Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that Charles Schwab’s latest annual RIA Benchmarking Study shows that while average firm assets under management fell in 2022, due largely to weak market performance, organic growth remained strong, mitigating a portion of the market effects on client portfolios. Further, the study identifies the traits of “top performing” firms, which, during the past 5 years, saw nearly triple the client and net organic asset growth compared to other firms.
Also in industry news this week:
- How an SEC committee proposal to allow third-party examinations of the growing number of RIAs harkens back to a similar proposal that failed to advance in Congress more than a decade ago
- A study shows that a majority of advisory firm clients surveyed chose the first advisor with whom they met, though younger clients appear to be doing more research before choosing an advisor
From there, we have several articles on wellbeing:
- Why tracking employee wellbeing metrics could be good for both firms and their employees
- How vacations can improve an individual’s physical, mental, and spiritual health, in addition to their work performance
- Key wellness trends that firms can consider implementing with their employees to promote their wellbeing and potentially improve retention
We also have a number of articles on spending:
- Why a previous skeptic of luxury cars decided that buying a $65,000 Porsche was the right decision for her
- Why it is important for clients to consider the ‘hidden’ costs of buying a vacation home before jumping into a purchase
- How advisors can help clients strike a balance between living for today and delaying gratification
We wrap up with 3 final articles, all about career development:
- Why neither advisory firms nor their advisors can get everything they want out of an employment relationship
- The important, but less obvious, factors an advisor can consider when thinking about changing firms
- What knowledge workers can do to avoid having their jobs taken over by artificial intelligence tools
Enjoy the ‘light’ reading!
