Advisers play key role in caring for the community | Firms should prepare for coming wealth shift to women | Advisers should set digital strategy before making moves
August 4, 2020
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Top Story
From developing protocols to keep workers and clients safe in re-opened offices to helping communities of color, the pandemic has given many advisers new opportunities to contribute to their communities in valuable ways, writes Ana Trujillo Limón, senior editor of the Journal of Financial Planning, and editor of the FPA Next Generation Planner and Practice Management Blog. That was the topic of a recent FPA Planner-to-Planner conversation series hosted by past FPA President Elizabeth Jetton, M.Ed., CFP®, and powered by TD Ameritrade Institutional and Vanguard.
Full Story: Journal of Financial Planning online (8/1) 
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Practice Management
Control of a significant amount of baby boomers' $30 trillion in assets will shift to women by 2030, according to a report from McKinsey & Co. Those woman also are likely to change financial advisers, according to the report, which makes it imperative for firms to adjust their practices to better serve them.
Full Story: Bloomberg (tiered subscription model) (7/29),  InvestmentNews (tiered subscription model) (7/29) 
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Advisers giving thought to leaving their wirehouse should have digital marketing strategies set up and ready to go before they make their move, according to TruClarity Management Solutions, a practice management firm. "This is your opportunity to individualize who you are as an adviser and to showcase that to your prospects," said Maggie Hudspeth, TruClarity's director of marketing services.
Full Story: Financial Advisor online (7/29) 
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Advisers will get a lot more value from their marketing if they base marketing decision on data, improve the way they use email and revise their campaigns at least once a month, according to Robert Sofia, chief executive officer at Snappy Kraken. Financial professionals should use email to connect with new prospects, rather than just communicating with existing clients, he said.
Full Story: ThinkAdvisor (free registration) (7/30) 
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A survey from Incapital found that only 23% of financial advisers plan to have in-person meetings with clients this year. Of those who plan to remain working remotely, 41% said will communicate mostly by phone and 36% plan to use video tools such as Zoom and WebEx.
Full Story: ThinkAdvisor (free registration) (7/30) 
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Policy Watch
Revenue streams for Social Security, Medicare and highway infrastructure are threatened amid the pandemic-led economic downturn. A measure known as the TRUST Act, which some lawmakers want to add to the latest relief package, would require Congress to create committees to address these issues.
Full Story: The Hill (7/31) 
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The IRS has proposed regulations that allow concierge medical care to qualify for health reimbursement arrangements. However, people covered by such arrangements could lose their eligibility to contribute to a health savings account, write Robert Bloink and William Byrnes.
Full Story: ThinkAdvisor (free registration) (7/28) 
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The Revised Uniform Fiduciary Access to Digital Assets Act, which 44 states have adopted, allows fiduciaries to access and administer digital assets of a deceased client, estate planning attorney David D. Little writes. However, the law has limitations, and all estate plans should be updated to explicitly give a nominated fiduciary access to the accounts, he writes.
Full Story: WealthManagement (7/30) 
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The Labor Department's proposed financial advice rule would "resurrect" the fiduciary definition from the rule that was vacated by the US Court of Appeals for the 5th Circuit, according to attorney Kent Mason. "Effectively, financial professionals are forced into choosing between accepting fiduciary status or foregoing any future relationship with their customers," he wrote in a comment letter.
Full Story: InvestmentNews (tiered subscription model) (7/31) 
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Industry Report
Rather than withdrawing a fixed amount year after year, retirees might be better off using a flexible withdrawal strategy, said Jonathan Guyton, a retirement researcher and financial planner. The strategy starts with a base percentage withdrawal and adjusts it up or down annually based on investment performance.
Full Story: Morningstar (7/24) 
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Some registered investment advisers, after seeing their business remain steady during the coronavirus pandemic, are looking at reducing their office space or getting rid of physical office space altogether. "I think our industry is making a slow shift, and COVID-19 may just fuel that," said Jeff Branson, founder of Branson Financial Planning.
Full Story: WealthManagement (7/29) 
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Financial advisory owners and managers are finding that some team members may want to work from home permanently, rather than returning to the office, writes consultant Penny Phillips. She offers five tips for dealing with the situation.
Full Story: WealthManagement (7/31) 
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FPA News
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The Financial Planning Association® (FPA®) is the principal membership organization for CERTIFIED FINANCIAL PLANNER™ professionals, educators, financial services professionals and students who are committed to elevating the profession that transforms lives through the power of financial planning. Through a collaborative effort to provide members with professional education, business support, advocacy and community, FPA advances financial planning practitioners through every phase of their careers, from novice to master to leader of the profession. Learn more about FPA at and follow on Twitter at
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