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 »]
Media Reviews
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.
[Read more »]
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 »]
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 »]
MEDIA REVIEWS - February 24-28, 2010
As you'll see in a minute, I'm extremely skeptical of one of the contributed articles in this month's issue of the Journal of Financial Planning, the more so because the assumptions for its conclusions are never provided, the even more so because its conclusions are at odds with what I regard as common sense and most other analyses. But if you want to sell variable annuities, articles like this provide support and cover.
Meanwhile, there's an excellent article on incorporating a psychologist into your client interactions, and a pretty interesting study of an investment strategy that would require a LOT more study before you should attempt it on behalf of clients. See for yourself. [Read more »]
Meanwhile, there's an excellent article on incorporating a psychologist into your client interactions, and a pretty interesting study of an investment strategy that would require a LOT more study before you should attempt it on behalf of clients. See for yourself. [Read more »]
MEDIA REVIEWS - February 16-23, 2010
Do you have a software tool that specifically calculates Roth conversions? Do you know how to ruin the new young employee you just hired? How to lead clients through the grieving process and deal with them wherever they happen to be? How to find one of the best paperless office systems?
All this, plus Roy Diliberto's manifesto for ethical treatment of clients can be found in the highly-rated articles in this month's Financial Advisor magazine.
Have a great weekend; I hope you get a chance to catch some of the Olympics on TV. [Read more »]
All this, plus Roy Diliberto's manifesto for ethical treatment of clients can be found in the highly-rated articles in this month's Financial Advisor magazine.
Have a great weekend; I hope you get a chance to catch some of the Olympics on TV. [Read more »]
MEDIA REVIEWS - February 8-15, 2010
I have a feeling you're looking at a snapshot of two important trends here: Capital Analysts creating a flat fee model for advisors who affiliate with its BD platform (see the Marion Asnes article below), and the deferred annuity concept, where you put a little money into an annuity that will pay an adequate income at age 80 and for life thereafter, turning the whole retirement plan into a period-certain calculation. (The article by Ilana Polyak failed to mention that Symetra, Inc. has a similar product out.)
Meanwhile, you get good practice management insight from the article by Stephanie Bogan, and I applaud the editorial staff at Financial Planning for putting a picture of the writer on the cover. I hope this starts a trend, and that it eventually extends to columnists... [Read more »]
Meanwhile, you get good practice management insight from the article by Stephanie Bogan, and I applaud the editorial staff at Financial Planning for putting a picture of the writer on the cover. I hope this starts a trend, and that it eventually extends to columnists... [Read more »]
MEDIA REVIEWS - February 1-7, 2010
Either the magazines are getting better or I'm getting mellower in my rating system, because once again I've found a higher-than-usual number of articles to give a "high" relevance rating to. But in this issue of Investment Advisor, some of those uprated articles are more FYI than substance; for example, the insurance industry is suddenly lobbying against fiduciary, when there is no indication the standards would even apply to them. (Can you see the brokerage firms putting them up to it?) The profile of Ben Marks is notable only because this breakaway broker seems to believe that he invented independent, unbiased advice--telling us how little the brokerage community knows about a business model that has been around since the Carter Administration. The article about Ray Sclafani is pretty thin, but he's going to be a columnist in future issues of IA, so it's good to get a quick look at what he thinks.
The more substantive offerings are the cover story insights into the Hispanic world of potential clients, Mark Tibergien's suggestion on how to evaluate and interview prospective new hires, and Angie Herbers recommending that you rethink your compensation structure. [Read more »]
The more substantive offerings are the cover story insights into the Hispanic world of potential clients, Mark Tibergien's suggestion on how to evaluate and interview prospective new hires, and Angie Herbers recommending that you rethink your compensation structure. [Read more »]
Media Reviews - January 16-23, 2010
I would take the time to read the article by Eliza DePardo which summarizes the most important findings of the recent FA Insight study of advisory firms, and then the articles by Mark Tibergien and Angie Herbers, which forms an excellent practice management package--by far the strongest part of Investment Advisor in this month as in most months.
Meanwhile, there's a lot of really interesting stuff in The Economist these days; most notably an article which examines whether another asset bubble is being formed (think emerging markets), and whether freedom and democracy are suddenly waning around the world. Plus an article on how China's export economy seems to be taking over the world... [Read more »]
Meanwhile, there's a lot of really interesting stuff in The Economist these days; most notably an article which examines whether another asset bubble is being formed (think emerging markets), and whether freedom and democracy are suddenly waning around the world. Plus an article on how China's export economy seems to be taking over the world... [Read more »]
Media Reviews - January 24-31, 2010
Normally, each magazine issue has a small number of "high" relevance articles flagged near the top, and the bulk of the magazine articles are listed below, with low or moderate relevance ratings. But this issue of the Journal of Financial Planning is reversed; a majority of the articles are unusually relevant.
