The Financial Planning Channel

How to Convert an Acquaintance to a Prospect without Being Awkward

How should you approach a casual acquaintance and open the dialogue about working together?

How to Fire a Client

The decision to "fire" a client is painfully difficult. Many planners are reluctant to disengage with difficult clients due to a sense of responsibility. If you are contemplating firing some of your clients, the following steps will ease the break-up and ensure a minimum of follow-on damages.

Five Ideas to Emphasize Your Humanness

In a world where everything that can be automated is automated, you need to develop additional services that are highly dependent on personal interaction with your clients. You also need to create a more personalized experience for your clients and establish an emotional connection with them. Here are five ideas to build your humanness.

Am I the Only One Who Thinks Fee Compression is Hogwash?

Everyone keeps saying that advisor fees are on the decline. Hogwash!

The Power of Advisor Content Marketing: Five Smart Steps to Harvest Quality Prospects

Content marketing creates and shares content to attract, engage and inspire a chosen audience.

To Crack into Prospects, Try Cracking Them Up

Humor is a lethal weapon. To connect better with your audience, refresh them, relieve tension in stressful situations and be more relatable and real to the people you want to impress, here are ways to infuse humor into your business, and some that you’re better off leaving out.

Across the Line

A review of last month’s market-moving events across countries and asset classes.

The Right Way to Make a Small Advisory Firm Appear Larger

Somewhere in the deep recesses of the Internet, a crafty little marketing consultant figured out how to make a small advisory firm look bigger than it is. I’ll show how that was done. But first I’ll go over a few commonly used and slightly-less-than-scrupulous tactics that you should avoid.

U.S. Workforce Recovery

We've updated our monthly workforce analysis to include last week's Employment Report for April. The unemployment rate dropped to 3.9%, and the number of new nonfarm jobs (a relatively volatile number subject to extensive revisions) came in at 164K.

Rewiring the Financial Planning Profession

To serve the needs of our evolving consumers, a more comprehensive fiduciary mindset needs to be adopted in order to survive.

Comey’s “Higher Loyalty” and Its Message for Wall Street

In his controversial book, A Higher Loyalty, James Comey says, “We are experiencing a dangerous time…” a time in which “basic facts are disputed, fundamental truth is questioned, lying is normalized, and unethical behaviour is ignored, excused, or rewarded.” What has precipitated this disastrous ethical decline? I will argue that as much as anything, it is Wall Street.

SEC Broker Conduct Rules

Last week, the SEC issued proposed rules governing broker-dealer and investment advisor conduct. The rules serve as a counterpoint to the fiduciary rules issued by the Department of Labor.

The Latest Look at the Total Return Roller Coaster

Here's an interesting set of charts that will especially resonate with those of us who follow economic and market cycles. Imagine that five years ago you invested $10,000 in the S&P 500. How much would it be worth today, with dividends reinvested but adjusted for inflation? The purchasing power of your investment has increased to $18,542 for an annualized real return of 12.41%.

Real Median Household Income Reintroduction, March at $61,227

The Sentier Research monthly median household income data has restarted. Data is now available through March 2018, when the real median household income was at $61,227. In real dollar terms, the median annual income is 1.1% higher ($674g) than its interim high in January 2008.

Why Advisors Need to Help Clients Select Donor-Advised Funds

It is essential that advisors proactively talk with their clients to determine if a DAF would be appropriate, how much and which assets should be donated, and which DAF sponsor would be ideal since on their own, the clients may select the wrong one.