Nerd's Eye View blog

Weekend Reading For Financial Planners (October 26–27)

October 25, 2024 02:00 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 recent study by Cerulli Associates and Osaic found that at a time when consumers are increasingly seeking comprehensive planning relationships with their financial advisors, many advisors appear to be overestimating the comprehensiveness of the services they provide. Nonetheless, given Kitces Research findings that being 'too' comprehensive can eat into a firm's bottom line, advisors might seek a 'sweet spot' of providing a comprehensive slate of services (but not necessarily every possible service) that are most valuable for their ideal target client.

Also in industry news this week:

The SEC this week released its list of priorities for 2025 examinations, which include advisers' use of Artificial Intelligence tools, adviser recommendations of complex investment products, and broker-dealers' compliance with Regulation Best Interest
CFP Board has introduced a refreshed ad campaign encouraging students to pursue a career in financial planning after some of its initial ads received pushback from the advisor community

From there, we have several articles on investment planning:

A report from Morningstar found that investors underperformed the funds they invested in by approximately 1.1 percentage points each year during the past decade, signaling a potential opportunity for advisors to help clients avoid this "behavior gap"
A research paper considering the underlying methodology of studies measuring the "behavior gap" suggests that the "gap" might be much smaller than assumed
While financial advisors can add value by managing their clients' "behavior gap", it might not be an effective selling point when meeting with prospects

We also have a number of articles on estate planning:

Strategies for encouraging younger clients (and perhaps the adult children of older clients) to prepare relevant estate documents
The key legal documents needed to help a client plan for their potential incapacity and avoid potentially acrimonious court proceedings
How creating a "digital death-cleaning" plan can give a client peace of mind that their digital affairs will be in order after their deaths and ease the burden on their survivors in the process

We wrap up with 3 final articles, all about intelligence:

4 exercises that can help an individual avoid cognitive biases and make better decisions
Why "wisdom work" is increasingly important in the modern workplace and how firms can tap into the experiences of employees across the age spectrum
Why 'intelligent' and 'smart' are not necessarily synonymous and why each of these play a role in finding success as a financial advisor

Enjoy the 'light' reading!

Quantifying (More Accurately) The Real Impact Of A Financial Advisor’s Costs On Their Clients’ Nest Eggs

October 23, 2024 07:02 am 0 Comments CATEGORY: General Planning

While the financial advice industry has transformed in many ways over the past several decades, one aspect that has remained relatively constant is the use of the Assets Under Management (AUM) fee model as a common way for many advisors to get paid. Though in practice, while a 1% AUM fee is a common 'starting point' in the industry, the actual fee structure can vary based on the firm's approach; for example, some firms may reduce the fee for high-net-worth clients, or charge an additional fee for separate and additional services (from deeper financial planning to add-ons like tax preparation).

However, over the years, the 1% AUM fee has faced criticism from those who argue that it reduces the value of a portfolio by more than the advisor's guidance adds. This argument is particularly common in the financial independence and personal finance space, with financial educators like Ramit Sethi being a notable critic. AUM detractors like Sethi often present a calculation that compares the performance of 2 identical portfolios – one managed by an advisor who charges a 1% AUM fee for 20+ years, and one without an advisor – illustrating how the fee can significantly erode the cumulative value of their portfolio by the time they reach retirement.

With this line of criticism becoming increasingly common in online financial spaces, how can advisors with a 1% fee structure explain their value to curious (or critical) prospects? One key starting point is to acknowledge that technically, all spending reduces the total amount that a person could have saved and had available for retirement. And almost any 'normal' household expenditure can add up to a lot when it's compounded out, at a market rate of return, for multiple decades. For example, buying a new Honda every 10 years, instead of saving those payments, may take a greater piece of a client's retirement nest egg than a 1% advisory fee. So too does the impact of the infamous daily latte. Comparing expenses to what they could have been worth if saved in a portfolio can be misleading – because from that perspective, every expense seems unfavorable! And in practice, even flat-fee and subscription models of financial planning can still have a similar long-term impact on a consumer's financial future, when only the advisor's ongoing costs are considered.

Additionally, it's worth noting that while Sethi and other financial influencers advocate against the 1% AUM fee, much of their criticism targets those who charge a percentage of AUM but focus more on selling products than on supporting a client's long-term well-being, conflating financial salespeople with actual financial advisors. However, many consumers may not fully understand these nuances of the financial advice industry, and could mistakenly assume that all advisors charging AUM fees operate this way.

