Vern Hayden is surely right when he says that your subjective and qualitative services are less likely to be commoditized than the calculations and numbers side of things, and he offers us a model for deciding where to store your value as advisors. There are two very interesting academic contributions here as well: the first looks at target date funds from a new perspective, arguing that they provide undisclosed risks to their investors, and suggesting a model for measuring that risk and helping investors think through their choices. The other looks at a whole lot of options for taking Social Security benefits, and then does what few other Journal articles do: tells us, after a lot of analysis, what the best solution is, and how to add value when you advise clients.
Already my picks in the NCAA tournament are in trouble. Who knew that a Monarch (Old Dominion) would beat a Fighting Irish (Notre Dame) in a fair scuffle?
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Entries from March 2010
Transfer Troubles
How NOT to transfer a business to the next generation...
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Investing Luck vs. Skill
Periodically, we hear about this or that person who called the market top...
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Bonds: (Far) More than Meets the Eye
Compared to stocks, bond investments are pretty simple, right?
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MEDIA REVIEWS - March 16-23, 2010
FA magazine tends to do technology about as well as anybody; between Andy Gluck and Joel Bruckenstein, you get a pretty good idea of the basic trends--including here, where we hear about a social network investing system, and issues to consider if you want to market yourself using social networking tools. And I really liked Mitch Anthony's column on how to help clients avoid the worst consequences of getting older. He reminds us that sometimes how we age has to do with the choices we make and what we allow ourselves to believe we can accomplish.
For the very first time, I filled out one of those NCAA tournament bracket predictions, using what I consider a foolproof method: which uniform colors do I like, and which mascots do I think would win in a fair contest. In a future issue, I'll let you know if this beats actually knowing something about the teams. [Read more »]
For the very first time, I filled out one of those NCAA tournament bracket predictions, using what I consider a foolproof method: which uniform colors do I like, and which mascots do I think would win in a fair contest. In a future issue, I'll let you know if this beats actually knowing something about the teams. [Read more »]
MEDIA REVIEWS - March 16-23, 2010
FA magazine tends to do technology about as well as anybody; between Andy Gluck and Joel Bruckenstein, you get a pretty good idea of the basic trends--including here, where we hear about a social network investing system, and issues to consider if you want to market yourself using social networking tools. And I really liked Mitch Anthony's column on how to help clients avoid the worst consequences of getting older. He reminds us that sometimes how we age has to do with the choices we make and what we allow ourselves to believe we can accomplish.
For the very first time, I filled out one of those NCAA tournament bracket predictions, using what I consider a foolproof method: which uniform colors do I like, and which mascots do I think would win in a fair contest. In a future issue, I'll let you know if this beats actually knowing something about the teams. [Read more »]
For the very first time, I filled out one of those NCAA tournament bracket predictions, using what I consider a foolproof method: which uniform colors do I like, and which mascots do I think would win in a fair contest. In a future issue, I'll let you know if this beats actually knowing something about the teams. [Read more »]
MEDIA REVIEWS - March 8-15, 2010
Some of the articles that were given high relevance ratings got there because of an important tidbit of information, like the purchase of the FNIC/Multi-Financial and PrimeVest by people with extensive brokerage experience, or the fact that ETFs are having trouble gaining traction in the 401(k) world because they're hamstrung by not having 12(b)-1 fees to pay out to the sponsors and sales agents.
Others, however, have real substance. The strength of Investment Advisor magazine is its practice management content; in this issue, Dan Inveen and Eliza DePardo say, politely, that the average advisory firm hires before it thinks, and the result can be an organizational mess. Mark Tibergien talks through some of the problems with transition planning from the founder to younger staff advisors; what makes his column unusual is that, in addition to all the normal dysfunctions we hear about the founders, he places some of the onus on the younger advisors and identifies a few of THEIR dysfunctions. Angie Herbers, meanwhile, says that some advisory firms have become so bureaucratized that it's easy for a smaller, more entrepreneurial firm to hire some of their young talent away--but take Inveen and DePardo's advice and think through what you're looking for before you seize this opportunity.
Finally, for all card-carrying members of the Tea Party, John Guy, one of the more outspoken advisors in the business, says that it's time for the protesters to come up with concrete solutions to the very complex problems surrounding our national debt. What should we cut, how much and who is going to get less than they anticipated or expect? The party that comes up with those answers, and makes them sound reasonable, and shares the pain fairly, is the organization that I want to join.
