Weekend Content for New Planners

Weekend Content for New Financial Planners (January 9-10, 2021)

“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.

The art of coining terms like your firm name, proprietary planning process, etc., adding constraints to increase your creativity, the importance of iteration, and much, much more [Video]:

Marketing Lessons With Jack Butcher (David Perell, Perell.com)

Morningstar’s Director of Retirement Research David Blanchett on three sources of wealth advisors fail to consider in tandem when designing a portfolio’s risk/return profile [Article]:

“Advisors who limit client wealth planning to their portfolio are missing a big part of doing their job correctly. Instead, they should be looking at a client’s total economic worth, including assets and liabilities, to determine the best ‘holistic’ portfolio, said David Blanchett, Morningstar’s director of retirement research.”

Blanchett: 3 Important Wealth Sources Advisors Overlook (Ginger Szala, ThinkAdvisor)

Dream Financial Planning founder and planner Lamar Watson shares his journey through the industry and how he built a career around his strengths [Podcast with Transcript]:

“It’s like I’ve heard other people say ‘You can either work on your dream, or you can work on your boss’s dream.’ I think just taking that leap of faith, taking that jump, and deciding to bet on myself and kind of build my dream and help my clients build their dream, has been very, very rewarding. So don’t be afraid to kind of make that jump and bet on yourself.”

Ep #289: Navigating The Finance Industry: The Career Of Lamar Watson (Maddy Roche, XY Planning Network)

Bob Veres makes his 2021 industry predictions including the effects of continuing to operate virtually (nationwide competition and the importance of niche, hiring opportunities, performance evaluation, and culture), tax changes, and the flat-fee trend [Article]:

“Complain if you must, but these upcoming revisions to the tax code are a blessing for the profession. Rising taxes create some of your best marketing opportunities, because potential clients are not enthusiastic about seeing their tax bill go up. The most successful marketing campaigns in the coming year will focus on how you can minimize the impact of this new round of confiscatory legislation, whether through shifting income from one year to another, handling Roth conversions, bunching deductions, setting up trusts, prefunding charitable contributions or recommending more sophisticated planned giving strategies.”

The State Of The Profession – And What To Look For In The Coming Year (Bob Veres, Advisor Perspectives)

Differentiate between proximate versus root causes before setting your 2021 strategy [Article]:

“What is the real problem? Often when advisors do strategic planning they are thinking about the solution. But the best solution to any problem is knowing the problem! And often the real problems are found in data. Before starting to make a list of goals and plans for your firm, get a handle on what key performance indicators (KPI) you are trying to move. Are revenues falling? Is lead ratio falling? Is the close ratio falling? Are expenses increasing at a rate faster than revenues?”

3 ‘Must Ask’ Questions To Guide Your Strategic Plans (Angie Herbers, ThinkAdvisor)

What topic resonated with you? Comment below!

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