For prospects concerned about long-term AUM costs – and financial advisors exploring the benefits of a financial planning engagement with them – it may be helpful to highlight the value advisors provide beyond 'just' asset allocation. For example, firms that offer services like tax-loss harvesting, systematic rebalancing, and behavioral coaching often more than 'earn' their 1% AUM fee by saving clients money in taxes and other areas. Advisors who can explain their fee in the context of a holistic strategy – and connect it back to the pain points a client faces – can address these concerns before prospects become clients.

Ultimately, the key point is that while criticism of the 1% AUM fee may be widespread, and it's fair to recognize that financial advice does have a cost that advisors should be expected to offset by the value they provide, advisors who lead with holistic financial planning have a lot of value to demonstrate, especially when engaged on an ongoing basis, to help prospects better understand the true costs and benefits of having a trusted financial advisor in their corner!

#FASuccess Ep 408: Merging Into A Mid-Sized Firm To Grow Something Together (And Have A Real Piece Of It), With Maddi Keegan

October 22, 2024 07:01 am 0 Comments CATEGORY: Financial Advisor Success Podcast

Welcome everyone! Welcome to the 408th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Maddi Keegan. Maddi is a Financial Advisor and the Director of Operations of Frazier Financial Advisors, an RIA based in Columbus, Ohio that oversees $860M in assets under management for 650 client households.

What's unique about Maddi, though, is that after building a successful solo advisory firm, she then decided to merge her business with Frazier Financial Advisors, a mid-sized RIA in her area where she negotiated for a stake in the business while stepping into both an advisor and operational role where she could really have impact in helping them to scale to the next level.

In this episode, we talk in-depth about how Maddi, after successfully establishing and building her own solo firm, made the decision to merge her firm with a larger (but not too large) firm and negotiated the '2-way' street of sharing her knowledge while also absorbing the way of Frazier Financial, how Maddi charted the size and worth of her (solo) firm against Frazier Financial's (multi-advisor) firm to allow for an equitable 18-month transition into Frazier, and how Maddi's 3 non-negotiables of company culture, equity, and base compensation shaped how Maddi negotiated a package that she 'felt' acknowledged the full spectrum of her value, from existing clients to knowledge of large business operations, that she brought to the table.

We also talk about Maddi's own unique journey from working at a Fortune 100 company to launching as a solo advisor to now being a director at her firm, including how, as a solo advisor, Maddi invested just $1,500 in improving her SEO strategy at her firm by leveraging better keywords and gathering Google Reviews and soon managed to get over 50% of her new prospects coming from Google instead of referrals, how Maddi's experience of mentoring, hiring, and eventually losing her first (contractor-turned-)employee made Maddi reflect on what she really wanted out of building her own firm (and ultimately decide that she didn't want to continue to build alone), and how Maddi explained her decision to close her business and merge with Frazier Financial to her existing clients, highlighting it as an expansion of resources and opportunities for her and her clients, ensuring that she was ultimately able to bring all but 2 of those clients along with her.

And be certain to listen to the end, where Maddi shares how Frazier Financial positions 'at cost' tax preparation as a value proposition (to clients who actually don't really need a further discount, but are instead just eager to delegate), how Maddi looks to build out her firm's tech stack to get Frazier Financial though the 'dangerous middle' of growing and scaling the business, and why Maddi believes that the most powerful thing an up-and-coming advisor can do is network and build good connections with those around them to open more doors, as she reflects on how being a volunteer leader in her local FPA chapter was the introduction that led her to the firm she's at today.So, whether you're interested in learning about how to frame big changes as opportunities for clients (who may not mind those 'big changes' very much anyway), how to build holistic personal and professional goals and actually make progress year over year, or how to evaluate and negotiate a broad variety of career opportunities, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Maddi Keegan.

A 90-Day Onboarding Plan To Train Your New Superstar Client Service Associate (CSA)

October 21, 2024 07:02 am 0 Comments CATEGORY: Practice Management

For small advisory firms that are beginning to grow and ready to add new staff, a Client Service Associate (CSA) or similar support role is a common early hire. Ideally, this person will free up an advisor's time to let them focus on other tasks (which are likely income-producing and will allow the advisor to continue to grow the firm). However, if a new CSA is not onboarded well, then advisors run the risk of taking on additional management responsibilities without a corresponding lift in task workload. This can also create a frustrating situation for the CSA, who likely wants to do their job, as well as for the advisor, who no longer has as much capacity to do their job!