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Others, however, have real substance. The strength of Investment Advisor magazine is its practice management content; in this issue, Dan Inveen and Eliza DePardo say, politely, that the average advisory firm hires before it thinks, and the result can be an organizational mess. Mark Tibergien talks through some of the problems with transition planning from the founder to younger staff advisors; what makes his column unusual is that, in addition to all the normal dysfunctions we hear about the founders, he places some of the onus on the younger advisors and identifies a few of THEIR dysfunctions. Angie Herbers, meanwhile, says that some advisory firms have become so bureaucratized that it's easy for a smaller, more entrepreneurial firm to hire some of their young talent away--but take Inveen and DePardo's advice and think through what you're looking for before you seize this opportunity.
Finally, for all card-carrying members of the Tea Party, John Guy, one of the more outspoken advisors in the business, says that it's time for the protesters to come up with concrete solutions to the very complex problems surrounding our national debt. What should we cut, how much and who is going to get less than they anticipated or expect? The party that comes up with those answers, and makes them sound reasonable, and shares the pain fairly, is the organization that I want to join.
[Read more »]
Women's World
This may be the first time gender differences in financial planning are clearly quantified--by two women who are pioneering planning services for the gender that is set to inherit most of the wealth.
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The Terrorist Legacy
Friday, March 5. 2010
Our nation was changed by the terrorist attacks in ways that aren't being acknowledged--or, sometimes, noticed.
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Pyrrhic Victory?
Wirehouses have won this round in Congress. Will they win the war?
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Modeling the Great Unknown
A panel discussion at the T3 conference addressed what may be the most important issue facing the profession today: how do we re-communicate the possibilities that clients will, or will not, achieve their financial goals?
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PRESIDENTS, TEAMS AND RECOVERIES
The TD Ameritrade national conference featured two former presidents, plus excellent sessions on creating effective management structures, good compliance habits and our slow, painful economic recovery.
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MEDIA REVIEWS - March 1-7, 2010
Longtime readers are going to be surprised to see John Bowen's column receive a "high" relevancy rating, and truth to tell, I was a little surprised too, but it offers a good way to market yourself and a little bit of a twist on how to do the planning. Martin Shenkman and Ed Slott both do their usual great job of explaining the complexities of estate planning and distribution planning, respectively, and I think both features have merit. The discussion of regulatory issues may not break new ground but it offers a pretty good discussion, and I really like the idea of readers posing questions and the magazine finding experts to answer them.
Meanwhile, something very important has happened. Wisconsin Senator Herb Kohl, a member of the Senate Banking Committee, has drafted a provision for inclusion in the new financial reform legislation which would do a number of things that I suspect you support. It would create a safe harbor for the term "financial planner," meaning the plumber down the street and his dog couldn't call themselves financial planners without meeting some essential requirements. Among other provisions, the amendment would create a financial planner oversight board.
This amendment is supported by the Financial Planning Coalition. At a time when the brokerage industry has successfully lobbied a fiduciary standard out of regulatory reform, this may be a long-shot, but the Coalition has set up a quick, easy way for you to voice support for the provision (go here: http://www.capwiz.com/cfp/home/). While you're there, you might also tell your elected representatives that you strongly support requiring all financial advisors to live up to a fiduciary standard. I think all of us need to take precious time off of our workday to participate in this legislative process; otherwise, we probably deserve what we get when more motivated parties (like the brokerage firms) work harder than we do to get their versions of legislation passed. [Read more »]
Meanwhile, something very important has happened. Wisconsin Senator Herb Kohl, a member of the Senate Banking Committee, has drafted a provision for inclusion in the new financial reform legislation which would do a number of things that I suspect you support. It would create a safe harbor for the term "financial planner," meaning the plumber down the street and his dog couldn't call themselves financial planners without meeting some essential requirements. Among other provisions, the amendment would create a financial planner oversight board.
This amendment is supported by the Financial Planning Coalition. At a time when the brokerage industry has successfully lobbied a fiduciary standard out of regulatory reform, this may be a long-shot, but the Coalition has set up a quick, easy way for you to voice support for the provision (go here: http://www.capwiz.com/cfp/home/). While you're there, you might also tell your elected representatives that you strongly support requiring all financial advisors to live up to a fiduciary standard. I think all of us need to take precious time off of our workday to participate in this legislative process; otherwise, we probably deserve what we get when more motivated parties (like the brokerage firms) work harder than we do to get their versions of legislation passed. [Read more »]
Inside Information - March 2010
Download the March 2010 edition of Inside Information below.
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