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!
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