Weekend Reading for Financial Planners (Apr 24-25)

Weekend Reading for Financial Planners (Apr 24-25)

Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the industry news that Morgan Stanley is selling off the E*Trade Advisor Services platform to Axos Financial, a retail-focused online-bank-plus-robo-advisor that is looking to pivot into the business of RIA custody and use E*Trade’s RIA custody unit (and its $13B of RIA assets) to immediately gain some economies of scale to compete in the RIA custody business.

In addition, there are several notable industry studies hitting the news this week, including:

  • EY reports that affluent clients want more “digital services”, not in lieu of a financial advisor, but offered by their financial advisor (and are even willing to pay more to get them!?)
  • Spectrem Group highlights the services that clients want from a financial advisor to earn their fees, and finds that “only” 2/3rds even want investment management, which is now almost tied with the number who want financial planning (but not necessarily investment management paired with it!)

From there, we have several interesting articles on investments:

  • How establishing “financial habits” can be the best way to overcome the tension between what we “want” (in the short-term) and what we know we “should” do (but may struggle to do) in the long term
  • The five “superpowers” of being a good investor, including Restraint, Curiosity, Creativity, Patience, and Courage
  • A look at William Bernstein’s new book “The Delusion Of Crowds” and why we have a tendency to invest with the herd (even if sometimes doing so leads us straight into a bubble!?)

We’ve also included a number of practice management articles on the theme of culture:

  • How independent firms by and large score well on culture (82% of advisors are proud of their firm’s culture) but wirehouse firms are struggling tremendously on culture (with only 43% proud of their firms, and providing a key indicator of why the breakaway broker trend continues?)
  • Why it’s better to hire for “culture-add” than just “culture-fit” alone
  • Tips for advisory firms to create a more data-driven culture where decisions are made on all available data (which must start with the firm’s leadership itself)

We wrap up with three final articles, all around the theme of productivity and focus:

  • How a sense of “overwhelm” often isn’t a result of being short on time, but doing work that is misaligned from our needs and values
  • How offering “Office Hours” to connect with other professionals can expedite networking in a time-efficient manner
  • How to find your own personal focus and decrease distraction with a personal Kanban system

Enjoy the ‘light’ reading!

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