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Advisors have a relatively brief window of time to communicate their value to prospective clients. This means advisors must communicate both their services and values within a very limited – and not always synchronous – span of time. Financially motivated prospects, meanwhile, benefit from clarity and specificity.
The penalty calculations were complex and difficult to estimate, and the provisions were poorly communicated to those affected. This lack of clarity made retirementplanning significantly more challenging. Now that the WEP and GPO have been repealed, retirementplanning will be significantly easier going forward.
Also in industry news this week: While RIA M&A deal flow hit record levels in 2024 (both in terms of volume and the speed of completing them), firm valuations saw relatively modest gains In its latest annual regulatory oversight report, FINRA joined the SEC in flagging the potential risks to firm and client data from the use of third-party vendors (..)
Also in industry news this week: While many financial advisors are paying close attention to the potential extension of sunsetting measures within the Tax Cuts and Jobs Act (TCJA) in the coming year, legislation related to retirement savings could be on Congress' agenda as well Fidelity is planning to change the default for its existing RIA non-retirement (..)
Also in industry news this week: In the continued absence of formal SEC guidance on advisory firm use of Artificial Intelligence (AI), many firms are taking a curious, but cautious, approach toward adopting AI-powered tools A recent report identifies the growing total wealth controlled by women in the U.S.
But by communicating the guardrails withdrawal strategy (and not necessarily the underlying Monte Carlo probability of success changes) to clients, advisors offer them both the portfolio value that would trigger spending changes and the magnitude that would be prescribed for such changes.
(riabiz.com) Creative Planning is exploring its custody options. riabiz.com) Archive Intel has entered the adviser communications archiving space. blogs.cfainstitute.org) How life events affect retirementplanning. investmentnews.com) Research The problematic math of passing down generational wealth.
Over the past few decades, advicers have used Monte Carlo analysis tools to communicate to clients if their assets and planned level of spending were sufficient for them to realize their goals while (critically) not running out of money in retirement.
a ski chalet), assessing whether it will lead to greater overall wellbeing, or, alternatively, more stress, is more challenging Enjoy the 'light' reading!
wsj.com) Family Communication is important for every family, but especially for the wealthy. thinkadvisor.com) Blended families don't plan their money lives in advance. nextavenue.org) Advisers Comprehensive financial planning takes more time and effort. (kitces.com) AI How recommendation engines could work in wealth management.
However, when these aspirations are delayed or blocked by senior advisory firm partners who choose to delay their retirementplans, it can leave younger advisors frustrated and in a place of uncertainty about their futures with their firm.
Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that Congress appears poised to pass a series of changes affecting retirementplanning, dubbed “SECURE ACT 2.0”, ”, by the end of the year. Social Security COLA for 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 (..)
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that the Department of Labor released the final version of its Retirement Security Rule (a.k.a.
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 (..)
Also in industry news this week: While the number of RIA M&A deals has not surged in 2024, the average size of deals has increased, demonstrating interest from (often private-equity-backed) firms in pursuing larger targets Off-channel communication tops the list of concerns amongst RIA compliance professionals, with advertising and marketing coming (..)
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that the SEC has recently been cracking down on firms for recordkeeping failures related to electronic communications, including their use of text messaging with prospects and clients.
Enjoy the current installment of "Weekend Reading For Financial Planners"– this week's edition kicks off with the news that a recent analysis from Morningstar suggests that the Department of Labor's (DoL's) new Retirement Security Rule (aka Fiduciary Rule 2.0)
As a result, financial advisors should start honing the services Gen X members will likely benefit from the most, including retirementplanning, estate and tax planning and mortgage refinancing. Younger Gen Xers tend to be more akin to millennials, preferring shorter, more frequent digital communication from their advisors.
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, (..)
Historically, advisors haven't had many avenues to manage clients' 401(k) plan accounts, since unlike traditional custodial investment accounts, advisors generally lack discretionary trading authority in employer-sponsored retirementplans.
Historically, advisors haven't had many avenues to manage clients' 401(k) plan accounts, since unlike traditional custodial investment accounts, advisors generally lack discretionary trading authority in employer-sponsored retirementplans.
Also in industry news this week: A recent survey found that while 1/3 of advisory firms are currently using AI tools, another 1/3 are fearful of doing so, indicating that while some firms are eager to be early adopters of this technology, others are taking a wait-and-see approach, perhaps as regulation surrounding this technology evolves over time (..)
We spend a lot of time here on unexpected, one-off, unbudgetable expenses that can blow up a retirementplan that doesn't have a lot of margin for error. Getting the inverter replaced dragged on for three months, the insurance adjuster provided almost no communication. There is an element of luck to this too I believe.
