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 purchasers, with shopper perceptions lagging advisors’ confidence within the degree 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 suggest their advisor and/or agency to others. Which means that whereas business shopper retention ranges stay excessive, surveying their very own shopper base might give advisors an image into areas the place purchasers are in search of higher-level service (and maybe providing a chance to indicate the “invisible work” they’re doing on the purchasers’ behalf) and to establish purchasers who’re most enthusiastic concerning the agency (and may very well be extra more likely to make referrals going ahead).
Additionally in business information this week:
- The SEC has fined Vanguard $19.5 million partially for inaccurate advertising supplies associated to the compensation of advisors working in its Private Advisor Companies program, demonstrating the necessity for readability for corporations when discussing price fashions and advisor incentive compensation buildings
- Inflation stays the highest concern amongst retirement savers, based on a latest survey, doubtlessly opening the door for advisor discussions on how inflation might impression purchasers’ monetary plans and potential methods to mitigate it
From there, we’ve a number of articles on retirement planning:
- The long-run advantages of delaying Social Safety advantages and the way advisors can tackle potential issues hesitant purchasers may elevate
- Why a subset of economic advisory purchasers may take into account claiming Social Safety advantages early, from a present want for added revenue to a compelling well being cause
- How a Social Safety “bridge” technique can present purchasers with larger revenue all through their retirements
We even have quite a lot of articles on tax planning:
- How the One Huge Stunning Invoice Act (OBBBA) might enhance the worth of Certified Charitable Distributions (QCDs) by serving to purchasers preserve their revenue beneath key phase-out thresholds for sure tax deductions
- QCDs will probably be simpler to report in 2025 because of a change to Kind 1099-R, although purchasers and their advisors will nonetheless be on the hook for guaranteeing {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 last 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” 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 gadgets off their to-do record whereas specializing in one job at a time
Benefit from the ‘mild’ studying!