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This month's edition kicks off with the news that Holistiplan has announced the rollout of a new estate plan document extraction tool to stand alongside its highly popular tax return scanning tool – which highlights how advances in AI technology have allowed tools like Holistiplan to go beyond tax returns and scan nearly any kind of document (..)
The digitalization of the wealth management industry has brought on unique demands, shifting from personal interactions to multi-communication channels.
This is especially the case with newly registered advisors or formerly state-registered advisors who recently became SEC-registered since they may be uncertain about how the examination process will work, what elements of the firm the SEC will dig into, or what information the advisor will need to provide to the examiners.
By distilling hundreds of pieces of information into a single number that purports to show the percentage chance that a portfolio will not be depleted over the course of a client's life, advisors often place special emphasis on this data point when they present a financial plan.
Recession Concerns & Market Volatility: How Financial Advisors Should Communicate With Clients As financial advisors , youre well aware that so far the 2025 financial market has been more unpredictable than a toddler. Why Proactive Communication Matters If theres one thing more unpredictable than the markets, its human emotion.
Whether planning for retirement, investing in volatile markets, or managing tax implications, clients are often presented with intricate information that can leave them overwhelmed, confused, and anxious, undermining their ability to make informed decisions.
This is especially the case with newly registered advisors or formerly state-registered advisors who recently became SEC-registered since they may be uncertain about how the examination process will work, what elements of the firm the SEC will dig into, or what information the advisor will need to provide to the examiners.
Dr. Laughead informed the paper that Martin received communications “from outer space.” ” He told reporters these communications from outer space revealed to Martin that the world would be ravaged by a great flood that.
In this model, the groundwork for change is first established by assessing the situation (e.g., Additionally, those promoting change can be very clear about what the process will entail and how it will be implemented (with the caveat that the plan needs to be flexible to allow for change as conditions evolve).
For clients, more frequent communication can be a source of behavioral coaching and helpful information that can better equip them to stay the course through rocky markets. Although newsletters are made to be sent to many people at once, from a client's perspective, they can be seen as a much more intimate form of communication.
In our 103rd episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss the challenges of finding an optimal balance between proactively providing value and the consistency of simply being available to respond to clients when they come to their advisor for assistance. and gaining their trust.
As we parse the incoming information, we are focused on separating the signal from the noise as the outlook evolves. We will consider changes to our consensus statement (Statement on Longer-Run Goals and Monetary Policy Strategy) and to our communications as part of this review. Policy is not on a preset course.
As a financial advisor, it’s crucial to effectively communicate this event to your clients to help them understand the potential impact it may have on their investments and overall financial well-being. It’s your job to talk them off the ledge by keeping them calm and informed. Proactive communication is good client service.
decline in Financials, while only three are up ytd, namely Communication Services (18.4%), Information Technology (17.5%), and Consumer Discretionary (9.6%)” The three outperforming sectors are doing well because they include the MegaCap-8 stocks , which as a group are up 26.5% drop in Energy and a 9.4%
In our 113th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss what it means to be a lead advisor, the paths associate advisors can take to advance into a lead advisor role, and how to communicate career growth goals with senior advisors.
In this 158th episode of Kitces & Carl , Michael Kitces and client communication expert Carl Richards debate the pros and cons of maintaining a longer prospecting process – especially when a prospect is ready to commit early in an advisor's process.
Most financial advisors strive to provide excellent client care and prioritize a systematic process to maintain regular communication with their clients both on a scheduled (e.g., annual meeting) and an "on demand" basis. becomes a crucial one to solve.
Also in industry news this week: A new advisor benchmarking study indicates that high-growth firms are excelling in 3 areas: client acquisition, "relationship alpha", and strategic scale A recent survey indicates that while advisors increasingly are leveraging home office investment models to save time and scale more efficiently, they often customize (..)
Markets Communications and health care are leading the U.S. wapo.st) Earlier on Abnormal Returns Research links: information and noise. market in 2024. capitalspectator.com) A closer look at Europe's answer to the Magnificent Seven stocks, GRANOLA. biopharmadive.com) Strategy What happens when you invest right before a bear market?
A simple way for advisors to educate prospects about asset minimums is to include the information on their firm’s website. This would help prospects searching for an advisor online to self-select themselves out from firms whose asset minimums may not apply to them.
