Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that RIAs appear to be building more comprehensive and more integrated tech stacks, and are benefiting from greater operational efficiencies, according to the latest Schwab RIA Benchmarking Study, with larger firms seeing gains in clients and AUM per professional and a reduction in annual hours spent per client for operations and administration in the past 3 years.
Also in industry news this week:
- The SEC released a proposal that would require firms to take steps to eliminate or neutralize conflicts of interest when using predictive data analytics tools with clients
- A recent study found that financial advisors remain the top source of financial advice for consumers, with social media coming in well behind
From there, we have several articles on practice management:
- 4 steps advisory firms can take to train their staff effectively
- 7 key standard operating procedures advisory firms can consider implementing to promote efficiency and consistent service
- Why letting team members struggle with new assignments can ultimately give them more confidence and allow firm owners to delegate more tasks
We also have a number of articles on retirement planning:
- An analysis shows that despite the decline in access to defined benefit pensions, the typical retiree today receives more monthly income than one who retired 50 years ago
- Why older individuals tend to have a harder time being approved for mortgages despite having better credit scores and more assets
- Why some experts are calling for policymakers to shore up the Social Security trust fund indefinitely while others think a shorter duration would be acceptable
We wrap up with 3 final articles, all about facing challenges:
- 10 harsh lessons one business owner learned on his entrepreneurial path and how they apply to financial advisors
- Why it might be better to knock off small tasks when they arise rather than letting them build up over time
- 5 steps advisors can take to spur themselves to action when facing a daunting challenge
Enjoy the ‘light’ reading!
