Weekend Reading For Financial Planners (July 9-10)

Weekend Reading For Financial Planners (July 9-10)

Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with a recent study indicating that 15% of employee advisors at wirehouse firms and 7% of independent advisors affiliated with a broker-dealer are considering leaving their firm in the next one to two years. Of those most likely to stay, retention was driven primarily by the quality of the firms’ technology offering, the breadth of its products and services, and the corporate culture set by the leadership of the firm. Though notably, dissatisfaction among employee advisors tended to increase with industry tenure, suggesting that some firms could potentially lose advisors with the largest books of business, potentially creating an opening for competing firms to bring on seasoned talent (and client assets)!

Also in industry news this week:

  • How advisors are planning to grow despite the current bear market’s negative impact on assets under management
  • Two years after its implementation, the SEC is planning to draft additional guidance to help advisors better understand Reg BI and ensure it delivers on its investor protection goals

From there, we have several articles on practice management:

  • How setting Objectives and Key Results (OKRs) can help ensure all employees are working toward common firm goals
  • How advisors can leverage the Entrepreneurial Operating System (EOS) to systematically manage and grow their firms
  • What it takes to build lasting influence, and why it has little to do with social media follower counts

We also have a number of articles on cash flow management:

  • How advisors can work with younger clients who want to financially support their parents or other loved ones
  • How to prevent money issues from derailing a friendship
  • The importance for advisors of recognizing the different preferences clients have for spending and saving their money

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

  • Why setting “process goals” can help advisors create routines that endure after their larger goal is achieved
  • Why advisors might not want to worry the next time they start (literally) sweating a stressful situation
  • Why chosen suffering is an important part of achieving a life of happiness and meaning

Enjoy the ‘light’ reading!

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