Weekend Reading For Financial Planners (Oct 15-16)

Weekend Reading For Financial Planners (Oct 15-16)

Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that the Cost Of Living Adjustment (COLA) for Social Security beneficiaries will be 8.7% for 2023, the largest COLA since 1981. While this will help seniors keep pace with rising prices, it also creates tax planning opportunities for advisors and raises the possibility that the Social Security Trust Fund could be depleted sooner than expected.

Also in industry news this week:

  • The IRS released a notice this week indicating that RMDs will not be required for inheritors of retirement accounts subject to the SECURE Act’s 10-year rule
  • A recent study suggests that advisors can regain about 20% of their time by outsourcing investment management responsibilities

From there, we have several articles on cashflow management and spending:

  • The many ways advisors can support clients looking for a home at a time when mortgage rates are reaching levels not seen in more than a decade
  • How the Common Data Set can help advisors and families compare the actual cost of attendance across a range of colleges
  • How advisors can use the principles of ‘self-centered’ shopping to build a loyal client base

We also have a number of articles on practice management:

  • Why small financial advisory firms continue to thrive amid competition from the largest players in the industry
  • Why accounting firms have become hot acquisition targets for RIAs
  • How advisory firms can provide an extraordinary client experience that differentiates them from the pack

We wrap up with three final articles, all about time management:

  • Why optimization is almost impossible in a world of inherent uncertainty (or why achieving an extra 1% Monte Carlo success rate might not be worth it)
  • Why managing energy might be more important than managing time when it comes to improving productivity
  • How advisors can help clients discover their true priorities, without having to receive a terminal diagnosis

Enjoy the ‘light’ reading!

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