Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that the shift in financial advice from pure investment management to comprehensive financial planning continues, with more individuals becoming CFP professionals than CFAs in the past few years as consumers increasing the diversity of their financial goals.
Also in industry news this week:
- A survey indicates that while financial advisors remain the most trusted source of financial advice, they might increasingly encounter client questions and ideas that originated from social media
- Following the transition of advisors and clients from TD Ameritrade and amid competition from competing RIA custodians, Charles Schwab executives this week highlighted tech investments the custodian has made to improve the advisor experience on the platform
From there, we have several articles on tax planning:
- Why business-owner clients could come under increasing scrutiny from a beefed-up IRS
- The unique tax issues facing freelancers and how advisors can both help them maintain proper records and take advantage of tax-related opportunities
- How advisors can help wealthy clients with certain alternative investments avoid an IRS audit
We also have a number of articles on the value of advice:
- How advisors can use an iterative process to develop high-value services for their clients
- The unique needs of clients in the “sandwich generation” and how advisors can serve them without burning out themselves
- How financial advisors are similar to general practitioners in their ability to make clients feel cared for
We wrap up with 3 final articles, all about wealth:
- Profiles of individuals who retired with $5 million, who have often leveraged this wealth for flexibility rather than luxury
- Recently published data from the Federal Reserve shows that the median net worth of Americans across the range of ages and wealth levels has increased significantly since 2019
- Why clients expecting to receive large inheritances from their Baby Boomer parents or grandparents might receive less than they expect and how advisors can support them
Enjoy the ‘light’ reading!
