Download Suzanne Powell's Semi-Annual Review Agenda below, and check out "#FA Success Ep 360: Growing To 100+ Clients With $100M+ AUM With Intentionality To Leave Time For Family, With Suzanne Powell" on using a compressed meeting schedule, structuring meetings to provide value, and automating lead conversion.
Suzanne Powell’s Semi-Annual Review Agenda
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Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that legislative efforts to prevent the enforcement of the Department of Labor's newly proposed "retirement security rule" have a cloudy future, as both Democrats and President Biden are opposing such efforts. Which suggests that, if enacted, the ultimate fate of the proposed regulation, like its similar predecessors, will likely be decided in the courts.
Also in industry news this week:
- CFP Board has expanded the details it provides regarding disciplinary actions, expanding transparency around the disciplinary process for both CFP professionals and the broader public
- A recent study suggests that advisory firms that hire specialists are able to offer more planning services and increase the amount of time advisors spend with clients, though doing so comes at a cost
From there, we have several articles on retirement planning:
- Why higher interest rates and lower inflation have led to an increased initial safe withdrawal rate for retirees, according to one analysis
- A group of retirement 'supernerds' critiques a recent claim that retirees can confidently use an 8% safe withdrawal rate
- Why retirees might consider gifting while they are alive rather than waiting until their deaths to leave money to loved ones and charities
We also have a number of articles on tax planning:
- How financial advisors can add value for clients by helping them make Qualified Charitable Distributions (QCDs) correctly
- The range of tax-savings opportunities advisors can uncover when reviewing a client's tax return
- A year-end tax planning checklist advisors and clients can use to ensure there will be no surprises when it comes time to file their 2023 tax returns
We wrap up with 3 final articles, all about managing wealth:
- Why having significant wealth does not immunize an individual from worrying about money
- How advisors can support clients who are entering a relationship with unequal wealth
- Budgeting and account management tools consumers (and their advisors) can consider using following the upcoming shutdown of Mint
Enjoy the 'light' reading!
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Also in industry news this week:
- How the use of model investment portfolios can potentially save advisors time and boost client trust
- Why a recent IRS Private Letter Ruling could facilitate the emergence of zero-commission variable universal life policies (that RIAs can actually get paid a fee to advise on)
From there, we have several articles on housing:
- How aspiring homebuyers have a range of options, from intra-family loans to "house hacking", to reduce the costs of buying a home amid elevated prices and interest rates
- Why a focus on resale value has led many home improvement projects to reflect popular, rather than personal, preferences
- How one potential homebuyer crunched the numbers to decide that homeownership was not the right investment for her
We also have a number of articles on practice management:
- Why fine-tuning their leadership skills can help owners of mid-sized firms take their business to the next level
- How rapidly growing firms can fall into cash flow traps, even if they are profitable
- A recent study identified common traits of advisors with high-growth practices, including being purposeful about organizational design and being willing to delegate tasks
We wrap up with 3 final articles, all about lending in the elevated interest rate environment:
- Why the spread between 10-year Treasury yields and 30-year mortgage rates has expanded in recent years, leading to higher interest costs for homebuyers
- How advisors can help clients evaluate whether, and which, private credit funds might be appropriate for their portfolio
- How tighter bank lending standards have contributed to a flood of private credit loans, which offer opportunities and potential perils for borrowers and investors alike
Enjoy the 'light' reading!
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Also in industry news this week:
- A recent study indicates that the RIA model has seen significant growth in the number of firms and advisors during the past decade, and these firms are expected to control 1/3 of industry AUM by 2027
- Despite market headwinds leading to a contraction in advisory firm AUM in 2022, firms continued to produce strong profit margins thanks in part to organic growth
From there, we have several articles on investment planning:
- Why certain private equity investments might not have the diversification benefits that many advisors and clients might expect
- Why the current yield on TIPS could make them an attractive part of a retirement income strategy for clients
- While small caps have experienced higher returns than their larger counterparts during the past century, recent research calls into question whether this factor will persist
We also have a number of articles on advisor marketing:
- How content marketing can help advisors attract clients, even if it means giving away some of their 'secrets'
- Why presenting prospects with proposed planning recommendations ultimately could reduce the chances that they become clients
- How one advisor has used an extra-methodical sales process to convert prospects into clients who will be a good fit for his planning style and philosophy
We wrap up with 3 final articles, all about potential uses of Artificial Intelligence (AI) for advisors:
- Why advisors are more likely to work in tandem with AI tools, rather than as competitors
- How advisors can produce better 'prompts' and get the most out of ChatGPT and other large language models
- Why recommendation engines could be the next big technological advance in investment management
Enjoy the 'light' reading!
Jeff Jones’ Cypress Sample Financial Plan
Download Jeff Jones' "Cypress Sample Financial Plan" below, and check out "#FA Success Ep 348: Building Your Own Planning Spreadsheets To Show Clients What They Need To See, With Jeff Jones" on creating financial planning spreadsheets in Excel, sharing equity, building a succession plan, and how to find a mentor.
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Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that RIAs appear to be building more comprehensive and more integrated tech stacks, and are benefiting from greater operational efficiencies, according to the latest Schwab RIA Benchmarking Study, with larger firms seeing gains in clients and AUM per professional and a reduction in annual hours spent per client for operations and administration in the past 3 years.
