Weekend Content for New Planners

Weekend Content for New Financial Planners (December 31, 2022 – January 1, 2023)

“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.

Former chair of the Financial Planning Association Dr. Dave Yeske on the value of journaling about your professional development, volunteering to build your “network,” the evolving role and skillset of financial planners, and more [Podcast or Video]:

“It’s now become unambiguously clear to everyone that the quantitative part of what we do as financial planners is, honestly, the easy part: it’s various applications of time value of money concepts, nine times out of 10.

But change is hard. Human beings struggle with change. And the only way that we’re going to be able to actually help our clients change their lives, achieve their goals, and adapt to external challenges that they face is if we understand human behavior. We understand how to go deep with them. How to get down to what matters.

And then help them actually modify their behavior. That’s hard. It requires a specialized skill set.”

Dave Yeske: The Crucial Role of Psychology In Financial Planning [Jamie Hopkins & Ana Trulio Trujillo Limón, Framework]

Carl Richards with a timely question to begin the new year [Video]:

What Was The Dream That Kickstarted Your Career? [Carl Richards, The Society Of Advice]

ICYMI: Jeffrey Levine dives into the details of SECURE Act 2.0 in his Kitces piece [Article]:

“Ultimately, the key point is that while no single change in SECURE 2.0 will require the same level of urgency to consider before year-end changes to clients’ plans as did the original SECURE Act or have the same level of impact across so many clients’ plans as the elimination of the stretch, there are far more provisions in SECURE 2.0 that may have a significant impact for some clients than there were in the original version, making it a more challenging bill for financial advisors and other professionals to contend with (yet providing many new potential opportunities)!”

SECURE Act 2.0: Later RMDs, 529-to-Roth Rollovers, And Other Tax Planning Opportunities [Jeffrey Levine, Kitces.com]

Oftentimes, the technical side of financial advice boils down to a few, fundamental principles that may seem “obvious”: spend less than you make, invest early and often, etc. Wall Street Journal best-selling author Scott Young explores why what may seem “obvious” is still invaluable [Article]:

“Years back, a customer of one of my courses told me that he planned to judge the course based on how ‘counterintuitive’ the advice was.

From the theory of information, this is a reasonable strategy. Information, in this sense, is a measure of surprise. You don’t learn much when someone tells you something you already know. In contrast, ideas that totally change how you think about something are more valuable.

However, from an advice-taking perspective, I think this person was misguided. Not only is good advice typically ‘obvious,’ but a lot of ‘counterintuitive’ advice is actually bad. Somewhat surprisingly, even if advice is obvious, it’s still useful to hear it!”

Good Advice Is “Obvious” [Scott Young, Ultralearning.com]

Joy Lere with a sobering, but challenging piece on the shortness of life and living with purpose [Article]:

“People don’t like thinking about their mortality, but it is the consciousness of how finite human existence is that helps us be more alive. Acknowledging that our days are numbered sharpens our focus. Time is slippery. We all need to start living like we’re dying. Because we are. Instead of fearing death, get frightened about the tragedy of not fully living.

Right now, many people are thinking about intentions for the New Year. Love or hate resolutions, it serves us all well to live with more resolve. If you’re drafting goals, push yourself beyond thinking about losing ten vanity pounds. Consider how, in 2023, you can live with purpose.”

Interrupted [Joy Lere, Finding Joy]

If you’ve made New Year’s resolutions, New York Times best-selling author James Clear on the importance of focusing on systems (vs. goals), improving your identity, and more [Podcast]:

“When you stick to the process, when you perform habits consistently, every action you take is like a vote for the type of person you become. By doing those habits, you’re casting these little votes for the type of person you are or the type of identity you believe you have.

You’re sort of reinforcing that internal narrative. By building small habits, by sticking to the process, you are, in that moment, reinforcing that identity.”

James Clear On How To Build Better Habits [Ryan Holiday, The Daily Stoic]

Which was your favorite takeaway? Comment below!

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