Entries from October 2011
Riding the Roller Coaster
The markets have taken us for quite a ride in the past three months--and it was even bumpier than most professionals have acknowledged.
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Planning for a Dumb Rule
Mandatory IRA distributions is one of the strangest laws on the planet. Here's how to plan for them.
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MEDIA REVIEWS - October 16-23, 2011
I've found Somnath Basu's new column in Financial Advisor magazine to be a little scattered at times, as if he knows he has to say something, but isn't sure what to say. (It's hard to be profound every month.) But here he hits the nail on the head: the rise of gold prices is not due to all those complex macroeconomic factors or currency correlations; it is, plain and simple, a response to the uncertainty in the global economy. As long as people are scared, they'll bid up the price of gold. As they calm down, they'll realize they overpaid for a commodity that is pretty but not terribly scarce.
I liked the Bill Bachrach column, cherrypicking all the insights from a conference of people who make a living being inspirational, Joni Youngwirth offers some helpful thoughts on succession planning, and Joel Bruckenstein reviews a new software product that I had never heard of before. [Read more »]
I liked the Bill Bachrach column, cherrypicking all the insights from a conference of people who make a living being inspirational, Joni Youngwirth offers some helpful thoughts on succession planning, and Joel Bruckenstein reviews a new software product that I had never heard of before. [Read more »]
MEDIA REVIEWS - October 8-15, 2011
I think Angie Herbers is onto something big when she talks about owners of well-run advisory firms feeling inexplicably guilty when they finally get to the point where they make a nice income without working very hard, when they have processes and staff in place and a profitable business model. The column is focused on how this might lead to dysfunctional staff management, but I think it's potentially a topic all its own.
Meanwhile, Bob Clark does a nice job of dissecting the latest SIFMA comment letter, Mark Tibergien explores the downside of having a charismatic, energetic leader, and Joni Youngwirth continues her series on how to turn your firm into the kind that will eventually make you feel guilty about making so much money for so little work. [Read more »]
Meanwhile, Bob Clark does a nice job of dissecting the latest SIFMA comment letter, Mark Tibergien explores the downside of having a charismatic, energetic leader, and Joni Youngwirth continues her series on how to turn your firm into the kind that will eventually make you feel guilty about making so much money for so little work. [Read more »]
MEDIA REVIEWS - October 1-7, 2011
Take a good look at the article on bringing interns into your practice--or better yet, look for the more comprehensive white paper on the same subject, at the authors' web site: www.fjyfinancial.com. It's something you rarely see these days: a comprehensive explanation of how to do something complicated in your office.
Meanwhile, Financial Planning has selected a group of "influencers," and instead of picking the same old names, it dared go outside the box and identify some people you may not have heard of. You probably already know the IRA distribution rules when clients reach age 70 1/2, but Don Korn does a nice job of making those rules accessible and easy to follow. And I liked the article on how to deal with clients from hell, even though for many of you it might hit too close to home. [Read more »]
Meanwhile, Financial Planning has selected a group of "influencers," and instead of picking the same old names, it dared go outside the box and identify some people you may not have heard of. You probably already know the IRA distribution rules when clients reach age 70 1/2, but Don Korn does a nice job of making those rules accessible and easy to follow. And I liked the article on how to deal with clients from hell, even though for many of you it might hit too close to home. [Read more »]
MEDIA REVIEWS - September 24-30, 2011
All I can say is that the Journal has a lot of work to do to improve the quality of its articles; aside from a very good column by Bonnie Sewell (known to some of you as Bonnie Hughes), there isn't much to like here, and the worst of it is the "research" that the FPA insists on conducting without having any visible idea what they're doing. The folks who promote non-traded REITs--limited partnerships in a new guise--sponsored this recent study, which cheerfully reports (several times) that 64% of advisors are embracing alternative investments and venturing beyond those boring old stocks, bonds, mutual funds and ETFs. However, read the fine print, and "alternative investments" includes REITs, commodities funds and gold, which have all been part of a mainstream diversified portfolio for years. Ah well...
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MEDIA REVIEWS - September 16-23, 2011
I wish I could give you the page numbers of this issue of Investment Advisor, but the magazine never arrived in my mailbox, and apparently not in the mailbox of an advisor here in town either. Have you received it?
Investment Advisor conducts a roundtable discussion with the executives of the "broker-dealers of the year," who pledge to fight the fiduciary standard, wonder how to work around the social media compliance question, and ask where the next generation of producers will come from. Eliza DePardo and Dan Inveen offer some highlights of FA Insight's latest People & Pay survey, telling us that people-related costs are rising, but so too are profit margins.
Meanwhile, Joni Youngwirth recommends that you look at "The Checklist Manifesto," and wherever possible use checklists to document internal procedures and workflows. It's a great suggestion. You should also check out Mark Tibergien's column on collaboration, telling us that despite what you see in Washington, collaboration is a sign of strength, not weakness. Angie Herbers helps you identify your unhappy employees, Dan Skiles offers some good advice on how to get out of the technology rut, Tom Giachetti updates us on the new SEC guidelines for transferring more than 3,000 advisory firms to state registration, and Peter Montoya tells us which marketing initiatives are doomed to failure. All in all, a good issue, even if you have to read it online. [Read more »]
Investment Advisor conducts a roundtable discussion with the executives of the "broker-dealers of the year," who pledge to fight the fiduciary standard, wonder how to work around the social media compliance question, and ask where the next generation of producers will come from. Eliza DePardo and Dan Inveen offer some highlights of FA Insight's latest People & Pay survey, telling us that people-related costs are rising, but so too are profit margins.
Meanwhile, Joni Youngwirth recommends that you look at "The Checklist Manifesto," and wherever possible use checklists to document internal procedures and workflows. It's a great suggestion. You should also check out Mark Tibergien's column on collaboration, telling us that despite what you see in Washington, collaboration is a sign of strength, not weakness. Angie Herbers helps you identify your unhappy employees, Dan Skiles offers some good advice on how to get out of the technology rut, Tom Giachetti updates us on the new SEC guidelines for transferring more than 3,000 advisory firms to state registration, and Peter Montoya tells us which marketing initiatives are doomed to failure. All in all, a good issue, even if you have to read it online. [Read more »]
When The Empire Strikes Back
It's time to take seriously the threat to the very existence of the financial planning profession.
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Outsourced Tactical Investing
Pinnacle Advisory Group is offering its asset management services to the planning community. But what does it do, exactly?
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THE "EXPERIENCE"
The Financial Planning Association's annual convention featured one excellent keynote speaker and a pretty good investment/retirement distribution track.
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Gloom, Doom and the Hidden Rays of Hope
A review of the markets for the 3rd quarter of 2011.
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Deciphering the Code
What does all that economic jargon really mean?
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