Enjoy the current installment of “weekend reading for financial planners” – this week’s edition kicks off with a look from CFP-and-doctor Carolyn McClanahan about what financial advisors need to consider when it comes to the potential future of health insurance for clients under the American Health Care Act (AHCA), which could substantially impact clients with pre-existing health conditions, and “early” retirees trying to bridge the health insurance gap between the end of employment and the beginning of Medicare.
From there, we have several technology-related articles, from early looks at the new Orion Eclipse rebalancing software and the new RobustWealth rebalancing and client onboarding “robo” tools, to some of the recent FinTech startups in the Envestnet | Yodlee incubator platform that are building new solutions for financial advisors (leveraging Yodlee data), and a first glimpse at a new advisor business intelligence (and advisory firm valuation) tool called Truelytics.
We also have a number of practice management articles this week, including: the rising trend of advisory firm mergers (as an alternative to just selling and exiting the firm); the common crossroads that advisory firms hit at they grow (and how to overcome them); what advisors should do to overcome “succession planning paralysis”; and tips on how to find an ideal buyer for your advisory firm if you’re looking to sell (and want to be certain you get the right fit).
We wrap up with three interesting articles, all around the theme of behavior change and improving savings behaviors for clients: the first is a series of recent research studies finding that most consumers actually prefer accounts that impose otherwise “unnecessary” restrictions and penalties on withdrawals (a form of “commitment device” that actually helps us to want to save, knowing the restrictions will help us follow through successfully!); the second is a fascinating look at how to help clients think about and change their spending behaviors by grouping spending into Owe, Grow, Live, and Give categories (where the trade-offs help us weigh decisions between freedom, comfort, purpose, and abundance); and the last is an overview of the research on behavior change that we as advisors can apply in working with our clients, to help them actually follow through on the recommendations that we give them!
And be certain to check out the brief video at the end… a recent new commercial from Schwab Intelligent Advisory, highlighting the financial planning services that Schwab is now offering directly to consumers, as the firm increasingly tries to compete with outside broker-dealers that may be impacted by the DoL fiduciary rule under the tagline “Intelligent Tech, Personal Advice”… but puts itself in a position to compete with the RIAs on its Institutional platform as well!
Enjoy the “light” reading!
source https://www.kitces.com/blog/weekend-reading-for-financial-planners-may-6-7/?utm_source=rss&utm_medium=rss&utm_campaign=weekend-reading-for-financial-planners-may-6-7
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