Paying attention to the "science of systems" can help advisers accomplish goals more efficiently, writes Daniel Finley, president and co-founder of Advisor Solutions. He suggests a process for creating new systems that involves beginning with the ultimate goal and working back to one's current position.
Mental toughness is a crucial quality that elite advisers possess, writes author Matt Oechsli. He offers five suggestions for building mental toughness, including visualizing your day, doing activities outside of your comfort zone and avoiding negativity.
The financial-services industry can improve relationships with retirement savers by successfully implementing digital communications, writes Tim Slavin of Broadridge Financial Solutions. "It's an opportunity for investor education, and for investment companies to build relationships with savers that will endure career changes, shifting needs and annuitization of assets upon retirement," he writes.
Financial advisers need to clearly define their business' focus in order to grow it, and a good way to do that is through verbal branding, writes consultant Angie Herbers. She says advisers must answer three questions to create a verbal branding message, starting with what services they offer.
Advisers need to help aging clients plan for an unexpected health crisis, write Carol Sherman and Kathleen Pritchard of the Institute for Preparing Heirs. They suggest creating a checklist that can be used in a family meeting with the goal of creating a health crisis plan.
The Securities and Exchange Commission's Regulation Best Interest is a major step forward in protecting clients' interests, said Lourdes Gonzalez, assistant chief counsel for sales practices in the SEC's Division of Trading and Markets. "The big leap forward for us is making broker's requirement to act in the customer's best interest explicit in the rule," Gonzalez said.
The Financial Industry Regulatory Authority says it has been getting a lot of questions about its new plan allowing self-reporting of potential violations of rules regarding 529 plan recommendations. Chris Kelly, FINRA's senior vice president of sales practice enforcement, told a panel at the agency's annual conference that self-reporting will not necessarily lead to an enforcement action.
A proposed rule from the Financial Industry Regulatory Authority that would impose restrictions on firms employing high-risk registered representatives and financial advisers may apply to 61 financial-services companies, said FINRA CEO Robert Cook. John Salerno, who manages the high-risk representative program, said hundreds of individuals have been identified as presenting risk to clients.
The debt collection firm Forster & Garbus, of Commack, N.Y., misled consumers into thinking it was actively processing lawsuits against them and may have collected money on debts the consumers no longer owed, according to a lawsuit filed against the company by the Consumer Financial Protection Bureau.
Eric Blankenstein, a policy director at the Consumer Financial Protection Bureau, is leaving at the end of May to pursue another opportunity. Blankenstein was criticized for alleged racist blog posts he made in 2004.
New award to honor an FPA chapter's exemplary pro bono programming
FPA and the Foundation for Financial Planning are pleased to announce the Power of Financial Planning Award to recognize an FPA Chapter annually for their commitment to deliver pro bono financial planning in the spirit of FPA's Primary Aim: To elevate the profession that transforms lives through the power of financial planning. This new award will recognize the extraordinary efforts an FPA chapter and its members perform to provide free, no-strings attached, objective financial planning advice to underserved populations. Learn more about the award.
Join us for the Second Iteration of the OneFPA Network Draft Plan Virtual Session
FPA recently announced the availability of the Second Iteration of the OneFPA Network Draft plan that incorporates the feedback gathered from stakeholders during the four-month Listening Tour and the start of a 45-day comment period ending on May 30. The new draft plan focuses on four key areas: The Structure of Participatory Governance; Beta-Testing Centralized Functionality; Commitments and Agreements; and Communication and Timing. Learn about the new draft plan and ways you can provide your input by visiting www.OneFPANetwork.org. And be sure to register for a virtual session to learn about the new draft plan on May 24 at 11 am ET.
Nobody is going to notice your failure. Your failure is not going to be so spectacular that people write news stories about it. Your failure will be boring.
Kumail Nanjiani, actor, comedian and podcast host
May is Asian/Pacific American Heritage Month
The Financial Planning Association® (FPA®) is the principal membership organization for CERTIFIED FINANCIAL PLANNER™ professionals and those who support the financial planning process. Working in alliance with the financial planning community, academic leaders and legislative and regulatory bodies, FPA delivers value to members through a variety of programs and services including professional education, business support, advocacy and community. Learn more at