Enjoy the current installment of “weekend reading for financial planners” – this week’s edition kicks off with the news that both New York and California are now working on plans to convert their no-longer-fully-deductible state income taxes into either a higher state payroll tax, or an option to making a “charitable” contribution to a state fund instead (where the state would offer a dollar-for-dollar credit against taxes, and as a charitable contribution it would remain deductible for Federal tax purposes). Also in the news is the announcement that Citigroup is also leaving the Broker Protocol, but that even as the Protocol unravels, FINRA still doesn’t believe there’s any reason for the organization to get involved even as the number of temporary restraining orders and arbitrations by wirehouses against former brokers begins to rise.
From there, we have a number of retirement-related articles this week, including a research study that finds what appears to be a significant increase in male mortality rates immediately after early retirement (at age 62), another study showing that mortality rates are rising and that life expectancies in retirement may be starting to shrink (especially as prospective retirees struggle to save and retire later, although ironically shorter retirement time horizons may mean retirees need less to retire than they once believed), a look at all the different types of senior housing arrangements that are emerging as the mass wave of Baby Boomers decide how they want to live in retirement, and why the key to helping retirees be happy may be less about maximizing their retirement portfolios and more about minimizing their regrets in retirement.
We also have several articles on practice management and career development, from tips on how to better navigate your career in an existing advisory firm, to best practices in how to find a mentor, and why truly being a professional financial advisor is about more than just being financially successful but actually committed to being a bona fide professional.
We wrap up with three interesting articles, all around the theme of (non-traditional approaches to) New Year’s resolutions and improving your business and life in 2018: the first explores what it takes to have a truly impactful New Year’s resolution for your advisory firm (hint: it’s about actually establishing a better infrastructure for the firm to be successful); the second explores how it may be better to set goals on how you will allocate and use your time rather than just setting business goals for revenue or growth; and the last looks at how the perennial New Year’s resolution of trying to be more productive may just be a mental trap, because the real issue is not figuring out how to be more productive to achieve your goals, but taking a fresh look at why you’re pursuing them and whether you’re even pursuing the goals that will actually make you happier in the long run!
Enjoy the “light” reading, and hope you had a Happy New Year!
source https://www.kitces.com/blog/weekend-reading-for-financial-planners-january-6-7/?utm_source=rss&utm_medium=rss&utm_campaign=weekend-reading-for-financial-planners-january-6-7
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