Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that a recent study found that advisory teams tend to have higher assets under management per advisor, serve wealthier clients on average, and have stronger growth than solo advisors, thanks in part to the efficiencies gained from sharing expertise and back-office support. Nevertheless, these findings could reflect self-selection amongst advisors, with those who don’t want to grow past a certain satisfying income (happily and profitably) remaining as solos, and those seeking greater growth upside joining teams.
Also in industry news this week:
- While an infusion of Private Equity (PE) capital has shaken up the RIA M&A market, the ultimate implications for advisors, their clients, and the PE firms themselves remain unclear
- A recent study has found that a significant portion of ‘DIY’ investors are open to working with a human advisor (and paying for the service), with ‘just in time’ advice potentially providing an opening for advisors to demonstrate their value
From there, we have several articles on retirement planning:
- Practical considerations for advisors when engaging in (partial) Roth conversions, from assessing the “effective marginal rate” paid on the conversion to deciding when during the year to complete the conversion(s)
- Why regular portfolio rebalancing could be sub-optimal for retirees and how a “rising equity glide path” could lead to greater portfolio size and longevity
- Why an advisor’s tools for helping clients successfully navigate the early years of retirement extend beyond asset allocation
We also have a number of articles on practice management:
- A 6-step plan for advisory firms to create a compensation plan that reflects their values and goals
- How firms can use cash bonuses, equity opportunities, and non-monetary perks to attract and retain top talent
- A survey of Gen Y and Gen Z advisors indicates that many of the factors that make a firm attractive to them, from the company culture to training and mentorship opportunities, do not necessarily have to cost firms in terms of hard dollars
We wrap up with 3 final articles, all about overcoming limiting beliefs:
- Tactics for overcoming limiting beliefs and “impostor syndrome” from the “WOOP” technique to participating in “mastermind” groups
- How self-compassion can help one overcome excessive self-criticism and become more resilient when things go wrong
- A 6-step approach to ‘defuse’ negative thoughts and shift towards more empowering beliefs
Enjoy the ‘light’ reading!
