Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that the Securities and Exchange Commission (SEC) announced that a total of 26 broker-dealers, investment advisers, and dually-registered firms agreed to pay combined civil penalties of almost $400 million for failing to maintain and preserve required records for “off-channel” communications, signaling the regulator’s interest in cracking down on text messages and other communications that are not properly archived by firms. Notably, this announcement included the first off-channel communication case brought by the SEC as a result of a referral from an RIA exam, which could lead examiners to focus on off-channel communications during regular RIA examinations.
Also in industry news this week:
- Fidelity and Advyzon are teaming up to offer RIAs a combined custodial platform-AdvisorTech bundle aimed at smaller RIAs, though its unclear whether Fidelity will take on some of the smallest firms
- A report indicates that RIA M&A grew in the first half of the year compared to the same period in 2023, with new firms joining the list of top acquirers and buyers looking to acquire larger firms
From there, we have several articles on retirement:
- Why retirement is not just a one-time transition, but a series of opportunities to adjust one’s priorities, both financial and personal, and how advisors can help clients navigate them
- How one retiree found a sense of purpose (and why he sold his ego-boosting sports car) after a sudden, unexpected retirement
- How sabbaticals during one’s working years can serve as helpful ‘previews’ for how an individual wants to structure their retirement
We also have a number of articles on advisor marketing:
- How a “zero-click” social media strategy can boost an advisor’s visibility and credibility
- Why some advisors are turning to in-person events amidst a surge of interest in digital marketing
- How “marketing channel harmony” can help advisors increase the efficiency and effectiveness of their marketing messages
We wrap up with 3 final articles, all about fame:
- The difference between fame and influence, and why the latter might be preferable for advisors and others
- Why famous individuals are often scammed by those they trust the most, and how advisors can help clients of all types avoid some of these schemes
- An exploration of the psychology of fame-seeking, and why those who prioritize it can experience more mental stress than those with more internally focused goals
Enjoy the ‘light’ reading!
