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Also in industry news this week: While many financial advisors are paying close attention to the potential extension of sunsetting measures within the Tax Cuts and Jobs Act (TCJA) in the coming year, legislation related to retirement savings could be on Congress' agenda as well Fidelity is planning to change the default for its existing RIA non-retirement (..)
And as 2024 draws to a close, we wanted to highlight 24 of the most popular and insightful articles that were featured throughout the year (that you might have missed!).
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Over the past few decades, advicers have used Monte Carlo analysis tools to communicate to clients if their assets and planned level of spending were sufficient for them to realize their goals while (critically) not running out of money in retirement.
However, when these aspirations are delayed or blocked by senior advisory firm partners who choose to delay their retirementplans, it can leave younger advisors frustrated and in a place of uncertainty about their futures with their firm.
decreasing withdrawals if market returns are weak and the probability of success falls, or vice versa), making them somewhat less useful for ongoing planning engagements where an advisor could recommend spending changes if they become necessary.
(riabiz.com) Creative Planning is exploring its custody options. riabiz.com) Archive Intel has entered the adviser communications archiving space. blogs.cfainstitute.org) How life events affect retirementplanning. investmentecosystem.com) Reflections on eight years of running a financial planning practice.
Realistic RetirementPlanning My children have consistently (and kindly) remarked about how grateful they are to have been able to graduate (with honors) from fine universities without any debt. Our retirementplanning took a hit to do so. Thanks for reading. They each have good and fulfilling careers.
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that the Department of Labor released the final version of its Retirement Security Rule (a.k.a.
Retirementplanning can be a difficult and confusing process for couples. By focusing on a few key areas, setting financial goals, and doing your research, you can find ways to enjoy retirement together. Set Financial Goals In retirement, educate yourself on your financial situation and investment strategy.
Enjoy the current installment of "Weekend Reading For Financial Planners"– this week's edition kicks off with the news that a recent analysis from Morningstar suggests that the Department of Labor's (DoL's) new Retirement Security Rule (aka Fiduciary Rule 2.0)
Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that Congress appears poised to pass a series of changes affecting retirementplanning, dubbed “SECURE ACT 2.0”, ”, by the end of the year. Social Security COLA for 2023.
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that the SEC has recently been cracking down on firms for recordkeeping failures related to electronic communications, including their use of text messaging with prospects and clients.
Also in industry news this week: A House committee has advanced a bill that would extend several expired business-related tax measures from the Tax Cuts and Jobs Act and would increase the value of the Child Tax Credit The SEC released its examination priorities for 2024, which include a focus on advisers' adherence to their duty of care and duty of (..)
wsj.com) Family Communication is important for every family, but especially for the wealthy. thinkadvisor.com) Blended families don't plan their money lives in advance. nextavenue.org) Advisers Comprehensive financial planning takes more time and effort. (kitces.com) AI How recommendation engines could work in wealth management.
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The idea of living off dividends in retirement sounds nice, but investors often don’t realize how much money they’ll need invested to generate enough income from dividends to cover lifestyle expenses. You may need more money than you think to retire on dividends. Retire on dividends?
Historically, advisors haven't had many avenues to manage clients' 401(k) plan accounts, since unlike traditional custodial investment accounts, advisors generally lack discretionary trading authority in employer-sponsored retirementplans.
Historically, advisors haven't had many avenues to manage clients' 401(k) plan accounts, since unlike traditional custodial investment accounts, advisors generally lack discretionary trading authority in employer-sponsored retirementplans.
Also in industry news this week: A recent survey found that while 1/3 of advisory firms are currently using AI tools, another 1/3 are fearful of doing so, indicating that while some firms are eager to be early adopters of this technology, others are taking a wait-and-see approach, perhaps as regulation surrounding this technology evolves over time (..)
We spend a lot of time here on unexpected, one-off, unbudgetable expenses that can blow up a retirementplan that doesn't have a lot of margin for error. Getting the inverter replaced dragged on for three months, the insurance adjuster provided almost no communication. There is an element of luck to this too I believe.
In the early days of financial planning, serving clients often meant developing transactional relationships focused on facilitating trades and selling insurance. Over time, advisors shifted toward more analytical approaches, such as investment management and retirementplanning.
