Weekend Reading For Financial Planners (Oct 29-30)

Weekend Reading For Financial Planners (Oct 29-30)

Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that the SEC has proposed a rule that would require RIAs to conduct enhanced due diligence and recordkeeping when using certain outsourced investment management services and other third-party service providers. While the rule is currently in the public comment stage, given the growing popularity of outsourcing certain tasks to free up time for other planning and operational responsibilities, particularly among smaller RIAs, the new rule could add a significant administrative burden to firms going forward.

Also in industry news this week:

  • A proposed Department of Labor rule would limit the type of workers who could be considered independent contractors, which could present a challenge for the independent broker-dealer model
  • Fidelity has introduced a direct indexing platform for advisors, joining an increasingly competitive space

From there, we have several articles on practice management:

  • A new report shows that RIA profitability and AUM soared in 2021, buoyed by a strong stock market and new client growth
  • RIA merger and acquisition activity has been brisk and valuations have remained elevated during the past year, but industry observers are debating whether economic headwinds could slow activity in the coming year
  • The key considerations for advisors considering terminating a forgivable note early

We also have a number of articles on building and maintaining wealth:

  • The stories of how 30 millionaires earned (or came into) their wealth and the lessons for advisors
  • How advisors can approach working with ultra-wealthy clients, who are increasingly focused on building dynastic wealth
  • The pros and cons of being wealthy, and how advisors can help clients avoid the potential pitfalls of having significant wealth

We wrap up with three final articles, all about setting goals:

  • Why it’s ok for advisors (and their clients) not to have major goals, and why building optionality could be the key to achieving goals when they eventually arise
  • Why one CEO pursues steady progress in his business rather than setting audacious goals
  • How advisors and their clients can use ‘anti-goals’ to avoid unwanted outcomes

Enjoy the ‘light’ reading!

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