I liked Kelli Cruz’s discussion of compensation structure in your practice, and Martin Shenkman is always good on the topic of estate planning and the use of trusts. Here, he talks about the old standby revocable living trust, which is a Swiss army knife of potential benefits to your clients.
I also thought the Michael Kitces article was interesting. I envy his ego in offering a “manifesto” regarding planning software, but his observations certainly merit discussion and debate in the profession.
[Read more »]
I waited as long as I could, but still haven’t received my copy of the February issue of Financial Advisor magazine, so… the page numbers are not included in these write-ups.
I thought Mike Martin offered an interesting take on the current global investment scene, although the advice to avoid negative bond yields might seem a bit obvious. I wish the profile of RGT Wealth Advisors had contained nuggets of wisdom from the founders (Financial Advisor’s practice profiles always seem like huge missed opportunities) but the profile is interesting.
But the two highlights are Joni Youngwirth’s advice for recruiting advisors, and the continuation of Joel Bruckenstein’s series on the recent advances in custodial technology. The custodians are an overlooked part of your technology suite, and if yours aren’t making significant progress and offering more features and capabilities, it may be time to start shopping around. This article, and the one before it, offer some opportunities to compare what you have with what’s coming online. [Read more »]
By far the most important article in this issue, and maybe in the last year or two, is Ann Marsh’s investigative reporting into how FINRA routinely deletes customer dispute information from brokers’ BrokerCheck records, basically robbing the public of due diligence information that FINRA is supposed to be providing. It’s a cozy little system, and the arbitration process seems to be pretty cozy too—and totally controlled by the brokerage firms, who want their sketchy producers to have pristine records and are willing to pay settlements to abused consumers to buy their silence. I would recommend a full read of the article.
And instead of the cover story on cybersecurity, look at Joel Bruckenstein’s article on compliance software, which is more detailed. And Michael Kitces offers some advice on how to become a blogger, although one wonders whether this formula is easier for him than it is for his readers.
[Read more »]