In the early days of financial planning, serving clients often meant developing transactional relationships focused on facilitating trades and selling insurance. Over time, advisors shifted toward more analytical approaches, such as investment management and retirementplanning.
a single person, a couple, a business, or a retirementplan) and the date on which the agreement will become effective. To start, the agreement should contain basic information about the adviser-client relationship, including who the client is (e.g., The agreement should also lay out some acknowledgments for the client to review.
This month's edition kicks off with the news that self-directed retirementplanning software provider NewRetirement has raised a $20M Series A round as the company demonstrates that its DIY tools really do turn a subset of consumers into bona fide prospects for financial advisors.
a single person, a couple, a business, or a retirementplan) and the date on which the agreement will become effective. To start, the agreement should contain basic information about the adviser-client relationship, including who the client is (e.g., The agreement should also lay out some acknowledgments for the client to review.
Advisors also can support the backdoor Roth process by communicating with clients' tax preparers about the strategy and why they are recommending it for their mutual client.
Texting for financial advisors has shifted from being a novelty to a necessary part of client communication. It communicates readiness, clarity, and accessibility. Event Invitation Follow-up “Hi [Client Name], thanks for your interest in our retirementplanning workshop. The secure link expires in 3 days: [Link].
By Mike Beirne, MDRT Round the Table editor As there are many types of clients in a range of demographics, there also are a variety of ways to communicate with them. Allocating retirementplanning I introduce asset allocation with clients by dividing retirement life into two parts: basic life and high-quality life.
Instead of listing ten tips for retirementplanning, share your top three and ask, What would you add to this list? For instance, many people feel overwhelmed by retirementplanning. Whats your biggest challenge when it comes to retirementplanning? Lets break it into manageable steps together.
There could be other reasons to update your retirement account beneficiaries, such as marriage, divorce, or the birth of a new child or grandchild. Communicate, Communicate, Communicate. Communication is crucial when preparing heirs to inherit wealth, and this includes discussing what they plan to do with the money.
Retirementplanning, like any type of robust financial planning, should include stress testing your investment strategy and financial plan. Over the long term, as your life changes, you’ll need to consider whether your weightings in stocks vs bonds is appropriate. After all, volatility is a when , not an if.
Learn about his insights into effective communication and transparent expectations for remote teams, shared recently at the AICPA Personal Financial Planning Summit 2025. Many firms and advisors also regularly participate in pro bono planning that aids people of any means with volunteer services.
The fundamentals of Roth and traditional IRAs Traditional IRAs have long served as a cornerstone of retirementplanning, offering immediate tax benefits through deductible contributions while deferring taxes until withdrawal. Ready to explore whether a Roth conversion aligns with your retirement strategy?
The answer to “how much you need to retire” is shaped by various factors, including the kind of retirement life you dream of, your age, and the expenses you anticipate during your retirement years. Retirementplanning is not just about reaching a target savings number.
So that being said, the key ingredient to conquering finances in marriage is communication. You may have different spending habits, monthly expenses, and even communication skills when you first get married. Ways to communicate about finances in marriage. Retirement. Plan a nice dinner, go for a long walk, etc.
You can start hosting webinars by first choosing topics that matter to your audiencethings like retirementplanning, wealth preservation, or smart investment strategies. By discussing relevant topics like wealth preservation, retirementplanning, or tax strategies, advisors can establish themselves as knowledgeable and approachable.
Action Steps: Use simple, direct language that immediately communicates the value of your services. Instead of a headline like Optimize Your Wealth Portfolio for Maximum Returns, try something easier to comprehend like: Grow Your Retirement Savings Faster. Try this: Book a Free 15-Minute Call to Plan Your Retirement Strategy Today!
Bring in an expert to speak on topics like retirementplanning, tax strategies, sustainable investing, or market insights. Community Events : Partner with local community organizations to create a sense of connection. Sponsor a pickleball tournament, open to your community, and invite a professional to teach/compete.
Bring in an expert to speak on topics like retirementplanning, tax strategies, sustainable investing, or market insights. Community Events : Partner with local community organizations to create a sense of connection. Sponsor a pickleball tournament, open to your community, and invite a professional to teach/compete.
Do you specialize in retirementplanning for small business owners? Including video marketing in your plan can improve communication with clients. Tailoring Your Communications for Different Client Segments In financial advisor marketing, using just one method doesn’t work for everyone.
Internet service, mobile communications, and utilities directly supporting business operations qualify for partial deductions, provided you maintain proper documentation showing the business-use percentage. For growing tech startups, establishing company retirementplans serves multiple purposes beyond tax benefits.
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