Much of this frustration can be avoided with a clear onboarding plan. A good onboarding plan can bring clarity to the advisor (or hiring manager) on how much time will need to be spent with the new hire, what order to present information in, and when an advisor can plan to 'let go' of and finally delegate different tasks to the CSA. Likewise, a well-designed onboarding plan can help the CSA understand the timeline and short-term expectations for success, as well as provide them with an easy reference point for crucial resources.

The majority of learning that CSAs need to do for their role often falls into 3 areas: understanding the firm (e.g., the firm's schedule, processes, and people), getting to know the clients (e.g., individual client preferences), and gaining industry knowledge (e.g., technical terms as well as where the firm sits in the broader financial advice industry). Advisors can structure onboarding tasks and measurables around those 3 segments. For example, in order to learn about the industry, a CSA may need to subscribe to relevant publications or enroll in a publication program. Another resource that may make a difference as a part of the onboarding plan is a list of resources, including internal resources and the link to contact the help desk of the firm's broker-dealer. Additionally, CSAs may benefit from a 'people guide' that identifies important relationships to the firm, such as centers of influence.

As the onboarding process continues, advisors can be transparent about which processes are crucial to the firm's workflows or the value proposition to the client, and which are flexible to be adapted as the CSA gets more comfortable. Furthermore, adapting how instruction is given to how the CSA learns, and prioritizing synchronous learning by inviting the new hire 'into the room' and letting them sit in on client meetings, strategy conversations, or other crucial conversations can make an enormous difference in a new employee's long-term retention and ability to give good strategic input.

Ultimately, the key point is that onboarding a CSA requires thoughtful planning and an upfront investment of time. But with clear structure, flexibility, and engagement, both the advisor and CSA can have a pleasant and efficient onboarding experience that can lead to a more rewarding and productive partnership in the long run!

Weekend Reading For Financial Planners (October 19–20)

October 18, 2024 02:00 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 Charles Schwab has revealed changes to its technology offerings in the wake of its merger with TD Ameritrade, bringing over several popular TD tools, including portfolio rebalancing tool iRebal, its Model Market Center model management service, and its trading platform thinkpipes, likely in an effort to keep former TD users (many of whom were accustomed to this software) on the Schwab platform (and to expand offerings for firms already on the Schwab platform) as competition in the RIA custodial platform marketplace heats up.

Also in industry news this week:

43% of wealth management firms are frustrated with the effectiveness of their CRM software, spurred on by challenges with integrations and workflows, according to a recent survey
The Social Security Administration this week announced a 2.5% cost of living adjustment for 2025, a decline from previous years, reflecting a reduced inflation rate

From there, we have several articles on insurance planning:

How changes to Medicare Part D for the upcoming year could lead to lower out-of-pocket spending on prescription drugs for certain clients
5 mistakes individuals make when it comes to Medicare, from underestimating expenses to missing important deadlines, and how advisors can help prevent them
Key opportunities for financial advisors to add value for clients during Medicare's open enrollment period, from evaluating prescription drug plans to discussing the potential benefits and drawbacks of moving between 'original' Medicare and Medicare Advantage plans

We also have a number of articles on client risk tolerance:

Why separating risk tolerance from risk capacity and incorporating both risk tolerance questionnaires and qualitative conversations can provide advisors with more complete insight into their clients' ability and willingness to handle investment risk
Why a client's tolerance for "career risk" is a potentially important factor when creating a financial plan and evaluating alternative scenarios
How individuals' risk tolerance as they move into retirement does not decrease as much as might be expected

We wrap up with 3 final articles, all about setting goals:

A 3-step process that can help clients set more accurate, specific financial goals
How advisors can motivate clients by having them choose "not not serious" goals that can add vibrancy to their financial plans
Why focusing on internal motivation and consistent processes, rather than external, measurable goals, could lead to greater personal and professional satisfaction

Enjoy the 'light' reading!

Kitces & Carl Ep 149: Do You Really Need A Business Partner… Or A Study Group?

