Nerd's Eye View

OCTOBER 6, 2023

Also in industry news this week: A new advisor benchmarking study indicates that high-growth firms are excelling in 3 areas: client acquisition, "relationship alpha", and strategic scale A recent survey indicates that while advisors increasingly are leveraging home office investment models to save time and scale more efficiently, they often customize (..)

Financial Planner 238

Financial Planner CFP Certification Communication 238

FMG

OCTOBER 13, 2022

According to Financial Advisor Magazine, poor communication is the number one reason clients leave their financial advisor. And during times of volatility, timely and effective communication is doubly important. Going too quickly can often result in poor quality, which can be almost just as bad as never communicating. .

Communication 52

Communication Financial Advisor Clients Numbers 52

Advisor Perspectives

DECEMBER 12, 2023

Federal Reserve Chair Jerome Powell faces a communications conundrum at the central bank’s policy meeting this week. Luckily for him, he could just let the Summary of Economic Projections do most of the talking — and avoid unnecessary misunderstandings.

Numbers 52

Numbers Communication Economics Banking 52

Ballast Advisors

AUGUST 16, 2023

Here are the updated key tax numbers relating to HSAs for 2023 and 2024. Broadridge Investor Communication Solutions, Inc. When you reach age 65, you can withdraw money from your HSA for any purpose; such a withdrawal would be subject to income tax if not used for qualified medical expenses, but not the 20 percent penalty.

Accounting 52

Accounting Numbers Medical Taxes 52

Nerd's Eye View

MARCH 29, 2024

Also in industry news this week: With the new “T+1” rules for trade settlements will go into effect in late May, the SEC has issued a risk alert for broker-dealers and RIAs outlining the requirements they face and areas of focus for the regulator during upcoming examinations A recent survey suggests that while client satisfaction with their (..)

Financial Planner 177

Financial Planner Insurance Coverage Financial Advisor Communication 177

FMG

JULY 12, 2022

When stocks go down, communication from your financial advisor should go up. So, they either don’t say anything or they communicate but don’t want to keep reaching out, since they don’t know how much communication is too much. No one leaves their advisor for communicating too much.

Communication 52

Communication Financial Advisor Clients Marketing 52

Nerd's Eye View

DECEMBER 27, 2023

These responsibilities also extend to the use of any technology used in the process of giving advice: A recommendation made with the aid of technology still needs to be in the client's best interests, while the technology also needs to carry out any function as it's described in the advisor's marketing materials and client communications.

Financial Advice 192

Financial Advice Communication Compliance Clients 192

Nerd's Eye View

APRIL 6, 2023

In our 109th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss how advisors can approach decisions regarding work flexibility and tactics they can use to communicate these choices with prospects and clients. take on no more than 25 clients to maintain their 20-hour workweek).

Clients 172

Clients Communication Financial Planning Numbers 172

Nerd's Eye View

OCTOBER 2, 2023

This month's edition kicks off with the news that custodial platform Altruist is eliminating the $1 per account monthly fee for its portfolio management and reporting technology for advisors on its platform, which on the one hand suggests that the economies of scale Altruist has achieved in the wake of its move to become a fully self-clearing custodian (..)

Communication 222

Communication Portfolio Management Clients Tax Planning 222

The Big Picture

AUGUST 9, 2023

Consumer Discretionary Year-over-Year is +52.2%, Communication + 18%, and Industrials 11.8%. We will see something similar in the next few CPI reports, as the hottest year-ago numbers drop off from the 12-month series. The flip side of this is the sectors that got shellacked in 2022 are now showing massive profit recoveries.

Communication 246

Communication Numbers Banking 246

Nerd's Eye View

DECEMBER 14, 2023

In the world of financial advisors, tradition often emphasizes technical numbers, structure, and a firm focus on solving financial problems. In our 127th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards delve into Carl's latest project – the "50 Fires" podcast.

Financial Advisor 191

Financial Advisor Communication Clients Financial Planning 191

Nerd's Eye View

JANUARY 12, 2024

Also in industry news this week: The Department of Labor (DoL) this week published a final rule delineating what makes an individual an independent contractor versus a company employee, though it did not provide specific guidance for registered representatives of broker-dealers and other financial professionals who have expressed concern that their (..)

Financial Planner 202

Financial Planner Financial Advisor Commission Budgeting 202

Nerd's Eye View

NOVEMBER 14, 2023

What's unique about Eric, though, is how he leverages a custom-built financial planning assessment he calls their Financial Prosperity Index, which he gives to both prospective and ongoing current clients so that they can better understand their financial health, target the financial planning domains where clients need the most help, and even more (..)

