Benefit from the present installment of “Weekend Studying For Monetary Planners” – this week’s version kicks off with the information {that a} current pair of surveys finds a possible disconnect between monetary advisors and rich purchasers, with shopper perceptions lagging advisors’ confidence within the stage of service they supply throughout a number of areas (from retirement and tax planning to responsiveness to shopper inquiries) and solely 57% of purchasers indicating they might advocate their advisor and/or agency to others. Which means that whereas business shopper retention ranges stay excessive, surveying their very own shopper base may give advisors an image into areas the place purchasers are looking for higher-level service (and maybe providing a chance to point out the “invisible work” they’re doing on the purchasers’ behalf) and to determine purchasers who’re most enthusiastic in regards to the agency (and could possibly be extra prone to make referrals going ahead).
Additionally in business information this week:
- The SEC has fined Vanguard $19.5 million partially for inaccurate advertising and marketing supplies associated to the compensation of advisors working in its Private Advisor Providers program, demonstrating the necessity for readability for corporations when discussing charge fashions and advisor incentive compensation constructions
- Inflation stays the highest concern amongst retirement savers, in response to a current survey, doubtlessly opening the door for advisor discussions on how inflation may affect purchasers’ monetary plans and potential methods to mitigate it
From there, now we have a number of articles on retirement planning:
- The long-run advantages of delaying Social Safety advantages and the way advisors can handle potential issues hesitant purchasers would possibly increase
- Why a subset of economic advisory purchasers would possibly contemplate claiming Social Safety advantages early, from a present want for added revenue to a compelling well being purpose
- How a Social Safety “bridge” technique can present purchasers with better revenue all through their retirements
We even have quite a few articles on tax planning:
- How the One Large Lovely Invoice Act (OBBBA) may improve the worth of Certified Charitable Distributions (QCDs) by serving to purchasers hold their revenue under key phase-out thresholds for sure tax deductions
- QCDs can be simpler to report in 2025 because of a change to Type 1099-R, although purchasers and their advisors will nonetheless be on the hook for making certain {that a} specific distribution qualifies for QCD standing
- How monetary advisors may help charitably minded purchasers weigh the relative tax advantages between making QCDs or donating appreciated securities
We wrap up with three closing articles, all about consideration:
- The various advantages of boredom, together with the flexibility to contemplate big-picture points within the absence of fixed busyness
- Why differentiating between “additive” and “extractive” may help a person get essentially the most out of expertise whereas avoiding its potential downsides
- Why true multitasking is almost unimaginable for most people and the way sure work practices may help a person effectively knock objects off their to-do record whereas specializing in one job at a time
Benefit from the ‘gentle’ studying!