October 17, 2024 07:03 am 0 Comments CATEGORY: Kitces & Carl Podcast

Launching an advisory firm can be a daunting endeavor, requiring advisors to take on significant financial and responsibility with no guarantees of success. Given these challenges, advisors may consider bringing on a business partner to share both the costs and the burden of decision-making. By pairing with a partner in the firm's early days, advisors can benefit from their business partner not just by having someone to split costs and risks with, but also to consult with as a sounding board and strategic partner across the highs and lows of launching a business. While this can be an appealing option, it's important to recognize that not all partnerships are created equal, and a business partner may not always be the best solution for challenges advisors are trying to solve.

In the 149th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss the common fears that advisors often face when considering a business partner, explore alternative solutions to address these concerns, and explain when joining forces with another advisor may be a good idea.

For advisors contemplating a partnership, the key question is often, "What are you solving for?" For example, if an advisor's main concern is the high upfront operational costs, they may want to explore fractional solutions to lower the prices of issues. Advisors have more options than ever before to address these costs independently. Some of these solutions include fractional compliance, administrative, and even office space, which can all significantly reduce expenses and manage up-front costs without the need for a business partner.

Another common issue is the sense of loneliness and isolation that comes with 'hanging one's own shingle' and launching a solo firm. In this case, advisors may benefit from joining "launch groups" through organizations like XYPN or even their broker/dealer, where they can find resources, solutions, and camaraderie to build community without splitting equity or the need to make business decisions together with a partner. Other options – such as mindfulness practices or study groups – can also help advisors manage the emotional toll of running a business on their own.

However, there are times when a business partner is essential to successfully launching a business, especially when both parties share the same vision and excitement for building the firm. When their vision and excitement align, a partnership can be a powerful force for working together to build a thriving business in the long-term!

Ultimately, the key point is that while there will be some issues that can be solved with a business partner, not all necessarily should be. Whether an advisor seeks a business partner or finds support through peer groups and fractional services, finding like-minded people who are "in it together" can make all the difference in managing the stress of launching and running a successful firm!

Alternative Minimum Tax (AMT) Planning After TCJA Sunset: Preparing Clients To (Re)Encounter AMT After 2025

October 16, 2024 07:01 am 0 Comments CATEGORY: Taxes

Since the Tax Cuts & Jobs Act (TJCA) was passed in 2017, few households have been subject to the Alternative Minimum Tax (AMT), which TCJA restructured so that it applied mainly to a select number of upper-income households. But with the anticipated sunset of TCJA in 2026 and the reversion to the pre-2018 AMT rules, a large subset of households will find themselves owing AMT – many of whom will do so for the first time.

At a high level, the AMT calculation works by adding a number of 'adjustment items' to a taxpayer's taxable income, most commonly including the standard deductions, the deduction for state and local taxes, interest from tax-exempt 'private activity' bonds, and unrealized gains on the exercise of Incentive Stock Options (ISOs). Once these adjustment items have been added to the taxpayer's regular income sources to calculate their 'AMT income', a single large AMT exemption is subtracted from that amount to arrive at the tax base off of which AMT is calculated. The tax itself is calculated using 2 brackets of 26% and 28%, and the taxpayer owes AMT if their tax as calculated using the AMT method is higher than it is when using the 'regular' tax calculation.

The sunset of TCJA will add back several common adjustment items that will create potential AMT exposure for many households. For example, personal exemptions and miscellaneous itemized deductions such as investment advisory fees, both of which will be reinstated after TCJA's sunset. Additionally, the elimination of the $10,000 limit on state and local tax deductions will make that adjustment much higher for property owners and households in high-tax states.

Furthermore, TCJA's sunset is set to reduce the amount of the AMT exemption, as well as to drastically lower the income threshold at which the exemption begins to phase out. Which means AMT will be triggered more frequently in households with 'only' $100,000–$600,000 of income. Households subject to AMT may also face a 'bump zone' in the phaseout range of the AMT exemption where any additional income is effectively taxed at a marginal rate of 32.5% and 35%.

