Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that a survey indicates many financial planning clients are concerned about rising consumer costs, with healthcare expenses at the forefront. Which suggests financial advisors have the opportunity to offer value both by increasing their clients’ confidence in their financial plan (e.g., by stress testing it for different inflationary environments) and by recommending adjustments that are supportive of their long-term goals (while avoiding potentially reactive, short-sighted moves that clients might consider in this environment).
Also in industry news this week:
- More than half of advisor respondents to a recent survey who use AI tools in their practices indicated that they are saving at least four hours per week from doing so, with advisors at RIAs leading the way on adoption
- RIA M&A activity is on track to see a downturn in the third quarter after experiencing a brisk pace during the first half of the year, possibly reflecting firm owners’ desire to focus inwards on client service amidst economic volatility
From there, we have several articles on retirement planning:
- How safe withdrawal rates change when a retiree is looking well beyond a 30-year time horizon
- Why a particular individual’s safe withdrawal rate can be harder to calculate than it might seem (and how advisors can provide significant value through ongoing plan monitoring)
- Actions advisors can consider to reassure clients who are nervous that they might be retiring at a market peak
We also have a number of articles on insurance planning:
- Analyzing the available options for individuals to maintain health insurance coverage after being laid off
- Why a job loss in one’s 50s or 60s can be particularly financially burdensome (including the challenge of finding affordable health insurance coverage) and how advisors can help clients prepare for this contingency
- How financial advisors can use income planning to help clients qualify for premium tax credits when using an Affordable Care Act marketplace plan for their health coverage
We wrap up with three final articles, all about recent consumer trends:
- How it has become increasingly difficult to determine the true cost and value of a particular good amidst the rise of “shrinkflation”, “skimpflation”, and the loss of brand identity
- How consumers end up paying an indirect ‘tax’ when product marketplaces have manufacturers pay to receive top placement on their search results
- While consumers might identify troublesome trends that have emerged in recent years, taking a broader outlook can reveal the “ordinary abundance” that is ubiquitous today but would have been limited to only the wealthiest individuals in the past
Enjoy the ‘light’ reading!
