In case you missed it:
What makes a successful advisor? Nationwide has been trying to answer this question through its 2019 Advisor Authority Report. What they found through their conversations with more than a thousand advisors is that, like a good recipe, there are many ingredients to make a successful advisor, among them a desire for a strong, uniform fiduciary standard.
October is Financial Planning Month. In honor of Financial Planning Month, AdvisorNews dives into the nitty-gritty of being a financial planner with a new and insightful topic each week throughout the month.
This week, AdvisorNews asked financial planners across the country: What do you wish you knew when you first became a financial planner?
Among the items planners wish they known when they were first starting out was that smart people can be bad with money, having the CFP designation is just a part of it, believe in the work you do, understand your clients’ why and the value is in the strategy, not the plan.
Don’t look now but the so-called “smart money” is hoarding cash.
With ominous sounding economic news headlines such as “yield curve inversion” peppering the media and prognostications of a coming recession, there is another not-so-publicized event happening which might also be pointing to stormy seas ahead in the stock market.
The “rich,” as they’re called, are supposedly hoarding cash in significant amounts.
CNBC reports the wealthy have reduced their buying of real estate and jewelry, and toys such as boats and classic cars, to name a few.
Reports say the middle class is still opening their wallets, but the thought is when the very rich stop buying or a least slow down their spending and start banking the cash, there is a very good reason.