Weekend Reading For Financial Planners (May 20-21)

Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news of a recent survey indicating that investors overwhelmingly believe that Artificial Intelligence (AI) will help financial advisors better serve their clients and would like to work with an advisor who leverages AI tools. And despite some industry observers’ concerns that AI tools could eventually replace human advisors, a strong majority of those surveyed said they do not expect AI to replace advice from humans. And amid this backdrop, several AdvisorTech tools have added AI capabilities that could further streamline advisory firms’ middle- and back-office tasks and processes.

Also in industry news this week:

• CFP Board adopted a set of revised procedural rules, including establishing the ability to conduct “informal inquiries” in response to complaints to better identify potential wrongdoing
• A patent that allowed Vanguard to launch ETFs as share classes of its existing mutual funds expired this week, but it is unclear whether other asset managers will take advantage of the new opportunity

From there, we have several articles on practice management:

• What actions advisory firm owners can take when they find they have too much work on their plate
• How advisors can explore different paths for their firms once they have been in a robust client pipeline
• How one advisory firm owner made changes to ensure her business serves her rather than the other way around

We also have a number of articles on cash flow and wealth:

• One potential framework to describe levels of wealth, from not stressing about debt to not worrying how much is spent on a vacation
• Why having “FU” money is not necessarily the key to freedom and happiness
• While it has long been assumed that buying ‘experiences’ typically make individuals happier than purchasing ‘things’, recent research suggests a more nuanced view might be warranted

We wrap up with 3 final articles, all about gender and money:

• Why men and women often have different views of what retirement means to them
• Why telling women to act more confidently is unlikely to improve the gender pay gap, and what employers can do to even the playing field
• While prior research has found that women report poorer mental health than men, a new study suggests the reality might be more nuanced

Enjoy the ‘light’ reading!

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