Enjoy the current installment of “weekend reading for financial planners” – this week’s edition kicks off with the big news that a Court of Appeals has ruled the SEC’s process of hiring Administrative Law Judges (ALJ) into its in-house court system is unconstitutional, setting the stage for a potential Supreme Court case to decide its fate (with the possibility that Republicans will preemptively intervene to legislate against them first!). Also in the recent news is the announcement that a new Registry for Fiduciary Advisors from the Institute for the Fiduciary Standard has launched, and gathered its first member: former FPA president and CFP Board Disciplinary chair Dan Moisand.
From there, we have several practice management articles this week, including: a look at how Schwab’s standard account agreement could actually trigger custody for the RIAs that use its platform; how a white-label ETF provider works (for any advisors curious about what it takes to launch their own ETF!); and the differences between 3(38), 3(21), and 3(16) fiduciaries under ERISA as the new DoL fiduciary rules loom large in 2017.
We also have several technology-related articles, from a review of the new financial planning software provider RightCapital, to a new retirement planning solution called the “Big Picture App” that finally makes it possible to illustrate the 4% safe withdrawal rate strategy with clients (under various time horizon and asset allocation assumptions), to a look at how video conferencing and other technology tools are making it possible to “untether” financial advisors from the geographic location of their clients (or even needing to be physically at an office at all). There’s also a good article from Ryan Neal of Wealth Management on whether the real technology threat to financial advisors wasn’t “robo” automation, but the next stage of Artificial Intelligence (AI) that may come next.
We wrap up with three interesting articles: the first is a look at some of the questions you should ask yourself if you’re feeling “stuck” in your advisory career and business, and need to figure out how to take the next step forward; the second is a striking look at the real-world challenge of work-life balance, as told through the Four Burners analogy (that ultimately, we have to balance work, health, friends, and family, and there just isn’t time to support more than 2 or 3 burners at any given time without sacrificing them all); and the last provides some great tips on how to get “unstuck” in 2017 by making incremental changes to improve your business or career throughout the year… and recognizing that the biggest opportunity for a breakthrough is not about finding a magic bullet solution, but about making the commitment (of time and focus) to begin working on those needed changes as 2017 gets underway.
Enjoy the “light” reading, and have a safe and happy New Year!
source https://www.kitces.com/blog/weekend-reading-for-financial-planners-dec-31-jan-1-2/?utm_source=rss&utm_medium=rss&utm_campaign=weekend-reading-for-financial-planners-dec-31-jan-1-2
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