Weekend Reading for Financial Planners (Sept 25-26)

Weekend Reading for Financial Planners (Sept 25-26)

Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with a look at the recently filed “Petitions For Rulemaking” that XY Planning Network submitted to the SEC regarding the separation of brokers and advisors, which would require brokers offering financial planning services (or delivering financial plans to their clients) to become fiduciary RIAs, along with any brokers who marketed to the public that they offer ongoing (investment) advice to their clients. Though, ultimately, it remains to be seen whether the SEC will act with new rulemaking (or continue to focus on more stringent enforcement of Regulation Best Interest itself) in the coming year.

Also in the industry news this week:

  • As the American Families Plan (and separate infrastructure legislation) winds its way through Congress, all eyes are on what provisions are likely to make it through, and which may still end out on the cutting room floor
  • Schwab is launching a new “Moneywise America” financial literacy program that aims to provide free financial literacy education to every (!) high school in the country by 2025

From there, we have several investment management-related articles:

  • Why risk tolerance questionnaires may be less effective when working with decumulation clients (at least until it’s clear whether they want an investment-style or guaranteed-income-style approach to begin with)
  • How not in danger Social Security actually is for most future retirees, both because the Social Security trust fund only funds roughly a quarter of benefits in the first place… and in the coming years, the pressure on the government to implement a policy fix will only grow further
  • Strategies for Social Security “do-overs” for those who change their mind and want to start earlier, or later, than they originally chose to begin their benefits

We’ve also included a number of articles on financial psychology and helping clients to implement their plans:

  • Why most clients don’t actually implement their financial plans (because they didn’t really have buy-in to the recommendations in the first place?)
  • Consumer research showing that most clients really are comfortable with virtual meetings, and many even prefer them (though some will always still want the face-to-face in-person approach)
  • Why framing a lack of savings as a “self-control” problem may be amplifying Americans’ low savings habits, and the alternative approaches to help clients save more

We wrap up with three final articles, all around the theme of the power of asking (good) questions:

  • Why turning questions inward to yourself can be one of the most powerful ways to gain new perspective
  • How leaders asking questions of their teams can promote a culture of greater collaboration and trustworthiness
  • A list of 25 “icebreaker” questions for those who want to start more conversations with (good) questions… but just aren’t sure what questions to ask!

Enjoy the ‘light’ reading!

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