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Enjoy the current installment of "weekend reading for financial planners" - this week's edition kicks off with the big industry announcement that Envestnet is building financial planning software company FinanceLogix, as it continues to build towards a "one-stop shop" holistic technology platform for advisors. Also in the news this week was the announcement that the Vanguard Personal Advisor Services solution is now fully open to the public, with a new lower minimum of just $50,000... and notably, has already crossed the threshold of more than $17B of AUM even while it was still in its "beta" phase.

From there, we have a few technical planning articles this week, from a look at the new Section 529 ABLE Accounts for disabled beneficiaries, to a discussion of whether today's potentially low returns in both stocks and bonds may "wreck" retirement, to a recent study from AQR finding that perhaps Active Share is not such a good predictor of fund outperformance after all.

We also have a couple of practice management articles, including: an article by Angie Herbers suggesting that most advisory firm problems aren't actually "business" problems but instead are personal challenges of the owners that they must overcome as the firm grows and evolves; a look at how to properly structure an advisor study group "retreat" to get the most out of your time away from the office; a review of some of the key issues that new advisors should be thinking about (that they aren't always told up front); and a look at how financial advice is not a business where "if you build it, they will come", which is why advisors need to learn to better target a particular type of clientele and really market to them accordingly.

We wrap up with three interesting articles: the first is an article by Shlomo Benartzi in the Harvard Business Review suggesting that employer retirement plans are not paying enough attention to the little issues around how retirement planning choices are presented to today's workers, and that even the smallest differences in how online tools are designed can have significant impacts on retiree savings and investment decisions; the second is a discussion by Bob Veres suggesting that as advisory firms grow, the single most important issue is becoming the firm's ability to cultivate and develop its future leaders, such that the primary role of an advisory firm CEO should actually be focusing on the personal development of its top people; and the last is a look at how 40 years ago, Wall Street predicted doom and gloom with "May Day" and the elimination of fixed commissions, yet instead found that allowing competition and forcing firms to act more in the interests of their customers actually fueled a tremendous investing boom... which raises the question of whether the brokerage industry's current objections to recent proposals for a fiduciary standard represents another moment where the predictions of doom and gloom are off base and that forcing the industry to act more in the interests of their customers could actually lower the cost of and expand the availability of financial advice.

And be certain to check out Bill Winterberg's "Bits & Bytes" video on the latest in advisor tech news at the end, including a review of IBM's recent "World of Watson", the Envestnet acquisition of financial planning software FinanceLogix, and the rollout of Vanguard's Personal Advisor Services to the mainstream public.

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Enjoy the current installment of "weekend reading for financial planners" - this week's edition kicks off with a recent Guidance Update from the SEC about cybersecurity, suggesting that the regulator is increasingly concerned about whether RIAs are properly stepping up to their obligations to protect client data and whether they are really prepared to deal with a potential data breach.

From there, we have several technical planning articles this week, from a look at how clients might need to update the gifting provisions in their Power of Attorney documents in light of current Federal gift/estate tax exemptions, to the growing trend of "Impact Investing" for especially higher-net-worth clients, tips for how to utilize family resources when a child or grandchild is going to college while minimizing any adverse impact on financial aid, and a roundtable interview on the current issues advisors should be thinking about when it comes to health insurance and the new health insurance exchanges.

We also have a couple of practice management articles, including: the differences in how top RIAs do marketing compared to their peers; the challenges that advisory firm owners/founders face as the business continues to grow; a look at how mega-accounting firm Deloitte is revamping its system of managing employee performance and reviews (with lessons for us all about how to better manage employees); and a look at technology tools that may be helpful for advisors trying to revamp their online presence from website to social media and more.

We wrap up with three interesting articles: the first is commentary from FPA NexGen President-Elect Rianka Dorsinvail about how advisory firms should think about hiring and retaining young talent; the second is a profile of Apex Clearing, the platform that has powered most "robo-advisor" start-ups in the past several years and is now looking to offer its tools more directly to traditional RIAs as well; and the last is a sad reminder that as clients age, financial decision-making capacity is often one of the first things to go, which makes it especially important for advisors to be watchful as the first line of defense... and have a plan in place about how to contact other family members for support, should it become necessary to do so.

