To film the perfect online marketing video, advisers can't think about themselves; they have to think about helping the person who will watch the video, writes Greg Rollett of Ambitious. The producer and TV host recommends that advisers forget about selling their products and instead focus on helping prospects overcome their financial challenges.
Face-to-face meetings with clients to review the relationship and determine if any changes should be made for clients to reach their financial goals is one of the best ways to get more business from existing clients or new business through referrals, advises Bryce Sanders of Perceptive Business Solutions. Sanders offers 10 ways to conduct relationship reviews so advisers and clients both benefit.
Federal Reserve Chairman Jerome Powell said that with inflation close to a 2% target and with unemployment low, the central bank would probably keep gradually increasing interest rates. Powell told Congress that raising rates too slowly could result in high inflation, while adjusting them too quickly could weaken the economy.
The JOBS and Investor Confidence Act, a package of 32 bills, passed the House this week on a 406-4 vote and now heads to the Senate. Among the bills were measures that would require the Securities and Exchange Commission to define more small advisory firms as small businesses and to start a task force to deal with financial abuse of seniors.
The Senate has approved the nomination of Randal Quarles to serve a full term -- 14 years -- as a Federal Reserve governor. Quarles, who oversees the Fed's bank regulatory agenda, was approved in October for a term as governor that expired months later, and for a four-year term as vice chairman for supervision.
A package of bills introduced in the Senate would make it easier for small employers to participate in pooled employer retirement plans and would encourage adoption of automatic enrollment. "These commonsense proposals will greatly help people save for their future and retire with dignity," said former Sen. Kent Conrad, D-N.D., who co-lead a commission that worked on the legislation.
Many pre-retirees surveyed are saving less than 10% of their income, State Street Global Advisors found in a recent study of retirement in eight countries, including the US. The report found a high likelihood that many people will outlive their retirement savings but noted that younger people have accepted that lengthier life spans may require them to work longer.
An uptick in debt for Federal PLUS Loans for Parents is a result of students turning to their parents for help after having borrowed the maximum amount, suggests Mark Kantrowitz of Saving for College, who analyzed data from the National Postsecondary Student Aid Study. The limit for federal Stafford loans was reached by 40.3% of students in the 2015-16 academic year, up 1 percentage point from four years prior.
Lend your voice to new research on best practices in client understanding
FPA, Capital Preferences and T. Rowe Price have initiated new research that seeks to map the frontier of client understanding practices and answer key questions that are central to serving the needs of 21st-century investors, including how client understanding approaches are evolving to support more holistic advice delivery, practices to support engaging ways for financial planners to add value, and tools and technologies that deliver more efficient client discovery. We want to hear from you! Take the benchmarking survey by July 25 and receive a customized report that will enable you to compare your individual client understanding practices to those of the greater advisory community.
FPA Coaches Corner Spotlight: Compliance considerations in joining or leaving an RIA
Join John T. Carr, principal at Carr Butterfield Attorneys at Law, and Todd Sakoda at the Consortium/Lift Burden for an interactive, 60-minute virtual session to learn about the fundamental issues that everyone, especially younger professionals, should be aware of when changing jobs. You will learn about employment contracts, non-compete clauses, non-solicitation agreements, client "ownership" and more. You can submit questions in advance or come armed with them! Register now.
Skepticism is the chastity of the intellect, and it is shameful to surrender it too soon.
George Santayana, philosopher and writer
The Financial Planning Association® (FPA®) is the largest membership
organization for CFP® professionals in the U.S. and also includes members who
support the financial planning process. Working in alliance with academic leaders,
legislative and regulatory bodies, financial services firms and consumer
interest organizations, FPA helps connect all in our membership through a
variety of unique and compelling ways. Learn more at