Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that CFP Board announced this week that it will raise its annual fee for new and renewing certificants by $120 to $575 in order to help fund its public awareness campaign to promote the CFP brand with the public and encourage consumers to seek out CFP professionals when looking for a financial advisor. While CFP board highlighted the improved brand recognition and desire to work with a CFP professional amongst the public since its public awareness campaign began in 2011, some certificants have questioned whether the fee increase (which comes on the heels of a $100 hike in 2022) and the promotional campaign it supports will lead to more clients (and revenue) for their individual practices.
Also in industry news this week:
A majority of financial advisory clients feel reassured by their advisor in the current market environment, according to a recent survey, with advisors pursuing a mix of ‘high touch’ and ‘low touch’ communication methods
A FINRA proposal that purports to streamline regulatory obligations regarding outside business activities and private security transactions could lead to significantly higher compliance requirements for certain broker-dealers and unaffiliated RIAs who use their brokerage services, according to some industry participants
From there, we have several articles on investment planning:
How advisors can evaluate gold as a potential part of client portfolios as it hovers around record-high prices (in both absolute terms and relative to inflation)
While U.S. Treasuries are sometimes referred to as ‘risk-free’ assets, the experience of the past few years has demonstrated the value for advisors of aligning duration with client cash flow needs
An analysis of how buffer ETFs have performed against different benchmarks finds mixed results for these products, which have expanded in number and variety in the past few years
We also have a number of articles on retirement planning:
Survey data suggest that many individuals underestimate the chances that they will need high intensity long-term care during their lives (while others overestimate the odds, which could lead them to underspend in retirement)
An analysis of long-term care insurance policyholder data finds that 38% of those with standalone policies claim benefits by age 79, while 88% have claims before age 90
Key questions that can help clients determine the right retirement community for their needs (and to help their financial advisor assess the financial implications of different fee models)
We wrap up with three final articles, all about money and wellbeing:
A four-step method to most effectively transform money into lasting memories with loved ones
Why an individual’s wealth extends beyond just financial assets and how advisors can encourage clients to consider how they might maximize their time and healthy years as well
While a client might be able to afford a major purchase (e.g., a ski chalet), assessing whether it will lead to greater overall wellbeing, or, alternatively, more stress, is more challenging
Enjoy the ‘light’ reading!
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