Enjoy the current installment of “weekend reading for financial planners” – this week’s edition kicks off with the interesting news that after several years of scandals, two Wells Fargo brokers are actually suing the company and claiming that because the company recruited them with forgivable loans but without disclosure of the impending scandals, that they shouldn’t be required to repay the forgivable loans now that they’re leaving the firm to distance themselves from Wells’ damaged reputation (and potentially setting the ground work for other brokers in the future to sue their platforms for scandals that impair their advisors’ ability to attract and retain clients?).
Also in the news this week was a big “Diversity Summit” hosted by the CFP Board’s Center for Financial Planning where the organization shared research about what financial services needs to do to improve its diversity (and stay relevant in a world where fewer than 3.5% of CFP certificants are black or Latino even though within 30 years people of color are projected to be the majority of the U.S. population!), and a look at a recent Cerulli research study finding that notwithstanding industry buzz about fee compression actual surveys to end consumers suggest that they are not nearly as fee-sensitive as most advisors fear (in part because consumers still aren’t clear enough on the value of financial planning from different advisors in order to price-comparison-shop them in the first place!).
From there, we have a number of retirement planning articles, including a look at end-of-year IRA tax planning strategies (from partial Roth conversions to Qualified Charitable Distributions from IRAs), an analysis of the so-called “Tax Torpedo” (when the taxation of Social Security benefits phases in, and retirees are temporarily boosted from the 24% tax bracket to a 40.7% marginal tax rate), and a review of some lesser-known-but-still-important IRA tax rules… from how the once-per-year 60-day rollover rule can impact spousal IRAs, to the fact that while inherited IRAs cannot be converted to a Roth account, inherited 401(k) plans can be (but are still not as appealing to convert as an individual’s own IRA and 401(k) accounts!).
We also have several articles specifically on referrals, including a reminder that how you initially respond to the person who makes the referral can have a significant impact on whether you get any more referrals from them in the future, to what to be wary of so you don’t turn off an otherwise-warm referral lead, and why it’s important to communicate how you will handle referrals that are not in your target market (so those who might refer to you don’t have to worry about what happens if they refer a friend, family, or colleague who might otherwise be “rejected” by you and embarrass them in the process).
We wrap up with three interesting articles, all around the theme of how to more productive and find more energy in your day: the first looks at how to arrange your activities throughout the day to get the best results (complex work in the morning, creative work in the late afternoon!); the second draws on a big list of productivity tips from various experts in order to get things done more effectively; and the last is a fascinating look at the latest research from Tom Rath’s “Are You Fully Charged?” about what it actually takes to bring more energy to your daily activities and literally feel more energized about what you do in the first place.
Enjoy the “light” reading!
source https://www.kitces.com/blog/weekend-reading-for-financial-planners-oct-27-28-2/
No comments:
Post a Comment