Weekend Content for New Planners

Weekend Content for New Financial Planners (May 13-14, 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.

Flow Financial Planning founder Meg Bartelt opens up about her seven-year journey as an RIA owner including her new perspective towards business planning, challenges you may want to anticipate, and more [Article]:

“I knew I was stressed out and unhappy last year. And, perhaps because, as my business coach says, I have a ‘low tolerance for suffering,’ I spent a lot of time thinking about ‘why am I so stressed out and unhappy?’ 

I ended up hiring a personal therapist at the end of the year because I couldn’t work through it on my own. Between my work with her, my business coach, and my husband, I made progress.

I actually had to ‘tune out’ well-meaning and otherwise valuable input from colleagues or other industry/professional sources for the most part. Stopped listening to professional podcasts. Consumed less on social media. Read fewer articles. I cannot help but compare myself to others when I interact with them or consume their content, and I couldn’t focus effectively enough on me in those circumstances.”

Reflections On Seven Years Of Flow [Meg Bartelt, FlowFP.com]

Michael Kitces covers high-yield environment planning considerations including asset allocation, asset location, and account sequencing for retirement drawdowns [Podcast]:

“Now suddenly, as yields are higher, putting bonds inside of the IRA starts to look more appealing again. And so, the nature of asset location to me is it is actually something that is more dynamic than often we’ve given it credit for with the simple rule of thumb of bonds in the IRA, because they’re already ordinary income and stocks in the brokerage account because they’re already capital gains. The relative weightings of these investments means the optimal location as you’re adding new dollars can actually shift over time. That’s part of the nature of how this works.”

Michael Kitces: How Higher Yields Affect Asset Allocation and Retirement Planning [Christine Benz & Jeffrey Ptak, The Long View]

Some easy, actionable steps to get more out of your social media marketing [Video]:

Why You May Be Doing Social Media Wrong & How To Get It Right [Samantha Russell & Stacy Havener]

An overview of some of the costs to start your own RIA, both “Day 1” costs as well as ongoing (pairs well with Gen Y Planning founder Sophia Bera’s Kitces.com guest post “Setting Up An RIA And Starting A New Financial Planning Practice On Less Than $10,000”) [Video or Podcast with Transcript]:

How Much Does It Cost To Start An RIA? [Brad Wales, Transition To RIA]

When charting your path through the industry, assessing your unique combination of abilities and traits is imperative. Perhaps more important is identifying when a mix of traits is not a good fit with a position or approach. Morgan Housel on when “innocent” traits combine into something problematic [Article]:

“Two calm water currents are not a problem. But if opposing currents meet, you get a deadly whirlpool.

Bleach and ammonia are common household products. Mix them together and you get lethal chloramine gas.

In each case it’s easy to underestimate risk – or at least be surprised at what happens – because the initial ingredients seem harmless. The idea that two innocent small things can combine to form one big dangerous thing isn’t intuitive.”

Vicious Traps [Morgan Housel, Collaborative Fund]

Which was your favorite takeaway? Comment below!

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