As you get back to in-person relationship building with potential clients, centers of influence and possible business partners, networking events provide a great venue for meeting more people who could be critical to your success.
Managing 401(k) and other retirement plans allows you to own the entire financial relationship with your business owner clients and are a great additional revenue stream, since participants are adding money consistently with each paycheck.
Retirement can seem confusing for some clients, in large part due to the financial jargon involved. This may lead them to put off retirement planning or avoid it altogether. Help ensure your clients are prepared to retire by guiding them through the confusing financial jargon.
An Ipsos market research study found that 86% of employees believe it’s important for their own employer to be responsible to society and the environment. In a nutshell, this is how a B Corp operates.
According to Wikipedia, spring cleaning “is the practice of thoroughly cleaning a house in the springtime.” There are many spring-cleaning tips and lists on the internet for those interested. However, there is no mention of a spring checkup on finances during this cleaning period.
As financial planners, we know it can sometimes be difficult to encourage individuals to save money for their future especially those in low-income minority communities. Once individuals decide to take the right steps towards saving, we’re then tasked with the more complex topic: investment choices.
Jim Rohn, one of the original great personal development teachers, used to say, “If you want things to change, you have to change. If you want things to be better, you have to be better.” This wisdom is incredibly simple and powerfully profound.
The demand for complex financial products is increasing significantly, especially among mass affluent investors. This historically overlooked group no longer relies exclusively on exchange-traded funds and mutual funds. Instead, mass affluent investors are starting to branch out and opt for alternatives, structured products, even art and other non-bankable assets.
A study group consists of individuals working together to solve difficult cases and garner business advice from peers. What binds the group together is shared goals, as well as expectations or guidelines established by the group.
For all the emphasis and excitement over helping clients efficiently accumulate assets and accomplish their goals, it’s quite often that how the client makes a living goes into the financial plan as a “snuck premise,” a sort of status quo fact that simply underlines the cash flow projections of the financial plan.
Being an ally and supporter of your diverse staff, colleagues and friends within our industry involves intentionality, vulnerability and the quest for lifelong learning. These three podcasts are excellent places to keep in touch with the latest DEI issues and developments.
As financial planners, we must scrutinize every data point our clients provide. Are they maxing out their 401(k)? Will their estate plan be properly executed? Do they have the proper insurance? How do we project investment returns in the future given their risk appetite? The last question is arguably one of the most important questions an advisor must consider.
To put the prospect at ease, set a conversational tone rather than rattling off a to-do list or a lecturing the prospect on how they should be handling their finances. Instead of simply sharing financial facts, probe to see how prospects feel about their finances and what has motivated them to take the first step toward investing in their financial future.
Although company executives have stopped fretting so much about the COVID-19 pandemic, they are really concerned about geopolitical stability, even in their own country, according to the latest McKinsey survey.
As 30% of investors, and a staggering 55% of billionaires, either switched wealth manager provider or transferred significant funds to multiple wealth managers in the last year, it is more important than ever to keep up with recent developments and innovations to meet the clients’ needs.
Insurance companies have been flocking to private assets for several years, but inflation and recessionary concerns may accelerated that trend, says a Goldman Sachs survey.
Retirees and preretirees often hope for a Goldilocks financial world where investment returns increase year after year, nest eggs are more than adequate to support a long retirement, and there’s money left over to fund bequests to children, grandchildren and favorite charities.
Part of our job as advisors is educating clients on good financial strategies, including helping them determine and maintain a budget. But who’s educating their kids?
The spread between the U.S. 2-year Treasury yield and the 10-year Treasury yield (2s10s spread) is getting precariously close to 0, and the likelihood of an inverted yield curve has increased. It is widely believed that an inverted yield curve is a precursor to a recession.
We cannot be everything to everyone. That’s an impossible feat, and it doesn’t serve ourselves or others well. Our aim shouldn’t be to try to mirror someone else – they’re already taken, and the world needs you.
According to the Energy Information Administration, the price of conventional gasoline has risen 57 percent in the past year, and consumers are feeling the squeeze.
According to a 2020 MDRT study, 85% of Americans would be more likely to trust recommendations from human advisors who demonstrate emotional intelligence, or EQ.
In an industry that is always changing and evolving, such as financial planning, it is imperative to find your community for education, support and collaboration. It is not uncommon to feel alone, especially if you work for a small firm.
Over the next 20 years, $84 trillion is expected to transfer between generations, with Gen Xers reaping the most over the next decade or so. Advisors will need to change how they do business to get the attention of younger investors.
With the first couple months of the year under our belt, the future of federal tax policy remains murky as ever. Build Back Better continues to be in limbo, and we’ll need to wait to see how mid-term and subsequent elections impact the federal tax landscape.
Recent equity market volatility is being partially attributed to potential Fed tightening, as the Fed has signaled a shift from an accommodative monetary policy stance to one that is more restrictive. It is doing so in response to the recent hot inflation reads and a rebound in inflation expectations. In general, equities are considered a hedge against inflation.
Global stock markets are selling off hard after Russian military forces attacked a broad range of targets across Ukraine Thursday night while Russian President Putin vowed to replace Ukraine’s government. What does it all mean for stocks and the economy?
Even prior to the onset of the pandemic two years ago, a major trend had been emerging which transcends all demographics. It is the side hustle, and the economic upheaval brought on by the pandemic has only expanded its prevalence.
