Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that Charles Schwab has revealed changes to its technology offerings in the wake of its merger with TD Ameritrade, bringing over several popular TD tools, including portfolio rebalancing tool iRebal, its Model Market Center model management service, and its trading platform thinkpipes, likely in an effort to keep former TD users (many of whom were accustomed to this software) on the Schwab platform (and to expand offerings for firms already on the Schwab platform) as competition in the RIA custodial platform marketplace heats up.
Also in industry news this week:
- 43% of wealth management firms are frustrated with the effectiveness of their CRM software, spurred on by challenges with integrations and workflows, according to a recent survey
- The Social Security Administration this week announced a 2.5% cost of living adjustment for 2025, a decline from previous years, reflecting a reduced inflation rate
From there, we have several articles on insurance planning:
- How changes to Medicare Part D for the upcoming year could lead to lower out-of-pocket spending on prescription drugs for certain clients
- 5 mistakes individuals make when it comes to Medicare, from underestimating expenses to missing important deadlines, and how advisors can help prevent them
- Key opportunities for financial advisors to add value for clients during Medicare’s open enrollment period, from evaluating prescription drug plans to discussing the potential benefits and drawbacks of moving between ‘original’ Medicare and Medicare Advantage plans
We also have a number of articles on client risk tolerance:
- Why separating risk tolerance from risk capacity and incorporating both risk tolerance questionnaires and qualitative conversations can provide advisors with more complete insight into their clients’ ability and willingness to handle investment risk
- Why a client’s tolerance for “career risk” is a potentially important factor when creating a financial plan and evaluating alternative scenarios
- How individuals’ risk tolerance as they move into retirement does not decrease as much as might be expected
We wrap up with 3 final articles, all about setting goals:
- A 3-step process that can help clients set more accurate, specific financial goals
- How advisors can motivate clients by having them choose “not not serious” goals that can add vibrancy to their financial plans
- Why focusing on internal motivation and consistent processes, rather than external, measurable goals, could lead to greater personal and professional satisfaction
Enjoy the ‘light’ reading!
