Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that CFP Board announced that it has crossed the milestone of 100,000 CFP professionals in the United States, and despite having just celebrated its 50th anniversary last year, just set a record high in the number of advisors sitting for the CFP exam this March, reflecting the value many financial advisors and consumers place on the brand, including the requirements to obtain it as well as the standards CFP professionals must follow (though, as CFP Board has recognized, there is potential room for it to improve in both of these areas!).
Also in industry news this week:
- The Office of Management and Budget (OMB) has completed its review of the Department of Labor’s new “fiduciary rule“, indicating that it could be released in the coming days or weeks (though, like its predecessors, its ultimate disposition is likely to be determined in the courts)
- The IRS announced this week that it is excusing Non-Eligible Designated Beneficiaries who inherited IRAs and are subject to the “10-year rule” to distribute these accounts from having to take RMDs again in 2024 (just as it did for 2021, 2022, and 2023) and indicated that Final Regulations regarding RMDs for those in this position could be coming this year
From there, we have several articles on retirement planning:
- 4 unique risks retirees face when drawing down their assets, from sequence of returns risk to tax risk, and how financial advisors can help clients mitigate them
- How the differential effects of the “Great Recession” have led to younger Baby Boomers having fewer assets than their older Boomer counterparts
- How financial advisors can help their clients identify and avoid a potential retirement income “death spiral“, whereby a client’s assets are depleted over the course of only a few years
We also have a number of articles on financial advisor marketing:
- 5 relatively low-cost marketing tactics for financial advisors, from expanding the types of Centers Of Influence they approach to leveraging “social proof” to attract clients
- How advisors can boost the relevancy and effectiveness of the “Calls To Action” (CTAs) on their website
- Strategies advisors can use to build urgency and help reluctant prospects overcome their hesitance to sign on to become clients
We wrap up with 3 final articles, all about online security:
- A recently released feature can help protect iPhone owner’s private data from thieves who are able to access their phone and passcode
- How activating 2-factor authentication and other security measures can help protect users’ social media accounts
- Why the “private browsing” feature of internet browsers does not provide the level of anonymity users might assume
Enjoy the ‘light’ reading!
