Enjoy the current installment of “weekend reading for financial planners” – this week’s edition kicks off with the latest edition of Financial Planning magazine’s annual Advisor Technology survey, showing the most widely adopted advisor software tools in various categories… and highlighting that, with the proliferation of advisor technology, the problem now is not the threat of robo-advisors but simply the burden of choosing which of the ever-growing number of solutions human advisors want to use to deliver their own tech-enabled services!
Also in the news this week was the stunning news that wirehouse Wells Fargo will be rolling out a pilot program for “independent” RIA offices (albeit still operating under the Wells Fargo brand) in an effort to stem the tide of brokers breaking away to the RIA channel, and the news that the SEC is going to take a hard look at its own custody rule in 2019 and whether it’s time to update the requirements for the modern technology-driven world (where custody is far more complex than just having physical possession of a client’s printed stock certificate!).
From there, we have several articles on industry trends, including a look at the initial success of recent Financial Planning Re-Entry Initiative from the CFP Board’s Center for Financial Planning to increase the number of women in financial services, an updated discussion from Bob Veres on the recent OneFPA Network proposal (and the FPA National Board’s response to his earlier criticisms), and the news that the FPA NexGen community is transitioning itself away from being an independent community for younger advisors and instead will adopt the vision and mission of FPA National and serve as its community for any advisors who are new to the profession (whether entering as young students or more experienced career-changers instead).
We also have several practice management articles this week, including a reminder of the importance of focusing not just on reducing employee turnover but “regrettable” turnover, the impact of culture and how it is naturally set from the top by a firm’s founder/leader (but can be consciously changed/improved), and tips for advisors who want to negotiate a better deal for themselves when changing broker-dealers (and understanding what can potentially be negotiated in the first place).
We wrap up with three interesting articles, all around the theme of finding our own purpose and success in life: the first looks at how, despite the popularity of the saying “do what you love and the money will follow,” a better approach is probably the Japanese concept of “ikigai” which considers both whether what you’re doing is something you love, something you’re good at, something the world needs, and something you can actually get paid for (and that it takes the intersection of all 4 to really succeed financially at what you love); the second takes a fascinating look at how luck may play a far greater role in success than we realize (but talent does matter, and you can choose to put yourself in positions where good luck can happen to you); and the last explores how the key to getting what you desire (and aspire to) is being willing to change when necessary in order to achieve it.
Enjoy the “light” reading!