Weekend Content for New Planners

Weekend Content for New Financial Planners (August 1-2, 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.

XY Planning Network advisor Leslie Ransom changed careers as a 40-something, gained an internship, and now works as a paraplanner to help build the RIA she started from scratch:

“I said alright I’m going to go be an intern at, I don’t know how old I was, 40-something. Plus, I needed the experience to order to be a CFP because you have to have a certain number of years of experience.”

Jumping Careers In Her 40s And Building Confidence In The Industry While Slowly Building Her RIA, The Career Of Leslie Ransom (Maddy Roche, XY Planning Network)

How to build relationships (“network”) during virtual conferences:

“They’ve particularly enjoyed using the breakout room technology, which in his view, ‘Encourages greater participation and fosters relationship building. Participants can make a more substantial connection in a smaller group setting and one-on-one meetings.'”

How To Get The Most Out Of Virtual Business Conferences (Mitzi Perdue, WealthManagement.com)

Women stand to gain control of much of the $30 trillion in baby boomer financial assets by 2030:

“Today about 70% of affluent household investable assets are controlled by baby boomers and two-thirds of those assets are currently held by joint households. As men die, many will cede control of these assets to their female spouses who tend to be both younger and longer-lived. ... ‘After years of playing second fiddle to men, women are poised to take center stage,’ the report stated. ‘All these changes represent a critical inflection point for the financial services industry.'”

The Future Of Wealth Management Is Female (Mary Beth Franklin, InvestmentNews.com)

Crowdsourcing the best financial planning advice to further the profession’s standards:

“Holistiplan regularly interacts with 600 users, who are encouraged to go to a designated area on the company’s website and offer their views of what the suggestions to clients should be based on – and virtually all of the suggestions sound like the normative standards that Harness is talking about. ‘Fundamentally, what we’re talking about is all of us [the users] putting our heads together to say: What is the best possible way to handle this fact pattern?‘ says Pine.”

Toward Normative Standards In The Advice Profession (Bob Veres, AdvisorPerspectives.com)

Addition by subtraction – be more productive not by adding resources, but by eliminating roadblocks:

The problem is that we think of execution in terms of addition rather than subtraction. The way to increase the production speed is to add more people. The way to get more sales is to add more salespeople. The way to do more, you need more — people, money, power. And there is a lot of evidence to support this type of thinking. At least, at first. Eventually, you add add add until your organization seeps with bureaucracy, slows to an inevitable crawl, centralizes even the smallest decisions, and loses market share. The road to hell is paved with good intentions with curbs of ego. “

Produce More By Removing More: The Disciplined Pursuit Of Essentialism (Shane Parrish, Farnam Street)

Consider subtracting what’s comfortable:

These habits are now comfortable. Walking away from spending that time will cost us comfort. In the short run. But if we don’t walk away from how we spent time yesterday, it’s hard to imagine that tomorrow will be much better than today.”

Steal The Time From Comfort (Seth Godin, Seth’s Blog)

What topic resonated with you? Comment below.

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