Wealth managers can no longer ignore digital assets as they go mainstream, although the assets still have three hurdles for broader acceptance, according to a McKinsey report. Some of those concerns are already non-issues, according to crypto-investing advocate Tyrone Ross Jr.
One of the most promising areas of growth for wealth managers is a larger segment of younger wealthy investors who are already using digital platforms for their own investing, but they still want advice from humans, says a McKinsey report.
We’re often overloaded with clients, which makes it difficult to cultivate strong, personal relationships with each one. When you have less time to meet with each client, there isn’t much room to build those deeper connections.
Three hot topics at once. Talk about efficiency! Beyond efficiency, though, I do think there is a fairly deep connection here—and one that is worth talking about right now.
The Super Bowl Indicator suggests stocks rise or fall for the full year depending on which conference wins the big game. Check out this LPL Financial explainer for a breakdown of the data.
Shareholder engagement is a fundamental aspect of impact investing. Your clients, as shareholders in public companies, can leverage their ownership to communicate with leadership.
Becoming an industry conference speaker acceptance takes more than guts. It takes strategic thinking and a strong proposal that aligns with the needs of the conference organizers and your path forward as a financial services thought leader.
By combining your professional life with your personal passions, you can build stronger connections and deepen your prospect pool, ultimately expanding your practice.
We got a heads-up on that from this week’s ADP report, making a very weak result much more likely for the official jobs report on Friday. According to Capital Economics, the ADP report showed payrolls dropped for the first time since December 2020, down by 301,000.
Why are some people either for or against whole life insurance? It’s not a religion. It’s not something you believe in or don’t. It’s an insurance product and its important clients understand all their options despite the advisor’s personal opinion.
By mastering the ins and outs of social security and fully understanding your clients’ future cashflow needs, you can increase – and potentially even double – the amount they will receive in benefits.
You’ve likely heard the old-school sales phrase, “always be closing.” In today’s world, that’s the wrong mindset. In fact, that mindset can be detrimental to your business growth. Why? Because it leaves out the more important previous step.
As we get started in 2022, now is the time to ensure that your financial planning practice is ship shape and ready for the year ahead. This week we’re sharing five action items to get you off to a quick start in both your financial planning practice and for your clients.
Friday’s jobs report came out, and we have all seen the data. Job growth is down, but the unemployment rate is also down. Hiring is weak, but more people have jobs. This makes perfect sense, not. What’s going on here?
The safety net has gaping holes through insufficient benefits, underfunding, benefits that need to be rethought and lack of periodic updating to reflect the reality of living in today’s world. That is why households must put their own personal financial safety net in place.
Many advisors got their footing in financial services when marketing via traditional media – like print, TV and radio – was the only way to advertise. Now, the wave of digital marketing is transforming the profession to become more current and welcoming to younger generations.
In many ways, 2021 was a typical year for markets, but it also reinforced some basic market lessons that are hard to learn, even if they are not new.
With what seems like an onslaught of endless crises, clients have begun asking about what they can do to help bring about more positive change. Beyond donating to charities or allocating time to volunteer, are there other actions they can take to make a difference?
Setting New Year’s resolutions allows us to exercise the virtue of aspiring to a goal and following through on it, having a sense of control over the events in our life.
December is widely known as one of the best months of the year for stocks, but most don’t realize that the majority of the gains happen in the second half of the month.
When you set bigger goals, you’re automatically filled with greater energy and excitement. This greater energy and excitement will help you make the effort required of those bigger goals.
We believe pent-up demand, gradual improvement in supply chain challenges, solid labor force growth, and productivity gains will all contribute to another year of above-trend economic growth in 2022.
The new Omicron medical threat, along with rising inflation and continued supply chain problems, challenged the economic recovery, leaving investors wondering if markets could keep reaching new highs.
With all things new and unfamiliar, it’s hard to know what to say or do in support of those who need our understanding, support and encouragement.
In this article, I’ll teach you about the cornerstone strategy that will uphold every other human relations skill that you possess: empathy. Don’t believe me? A quick Google search will prove that troves of business outlets are talking about this topic.
Inflation and what it means for investing is one of the biggest issues I have been hearing about recently. The topic can generate quite a bit of anxiety.
While the overall goal of qualifying for MDRT may be an intimidating one, breaking it down into manageable pieces is a sure way to methodically march towards your prize. Use the following guidelines to take this tactical approach to membership qualification.
It’s rare to have a pension plan these days and those without pensions may not have access to a retirement plan through their work either. Not only does this present an issue for middle and upper-income individuals, but it’s also a real problem for lower income individuals especially those in underserved communities.
It’s been difficult to find a macroeconomic story that supports reducing exposure to U.S. equities in favor of their developed international counterparts. But frankly, if one is going to develop, it may need to happen soon.
Longevity risk also continues to be a top concern for retirement plan participants, according to the survey. When it comes to taking withdrawals, 76 percent of survey respondents would be more likely to leave their money in their 401(k) plan if given an in-plan withdrawal solution.
They say nothing is certain in life but death and taxes. It feels like one other certainty is that taxes are going to increase. Business owners should feel like there is an “X” on their back. Let’s highlight some of the problems to bring us one step closer to a solution.
If our positive near-term market outlook proves to be overly optimistic, we believe one—or perhaps more than one—of these five things will likely be the culprit: inflation, an aggressive Federal Reserve, profit margin pressures, pulling forward of seasonal gains, and potentially overly bullish sentiment.
