Enjoy the current installment of “weekend reading for financial planners” – this week’s edition kicks off with the news that Envestnet is adding a new “Credit Exchange” to its platform, where advisors will be able to assist clients in getting (pre-qualified) loans for everything from buying real estate to borrowing for their business, as Envestnet tries to facilitate a wider range of holistic advice for advisors on its platform (and expand the range of products available on/through its platform in which Envestnet itself can participate!). Also in the news this week is the announcement that Betterment is partnering with DFA to offer DFA funds through Betterment’s RIA platform… and without any trading fees (beyond Betterment’s own platform/wrap fee), applying even more pressure to traditional RIA custodians that still charge higher ticket charges to advisors’ clients who want to buy DFA.
From there, we have a number of articles about the increasingly contentious domain of brokers and advisors switching firms, from a new Regulatory Notice 19-10 from FINRA cautioning broker-dealers not to bad-mouth former brokers and in fact requiring them to give the former broker’s contact information to their former clients still at the firm, recent lawsuits from both Schwab and Edelman Financial Engines to pursue departing brokers and advisors as the tactics of Temporary Restraining Orders and injunctions historically used by wirehouses to retain their brokers’ assets are now increasingly being employed in the wealth management and RIA channels, and the rise of forgiveable loans are recruiting tools in the independent broker-dealer channels (as wirehouses themselves are cutting back the growth pace since UBS and Morgan Stanley left the Broker Protocol).
We also have several articles on personal finance habits and decisions, from a discussion of how “Concierge Medicine” works and whether it’s really worth the cost, what it really means to be “financially healthy” (beyond just the dollars and cents of your household cash flow and balance sheet), and a discussion of some ‘unconventional’ financial planning strategies that even financial advisors themselves sometimes engage in (e.g., taking money out of a retirement plan to invest into a startup… their own newly-launched advisory firm!).
We wrap up with three interesting articles, all around the theme of the benefits of writing and journaling (and how to do so more effectively): the first explores some of the benefits of establishing a writing habit for yourself in the first place (not merely as a form of communication and expression, but your own learning and self-discovery process); the second provides some good tips on how to write more effectively and “eloquently” when trying to communicate and make a point; and the third explores the benefits of simply writing for yourself, in the form of journaling, and how to adopt an effective journaling habit by simply creating a structure for yourself to journal just one sentence per day (and then look back and see your sense of progress after a month or few!).
Enjoy the “light” reading!
source https://www.kitces.com/blog/weekend-reading-for-financial-planners-apr-13-14-2/
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