Enjoy the current installment of “weekend reading for financial planners” – this week’s edition kicks off with the latest round of public hearings in New Jersey regarding its coming 2019 proposal to issue a state-level fiduciary rule, as fiduciary advocates suggest that it may be necessary given the SEC’s non-fiduciary “Regulation Best Interest” proposal, while the product distribution industry objects on the grounds that it will create an untenable regulatory burden between state and existing Federal regulations.
Also in the news this week was an indication from Congresswoman Maxine Waters, who will soon take over the powerful House Financial Services Committee (which oversees the SEC itself) as the Democrats take control of the House, and has already proposed changing the existing “Capital Markets, Securities, and Investment” subcommittee to instead become the “Investor Protection, Entrepreneurship, and Capital Markets” subcommittee with a particular focus on fiduciary and annuity issues (setting up for a new conflict over the SEC’s proposed Regulation Best Interest rule in 2019?). And industry commentator Bob Veres shares his (very concerning) first take on the new OneFPA Network initiative, raising the question of whether FPA National’s growth problem is really a result of “dysfunctional” chapters or because National hasn’t figured out how to manage its own business model woes in the face of declining revenues from Journal advertisers and conference sponsors.
From there, we have a number of articles on advisor marketing and referrals, including: how to actually handle the conversation with a prospect you’ve been referred to in order to ensure they actually set a meeting to learn more about your services; how introverts can succeed in business development by creating and sticking to a clear and consistent process; how to stop using “filler words” (like Um, Uh, and Like) to sound more professional; why some advisors adopt a “by referrals only” growth strategy, the potential problems with doing so, and how to do it successfully (for those who really want to); and why it’s important to remember that even prospects who don’t turn into clients still might in the future (so be certain to be cordially helpful to all prospects you interact with!).
We wrap up with three interesting articles, all around the theme of personal change and improvement: the first looks at how despite a historical view that human traits are fixed (i.e., you’re either “born with it,” or you’re not), in reality the plasticity of our brains means we can and do learn new skills and abilities and can even change our personalities (which means it’s less about having the right traits or not, and more about how to cultivate them in yourself); the second is an interesting look at how adopting a more “analogy” processes around managing your tasks for the day can actually help you be more mindful (and ultimately more productive); and the last provides a powerful reminder that, while our brains can rewire themselves to break old habits and build new ones, it still requires a concerted and willful effort to do so… although the good news is that, because our brains can be re-wired into new habits, the change you’re trying to accomplish does eventually get easier to maintain!
Enjoy the “light” reading!
source https://www.kitces.com/blog/weekend-reading-for-financial-planners-nov-24-25-2/
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