Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that a new study indicates that while financial advisory firms are largely satisfied with their tech stacks, they take a range of approaches to applying tech: from “innovators” that invest in tech to differentiate themselves from their competition and to enhance the client experience to “operators” that invest in technology largely to improve operations and internal efficiency to firms that say they don’t prioritize technology or use it effectively. The survey found that most firms fall into the middle category, utilizing tech in categories that provide an assessed high return on investment (e.g., financial planning, CRM, portfolio management), while taking a more tailored approach to selecting tech in other categories.
Also in industry news this week:
- A Federal judge struck down the Federal Trade Commission’s ban on non-compete agreements before it could go into effect, though potential appeals mean the battle over the regulation might not be over
- A U.S. District Court this week ruled that Missouri’s rules that targeted investment advice based on factors other than return maximization was unconstitutional and preempted by Federal law, striking a blow against state efforts to regulate the activities of SEC-registered advisers
From there, we have several articles on retirement:
- 7 factors that can help a client choose the best retirement location for their needs, from maintaining social ties to having adequate medical care available nearby
- Considerations for clients who are considering moving abroad for their retirement (and their advisors), including the potential implications for the client’s taxes and investments
- How advisors can help clients determine the most tax-friendly states for retirement, which goes well beyond the ‘headline’ income tax rate to also include each state’s unique treatment of different retirement income streams
We also have a number of articles on practice management:
- How advisory firm owners can consider the benefits and tradeoffs of a hybrid work environment to create a structure that best meets the needs of both the firm and its employees
- The keys to holding effective team-building exercises and 17 potential options, from in-person retreats to volunteer days
- Why creating and reevaluating a collaboration plan is a crucial part of maintaining an effective hybrid work policy
We wrap up with 3 final articles, all about pets and finances:
- With the average annual costs of caring for a pet reaching $4,800, these expenses can represent a major (and often unexpected) line item on a client’s budget
- The pros and cons of pet insurance, from the ability to defray veterinary bills that can add up to thousands of dollars to the sometimes-complicated maze of coverage options and exclusions
- How a “pet directive” or pet trust within a client’s estate plan can help ensure their pet will be well taken care of after the client’s death
Enjoy the ‘light’ reading!
