Enjoy the current installment of “weekend reading for financial planners” – this week’s edition kicks off with the news that, as predicted previously on this blog, the DoL fiduciary debate is open once again, as the Department of Labor has issued a new Request For Information (RFI) about potential modifications to the DoL fiduciary rule (including whether full applicability and enforcement should be delayed even further past January 1st of 2018, and whether a new streamlined exemption should be added for the use of clean shares). Also in the news this week were several notable industry studies, including one from PriceMetrix showing the rapid growth of fee-based accounts in brokerage firms (which in the near term are generating lower fees and less revenue as firms switch from upfront commissions to ongoing AUM fees), and a Fidelity white paper showing how tech-savvy “eAdvisors” continue to outpace all other advisors in everything from AUM to success getting HNW clients and take-home profits and even job satisfaction!
From there, we have a few technical articles on retirement strategies, including Wade Pfau on what he calls the “Four Ls” of retirement planning goals (Longevity, Lifestyle, Legacy, and Liquidity), a look at how the HEART Act of 2008 allows widow(ers) of military servicemembers to roll over up to $500,000 of SGLI and related death benefits into a Roth IRA (but with a limited 1-year time window), and how managing retirement liquidations from a blend of traditional and Roth IRA accounts is superior to the “traditional” approach of simply liquidating all pre-tax retirement accounts first and the Roth accounts last.
We also feature several articles specifically on wirehouse trends this week, from a look at what wirehouse advisors should consider when thinking about whether to break away, the intense flurry of phone calls (150 client calls in 48 hours!) it takes to successfully break away, and how wirehouses are now reinvesting into new-advisor training programs as wirehouse-to-wirehouse recruiting continues to slow.
We wrap up with three interesting articles, all focused around personal productivity and business success: the first examines the concept of a “Mastermind Group”, what it takes to form one, and best practices for running one; the second explores the research on what it takes to have moments of inspiration and creativity (either artistic, or for your business), and that the key is finding time to relax and step away; and the last looks at the growing base of personal productivity research finding that the best way to increase your results is to say “no” more often… recognizing that whenever you say “yes”, you’re just closer to running out of time and being forced to say “no” to something else later anyway, so you may as well be more proactive about saying “no” so that you still have the room to say “yes” to the right and best opportunities when they come along!
Enjoy the “light” reading!
source https://www.kitces.com/blog/weekend-reading-for-financial-planners-july-1-2/?utm_source=rss&utm_medium=rss&utm_campaign=weekend-reading-for-financial-planners-july-1-2
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