Benefit from the present installment of “Weekend Studying For Monetary Planners” – this week’s version kicks off with the information {that a} latest pair of surveys finds a possible disconnect between monetary advisors and rich shoppers, 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 shoppers indicating they might suggest their advisor and/or agency to others. Which means that whereas trade shopper retention ranges stay excessive, surveying their very own shopper base may give advisors an image into areas the place shoppers are searching for higher-level service (and maybe providing a chance to indicate the “invisible work” they’re doing on the shoppers’ behalf) and to determine shoppers who’re most enthusiastic in regards to the agency (and could possibly be extra more likely to make referrals going ahead).
Additionally in trade information this week:
- The SEC has fined Vanguard $19.5 million partly for inaccurate advertising supplies associated to the compensation of advisors working in its Private Advisor Companies program, demonstrating the necessity for readability for companies when discussing charge fashions and advisor incentive compensation constructions
- Inflation stays the highest concern amongst retirement savers, in line with a latest survey, doubtlessly opening the door for advisor discussions on how inflation may affect shoppers’ monetary plans and potential methods to mitigate it
From there, we’ve got a number of articles on retirement planning:
- The long-run advantages of delaying Social Safety advantages and the way advisors can deal with potential considerations hesitant shoppers may elevate
- Why a subset of monetary advisory shoppers may take into account claiming Social Safety advantages early, from a present want for extra revenue to a compelling well being motive
- How a Social Safety “bridge” technique can present shoppers with larger revenue all through their retirements
We even have plenty of articles on tax planning:
- How the One Massive Stunning Invoice Act (OBBBA) may enhance the worth of Certified Charitable Distributions (QCDs) by serving to shoppers maintain their revenue beneath key phase-out thresholds for sure tax deductions
- QCDs will likely be simpler to report in 2025 due to a change to Kind 1099-R, although shoppers and their advisors will nonetheless be on the hook for making certain {that a} explicit distribution qualifies for QCD standing
- How monetary advisors can assist charitably minded shoppers weigh the relative tax advantages between making QCDs or donating appreciated securities
We wrap up with three remaining articles, all about consideration:
- The various advantages of boredom, together with the power to contemplate big-picture points within the absence of fixed busyness
- Why differentiating between “additive” and “extractive” can assist a person get essentially the most out of know-how whereas avoiding its potential downsides
- Why true multitasking is almost unattainable for most people and the way sure work practices can assist a person effectively knock gadgets off their to-do listing whereas specializing in one job at a time
Benefit from the ‘gentle’ studying!
