Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that the Investment Adviser Association has petitioned the SEC to ask the regulator to change how it defines a small adviser from one with less than $25 million under management to a firm with 100 or fewer employees. The group argued that this change would help more small firms, which tend not to have the same staffing and resources compared to their larger counterparts, as the SEC contemplates a growing number of new and amended rules.
Also in industry news this week:
- A survey suggests that wealthy individuals across all generations are interested in engaging with advisors on social media, with YouTube being the top platform chosen by respondents
- Amid an avalanche of claims for the pandemic-era Employee Retention Credit, the IRS is halting the processing of new claims until 2024 and plans to closely scrutinize those that have already been made
From there, we have several articles on financial choices:
- How advisors can help clients see that there usually are more than 2 options when it comes to making financial decisions
- While clients might be frustrated when their advisor says, “It depends,” advisors can add significant value by helping them make the best decision today while working with them to make adjustments over time if circumstances change
- Why having “enough” financial independence might be a better goal than a myopic focus on being able to retire early
We also have a number of articles on marketing to affluent clients:
- How offering a “second-opinion service” can help advisors generate more referrals from clients and centers of influence
- How advisors can help clients plan for the upcoming sunset of the lower gift and estate tax exemptions under the Tax Cuts and Jobs Act
- Why giving prospects room to talk, rather than trying to convince them of the merits of an advisor’s strategies, could be a more effective way to convert them into clients
We wrap up with 3 final articles, all about setting and adjusting goals:
- Why, when it comes to career planning, it can be more effective to focus on what one wants to be known for rather than the titles or positions they want to attain
- Why setting flexible goals often can be more effective than fixed or “SMART” goals
- How a “chuck-it list” can be a useful companion to a “bucket list” when it comes to setting goals
Enjoy the ‘light’ reading!
