Weekend Content for New Planners

Weekend Content for New Financial Planners (May 6-7, 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.

Nick Maggiulli reconciles two notable studies on the age-old question of whether money can buy happiness [Article]:

“In 2021, a study by Matthew Killingsworth titled ‘Experienced well-being rises with income, even above $75,000 per year’ shook the foundations of happiness research by contradicting the findings from Kahneman and Deaton’s famed 2010 paper. In particular, Killingsworth’s study found that both life satisfaction and emotional well-being continued to increase with income (i.e. the log of income), even beyond the $75,000 threshold reported by Kahneman and Deaton.

When Killingsworth and Kahneman realized they had a conflict in their results, they decided to dig deeper to reconcile their differences. The result was a paper released in March 2023 titled, ‘Income and emotional well-being: a conflict resolved.’” 

Money Can’t Buy Happiness…Or Can It? [Nick Maggiulli, Of Dollars And Data]

A look at several new software applications that advisors have found helpful [Article]:

“From an operational point of view, there’s an app I really love called Krisp. It’s an echo- and noise-cancellation plug-in for any videoconferencing software that you have—Zoom, Microsoft Teams, it doesn’t matter. It’s so good; it gives you confidence to do videoconferencing without having any concerns over background noise and audio quality. My kids could be screaming at each other over my shoulder, and if you’re on a call with me, you won’t hear that. Lastly, I’ve been using AI for image creation. An easy-to-use and free one is Microsoft’s Bing Image Creator. You prompt it for whatever you want to see, and it will create the image for you. I’ve been using this primarily in my newsletters for thumbnails, and for a lot of the marketing efforts that we do.”

From ChatGPT To Holistiplan, Here’s the Tech That Is Paying Off for Advisors [Steve Garmhausen, Barron’s Advisor]

How to overcome the challenges of growth—both obtaining growth and helping those who have different needs than your target client [Video]:

How To Still Help People Who Aren’t A Good Fit For Your Financial Planning Business [Carl Richards, The Society Of Advice]

The differences between word-of-mouth marketing and referrals—and how to leverage both [Article]:

“Referrals and word-of-mouth marketing are distinct yet powerful strategies for advisors to build trust and acquire new clients. By understanding their differences and leveraging both approaches, you will maximize client acquisition through personal connections and a positive reputation.”

Referrals Versus Word Of Mouth: What’s the Difference? [Kristen Luke, Advisor Perspectives]

ICYMI: Michael Kitces and Carl Richards on how to determine appropriate attire, “countersignaling,” and rules-of-thumb for meeting client expectations [Video or Podcast with Transcript]:

“[Richards]: But if I show up and I don’t feel comfortable, I’ll put on just the plain black one. But I know, 10 years ago, I wouldn’t have felt comfortable. And that would’ve shown up in the way I presented. And so, I think that’s really a good gauge. If you know the research, you know about symbolic meaning, you know all of that stuff, then how do you really decide? Well, why don’t you just decide on what makes you feel comfortable and confident? Because I would not have felt…and it would’ve been inappropriate for me to do that 10 years ago. It’s more appropriate now for whatever reason. And again, I don’t know why, but I’m sure glad, because it’s really fun. But, yeah, I think there is risk in saying, ‘Well, Mark Zuckerberg wears hoodies.'”

Kitces & Carl Ep 110: Dressing Up For Clients (Do Advisors Really Need To Dress For Success?) [Michael Kitces & Carl Richards, Kitces & Carl Podcast]

Which was your favorite takeaway? Comment below!

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