Also in industry news this week:
- The SEC released a proposal that would require firms to take steps to eliminate or neutralize conflicts of interest when using predictive data analytics tools with clients
- A recent study found that financial advisors remain the top source of financial advice for consumers, with social media coming in well behind
From there, we have several articles on practice management:
- 4 steps advisory firms can take to train their staff effectively
- 7 key standard operating procedures advisory firms can consider implementing to promote efficiency and consistent service
- Why letting team members struggle with new assignments can ultimately give them more confidence and allow firm owners to delegate more tasks
We also have a number of articles on retirement planning:
- An analysis shows that despite the decline in access to defined benefit pensions, the typical retiree today receives more monthly income than one who retired 50 years ago
- Why older individuals tend to have a harder time being approved for mortgages despite having better credit scores and more assets
- Why some experts are calling for policymakers to shore up the Social Security trust fund indefinitely while others think a shorter duration would be acceptable
We wrap up with 3 final articles, all about facing challenges:
- 10 harsh lessons one business owner learned on his entrepreneurial path and how they apply to financial advisors
- Why it might be better to knock off small tasks when they arise rather than letting them build up over time
- 5 steps advisors can take to spur themselves to action when facing a daunting challenge
Enjoy the ‘light’ reading!
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Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that Charles Schwab's latest annual RIA Benchmarking Study shows that while average firm assets under management fell in 2022, due largely to weak market performance, organic growth remained strong, mitigating a portion of the market effects on client portfolios. Further, the study identifies the traits of "top performing" firms, which, during the past 5 years, saw nearly triple the client and net organic asset growth compared to other firms.
Also in industry news this week:
- How an SEC committee proposal to allow third-party examinations of the growing number of RIAs harkens back to a similar proposal that failed to advance in Congress more than a decade ago
- A study shows that a majority of advisory firm clients surveyed chose the first advisor with whom they met, though younger clients appear to be doing more research before choosing an advisor
From there, we have several articles on wellbeing:
- Why tracking employee wellbeing metrics could be good for both firms and their employees
- How vacations can improve an individual's physical, mental, and spiritual health, in addition to their work performance
- Key wellness trends that firms can consider implementing with their employees to promote their wellbeing and potentially improve retention
We also have a number of articles on spending:
- Why a previous skeptic of luxury cars decided that buying a $65,000 Porsche was the right decision for her
- Why it is important for clients to consider the 'hidden' costs of buying a vacation home before jumping into a purchase
- How advisors can help clients strike a balance between living for today and delaying gratification
We wrap up with 3 final articles, all about career development:
- Why neither advisory firms nor their advisors can get everything they want out of an employment relationship
- The important, but less obvious, factors an advisor can consider when thinking about changing firms
- What knowledge workers can do to avoid having their jobs taken over by artificial intelligence tools
Enjoy the 'light' reading!
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Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that while the new social media app Threads, designed to compete with Twitter, has surpassed 100 million users in its first week alone, its potential utility for advisors remains unclear and has raised compliance concerns for advisors whose social media archiving tools do not yet cover the new app.
Also in industry news this week:
- The SEC this week finalized a series of rules designed to discourage future runs on money-market funds, potentially reducing their liquidity risk
- A recent study suggests that advisor marketing messages that address prospective clients' emotional concerns, in addition to their technical questions, could be particularly effective
From there, we have several articles on advisor marketing:
- Tips for how advisors can more effectively share news articles on social media, from choosing the 'right' articles to offering their own commentary
- Why taking a proactive and compliance-centered approach to third-party reviews could help advisors influence how they are portrayed online and potentially boost the flow of prospective clients
- How firms and advisors can elevate their social media presence, from refreshing their profiles to creating a quarterly content calendar
We also have a number of articles on retirement planning:
- How 'Fat FIRE' differs from traditional conceptions of early retirement and what it means for advisors supporting clients pursuing this path
- A road map those contemplating or entering retirement (as well as their advisors) can use to ensure they are financially prepared for the transition from the working world
- A proposed approach to retirement income planning that is designed to offer more nuance than traditional Monte Carlo analysis
We wrap up with 3 final articles, all about trends:
- Why the introduction of AI tools might not lead to massive unemployment and could actually boost the number of available jobs
- How the Southern United States has seen a massive inflow of residents and companies in the past several years
- How investing and financial advice have evolved during the past century and what it means for advisors going forward
Enjoy the 'light' reading!
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Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that recent survey data indicate that advisors are more satisfied and productive when they have more time to spend with their clients and when those clients fit within their ideal client profile, in terms of needs, specialties, or engagement levels. Which suggests that advisor wellbeing could potentially be improved not only by automating or outsourcing administrative tasks, but also by adjusting their client rosters to better match their ideal client type.
Also in industry news this week:
- A recent survey indicates that a strong majority of financial advisory clients have maintained their trust in their advisors despite the investment market setbacks experienced last year
- A report from the SEC shows that a majority RIAs have mandatory arbitration clauses in their client agreements, a practice that has come under fire from some consumer groups
From there, we have several articles on RIA mergers and acquisitions:
- A study has found that while RIA M&A activity has been hot during the past 3 years, many firms have walked away from deals, often due to misaligned valuation expectations between buyers and sellers
- What RIAs contemplating an acquisition can do to make sure they get their first deal ‘right’
- The options for firms considering whether and how to adjust fees for clients acquired through an acquisition
We also have a number of articles on tax planning:
- How IRMAA surcharges, while a nuisance, tend to represent a relatively small percentage of a retiree’s income
- The IRS is warning wealthy taxpayers about scams involving CRATs and monetized installment sales
- How advisors can help clients take advantage of the 0% long-term capital gains tax bracket
We wrap up with 3 final articles, all about overcoming mental obstacles:
- The psychological phenomena that help explain why individuals tend to think that the world is worse off today than it was in the past
- Why self-judgment can contribute to burnout and how to overcome this tendency
- Why it can be easy to fall into a funk when pursuing a goal and how to get out of it
Enjoy the ‘light’ reading!
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