Weekend Content for New Planners

Weekend Content for New Financial Planners (July 16-17, 2022)

“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.

Michael Kitces shares how he learned the hard way to become more intentional with his time along with the principles and “filters” behind how to decide what projects to focus on (including which client segments to begin adding more value to first) [Podcast or Video]:

“And it started burying me around 2015, and I went through two or three years of changing the systems and structures that I have around myself to try to unbury myself from what I’d done to myself, by taking on too many things because the flywheel started getting going and all these cool opportunities started coming, like ‘Well, that sounds cool. I want to do that. That sounds cool, too, I want to do that.’ And all of a sudden I was working 70 hours a week [and thinking] ‘This is not healthy.’ So, I have gotten that number down now…

Kitces Office Hours Teaser [Matthew Jarvis, The Perfect RIA]

Benjamin Brandt encourages focusing on “value expansion” instead of fee compression (and getting bogged down in advisor fee debates) and how to determine ways you can increase client value [Podcast]:

“So, fee compression, a lot of advisors are focusing on that, but they don’t understand that’s always going to be a losing battle. There’s always going to be someone [Vanguard and Fidelity] that’s going to do it cheaper than you and they are two decades ahead of you. And if you find a client based on being the cheapest, they’re eventually going to find an advisor that’s going to do it cheaper or a robot that’ll do it cheaper or Vanguard that will do it almost free.

So, we can’t focus on fee compression because we’ll lose that game. I would encourage advisors instead to focus on ‘value expansion.'”

What Works Wednesday With Guest Benjamin Brandt [Matthew Jarvis, The Perfect RIA]

Ben Carlson on the relationship between money and life satisfaction and ways to encourage clients to appreciate their financial journeys better [Article]:

“Young people have their entire life ahead of them. Old people have more experience and wisdom. Middle age is the unhappiness sweet spot where you’re old enough to have regrets but not old enough to have the wisdom to let go of them.”

Why The Financial Goalposts Are Always Moving [Ben Carlson, A Wealth of Common Sense]

Bill Cates shares his framework for creating a “referral engine,” or, a systematized process that encourages introductions [Podcast]:

“Yes, we are asking for help, but we’re asking for help to help others. We’re asking for help to bring the important work we do to others. So a big piece of this, Louis, is just believing in the work that we do, and believing that our work is worth sharing.”

Creating A Referral Engine: An Expert’s Advice On Asking For – And Receiving – The Right Introductions [Louis Diamond, Mindy Diamond on Independence]

Angela Duckworth on the role of happiness on “Grit,” the importance of deliberate practice, and more [Article]:

“‘I think what it really is to be gritty is to have some alignment in your goals, and so you have the opposite of conflict — that you’re aerodynamically pursuing things with a lot of enthusiasm,’ she explained. ‘There’s a wonderful harmony when you feel like what you’re pursuing aligns with your values and aligns with your interests, it aligns with how you’re spending your time. And that’s what I find about very gritty people.’

As for achieving happiness, a sense of purpose may be more important than material wealth. ‘What really motivates people? More than money, honestly, it’s mattering,’ Duckworth said. ‘It’s mattering and being useful and being appreciated by other people.'”

Angela Duckworth: The Power Of Grit [Roger Mitchell, Enterprising Investor]

Which piece of content did you like? Comment below!

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