Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that President-elect Trump plans to nominate former Securities and Exchange Commission (SEC) Commissioner Paul Atkins as the next SEC chair, replacing Gary Gensler. Atkins’ previous time on the commission and more recent statements suggest that he will take a more circumspect approach to financial regulation compared to Gensler and could look to limit disclosure requirements (including those related to advisor compensation for the sale of certain financial products) as well as the number and size of penalties issued against SEC-regulated firms. Though ultimately, while a slower pace of regulation might be a relief for financial advisors who faced a wave of proposed rules during Gensler’s tenure, a more hands-off regulatory approach could open the door for abuses that could ultimately lower the reputation of the financial advice industry as a whole in the minds of consumers (though a lighter burden of regulatory enforcement on RIAs themselves could encourage more advisors to move to the RIA channel, perhaps accelerating the shift towards fiduciary advice?).
Also in industry news this week:
- A recent survey found that financial advisors who have recently switched firms are overwhelmingly satisfied with their move, with firm technology playing a key role both in the decision to leave and their satisfaction with their new firm
- A Federal court has issued an injunction against the Corporate Transparency Act, putting a (possibly temporary) hold on the previous January 1 deadline for businesses subject to the law to file Beneficial Ownership Information reports
From there, we have several articles on Health Savings Accounts (HSAs):
- A survey indicates that while HSAs are becoming increasingly popular, consumers might not be tapping into their full benefits, particularly when it comes to investing to pay for future medical expenses
- How financial advisors can add value for clients by helping them avoid potentially costly pitfalls related to HSA contributions and distributions
- HSA strategies for married couples who have health insurance coverage through their own High-Deductible Health Plans
We also have a number of articles on advisor marketing:
- How advisory firms can become “lighthouse brands” that attract clients through a clear promise, strong product, great people, and passion for what they do
- Why showcasing the personalities of firm staff, rather than just focusing on the dollars and cents of the value of financial planning, could be the key to building trust with prospects early on in the marketing process
- How professionals can refresh their personal brands, from setting a personal vision to getting feedback from trusted clients and colleagues to better understand how others currently see them
We wrap up with 3 final articles, all about overcoming procrastination:
- The biological roots of procrastination and why this tendency can be hard to overcome
- 3 strategies for overcoming a procrastination habit, from breaking down a challenge into bite-sized pieces to tethering a difficult task to a more enjoyable activity
- How advisors can avoid getting stuck on daily ‘to-do lists’ and move forward on longer-term goals
Enjoy the ‘light’ reading!
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