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Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that a recent study from Cerulli Associates shows that consumer trust in financial services companies has increased significantly over the past decade, with firms that provide a more personalized approach to providing financial advice seeing the best results. Which could prove to be a boon for the financial advice industry as more consumers are willing to entrust their assets to an advisor (while at the same time possibly making it tougher for some advisors to differentiate themselves primarily by how they put their clients’ interests first?).
Also in industry news this week:
- While many financial advisors are paying close attention to the potential extension of sunsetting measures within the Tax Cuts and Jobs Act (TCJA) in the coming year, legislation related to retirement savings could be on Congress’ agenda as well
- Fidelity is planning to change the default for its existing RIA non-retirement clients’ cash balances from money market funds to its (lower-interest-rate-paying) in-house cash management product in the latest signal that even when firms don’t pay platform fees themselves, RIA custodial services aren’t truly ‘free’
From there, we have several articles on estate planning:
- A recent survey indicates that a significant number of families experience inheritance-related strain, which can be mitigated by opening up lines of communication between parents and their children
- How encouraging clients to think of their qualitative legacy goals (and not just the dollars and cents of what they what to leave to heirs) can help them overcome psychological barriers to starting meaningful inheritance conversations with their children
- 5 ways that clients can simplify their estate to ensure that their goals are met and that they don’t create additional stress for their survivors
We also have a number of articles on retirement planning:
- Why alignment between one’s sense of self and the lifestyle structure they operate in is a driving factor in whether an individual will thrive in retirement
- Why creating structure around how one will spend their time in retirement (whether through work, hobbies, and/or social activities) can ultimately lead to greater retirement satisfaction
- The different ways clients can implement a ‘phased retirement’ beyond working fewer hours, from creating a “stop doing list” to establishing greater workplace flexibility
We wrap up with 3 final articles, all about planning for the holiday season:
- Ideas for hosting a virtual holiday party for staff or clients, from chocolate-tasting classes to hosted virtual trivia events
- How financial advisors can ensure their client holiday cards and gifts stand out from the pack
- Tips for holiday-themed advisory firm social media content, including the value of video to help prospects and clients get to know firm staff better on a personal level
Enjoy the ‘light’ reading!