Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news of a recent survey indicating that while overall client satisfaction with their financial advisors remains high at 95%, potential threats to client retention lurk beneath the surface, particularly amongst clients who experience a major windfall or a life transition. Which suggests firms that can meet clients’ evolving needs as they advance up the wealth spectrum (e.g., advanced tax and estate planning) and ensure that both members of client couples remain engaged in the planning process (to encourage a surviving partner to stay with the firm in case of a death of their spouse) could have more durable client satisfaction and, ultimately, higher client retention rates.
Also in industry news this week:
- The financial advice industry is facing a potential shortage of 100,000 advisors in the coming decade, according to a recent study, though this is due in part to (the good news) of greater consumer demand for human-provided financial advice
- Charles Schwab is planning to raise the fees on its custodial referral program, indicating continued interest in this lead generation tactic despite its steep price for firms
From there, we have several articles on IRA planning:
- 20 potential mistakes prospects and clients might make with regard to their IRAs, and how advisors can help fix them (or avoid them in the first place)
- The potential financial and psychological benefits of spousal IRAs for married couples
- How advisors can help clients and their tax preparers correct ‘misleading’ reporting regarding IRA distributions on IRS Form 1099-R
We also have a number of articles on practice management:
- A blueprint for how firms can create employee career paths that encourage staff to grow and advance within the firm, promoting retention and a more consistent client experience in the process
- How firms can establish and operate a successful internship program to create a solid pipeline of next-gen talent
- The value of hands-on training for newer advisors in giving them more confidence in applying their technical knowledge to actual client interactions
We wrap up with three final articles, all about workplace trends:
- How companies that integrate Artificial Intelligence (AI) tools while promoting collaboration among employees could see greater success in the years ahead
- Why employee engagement (on a national level) has sunk to a multi-year low and how building a strong firm culture and making a commitment to management training could help reverse this trend
- American workers are becoming more productive, according to recent data, creating new opportunities for employees and firms alike
Enjoy the ‘light’ reading!
