Weekend Reading for Financial Planners (Apr 10-11)

Weekend Reading for Financial Planners (Apr 10-11)

Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with a look at President Biden’s newly proposed infrastructure plan, which may inject as much as $2.3T into the economy to tackle long-standing infrastructure projects that have long had bipartisan support… but still faces criticism from both Republicans and Democrats, and a “price tag” that is leading to proposed tax increases on both businesses and high-income individuals that may generate a lot of tax planning discussions for financial advisors and their clients in the months to come.

In addition, there are several other notable news items this week, including:

  • The CFP Board is kicking off the next round of its $10M/year public awareness campaign with a new set of TV commercials and radio ads on the value of seeking out a CFP professional
  • A new consumer study on pre-retirees that finds they are a much more age-diverse group than the traditional view of “those aged 55 – 64 within 5 years of retirement”

From there, we have several articles on advisor marketing to describe fees and value:

  • The benefit of stating advisory fees directly on the advisor’s website, and tips on how to do so and position the fees effectively
  • Why it’s often better to offer a ‘low-cost’ reasonably priced service than a “free” one (that usually really isn’t)
  • How “simply” being an accountability partner that helps clients actually do what they plan to do can be a major enhancement to justify an advisor’s value for the fees they charge

We’ve also included a number of articles on industry recruiting trends:

  • An emerging push to shift the broker-dealer and RIA custodian recruiting model from a commission-based to a flat-fee model
  • How Schwab is pressuring recruiters to get paid directly from the RIAs they recruit, in an effort to force more transparency
  • How earnouts for advisor acquisitions were on the rise in 2020 but are on the decline again in 2021 as acquisition demand heats up

We wrap up with three final articles, all around the theme of maximizing our focused productivity:

  • How interruptions reduce our focus, but knowing that an interruption is coming can actually help us to focus and work faster
  • Why focusing is often difficult because we spend too much time thinking about what we give up by focusing and not what we gain by doing so
  • Why “success” in the end isn’t just about having good ideas, but actually executing them… which usually means getting focused on the very few things that will have the most impact if executed well

Enjoy the ‘light’ reading!

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