These responsibilities also extend to the use of any technology used in the process of giving advice: A recommendation made with the aid of technology still needs to be in the client's best interests, while the technology also needs to carry out any function as it's described in the advisor's marketing materials and client communications.
Most participants observed that uncertainty about the outlook for the economy and inflation remained elevated and that additional information would be valuable for considering the appropriate stance of monetary policy. They also emphasized the importance of communicating to the public their data-dependent approach.
For most financial advisors today, a website is a critical tool that allows them to market their services and communicate their fees to potential clients. Despite its growing popularity, though, financial planning remains a relatively mysterious concept for many people who don’t understand how financial advisors actually provide value.
Meaningful communication is crucial to building strong, durable relationships, and asking effective questions is an essential part of facilitating impactful conversations. And with clear goals , the advicer can then ask about the client's current state, identifying what they owe and what they own.
In earlier days, questions simply facilitated the process of gathering information in order to open accounts and recommend the appropriate products to be sold. From there, advicers can dig deeper into the iceberg by asking follow-up questions that are designed to discover the context around information gleaned from the fact-finding stage.
They emphasized that they did not expect that it would be appropriate to lower the target range for the federal funds rate until additional information had emerged to give them greater confidence that inflation was moving sustainably toward the Committee's 2 percent objective. emphasis added
In our 97th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss how advisors can address clients who want to change their portfolio strategy in response to the political environment and offer ways to communicate with clients about how their current investment strategy is the most optimal plan.
However, by creating a systematic annual process to monitor and update client plans based on seasons, not only can advisors save time and work more efficiently, but they can also communicate the value of ongoing financial planning services to prospects and clients more effectively.
morningstar.com) Novel Investor, "Investors must make bets on imperfect information to earn sought-after long-run returns." cnbc.com) The banking crisis highlights the importance of good, clear communication. (theirrelevantinvestor.com) Bonds have had a rough five years. Things are different moving forward.
Establishing successful client relationships as a financial advisor relies on good communication skills not just to present information persuasively and with confidence, but also to establish client rapport that allows meaningful and engaging relationships to be built.
But while the messaging on many advisory firm websites speaks to a firm's capabilities, a better approach to drive engagement is to frame communication around the prospect's needs. First, it's important to make the consumer (rather than the firm) the main character in the firm's communications.
In our 112th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss best practices for gracefully letting an employee go when the advisory firm owner decides they no longer want to grow into a business but would rather revert to being a solo advisor instead.
But while the messaging on many advisory firm websites speaks to a firm's capabilities, a better approach to drive engagement is to frame communication around the prospect's needs. First, it's important to make the consumer (rather than the firm) the main character in the firm's communications.
Key strategies include leveraging up-to-date resources and personalizing client communications for better engagement. Clients can find a lot of information, making it crucial for planners to stand out and clearly show their value. This helps consultants provide clients with helpful information that meets their financial goals.
There is (if possible) too much communication and too much communication from the Federal Reserve. He previously served roles as Chief Information Officer, as well as Chief Investment Officer. We also discuss the value of some mystery at the central bank.
Alternatively, some advisors have instead opted to collect clients' login information so they can execute the trades in their clients' accounts themselves –presenting numerous data security and compliance issues for the advisor (and can lead to the advisor being considered to have custody over client assets).
Second, firms are generally required to adopt and implement a set of written policies and procedures governing the firm's actions in areas including proxy voting, cybersecurity, personal trading of the firm's employees, material nonpublic information, and the firm's business continuity plan.
Alternatively, some advisors have instead opted to collect clients' login information so they can execute the trades in their clients' accounts themselves –presenting numerous data security and compliance issues for the advisor (and can lead to the advisor being considered to have custody over client assets).
Also in industry news this week: The latest Social Security trustees report offered a slightly rosier picture for the health of the various Social Security trust funds thanks to improved economic conditions, though they warned that time is running out for legislators to take action to ensure the system will be able to pay out full benefits beyond the (..)
To start, the agreement should contain basic information about the adviser-client relationship, including who the client is (e.g., a single person, a couple, a business, or a retirement plan) and the date on which the agreement will become effective.
To start, the agreement should contain basic information about the adviser-client relationship, including who the client is (e.g., a single person, a couple, a business, or a retirement plan) and the date on which the agreement will become effective.
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that the T3/Inside Information Software Survey is available, providing insights into which technology tools advisors use and their level of satisfaction with them, which highlighted the continued rise of specialized financial planning (..)
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