent contractors, which could present a challenge for the independent broker-dealer model
Fidelity has introduced a direct indexing platform for advisors, joining an increasingly competitive space

From there, we have several articles on practice management:

A new report shows that RIA profitability and AUM soared in 2021, buoyed by a strong stock market and new client growth
RIA merger and acquisition activity has been brisk and valuations have remained elevated during the past year, but industry observers are debating whether economic headwinds could slow activity in the coming year
The key considerations for advisors considering terminating a forgivable note early

We also have a number of articles on building and maintaining wealth:

The stories of how 30 millionaires earned (or came into) their wealth and the lessons for advisors
How advisors can approach working with ultra-wealthy clients, who are increasingly focused on building dynastic wealth
The pros and cons of being wealthy, and how advisors can help clients avoid the potential pitfalls of having significant wealth

We wrap up with three final articles, all about setting goals:

Why it’s ok for advisors (and their clients) not to have major goals, and why building optionality could be the key to achieving goals when they eventually arise
Why one CEO pursues steady progress in his business rather than setting audacious goals
How advisors and their clients can use ‘anti-goals’ to avoid unwanted outcomes

Enjoy the ‘light’ reading!

#FA Success Ep 304: Leveraging Surge Meetings To Find Efficiency With Client Reviews And New Client Onboarding, With Chad Chubb

October 25, 2022 07:01 am 0 Comments CATEGORY: Financial Advisor Success Podcast

Welcome back to the 304th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Chad Chubb. Chad is the founder of WealthKeel, an independent virtual RIA based in Tampa, Florida, that advises on over $100 million of assets for 110 client households.

What's unique about Chad, though, is how he has not only implemented a “surge meeting” approach to meet with each of his ongoing clients during a two-month period twice a year, but has gone further to implement a “surge onboarding” approach where he only takes on new clients in two-month intervals twice a year as well… all of which has allowed him to implement a highly systematized and efficient process so that he has more time and capacity throughout the rest of the year to focus on firm strategy, the client experience, and populating his waitlist of new clients for the next surge onboarding cycle.

In this episode, we talk in-depth about how, as Chad focused increasingly on serving a niche of Gen X and Gen Y physicians, he noticed an increasingly large overlap in the types of financial planning issues he was solving client after client that led him to a systematized surge approach to client review meetings, how almost reaching a point of burnout while onboarding 40 to 60 new clients per year in 2020 and 2021 made Chad realize that he needed to implement a surge onboarding approach (and a waitlist) to more easily scale and control the growth of his practice, and how Chad leverages the combination of writing for a finance-focused blog for physicians (as well as his own blog), concentrating on SEO tactics, and speaking at hospitals, to find his ideal prospects where they are and rapidly grow his firm.

We also talk about how Chad has evolved the pricing of his firm to use a retainer model that still approximates the revenue opportunities of an assets-under-advisement approach (which has given him a path to increase his fees over time to scale his firm), why Chad’s next steps are to focus on developing and expanding his team even further so that he can move into a CEO role where he is less-client facing and more focused on the operations of the firm to keep it growing and scaling, and how Chad has gotten comfortable with referring out clients who don’t want to wait for the next surge period and has even been ‘right sizing’ his client base by sending no-longer-good-fit clients out to other advisors who may be a better fit.

And be certain to listen to the end, where Chad shares how despite the fast-growth success he’s had, he’s still dealing with the ever-present feelings of imposter syndrome and what he calls the “entrepreneur dilemma” where, when you hit a goal, the only remaining focus is to hit the next goal, leaving little room to celebrate the smaller wins that comprise a successful business, why Chad wishes he discovered the power of an SEO strategy coupled with a clear niche specialization earlier on in his career after grinding early on with the ‘Project 100’ approach of just calling on friends and family, and why Chad believes creating systematized processes and a structured client communication meeting cadence (like surge meetings) isn’t just about operational efficiency to scale but is also the key to helping him develop a better balance between his professional and personal life.

So, whether you’re interested in learning about how Chad structures his time so he can handle surge meetings and onboarding twice a year, how serving a niche made it easier for Chad to create more efficient processes, or how Chad utilizes a combination of different technology to streamline notetaking and communication, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Chad Chubb.

