Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that a recent report by F2 Strategies indicates that a strong majority of advisory firms surveyed are seeking to make operational changes in the year ahead, with tech integration and client onboarding representing key areas for potential improvement. Which suggests that while it might not be as flashy as marketing or client service, firms are recognizing that improving operational capabilities could be a key to greater scalability over time and be a potential way to boost advisor and client retention as functional hurdles are removed for each group.
Also in industry news this week:
CFP Board reported a record number exam takers during its March administration, with a notable tilt towards younger candidates who could eventually make up for potential talent shortfalls in the years ahead (as long as they don’t wash out of the industry)
Minority investments in RIAs are shifting towards relatively smaller firms, opening the door for founders to tap into the capital and expertise that outside investors can provide (balanced against the possibility of reduced control over their firm)
From there, we have several articles on retirement planning:
A Morningstar analysis identifies retirement income strategies that offer the highest starting safe withdrawal rates (which could be appropriate for clients looking to front-load their retirement spending)
While the results of both are a “probability of success”, historical simulations and Monte Carlo analyses are quite different (but can be quite powerful when used together)
An analysis of whether adding (perhaps many thousands) more scenarios to Monte Carlo simulations adds additional value for advisors and clients considering the sustainability of their financial plans
We also have a number of articles on estate planning:
The ins and outs of disclaiming an inheritance, from the legal requirements to execute a disclaimer to the level of flexibility heirs have to do so
10 reasons why an heir might choose to disclaim an inheritance, from mitigating estate and income tax exposure to protecting assets from creditors
The options for surviving spouses when inheriting a traditional IRA, and how these decisions can impact the after-tax wealth that their children will eventually receive
We wrap up with three final articles, all about lifestyle trends for the wealthy:
The growing popularity of private concierges and how financial advisors can similarly step in to help clients “fix problems” that arise in their lives
Why private jet travel has become a status symbol for wealthy individuals, and how advisors can help interested clients navigate the range of available ways to tap into this opportunity
How concierge medical practices can smooth access to providers and offer a more personalized level of care for patients (though the ultimate health benefits of working with one are less clear)
Enjoy the ‘light’ reading!
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