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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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