And be certain to check out Bill Winterberg's "Bits & Bytes" video on the latest in advisor tech news at the end, including the latest from the Shareholders Service Group (SSG) conference, a partnership between Orion Advisor Services and Jemstep Advisor Pro, and the latest from the SEC on cybersecurity issues for advisors.

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Enjoy the current installment of "weekend reading for financial planners" - big news in this week's edition is that the Department of Labor has released the latest update to its proposed fiduciary rule, which would expand the scope of ERISA fiduciary rules to IRA rollovers and require advisors (including brokers acting as such) to act in the best interests of their clients, but does not necessarily limit the nature of the compensation those advisors can receive and permits commissions to continue as long as they are paid pursuant to implementing best-interest advice. Perhaps not surprisingly, fiduciary advocates are saying the new rules may be too weak, while the brokerage industry is already objecting the new rules would be too stringent.

From there, we have a number of technical planning articles this week, including a look at the latest rules for income-based repayment (IBR) and public service loan forgiveness (PSLF) options for those with significant (Federally-based) student loan debt, a look at the new once-per-year IRA rollover rules that took effect at the beginning of January, a review of the Windfall Elimination Provision (WEP) rules that can reduce Social Security benefits for those who receive a pension based on "non-covered" earnings (i.e., wages not taxed under the Social Security FICA system), and some of the compliance and practical issues that advisors must consider as clients age and potentially face cognitive decline and diminished (financial and other) mental capacity.

We also have a couple of technology-related articles, including a look at Orion Advisor Services and some of its recent initiatives, a discussion of the latest research on cybersecurity risks in financial services and how safe client assets really are, and a broader overview of the major trends currently underway in technology providers for financial advisors (from M&A activity to an explosion of robo-advisor-for-advisors solutions).

We wrap up with three interesting articles: the first looks at some recent market research on how advisors advertise their services, suggesting that the "traditional" views like lighthouses and walks on the beach may feel nice and comforting to consumers, but are failing to differentiate advisors or generate much interest for consumers to explore further; the second is a somewhat amusing look at the "bubble in bubbles" as the "bubble" label is increasingly applied to everything from actual potential bubbles (which are rare) to anything that might just be overvalued or is even just a short-term fad; and the last is a look at how regardless of the ongoing potential for regulatory reform about the standards to which advisors are held, that perhaps the primary elephant in the room to address is simply the confusing ways that (genuine) advisors, insurance agents, and registered representatives all hold out to consumers as "advisors" instead of requiring them to use more accurate titles and labels to describe what they actually do.

And be certain to check out Bill Winterberg's "Bits & Bytes" video on the latest in advisor tech news at the end, including major new updates to the Grendel CRM the announcement by Schwab that its "robo-advisor" platform Schwab Intelligent Portfolios already has $500M of AUM, highlights of a recent review of Orion Advisor Services, and the LinkedIn acquisition of popular app Refresh.

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Enjoy the current installment of "weekend reading for financial planners" - this week's edition kicks off with the launch of a new "outsourcing" partnership between Fidelity and FirstPoint Financial (a subsidiary of Mariner Holdings), where advisors can refer clients below their asset minimums to be invested and receive financial planning advice... for which the advisor can be paid a referral/solicitor fee of 35bps.

From there, we have a few interesting investment articles this week, including: an in-depth look at the various ways to invest in an S&P 500 index fund and how not all mutual funds and ETFs are the same; a look at whether legendary value-investor Benjamin Graham would have been a supporter of index funds (hint: yes!); a discussion of how, after several years of poor performance, this may be a breakout year for actively managed US equity funds because the necessary three preconditions for them to excel are present (at least after the first quarter); and an overview of the rapid rise of "liquid alternatives" as the hot new asset class, even though the reality is that most are actually not a new asset class at all but merely an active manager trading existing asset classes!

