Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that a Morningstar survey has found that financial advisory clients are more likely to stick with their advisor for emotional reasons rather than investment returns alone. Which suggests that building trusting relationships with their clients and giving them added confidence in their financial decision-making (rather than focusing on ways to juice investment returns) could be the keys to improving client retention!
Also in industry news this week:
- A recent study from advisor digital marketing firm Snappy Kraken suggests firms that invest in Search Engine Optimization (SEO), have a regular cadence of emails to their subscriber list, and include video content in these messages tend to get greater returns from their marketing efforts
- CFP Board has created a guide to help financial advisors vet potential technology providers to ensure not only that software tools will provide accurate outputs for the advisor’s clients, but also will allow the advisors to remain in compliance with relevant regulations
From there, we have several articles on practice management:
- A step-by-step guide to the process of buying or selling an RIA, from the due diligence undertaken by both the buyer and seller to the legal documents that can protect both parties
- While the number of minority investments in RIAs slowed down in 2023, they could pick up as some founders nearing retirement are finding their next-gen advisors are unable to buy them out in full
- Why private equity dollars continue to flow into the RIA space and how these investments differ from the common private equity “fix and flip” approach
We also have a number of articles on cash flow and spending:
- The IRS has debuted its Direct File online portal to allow (a relatively small group of) consumers to file their taxes directly through the IRS website for free, though many might still choose to use more advanced software or human tax preparers
- While the new FAFSA form is simpler than its predecessors, its delayed rollout is causing headaches for some families with students applying to college this year
- Why a measure in “SECURE Act 2.0” allowing transfers of leftover funds from a 529 plan to a Roth IRA could give clients more confidence in funding these education savings accounts
We wrap up with 3 final articles, all about health and wellness:
- Why an individual’s “healthspan” could be even more important than their lifespan when it comes to determining their happiness and potentially merits consideration when preparing a financial plan
- How maintaining muscular strength can play a key role in promoting health as one ages and why regular weightlifting sessions are not necessarily required to do so
- How caffeine can provide a variety of health benefits in addition to providing a jolt of energy
Enjoy the ‘light’ reading!
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