Financial Planning 189

Financial Planning Clients Planning Financial Advisor 189

Nerd's Eye View

APRIL 12, 2024

Also in industry news this week: A recent study indicates that advisors charging clients on a monthly subscription basis hiked their fees by an average of 6% in 2023, raising the salience of how advisors can most effectively communicate fee increases to clients A survey suggests that while financial advisors are increasingly aware of Artificial Intelligence (..)

Financial Planner 193

Financial Planner Recruitment Insurance Financial Advisor 193

Nerd's Eye View

DECEMBER 1, 2023

Jarkesy, which in a narrow sense focuses on the SEC's use of in-house Administrative Law Judges to hear securities law cases rather than traditional Federal jury trials, but in a broader sense could call into question the SEC's (and other government agencies') authority to make rules and enforce laws in the absence of specific guidance from Congress (..)

Financial Planner 189

Financial Planner Communication Estate Planning Wealth Management 189

Nerd's Eye View

JANUARY 26, 2024

Also in industry news this week: A House committee has advanced a bill that would extend several expired business-related tax measures from the Tax Cuts and Jobs Act and would increase the value of the Child Tax Credit The SEC released its examination priorities for 2024, which include a focus on advisers' adherence to their duty of care and duty of (..)

Financial Planner 191

Financial Planner Retirement Planning Financial Advisor Retirement 191

Nerd's Eye View

APRIL 30, 2024

In this episode, we talk in-depth about Troy's approach to marketing, from how his firm has built a strong prospect pipeline in part by taking educational topics he covered in his seminars and turning them into YouTube videos aimed at his firm's target client of pre-retirees and retirees, why Troy typically does not issue immediate calls to action (..)

Financial Advisor 130

Financial Advisor Clients Retirement Planning 130

A Wealth of Common Sense

NOVEMBER 25, 2022

And that number is probably understating things since many of the biggest companies aren’t technically in the tech sector. Facebook, Google and Netflix are in the communications sector. Technology stocks make up nearly 24% of the S&P 500. Amazon and Tesla are two of the biggest holdings in the consumer discretionary sector.

Economy 141

Economy Communication Numbers Marketing 141

Abnormal Returns

MARCH 20, 2023

Podcasts Brendan Frazier talks with Deirdre Van Nest about communicating with clients in an emotionally-compelling way. advisorperspectives.com) A shocking number of people don't have a will or estate plan. wiredplanning.com) Daniel Crosby talks with Emily Koochel about defining and seeking financial wellness. thinkadvisor.com)

Estate Planning 191

Estate Planning Retirement Communication Financial Planning 191

Nerd's Eye View

APRIL 4, 2024

Ultimately, the key point is that there are a number of ways that the financial planning industry can tackle the looming spike in demand for new advisors without imposing an artificial obligation on advisors, which, if not met, would imply a deficiency in professional duty.

Financial Planner 190

Financial Planner CFP Professional Services Financial Planning 190

Nerd's Eye View

SEPTEMBER 1, 2023

Also in industry news this week: A legal challenge to FINRA's operations as a self-regulatory organization has the potential to upend the current regulatory system for broker-dealers and their registered representatives A recent study indicates that while many consumers appear confident handling their finances on a 'DIY' basis during their careers, (..)

Financial Planner 193

Financial Planner Strategic Planning Retirement Planning Retirement 193

Nerd's Eye View

AUGUST 8, 2022

But while the messaging on many advisory firm websites speaks to a firm's capabilities, a better approach to drive engagement is to frame communication around the prospect's needs. First, it's important to make the consumer (rather than the firm) the main character in the firm's communications.

Communication 183

Communication Consulting Clients Numbers 183

Nerd's Eye View

APRIL 7, 2023

Also in industry news this week: FINRA has announced that, on the heels of its first enforcement action under the Reg BI rules, it will be ramping up its examinations of broker-dealers for potential violations (after a long period of relative leniency when firms were still determining how best to comply with the rule) A recent study from Ameriprise (..)

Financial Planner 200

Financial Planner Ethics Financial Advisor Clients 200

Nerd's Eye View

AUGUST 8, 2022

But while the messaging on many advisory firm websites speaks to a firm's capabilities, a better approach to drive engagement is to frame communication around the prospect's needs. First, it's important to make the consumer (rather than the firm) the main character in the firm's communications.

