Enjoy the current installment of “weekend reading for financial planners” – this week’s edition kicks off with the Department of Labor’s announcement that it is working on a new delay proposal for the full implementation of the fiduciary rule, that could extend the current transition period by as much as 18 months to July of 2019… though it remains unclear what legal basis the DoL has for postponing full implementation so much further, and whether OMB will actually approve its proposal.
In the meantime, DALBAR’s Lou Harvey has proposed a new “Seller’s Exemption” that would make it easier for salespeople to avoid the fiduciary rule – on the condition that they do not provide any actual advice, nor hold out to the public as “advisors” – and given that the delay would still just delay full implementation (but not repeat the fiduciary rule itself), we also feature coverage on what procrastinating advisors should do to get caught up on their upcoming DoL fiduciary compliance obligations.
From there, we have several practice management and personal productivity articles, including: how to achieve a state of “Flow” and peak productivity; the ways that we as financial advisors sometimes sabotage our own growth as we try to change our businesses to better fit our own lives; what to focus on if you’re a “reluctant manager” who just wanted to serve clients but now increasingly find yourself in a managerial role with your advisory team; common conversational traps that advisors fall into with clients; why it’s crucial to understand your financial planning “weaknesses” and limitations on your technical knowledge (and don’t say you’re “comprehensive” when you’re really not!); and a reminder that financial planning can take an emotional toll on us as advisors, which means it’s especially important to have strategies to manage your own stress!
We wrap up with three interesting articles, all looking at emerging trends in the advisory landscape: the first looks at whether advisory firms need to stop focusing on increasingly commoditized investment (and even comprehensive financial planning) advice, and instead try to figure out how to expand their services to also include solutions their clients more proactively seek out; the second examines the aftermath of the “new” fiduciary rules (and outright commission bans) that rolled out in the UK and Australia in the past 5 years, which ultimately did not disrupt financial advisors (but did force them to shift their business models); and the last is an interesting look at whether the new term for advice-centric advisors to differentiate themselves is to not just be “fee-only” but to be an “advice-only” fee-for-service advisor, where by definition the only thing the client pays for is the advice itself (and nothing else)!
Enjoy the “light” reading!
source https://www.kitces.com/blog/weekend-reading-for-financial-planners-aug-12-13/?utm_source=rss&utm_medium=rss&utm_campaign=weekend-reading-for-financial-planners-aug-12-13
No comments:
Post a Comment