Enjoy the current installment of “weekend reading for financial planners” – this week’s edition kicks off with a deep dive from Bob Veres into the Consultant’s Report recently released by FPA that was reportedly the driver of their recent OneFPA Network initiative to dissolve and consolidate all the FPA chapters… which, as it turns out, wasn’t actually a recommendation from the Consultant in the first place, and in fact the Consultant had cautioned FPA that chapters were concerned about how National was encroaching on chapters and that they valued their autonomy! And raising troubling questions about who is really driving the OneFPA Network initiative.
From there, we have a number of articles about advisory industry trends, including two interesting retrospectives on the major events in 2018 (e.g., fiduciary rulemaking and RIA consolidation) and the potential industry issues still looming in 2019 (will a new advocacy organization emerge for the growing RIA channel?), a discussion of whether recent market volatility will impair the valuation of advisory firms and potentially even bring an end to the current seller’s market (or whether revenue decreases from the market decline will just make buyers push even harder to acquire more to grow their revenue instead!), and how a cottage industry is forming around the FINRA expungement process to cleanse brokers’ BrokerCheck records (which helps to clean up frivolous customer complaints, but with a 93% expungement rate, may be proving too easy to remove bona fide regulatory black marks as well?).
There are also a number of cash-flow and budgeting oriented articles this week, from a look at how bankruptcy judges are starting to reconsider whether student loans should be adjusted in bankruptcy, how to do a credit freeze for a child (now that Congress has passed a law allowed any parents to do so, for free), tips for navigating the financial conversation in a (new) couple’s relationship, and some tips about how to determine what is “reasonable” spending for ultra-wealthy clients who really can afford almost anything.
We wrap up with three interesting articles, all around the theme of self-improvement and creating (good) new habits in the New Year: the first explores the research on how to cultivate better habits (drawing on James Clear’s recent “Atomic Habits” book); the second looks at how to minimize being “stupid” (i.e., overlooking or dismissing conspicuously crucial information, or avoiding avoidable mistakes and errors); and the last provides some further food for thought about how to better meet goals even as we all struggle from time to time with our own willpower to do so by creating habits that avoid any need to have or rely on willpower in the first place (and just let the automatic habit take hold instead!).
Enjoy the “light” reading, and Happy New Year!
source https://www.kitces.com/blog/weekend-reading-for-financial-planners-jan-5-6-2/
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