Weekend Reading For Financial Planners (Oct 8-9)

October 7, 2022 02:04 pm 2 Comments CATEGORY: Weekend Reading

Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that amid the current bear market, usage of robo-advisors and other digital advice tools has plummeted, according to a recent study. This suggests that some consumers will be looking to human advisors to better understand their needs and help guide them through the recent market volatility.

Also in industry news this week:

A survey suggests that a third of their advisors don’t use their firm’s internal technology tools, preferring to use third-party options instead
The SEC has brought charges against a former broker who sold his practice to an individual who ended up defrauding the seller’s clients

From there, we have several articles on retirement planning:

Defying popular wisdom, a research study argues that younger workers should delay saving for retirement, even if it means foregoing a company match
Why the creator of the “4% rule” is sticking with it despite the current bear market and elevated inflation
A new paper argues that an actual safe withdrawal rate for retirees is significantly less than 4% when taking into account return data from developed countries other than the United States

We also have a number of articles on practice management:

Five key metrics that underpin advisory firm sustainability
Why firms should look to leading indicators rather than lagging ones (like AUM) to better understand their growth prospects
Why it is important for firms to create a formal client feedback system and the most important questions to ask on client surveys

We wrap up with three final articles, all about the meaning of money:

How the dramatic changes in the American economy, markets, and personal balance sheets during the past few years have shown the challenges of achieving sustained, widespread prosperity
Why now could be a great time to spend and get enjoyment out of one’s money, despite recent market volatility
A survey shows how individuals in 17 advanced economies rank what brings them the most meaning in their lives

Enjoy the ‘light’ reading!

Weekend Reading For Financial Planners (Oct 1-2)

September 30, 2022 02:02 pm 0 Comments CATEGORY: Weekend Reading

Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that a former Department of Labor official expects that it will take until next year for the agency to release new rules that would likely expand the number of financial professionals who must provide a fiduciary standard of care when providing investment recommendations for 401(k), individual retirement accounts, and other plans.

Also in industry news this week:

A recent survey suggests that high-income Millennials are more open to working with advisors than similar individuals in older generations
A new bill would make many parts of the Tax Cuts and Jobs Act of 2017 permanent, including its changes to tax brackets, the higher standard deduction, and the cap on state and local tax deductions

From there, we have several articles on advisor marketing:

How some of the biggest financial services firms are increasing their television advertising and how smaller firms can craft a scalable, cost-efficient marketing strategy
How firms are approaching the opportunities and potential pitfalls of the SEC’s new marketing rule, which will be enforced starting November 4
What advisory firms can do to make the most out of client testimonials and avoid negative reviews on third-party websites

We also have a number of articles on retirement planning:

Medicare Part B premiums are set to decline in 2023, providing seniors with a bit of relief in the current inflationary environment
The potential advantages of taking RMDs in stock rather than in cash during the current market downturn
Why the charges associated with guaranteed income products could be considered as the cost of insurance rather than fees

We wrap up with three final articles, all about work life:

Why some hybrid workers choose to come into the office on Fridays, from shorter commutes to more time with the copy machine
What ‘quiet quitting’ means for both workers and advisory firm owners
How ‘micro-breaks’ throughout the workday can help you avoid screen fatigue and stay energized

Enjoy the ‘light’ reading!

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Announcing Expanded IAR CE And Price Updates And The State Of The (Nerd’s Eye View) Blog

#FA Success Ep 310: Filtering Down To The Most Impact-Weighted Work To Scale Client Value, With Natalie Taylor

#FA Success Ep 309: Leveraging Structured Notes To Differentiate A Highly-Leveraged $300M Solo Practice, With Anh Tran

#FA Success Ep 308: Accelerating Growth From Referrals By Building Checklists For Every Meeting Detail, With Matthew Blocki

Hiring Next-Gen Associate Advisors: A Guide To Recruiting, Training, And Retaining For Your RIA

#FA Success Ep 306: Restructuring Partner Compensation And Roles To Align For The Next Stage Of Growth, With Cean Kenefick-Rogers

Weekend Reading For Financial Planners (Oct 29-30)

#FA Success Ep 304: Leveraging Surge Meetings To Find Efficiency With Client Reviews And New Client Onboarding, With Chad Chubb

Weekend Reading For Financial Planners (Oct 8-9)

Weekend Reading For Financial Planners (Oct 1-2)

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