We also have several practice management articles, from a look at using client advisory boards to gather better feedback from clients to improve your practice, to the idea of using a "positioning statement" to explain why your business is unique/different instead of an elevator speech, to ways to find and leverage interns in your practice, and a wide-ranging interview in the Journal of Financial Planning with Caleb Brown of New Planner Recruiting about the current state of hiring, career tracks, and new financial planners entering the industry.

We wrap up with three interesting articles: the first explores how over the past 15 years, the number of jobs doing routine work has been in steady decline as technology and automation take over, but job growth continues to be robust for non-routine jobs that can't be easily automated (a bullish sign for financial planners working directly with individual clients!); the second looks at how technology is not only changing the world of financial advice, but also the advice we give to clients, as in the coming years we may no longer need to own cars (thanks to self-driving cars) or spend much on college (thanks to disruption from MOOCs) and estate planning could become a 5-generation-affair if longevity increases continue; and the last looks at a study of some of the common characteristics of the most successful advisors, including their focus on not only business goals but also the development of the team that supports them.

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Enjoy the current installment of "weekend reading for financial planners" - this week's edition kicks off with the big announcement that traditional insurer Northwestern Mutual has bought out "robo-advisor" LearnVest for a sum reported to be more than $250M in cash, though it's not entirely clear whether Northwestern is looking to grow and adapt LearnVest's fee-only financial planning business model, or simply adopt LearnVest's unique technology, including a consumer Personal Financial Management (PFM) app and financial planning software, internally for Northwestern's own agents and brokers. Also in the news this week were new details about Schwab's Institutional Intelligent Portfolios, its "robo-advisor-for-advisors" offering that appears to have more flexibility than the direct-to-consumer solution, but will still entail some indirect and possibly direct costs for advisors and their clients.

From there, we have a number of additional technology-related articles this week, from a discussion of why it's important to "own" and not "lease" your website from a packaged template provider, to a review of the latest "3.0" edition of the FinaMetrica risk tolerance software, to a review of the latest in rebalancing software tools, and also a discussion of some important caveats and exclusions to be aware of when considering cybersecurity insurance for your advisory firm.

We also have several more technical articles this week, including: recent new research into how retirees spend on health care as they age, showing that medical expenses are actually far more stable than most believe (but long-term care remains a big wildcard); a discussion of sequence of return risk and what it really means; and a look at how, even in times of volatility, only a portion of a diversified portfolio is really at risk for retirees, which has implications for both how funds should be invested in retirement, and how to manage that risk with dynamic spending policies.

We wrap up with three interesting articles: the first looks at the rising trend of RIA custodial platforms moving into more and more direct competitor with the independent RIAs they serve (from growing their own wealth management offerings to giving consumers money-back guarantees that independent RIAs can't match); the second is a review of the ways that broker-dealers make money off their own advisors, in both transparent and not-so-transparent ways; and the last is a discussion of how the nature of client review meetings is evolving, as information that once had to be discussed in a meeting can now be easily accessed from a smartphone, raising interesting questions of just how often it's really necessary to meet with clients in person and what role shorter virtual meetings could play in the process.

And be certain to check out Bill Winterberg's "Bits & Bytes" video on the latest in advisor tech news at the end, including his own discussion of the new Schwab Institutional Intelligent Portfolios for advisors, and the Northwestern Mutual acquisition of LearnVest.

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Enjoy the current installment of "weekend reading for financial planners" - this week's edition kicks off with the big announcement from SEC chairwoman Mary Jo White that she intends to have the SEC push forward on a uniform fiduciary standard for brokers and investment advisers, nearly 5 years after Dodd-Frank legislation originally authorized the SEC to do so. Of course, the devil remains in the details of what will or will not come forth as the SEC begins its own prospective rulemaking process in the coming months and years.

From there, we have a number of practice management articles this week, including a look from Investment News at how some of the largest ($1B+ AUM) advisory firms seem to be getting more profitable and successful (and growing even faster) as they get larger, a discussion of how increasingly advisory firm owners are attending conferences not for educational content but as an opportunity to network for advisor recruiting, and the issues to consider when deciding whether or not to adopt account aggregation software in your practice.

