Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that several states are considering a series of tax hikes targeting higher-income and ultra-high-net-worth residents after similar proposals failed to pass at the Federal level. While it remains to be seen whether the measures will actually be enacted, proposed measures include raising income and capital gains tax rates, instituting wealth taxes, and reducing the state estate tax exemption, potentially creating future planning opportunities for advisors with clients in those states.
Also in industry news this week:
- While the number of RIA M&A deals increased in 2022, the size of these deals declined, perhaps reflecting challenging market and economic headwinds
- A recent survey suggests that nearly half of financial advisory clients have changed advisors or have considered doing so since the start of the pandemic and that portfolio performance has become a primary consideration in their decision-making process
From there, we have several articles on practice management:
- Why advisory firms might first consider whether they are using their current tech stack optimally before looking to new software solutions
- How advisory firms can better organize and track their data to avoid drowning in a sea of numbers
- Why firm culture and opportunities for career advancement could be more important than starting salary for many financial planning job candidates
We also have a number of articles on cash flow and spending:
- A review of several key psychological factors that drive clients’ spending decisions
- How consumers are potentially losing money by keeping significant cash in savings accounts at major banks, and the opportunity for advisors to create cash management strategies for clients
- How advisors can support clients whose children suffer from ‘failure to launch syndrome’
We wrap up with three final articles, all about the financial advice industry:
- Why the competition for talent, a pullback in private equity funding, and firms balancing efficiency with effectiveness could be key trends within the financial advice industry in the coming year
- How consumers could benefit from fee-only advice within the insurance industry
- The benefits of taking on leadership positions within financial planning industry associations
Enjoy the ‘light’ reading!