Marketing 167

Marketing Marketing Communication Consulting 167

Nerd's Eye View

JANUARY 27, 2023

Also in industry news this week: Why cash management strategies could become increasingly important parts of an advisor’s value proposition in a higher-interest-rate environment Why improved returns on cash products could be a double-edged sword for some advisory clients following last year’s market volatility From there, we have several (..)

Financial Planner 199

Financial Planner Nonprofit CFP Advertising 199

Nerd's Eye View

MAY 18, 2023

In our 112th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss best practices for gracefully letting an employee go when the advisory firm owner decides they no longer want to grow into a business but would rather revert to being a solo advisor instead.

Communication 176

Communication Management Clients Numbers 176

Abnormal Returns

MARCH 12, 2023

theconversation.com) Firearms are the number one cause of death for U.S. nytimes.com) Offices were built to facilitate communication. (nytimes.com) Can anything be done to deter Americans from moving into areas most at-risk of climate change? econofact.org) States have yet to deal with teacher pension costs. drorpoleg.com)

Financial Advising 226

Financial Advising Startup Banking Economy 226

Nerd's Eye View

OCTOBER 21, 2022

We also have a number of articles on insurance and annuities: As the number of RIA-friendly annuity products increases, advisors remain sharply divided regarding their value for clients. How individuals can purchase more than the $10,000 individual limit of I Bonds, which continue to offer relatively high rates of return.

Financial Planner 155

Financial Planner Retirement Planning Retirement Insurance 155

Nerd's Eye View

MARCH 8, 2024

Read More.

Financial Planner 188

Financial Planner Asset Allocation Clients Risk Management 188

Nerd's Eye View

NOVEMBER 7, 2022

From there, the latest highlights also feature a number of other interesting advisor technology announcements, including: Orion’s Redtail launches “Redtail Campaigns” in partnership with Snappy Kraken to facilitate CRM-based drip marketing emails.

Risk Tolerance 166

Risk Tolerance Compliance Startup Clients 166

Million Dollar Round Table (MDRT)

AUGUST 8, 2023

Clear communication: Using straightforward language ensures that product information is easily understandable, creating a faster client experience. Intuitive navigation: Creating intuitive interfaces helps clients quickly find what they need without clicking on the wrong link, going to the incorrect location or calling the wrong number.

Clients 78

Clients Communication Financial Advisor Numbers 78

Nerd's Eye View

JUNE 29, 2023

In our 115th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss how advisory firm owners can determine appropriate fees for clients by taking a close look at their current business metrics, their desired business metrics, and their desired lifestyle as an advisor.

Clients 175

Clients Communication Financial Planning Numbers 175

The Big Picture

FEBRUARY 16, 2023

Everyone is looking at the same set of numbers and somehow coming to opposite conclusions. Bloomberg ) • Bosses want to pay you more but give you less : A growing number of workers are going freelance, taking higher wages over benefits and job security. ( Carson ) • Don’t believe what anyone says about the economy. Including me.

License 143

License Economy Numbers Communication 143

The Big Picture

NOVEMBER 2, 2023

Vice ) • At Fidelity, AI Provides Extra Eyes to Spot Red Flags : The artificial intelligence application Saifr uses natural language processing to help portfolio managers, sales and other staff review public-facing communication. He is the author of the new book, “ Number Go Up: Inside Crypto’s Wild Rise and Staggering Fall.”

Advertising 130

Advertising Portfolio Management Economy Food 130

Nerd's Eye View

OCTOBER 24, 2023

In this episode, we talk in-depth about how, despite some false starts and initially problematic underpricing, Sarah-Catherine intentionally built her financial planning fee to transparently communicate her value and the work she does as a financial advisor while also pricing within a range for her originally accidental (but now fully embraced) niche (..)

Financial Advisor 186

Financial Advisor Financial Planning Planning Fee Only 186

Abnormal Returns

AUGUST 26, 2022

axios.com) Housing Home Partners of America is going to stop buying houses in a number of markets. vice.com) All communication is lossy. (msn.com) What would a standalone ESPN look like? wsj.com) RSNs are trying to transition to streaming. msn.com) Adam Neumann isn't the only person trying to reinvent housing. aworkinglibrary.com).

Financial Advising 130

Financial Advising Communication Media Economy 130

Nerd's Eye View

MARCH 20, 2024

By distilling hundreds of pieces of information into a single number that purports to show the percentage chance that a portfolio will not be depleted over the course of a client's life, advisors often place special emphasis on this data point when they present a financial plan.

Communication 216

Communication Clients Risk Tolerance Financial Planning 216