Weekend Reading For Financial Planners (August 19-20)

Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that a recent study has found that consumers are increasingly likely to spread their portfolios across a range of asset managers, and that this trend is particularly pronounced amongst more affluent clients (e.g., millionaires), suggesting that advisors who believe they hold “everything” their clients have may actually have less than they realize. At the same time, though, the report also found that asset managers that are the primary source of retirement advice tend to hold a larger percentage of a client’s portfolio, suggesting that offering financial planning services tailored to the needs of a firm’s clients really is helping as a source of organic growth (as clients bring more assets under the advisor’s management), and more generally positions smaller firms (that can provide more targeted advice) compete against large asset managers that are struggling to scale advice as they are also vying for client assets!

Also in industry news this week:

• FINRA has enacted a more thorough expungement process in an effort to ensure that all sides have a chance to be heard when brokers seek to have customer disputes removed from their record
• CFP Board is encouraging its certificants to commit to at least 20 hours of pro bono service each year and a variety of programs are available to help advisors meet this goal

From there, we have several articles on spending:

• Why individuals might consider their net worth, as well as their income, when it comes to deciding how much to spend each year
• The range of options available for couples deciding how to organize their finances
• How setting a spending ‘cap’ can help couples reduce money conflicts and enjoy more guilt-free spending

We also have a number of articles on practice management:

• How offering authentic, frequent, and powerful recognition can improve employee engagement and retention
• How managers can frame questions to get more honest responses from their employees
• Why middle managers can play a crucial role as connectors within an organization

We wrap up with 3 final articles, all about sleep:

• Why the negative effects of a lack of sleep on both health and productivity might outweigh the additional time gained by going to bed later and waking up earlier
• The importance of rest, including the benefits of taking breaks throughout the day
• How to stay in sync with one’s circadian rhythms and the benefits of doing so

Enjoy the ‘light’ reading!

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