We also have several more technical articles this week, from an interview with economics professor Laurence Kotlikoff on his new Social Security planning book "Get What's Yours", to a discussion of how long-term care insurance may change as premiums continue to rise and emerging studies find that consumers are more likely to need long-term care than previously thought but the typical duration of claims is actually far shorter than once believed (averaging less than 1 year for men and under 1.5 years for women), and what clients should consider if they're not going to buy long-term care insurance and need to come up with their own plan. There are also two investment articles this week - the first is an look from Bob Veres at how advisors are preparing for the potential "bondmageddon" in the coming years, and the second is a research paper from GMO about how pension funds should manage "valuation risk" by dynamically adjusting equity exposure over time (a strategy that can help individual retirement planning as well!).

We wrap up with three interesting articles: the first is a profile of Luke Landes, who built the Consumerism Commentary personal finance blog into a seven-figure business over the span of a decade; the second is a look at how most people who feel they aren't productive enough are really just struggling with the fact that they're so overcommitted they couldn't possibly do everything they've set forth for themselves (there just aren't enough hours in the day!); and the last is a series of "lifehacks" and tips to manage your own personal efficiency, from how to better handle the never-ending flow of email, to maximizing your productivity by focusing on one task at a time for 25 minutes each.

And be certain to check out Bill Winterberg's "Bits & Bytes" video on the latest in advisor tech news at the end, including a review of this week's Nerd's Eye View article on how to choose technology and start a new RIA on a budget, to the newest "second opinion" tool for consumers from SigFig, and more!

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Enjoy the current installment of "weekend reading for financial planners" - this week's edition kicks off with coverage of the recent SEC and FINRA cybersecurity "sweeps" of advisor best practices, which finds that RIAs have been more lax in their cybersecurity policies and managing than broker-dealers, although notably a higher percentage of broker-dealers have actually suffered fraudulent loss events (though the reasons are unclear). Also in the news this week was a warning that Genworth anticipates yet another bad quarter of financial results due to continued losses on its long-term care insurance, which has now driven the company's stock price down by more than 50% over the past year and led to its debt rating being downgraded to "junk" status.

From there, we have several marketing-related articles this week, from a discussion of the various types of tools/platforms available for advisors who want to blog, to tips in building a "virtual" client webinar event to gather prospects, to a look at how advisors should focus on building "social capital" to grow their firms, and a study of "elite" advisors suggesting that the best advisors spend upwards of 4% of revenues on marketing (compared to only 1%-2% for "typical" advisory firms).

We also have a few retirement-related articles, including one that raises the question of whether more advisors should recommend retirement income solutions with "guarantees" because the cost is a worthwhile trade-off to the client for peace-of-mind (even if it results in less expected wealth and isn't justified "mathematically"), a second that looks at the trade-offs to consider in lump sum versus pension decisions, and a third looking at how variable withdrawal rate strategies may "dominate" fixed withdrawal rate strategies... although it depends on how you define "success" in the first place.

We wrap up with three interesting articles: the first is an open letter from Bob Veres to SEC Chairwoman Mary Jo White, questioning why the SEC really needs to increase RIA exams at all, whether the process is outdated, and why the SEC's staff is allowed to be so inefficient with each examiner averaging of only 2.2 RIA audits per year; the second is an interesting look at how the culture is changing in wirehouse firms since the financial crisis, and whether their outflows of breakaway advisors have less to do with shifting commission-versus-fee business models and more to do with current management undermining the entrepreneurial partnership culture that built those firms in the first place; and the last provides a look at the emerging rise of the Financial Therapy Association and a new body of research that looks at our physiological and psychological responses to money issues and how to better help clients work through them.

And be certain to check out Bill Winterberg's "Bits & Bytes" video on the latest in advisor tech news at the end, including the announcements that robo-advisor Wealthfront has crossed $2B of AUM, ByAllAccounts has crossed $1T of account aggregation, and a review of Morningstar's new iPad app!

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