The degree varies; Dan Moisand makes some good points about the incredibly lax attitude of our regulators when it comes to brokers gleefully exercising their conflicts of interest, and Bonnie Hughes is surely right that we need to create a workable business model for serving the middle market. Dennis Stearns does a great job of pulling the tastiest nuggets from Jim Collins' latest management book, and the contributed article on how to work with widows--a potentially huge subset of the planning clientele as baby boomer men fall into declining health--offers some great suggestions.
However, the highlights of the issue are Harold Evensky's review of various professional articles, including how to navigate through four different kinds of markets, and the article that examines the ability of various portfolios to grow and survive decumulation. And the final article offers an interesting new model for working with clients at a depth which is at least two long steps beyond the industry standard. [Read more »]
The degree varies; Dan Moisand makes some good points about the incredibly lax attitude of our regulators when it comes to brokers gleefully exercising their conflicts of interest, and Bonnie Hughes is surely right that we need to create a workable business model for serving the middle market. Dennis Stearns does a great job of pulling the tastiest nuggets from Jim Collins' latest management book, and the contributed article on how to work with widows--a potentially huge subset of the planning clientele as baby boomer men fall into declining health--offers some great suggestions.
However, the highlights of the issue are Harold Evensky's review of various professional articles, including how to navigate through four different kinds of markets, and the article that examines the ability of various portfolios to grow and survive decumulation. And the final article offers an interesting new model for working with clients at a depth which is at least two long steps beyond the industry standard. [Read more »]
Media Reviews - January 8-15, 2010
How should you invest if the U.S. and its markets are moving into long-term decline? What kind of people are entering the profession today? How are advisory firms structuring the transfer of their practices? Any magazine issues that answers those three questions is a pretty good one--if you can sort through everything else to get to that important information.
[Read more »]
Media Reviews - January 1-7, 2010
Happy new year! Happy new decade! I'm going to go out on a limb and hope that the coming ten years will be more pleasant for the financial services world than the Double-Bubble decade we just came out of, although my strong suspicion is that the Wall Street firms are going to get off scot-free from any new regulatory scrutiny and busily dig us all back into a hole just like the one we came out of.
And maybe that's why I feel that my two cats have more credentials as a financial services mover and shaker than Rick Ketchum of FINRA. (What visible harm are THEY doing?) But I think the other selections, and particularly Don Trone on the cover, are excellent and interesting choices. Trone was talking about the fiduciary standard long before anybody could pronounce it, and he's done more to bring the financial planning world into that sphere than any other two people I can think of. You'll be hearing more about Eleanor Blayney and her network of women consumers/advisors, and Steve Holdsworth and Carl Richards are working on changing the planning world while most of the rest of us are trying to get through some of the work on our desk.
Meanwhile, this issue of Financial Planning includes a heartfelt column by me (Bob Veres), which, by necessity, remains unrated, plus profiles of Raymond James and Cambridge Investment Research. And Ed Slott does his usual great job of explaining IRA/Roth IRA issues. If I were doing this Movers and Shakers thing, I might have included Ed on the list in this Year of the Roth.
[Read more »]
And maybe that's why I feel that my two cats have more credentials as a financial services mover and shaker than Rick Ketchum of FINRA. (What visible harm are THEY doing?) But I think the other selections, and particularly Don Trone on the cover, are excellent and interesting choices. Trone was talking about the fiduciary standard long before anybody could pronounce it, and he's done more to bring the financial planning world into that sphere than any other two people I can think of. You'll be hearing more about Eleanor Blayney and her network of women consumers/advisors, and Steve Holdsworth and Carl Richards are working on changing the planning world while most of the rest of us are trying to get through some of the work on our desk.
Meanwhile, this issue of Financial Planning includes a heartfelt column by me (Bob Veres), which, by necessity, remains unrated, plus profiles of Raymond James and Cambridge Investment Research. And Ed Slott does his usual great job of explaining IRA/Roth IRA issues. If I were doing this Movers and Shakers thing, I might have included Ed on the list in this Year of the Roth.
[Read more »]