For financial advisors, understanding the upcoming rule changes around AMT can help with identifying which clients might be subject to AMT starting in 2026. Which, from a practical perspective, can help with understanding whether the client needs to boost tax withholding or estimated payments in anticipation of the AMT tax owed – but can also help with recognizing planning opportunities to either avoid AMT exposure or reduce its impact. For example, clients with unexercised ISOs could exercise those options prior to TCJA's sunset without AMT exposure. However, if they were to wait until 2026, they would owe AMT (and need to find or borrow funds to pay the AMT triggered by the exercise). Although for clients currently in the AMT 'bump zone', it may actually be better to delay recognizing the income instead!

The key point is that, while it won't always be possible to avoid AMT (since AMT itself is intended to prevent higher-income households from avoiding taxes via high deductions and tax-exempt income sources), planning for AMT's changes post-TCJA sunset can help to minimize the impact of AMT and at least avoid any 'surprise' tax bills for those who don't see it coming. And because TCJA's sunset is expected to overwhelmingly increase households' exposure to AMT, there's not much downside in being proactive to avoid or minimize future AMT – since the downside if TCJA is ultimately extended is that there would be little or no AMT exposure anyway!

#FASuccess Ep 407: Building Retirement Portfolios With A Liability-Driven-Investing Approach To Manage Sequence Of Return Risk, With Mark Asaro

October 15, 2024 07:02 am 0 Comments CATEGORY: Financial Advisor Success Podcast

Welcome everyone! Welcome to the 407th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Mark Asaro. Mark is the Chief Investment Officer of Noble Wealth Management, an RIA based in Greenwood Village, Colorado, that oversees $320 million in assets under management for 160 client households.

What's unique about Mark, though, is how he uses a liability-driven-investing approach to build retirement portfolios and manage sequence of return risk, with a particular focus on using closed end bond funds to generate income needed to cover his client's expenses during the early (and most financially dangerous) years of retirement.

In this episode, we talk in-depth about Mark's approach to implementing Liability-Driven Investing, or LDI, which involves understanding a client's year-by-year retirement spending needs and then creating an asset allocation designed to generate sufficient income to meet these specific spending liabilities as they come due, how leveraging an LDI approach allows Mark to illustrate to his clients the investment income that will cover their early spending needs so they won't have to worry about selling assets during a market downturn, and how Mark's LDI approach has helped him to attract more risk-averse clients who aren't comfortable with the more 'traditional' approach to retirement portfolios… and then helps those clients get comfortable to actually spend more in retirement in the process.

We also talk about how Mark actually executes the portfolio construction process using the LDI framework, with an overweight allocation to fixed income to build a "bond tent" in the early years of retirement and a particular focus on utilizing closed-end bond funds to generate the necessary cash flows efficiently, how Mark leverages the equity component of the portfolio to mitigate the inflation risk associated with this heavy bond allocation in his clients' later retirement years, and how Mark "reallocates" client assets between the equities and fixed income buckets not only to replenish the fixed income allocations for retirement spending (as target allocations otherwise drift over time), but also to sometimes go the other direction and replenish the stock allocation from the clients' bond holdings during stock market downturns.

And be certain to listen to the end, where Mark shares how he and his firm navigated the transition from the insurance to the RIA channel amidst the market downturn of 2022 (and how they were able to make the most of the situation by adding exposure to higher-yielding bonds in the elevated interest rate environment), why Mark sees an opportunity for advisors in getting into the weeds of portfolio management, including a focus on macroeconomic trends and behavioral finance, instead of viewing investment management as a commodity, and why Mark ultimately believes the liability-driven-investing approach is valuable not only for allowing clients to meet their financial goals, but to help them sleep well at night in the process as well.

So, whether you're interested in learning about implementing a liability-driven-investing approach to manage sequence of return risk, how to actively manage fixed income portfolios, or how to navigate a firm transition during a market downturn, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Mark Asaro.

Empowering Employee Advisors Who Struggle With Business Development By Narrowing Them Into A Niche

October 14, 2024 07:03 am 0 Comments CATEGORY: Practice Management

Independent Registered Investment Advisors (RIAs) often face significant challenges in attracting advisors who can proactively generate new business. Many employee advisors gravitate toward service-oriented roles; this preference often stems from their initial motivation for entering the profession – wanting to help clients or perform the more analytical aspects of investing and financial planning. Rarely do they enter the field to be in a sales or marketing role. In some situations, a firm's employee advisors may want to bring in new clients but lack the skills, experience, and confidence. Regardless of the reason, the responsibility of acquiring new clients frequently falls on firm owners, limiting scalability and complicating succession planning.

