Weekend Content for New Planners

Weekend Content for New Financial Planners (April 25-26, 2020)

“Weekend Content for New Financial Planners” is a collection of articles, podcasts, videos, etc. that I’ve been consuming regarding breaking into financial planning, industry trends, career development, and more.

This installment of “Weekend Content for New Financial Planners” begins with three articles covering the pandemic’s effects on various aspects of financial advising. The first, from Jeff Benjamin with InvestmentNews.com, provides anecdotal evidence of advisors being inundated with new client prospects as well as a Nationwide Financial survey showing nearly 25% of respondents engaged a financial advisor for the first time ever(!). Next, WealthManagement.com’s Diana Britton highlights data from the CFP® Board’s recent online survey reporting that CFP® professionals have received a spike in interest from prospective clients. Finally, as some firms cancel summer internships that college students rely on for experience (and sometimes to fulfill graduation requirements!) ThinkAdvisor’s Jeff Berman showcases how the XY Planning Network rolled out a virtual internship program to fill the void.

On the topic of Generation Y, we move to an article from Maitaine Sardon with The Wall Street Journal discussing Millennials’ preferences for learning about personal finance and how they differ from previous generations. Also coming from The Wall Street Journal, Jason Zweig then provides us with an interview with Warren Buffett’s longtime business partner Charlie Munger, and Munger’s thoughts on the pandemic’s implications for investing. Finally, we wrap up with an article by Alex Cooley of the Harvard Business Review on how to craft a better story on LinkedIn that better communicates the value you provide to hiring managers.

I hope you enjoy.

Pandemic Fallout Sends Consumers Racing Toward Financial Planners (Jeff Benjamin, InvestmentNews.com)

“‘We have had a tsunami of new clients, and the vast majority of them have come to the conclusion that they really can’t do this on their own,’ he said. ‘So far, there is no better firewall between your money and your emotions than a good old human adviser who is looking out for you.'”

Clients Are Stressed and Turning to CFPs for Help (Diana Britton, WealthManagement.com)

“Over the past month, 34% of CFPs had a boost in inquiries from prospective clients, according to the CFP Board’s recent online survey of 1,078 CFP professionals.”

XY Planning Network Offers Virtual Internships (Jeff Berman, ThinkAdvisor.com)

“XYPN’s virtual internship program ‘connects derailed college students seeking internships with firm owners in the Network’s 1,170+ advisor community,’ it said. Participating advisors will get training and a ‘framework for executing a productive internship program in a virtual format, including appropriate responsibilities for interns that can provide a meaningful positive impact on the business in a virtual format, an onboarding plan, templates to get them into action quickly, and more,’ it said.”

Millennials Prefer Apps to Humans, for Financial Advice ($) (Maitaine Sardon, The Wall Street Journal)

“What’s more, 46% of millennials say they prefer to learn about finance on a website, and only 25% would go to an in-person expert. While millennials are more comfortable than other generations using online tools for financial planning and to manage investments and other accounts, many also say they grapple with financial literacy, the WSJ survey found. Ms. Haney, for example, says the Stash app was very user-friendly, but she decided to close her account as she didn’t have enough funds and wasn’t well informed about which were the best ETFs or stocks to hold.”

Charlie Munger: ‘The Phone Is Not Ringing Off the Hook ($) (Jason Zweig, The Wall Street Journal)

“In 2008-09, the years of the last financial crisis, Berkshire spent tens of billions of dollars investing in (among others) General Electric Co. and Goldman Sachs Group Inc. and buying Burlington Northern Santa Fe Corp. outright. Will Berkshire step up now to buy businesses on the same scale? ‘Well, I would say basically we’re like the captain of a ship when the worst typhoon that’s ever happened comes,’ Mr. Munger told me. ‘We just want to get through the typhoon, and we’d rather come out of it with a whole lot of liquidity. We’re not playing, Oh goody, goody, everything’s going to hell, let’s plunge 100% of the reserves [into buying businesses].'”

How to Tell Your Story on LinkedIn (Alex Cooley, Harvard Business Review)

“Your LinkedIn page is often the centerpiece of your online career persona, yet most of us barely consider what we’re offering there. We serve up a motley buffet of achievements, experiences, identities, missions, and passions for readers to shovel through. Or we go the other way and set a sparse table with only the four basic food groups: name, current job, past experience, and education. The first approach overwhelms the reader — employer, investor, client, or ally — and the second leaves them starved for information and less likely to connect. The opportunity is lost and we all go hungry.”


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