Enjoy the current installment of "weekend reading for financial planners" - this week's edition kicks off with a look at the landscape for the Department of Labor's fiduciary proposal, now that the public comment period has closed (with a whopping 775 comment letters submitted!), and moves on to public hearings, potential revisions of the rule... and a looming deadline of implementation in 18 months or risk having the rule derailed by the next administration.
From there, we have a few technical planning articles this week, including a look at the woes of energy-related MLP investments that have tumbled this year amidst declining energy prices, a discussion of how lifetime income annuity payouts may soon take a hint as the industry prepares to implement updated RP-2014 actuarial tables, and some tax issues to consider in retirement when coordinating between IRAs (and their prospective RMDs) and the taxability of Social Security benefits.
There are also a few practice management articles, from the latest Schwab benchmarking study for RIAs showing that the typical firm has doubled its revenues since 2009(!), the dynamics for advisors working in wirehouses as the large firms seek to fight the breakaway broker record as post-financial-crisis retention bonuses start to expire, and some issues to consider when running client appreciation or prospective client marketing events (especially from the compliance perspective).
We have a couple of technology-related articles this week too, from practical tips on cybersecurity for advisors, to a look at the big industry news that SS&C has decided to start pushing Advent Axys users over to Black Diamond, and some tips from financial advisor Dave Grant on new technology tools for advisors to check out (including website design providers, new planning software, and more).
We wrap up with three interesting articles: the first is a profile of SigFig, a firm in the "robo-advisor" category that has a whopping $350B of assets loaded into its analytics tools but only a paltry $69M of AUM, as the company begins a pivot towards working with established financial services firms (e.g., banks) to find growth; the second is an interesting new study from the Journal of Financial Planning, which finds that extroversion and agreeableness are (modestly) correlated to higher levels of net worth; and the last is a profile of 29-year-old financial planner Pamela Capalad, who engages clients by meeting over brunch (with a business literally called "Brunch & Budget") and has been able to build a base of almost 100 clients, mostly "hard-to-reach" Millennials, in just the past 3 years.
Enjoy the reading!