Weekend Reading For Financial Planners (July 2-3)

Weekend Reading For Financial Planners (July 2-3)

Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that RIAs experienced growth across a range of metrics in 2021, from the number of SEC-registered firms (up 6.7%), to assets under management (up 16.7%) and clients (up 6.4%). Combined with shrinking numbers of broker-dealers and their registered representatives in the latest FINRA Snapshot, this RIA growth signals the continued shift from product-based to advice-centric planning, as more and more advisors restructure their firms from broker-dealer to RIA!

Also in industry news this week:

  • At a time when more than one-third of financial advisors are expected to retire in the next 10 years, a quarter of these advisors are still unsure about their succession plans, raising the question of whether they will begin internal succession plans soon or simply wait to be acquired by a larger firm when it’s time to retire
  • Why the SEC’s first enforcement action under Regulation Best Interest disappointed consumer advocates by focusing on sales behavior that would have even been questionable under the prior suitability standard

From there, we have several articles on retirement:

  • How advisors can successfully guide clients from the accumulation phase to the decumulation stage of their financial lives
  • Why it is important to treat financial independence as a journey rather than a destination and how advisors can support clients on this path
  • Why retirement often means a shift to new activities and routines rather than a total absence of structure

We also have a number of articles on practice management:

  • Why it is important for firm leaders to take a personal interest in the lives and professional success of their employees
  • Why setting expectations, regular communication, and mutual respect for company cultures are key to ensuring a successful relationship between advisory firms and their strategic partners
  • The range of compensation structures firms can consider implementing to attract and retain employees during the current tight labor market

We wrap up with three final articles, all about vacations:

  • Why taking vacations is important to advisor wellbeing and how to set expectations with clients and coworkers to make the time off more relaxing
  • How new advisors can prepare for their first vacation, from informing management well in advance to creating how-to videos for co-workers covering their responsibilities
  • Why crafting an effective out-of-office message can make or break a vacation

Enjoy the ‘light’ reading!

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