Furthermore, this reliance on owners to drive growth creates bottlenecks, as the owners are already stretched thin managing operations and client relationships, increasing the risk of burnout and jeopardizing continued growth projections. For RIAs aiming for internal succession, the challenge intensifies, as the next generation often lacks the deep, trust-based relationships that founding advisors have cultivated. Which means that to ensure sustained organic growth, it's important for the next generation of advisors within a firm to develop proactive sales and marketing skills to sustain ongoing growth.

So, how can a firm encourage its employee advisors to contribute to business development efforts, especially when these advisors may not be naturally inclined toward sales and marketing? One of the most effective ways for employee advisors to overcome their challenges is by becoming a big fish in a small pond. They do this by establishing themselves in a niche where everyone in that defined space recognizes their expertise, leading to a steady stream of clients through general awareness and word of mouth. The first step is to identify a small pond, and that is done by defining a niche.

Specializing in a niche enables employee advisors to rapidly develop expertise and build a strong reputation within a focused group of similar clients. The specialized knowledge and positive reputation help advisors overcome the perceived experience gap often measured by years in the industry. It also reduces the need for a broad network or long-standing relationships for referrals, as clients are more likely to choose an advisor based on their expertise in working with people like them rather than on existing connections. Moreover, this specialized experience enhances credibility and trust with prospective clients, who see the advisor as a true expert in addressing their unique needs.

Once firms get their employee advisors to embrace the idea of contributing to business development, it's essential to support their success by investing in the right resources. Sales and marketing may not come naturally to them – they've likely never done this before and need clear guidance. Firms can help them create a strategic plan and offer mentorship to steer them in the right direction as well as the time, budget, and staff support they need to ensure they thrive in their new role.

Ultimately, the key point is that developing marketing and sales skills can take time, but with ongoing support, mentorship, and resources from the firm, employee advisors can gradually build confidence and capability as they develop their marketing skills. And by establishing themselves in a niche that reflects their interests and expertise, advisors can enjoy a more fulfilling career as they refine their niche expertise while helping secure the firm’s long-term growth and overall success!

Weekend Reading For Financial Planners (October 12–13)

October 11, 2024 02:00 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 CFP Board ad campaign promoting a career in financial planning to high school and college students sparked an uproar in the planning community, as some advisors questioned whether the messages being sent in the ads – in particular, certain static ads that did not provide as much context into the messaging as a series of 15-second video ads – realistically represented the profession, both in the minds of students and of members of the broader public who might have encountered them.

Also in industry news this week:

Edward Jones, which added more new CFP professionals than any other firm last year, announced that it is planning to offer financial planning services nationwide, highlighting the value for RIAs and other firms of differentiating themselves amidst increased competition not only for clients, but also for advisor talent
A recent survey indicates that a strong majority of those expecting to receive an inheritance in the upcoming "Great Wealth Transfer" plan to work with a financial advisor, presenting advisors with the opportunity to win over recent inheritors as clients while flagging the potential for some clients to look for a new advisor after receiving a windfall

From there, we have several articles on retirement planning:

Why recent trends in home prices and interest rates have affected the rent versus own decision for retirees and how advisors can help clients crunch the numbers and explore their goals to make the best decision for their needs
How the strategic use of a reverse mortgage can potentially help certain retired clients mitigate sequence of return risk and maximize their overall wealth
How advisors can support clients considering a move to a Continuing-Care Retirement Community (CCRC) by reviewing the financial data of CCRCs under consideration, which can signal whether the CCRC will be able to follow through on its promise of serving the clients for the rest of their lives

We also have a number of articles on practice management:

How RIAs are getting creative with "total rewards" packages to attract and retain employees, from offering pet insurance to providing quarterly "wellness bonuses"
The different types of 'synthetic' equity and how they compare to 'true' equity in the eyes of firm owners and employees
Why the trend towards increased pay transparency across industries in recent years raises the importance of aligning a firm's compensation model with its overarching productivity goals

We wrap up with 3 final articles, all about the meaning of success:

Why maintaining focus on one's own goals is crucial at a time when individuals touting "blind ambition" abound
Why many of the most important factors leading to a meaningful life cannot be measured in numerical metrics alone
Why the ability to "do it your own way" is often at the center of personal success, both professionally and financially

Enjoy the 'light' reading!