Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that a recent study indicates that while overall social media engagement for financial services companies was down in 2023 compared to the previous year, firms boosted their engagement through posts that were entirely original content (rather than sharing third-party content), spoke to the firm’s or advisor’s principles (with posts responding to current news topics lagging), and were text-based (which was particularly effective for wealth management professionals posting on LinkedIn). Altogether, the study suggests that social media engagement is driven more by the quality (and originality) of the advisor’s content, rather than the quantity of posts.
Also in industry news this week:
- The SEC this week announced a proposed rule that would require RIAs to collect and verify their clients’ personal information in an effort to prevent illicit activity, though many firms likely are taking many of these steps already
- Why larger RIAs and those that have been acquired tend to have worse client and staff turnover than other firms
From there, we have several articles on retirement planning:
- A recent study indicates that while the median retirement age for current retirees was 62, workers today expect to be employed well past this age, suggesting that some might not be financially prepared for a (perhaps involuntary) earlier-than-expected retirement
- 7 ways advisors can help their clients plan for an early retirement, from helping clients discover the true motivation behind their desire to presenting the full range of potential outcomes for a retirement that might last 40 years or longer
- How incorporating information about a client’s chronic health conditions can lead to more accurate life expectancy assumptions and retirement income planning
We also have a number of articles on investment planning:
- How the popularity of model portfolios have taken off over the past few years, allowing advisors to spend more time with clients on planning topics beyond investment management
- While model portfolios can boost the efficiency of an advisor’s investment planning process and allow them to create tailored client portfolios without starting from scratch, they do require some hands-on work by advisors using them
- How software can help advisors choose the best model portfolio options for their clients’ needs and reduce the amount of time it takes to implement and manage them
We wrap up with 3 final articles, all about the planning profession:
- What individual firms, and the financial planning industry as a whole, can do to stave off an impending shortage of qualified advisors
- How the financial planning industry can serve as a role model, not only for other types of businesses, but also for how society as a whole views interpersonal relationships and the definition of success
- How relatively smaller RIAs can stand out amidst a convergence in the practices of wealth management firms across the size spectrum
Enjoy the ‘light‘ reading!