This month's edition kicks off with the news that self-directed retirementplanning software provider NewRetirement has raised a $20M Series A round as the company demonstrates that its DIY tools really do turn a subset of consumers into bona fide prospects for financial advisors.
a single person, a couple, a business, or a retirementplan) 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., The agreement should also lay out some acknowledgments for the client to review.
a single person, a couple, a business, or a retirementplan) 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., The agreement should also lay out some acknowledgments for the client to review.
Advisors also can support the backdoor Roth process by communicating with clients' tax preparers about the strategy and why they are recommending it for their mutual client.
Retirementplanning can be a difficult and confusing process for couples. By focusing on a few key areas, setting financial goals, and doing your research, you can find ways to enjoy retirement together. Set Financial Goals In retirement, educate yourself on your financial situation and investment strategy.
For the former client, because a 90% probability of success means that there is a 10% chance they will deplete their portfolio (though the magnitude of the failure is unknown), they might choose to aim for an even higher probability of success to decrease the likelihood that they will run out of money in retirement.
Instead of listing ten tips for retirementplanning, share your top three and ask, What would you add to this list? For instance, many people feel overwhelmed by retirementplanning. Whats your biggest question about retirement? Whats your biggest challenge when it comes to retirementplanning?
Navigating the journey to retirement can often feel like a complex puzzle, especially when it comes to figuring out how much you need to save. The answer to “how much you need to retire” is shaped by various factors, including the kind of retirement life you dream of, your age, and the expenses you anticipate during your retirement years.
In retirementplanning, the concept of vesting is more than a contractual formality; it serves as a retention tool that incentivizes employees to remain with their employer for a certain period. Typically, these contributions are made by an employer into an employee’s retirement account as a part of their benefits package.
By Mike Beirne, MDRT Round the Table editor As there are many types of clients in a range of demographics, there also are a variety of ways to communicate with them. Allocating retirementplanning I introduce asset allocation with clients by dividing retirement life into two parts: basic life and high-quality life.
Additionally, we have news that FinCEN has announced an extension of the BOI reporting deadline and a temporary halt in enforcement, an analysis on the implications of wealth taxes in Europe, and a refresher on how the new ‘Savers Match’ program aimed at enhancing the retirement savings of millennials and Gen Z functions.
If you think retirementplanning moves stop at retirement, think again. Although it won’t make sense in every situation, retirement can be a unique opportunity for Roth conversions for some investors. For high earners, converting an IRA to a Roth IRA while you’re still working could be the worst time of all.
By Clay Gillespie, CFP, CLU There are myriad ways to prepare clients for a fulfilling retirement. Clients accumulate assets for many years in the hope of retiring and living comfortably, but that’s only part of it. Retirement income In retirement, clients need to be prepared for a stock market correction every day.
Many people may not know that their will does not control who inherits all of their assets, such as retirement accounts, life insurance, and annuities. In order to pass these on, you must name a beneficiary for each retirement account, insurance policy, and annuity. Communicate, Communicate, Communicate.
When rates are low, corporations often retire high-cost debt in favor of issuing new bonds at a lower rate and a longer duration to lock in favorable rates. Retirementplanning, like any type of robust financial planning, should include stress testing your investment strategy and financial plan.
While an investor’s timeline affects their risk tolerance and allocation decisions between stocks and bonds, it’s important to remember how long a retirement time horizon can truly be. Retirementplanning, like any type of robust financial planning, should include stress testing your investment strategy and financial plan.
For example, your target audience could be young professionals saving for retirement or retirees focused on wealth preservation. You can start hosting webinars by first choosing topics that matter to your audiencethings like retirementplanning, wealth preservation, or smart investment strategies.
By understanding their financial concerns, online habits, and how they like to communicate, you can improve your marketing. Millennials want to learn about things like student loans, saving for a home, and planning for the future. This includes dealing with student loan debt, investing for early retirement, or buying real estate.
Bring in an expert to speak on topics like retirementplanning, tax strategies, sustainable investing, or market insights. Sponsor a pickleball tournament, open to your community, and invite a professional to teach/compete. Complete the event with your branding and follow-up communications.
Bring in an expert to speak on topics like retirementplanning, tax strategies, sustainable investing, or market insights. Sponsor a pickleball tournament, open to your community, and invite a professional to teach/compete. Complete the event with your branding and follow-up communications.
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