Childfree Estate Plans Need Custom Trusts, Not Traditional Clauses
The starting point is to recognize that for Childfree clients who don't have children, 'just' coming up with someone to serve as attorney-in-fact, executor, and/or trustee, can be a remarkably difficult decision. https://t.co/KFZlvuilqG Because the focus of estate planning for Childfree clients is disproportionately focused on enjoying and utilizing their money while they are still alive (as there are no children to prioritize for an inheritance), traditional estate planning clauses like limiting distributions for HEMS (Health, Education, Maintenance, and Support) are unnecessarily limiting to trustees of Childfree clients' trusts. Dr. Jay Zigmont, founder of Childfree Wealth and Childfree Trust, explores how the unique circumstances of Childfree clients turn traditional estate (and long-term care) planning upside down, to the point that relying on traditional estate documents and their standard provisions can actually cause outright harm to the Childfree client's planning goals. #childfreeplanning #estateplanning #advicers
Four Retirement Risks: Portfolio vs Advisory Solutions
4 risks to retirement security, including those that can be mitigated through portfolio-based strategies (e.g., longevity and market risk) as well as those (including mortality and decision risk) that require different types of solutions from the advisory toolkit https://t.co/1ntd8BY5TS #WeekendReading...
Global Diversification Rebounds After Worldwide Market Crashes
"Everything Crashes At The Same Time, So Why Bother?" Contrary to the view that global diversification may offer little protection from market declines, it is especially salient in cases of a worldwide recession – while the average individual country’s returns...
Steward Leadership Turns Hybrid Work Into Accountability
#FASuccess: Mary Chapman on how she has applied lessons from her research into “steward leadership” to build communications mechanisms, processes, and expectations to help her firm continue to thrive as it transitioned into a hybrid work environment. https://t.co/42WiluNHN1 Mary is the...
Retain Senior Advisors with Better Culture and Pay
Senior advisors occupy a uniquely high-impact role within advisory firms. For firm owners, the challenge is not merely recruiting this talent… but also creating an environment and incentives compelling enough to retain their advisors. https://t.co/8kfmeXXWmB Senior Financial Planning Nerd Sydney Squires...
Engage Heirs Early: Build Advisory Relationships Before Wealth Transfer
Retaining the next generation after the "great wealth transfer" begins NOW, before they even become clients. From an heir's perspective, being thrust into the challenging situation of losing a loved one – and potentially being named executor or trustee –...
Niche Focus and Consistent Podcasting Drive $130K Revenue
Marketing Funnel Breakdown: Kendra Wright of Rebel Media Agency details how a retirement podcast (Jesse Cramer) generated 5☝️3 prospects and $130,000 in recurring revenue in 12 months https://t.co/AxVEwsowyF ❌ What Wasn't Working: -His ideal client type was fragmented -There was also no clear...
Combine IRA and HSA for Tax‑Efficient Retirement Savings
For any retiree that is saving for both medical expenses in retirement and also all of their other retirement goals, using a combination of an IRA (for most retirement expenses) supplemented by an HSA as a "retirement health savings account"...
AdvisorTech Dumps Data Aggregators as Promise Fails
#AdvisorTech news: Morningstar is selling the client account aggregation data provider ByAllAccounts, becoming the latest AdvisorTech platform to offload a data aggregator that it acquired in the mid-2010s (following Envestnet's sale of Yodlee last year) – which yet again highlights...
Craft a Standout Job Description to Attract Top Talent
When a small firm is hiring, it can be challenging to stand out and reach the right people. In this article, Daniel Yerger describes how he created a job description template for early career advisors that communicates the firm's benefits,...
Navigate 530A Trump Accounts: Avoid Gift and Kiddie Tax Traps
A brand-new savings account for children just went live, and advisors are already fielding questions from clients who don't know what to make of it. Section 530A Trump Accounts have real planning potential, but also real traps, including a gift...
Win Clients by Listening More, Asking Less
In this latest #FASuccess episode, Sara Grillo identified several (perhaps counterintuitive) ways financial advisors can win more clients, including by talking less about their expertise and reducing 'friction' by asking less of prospects early on in the relationship. https://t.co/rKe1FReyCq Sara, a...
Exchange Funds Enable Diversification While Deferring Capital Gains
On the one hand, continuing to hold the security exposes much of the client's portfolio to the risks inherent in investing in a single company. On the other hand, selling the security in order to diversify may trigger significant capital...
Teach Kids Thriftiness, Not Spoilage, With Smart Allowance
What IS the opposite of spoiled? How much should children receive as an allowance? Should children have to do chores to get their allowance? No parent wants to knowingly raise a spoiled child. Yet in a world where money is...
Higher Revenue, More Staff ≠ More Advisor Vacation
More revenue and staff don't always lead to more vacation: We examined how an advisor's work habits impact their wellbeing and, with summer just around the corner, how important sustainable work hours and vacations are for advisors to maintain healthy...