Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that CFP Board is forming a Competency Standards Commission in 2023 to review and evaluate its competency requirements for Education, Examination, Experience, and CE, which represents an opportunity for CFP Board to adjust its requirements, in alignment with the desires of the CFP community itself, to build confidence among the public that those with the CFP marks really will provide them with a consistently high level of financial planning advice!
Also in industry news this week:
- While the FPA is going full steam ahead on its federal and state lobbying efforts to regulate the title “financial planner”, CFP Board is more focused on increasing recognition of the CFP marks
- A recent survey suggests that Americans who use a financial advisor are less stressed than those who do not, but that the perceived price of advice is a deterrent to many (even those with significant assets)
From there, we have several articles on practice management:
- Why it is important for advisors charging on a fee-for-service basis to regularly reassess their pricing, and best practices for letting current clients know about a fee increase
- How advisors can benefit from reviewing their list of clients and letting go those who are no longer good fits for the firm
- How firms can best leverage their internal data to improve the number of client referrals they receive
We also have a number of articles on retirement planning:
- While weak stock and bond market performance has challenged advisors and their clients this year, these trends have likely increased the ‘safe’ withdrawal rate for new retirees
- How the tontine, a centuries-old financial product has made a comeback this year as a way to mediate longevity risk
- A recent survey indicates that Americans broadly feel like they are behind on their retirement saving, with those closest to retirement age most likely to think they need to catch up
We wrap up with three final articles, all about personal growth:
- The lessons entrepreneurs and investors can take from the life and career of Warren Buffett
- How individuals can best harness their willpower to achieve their biggest goals
- While financial advisors regularly give advice to clients, more care is needed when giving unsolicited advice to friends and family
Enjoy the ‘light’ reading!
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