Only about one-quarter of financial advisers have a formal succession plan, even though advisers as a whole regularly remind clients of the importance of this type of planning. A recent survey by FPA and Janus Henderson identified four challenges to succession planning -- strategic, personal, structural and mechanical -- and offered ways to overcome the obstacles.
Advisers who produce more than $1 million annually are the least satisfied in their jobs, finds a survey by J.D. Power. Donna Bristow of Broadridge Financial Solutions writes that this dissatisfaction is tied to trends that are decreasing advisers' sense of independence, and she offers three suggestions to improve adviser satisfaction.
Many advisers waste time and money on digital marketing efforts that do not lead to results, writes James Barnash of SmartAsset. He looks at common mistakes advisers make, including publishing inferior content, neglecting to measure return on investment and ignoring their digital reputation.
Securities and Exchange Commission Chairman Jay Clayton told a House subcommittee that he wants to end "confusion in the marketplace" over the duties of registered investment advisers. "[I]t misstates the law and could mislead investors to suggest that investors currently have a legal right to conflict-free advice from an investment adviser," he said.
Sens. Todd Young, R-Ind., and Cory Booker, D-N.J., have introduced legislation to establish a national advisory commission on improving private retirement programs. The bill would implement recommendations made in a 2017 report from the Government Accountability Office.
All 28 robo adviser taxable portfolios tracked by The Robo Report lost money in the first quarter, with losses ranging from 0.14% to 1.55%. Robo retirement accounts did slightly better, with results ranging from a gain of 0.77% to a loss of 1.43% for the quarter, according to the report.
Assets in 401(k) plans are increasingly at risk of being a target for hackers, but many companies and plan participants are unprepared, writes Amanda Eisenberg. Experts say companies should address their vulnerability by educating employees about the signs of a phishing attack and communicating with plan sponsors about security measures.
Better communication and a hands-on approach from advisers are more important to millennials than technology, a J.D. Power survey indicates. Advisers should focus on making millennials feel as though they are part of a team working toward meeting their financial goals, experts say.
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Let your voice be heard at the 5th Annual FPA Advocacy Day in Washington, D.C.!
Are you passionate about financial planning? Do you want to help educate federal policymakers about the profession and the important role financial planners play in the lives of their clients? If so, register now to take part in the 5th Annual FPA Advocacy Day in Washington, D.C. on June 6-7. This is your time to meet with those who have influence over your profession. Let YOUR voice be heard! Register today and also take part in a special half-day symposium on succeeding under a fiduciary standard.
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