Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that a recent study from Fidelity Institutional highlights the growing popularity of the RIA model and the success advisors have had after going independent. The study found that 1 in 6 advisors have moved firms in the past 5 years, with the majority opting for the independent channel. Notably, this decision has provided both qualitative and quantitative benefits for these advisors, as 85% said they now have more control over their future and 80% saw their assets under management subsequently grow, with a median increase of 42%.
Also in industry news this week:
- The latest update on the status of the Department of Labor’s proposed regulation related to fiduciary advice on retirement accounts and why the agency is referring to it as a “retirement security rule” rather than a “fiduciary rule”
- A report suggests that RIA M&A surged in the 3rd quarter, as large acquirers resumed their brisk pace of purchases
From there, we have several articles on employee benefits:
- Why high-deductible health plans with paired HSAs could be the most cost-effective and tax-efficient health insurance option for many clients
- How financial advisors can help clients better understand their employer-sponsored healthcare options and make the best decision for their needs
- How advisors can potentially save clients thousands of dollars by reviewing their elections for disability insurance, workplace retirement plans, and other benefits during the annual open enrollment period
We also have a number of articles on advisor marketing:
- How to follow up with a prospect who ‘ghosts’ an advisor after the initial discovery meeting
- Questions that advisors can ask prospects before and during discovery meetings to reduce the chances that the prospect will fall out of contact
- A 2-part discovery meeting ‘close’ that can encourage prospects to take the next step to becoming a client
We wrap up with three final articles, all about technology and security:
- While the increasing use of facial recognition technology could increase security and reduce wait times in a variety of areas, it also comes with potential privacy concerns
- How the shift from passwords to passkeys could make logging into accounts more secure and convenient
- Why encouraging consumers to focus on getting the ‘big’ things right, rather than trying to address every potential threat, could be a valuable practice for both cybersecurity and financial advice professionals
Enjoy the ‘light’ reading!
