What's Trending For New Financial Planners

What’s Trending For New Financial Planners (April 2024)

“What’s Trending 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.

Publishing Note:

After next month’s edition of “What’s Trending,” I am going to pause publishing over the summer. I need to prioritize a few other projects for at least the next few months. Thank you for your understanding!

XYPN advisor Cathy Curtis on how to get comfortable charging what you’re worth [Podcast with Transcript or Video]:

“If you show your value early on with the client, they’re willing to pay. People recognize value. They do. And they will pay you. I think we all get stuck in our own heads that it’s too much money. We think more about it than they do.

And another thing that I started doing, over the years was doing like a maybe every other year review of what other advisors are charging. So it gives me a comfort level…I have that fear of I’m charging too much. I have to admit. And, it makes me realize that no, I’m not. And, then you could just feel comfortable about it. Or, I raised my fees sometimes because I realized I’m undercharging.”

Getting knowledgeable about fees and not being afraid to charge what you know, your worth is super important. And to try super hard not to negotiate all the time on your fee schedule. Even in the early years Don’t do it.

You’ll regret it. You’ll have 15 fee schedules in your 10th year and you’ll be pulling your hair out, then you’ll be hiring a coach to figure out okay how do I get all these fee schedules right? What do I do? You can prevent a lot of problems by just picking one, sticking with it, and taking price increases every now and then.”

How To Sell Your Value And Other Lessons Learned Form Running A Solo Practice For 25 Years [Maddy Roche, XYPN Radio]

Caleb Brown with tips on how to persevere through a challenging job search [Video]:

What To Do When You Are Feeling Discouraged In Your Job Search [Caleb Brown, New Planner Recruiting]

Nick Maggiulli on various approaches to prioritize your daily tasks, their pros and cons, and why operating at 100% capacity may not be optimal [Article]:

“​My solution to this problem takes it a bit further than Burkeman. Not only should you prioritize the right things, but you should also ensure that there’s always some slack in the system. In other words, make sure you’re almost never fully utilized. Why?

Because when you’re already at 100% of your operating capacity and an unexpected emergency hits, the whole system fails. You’ve probably felt this feeling before. It’s overwhelming and you can’t figure out what to do next. It’s the same thing that happens to your computer when you have too many programs open. It doesn’t know which program to prioritize, so it freezes, and then crashes.

The same thing happens with people when we get too busy. We don’t know what to do and we can crash. Unfortunately, that single crash can decrease productivity more than a slow day once in a while. That’s why your goal should be to be about 80%-85% utilized. You may have a less productive day here or there, but this slight inefficiency will prevent larger failures when fires inevitably pop up from time to time. I firmly believe this is one of the reasons why I haven’t burned out despite working full-time and blogging every single week for over 7 years now.

My secret to getting so much done is rarely operating at full capacity.”

The Best Way To Get Things Done [Nick Maggiulli, Of Dollars And Data]

Morgan Housel on the blindspots of intelligence [Article]:

“The biggest risk to an evolving system is that you become bogged down by experts from a world that no longer exists. The more evolution you have, the more you should expect that expertise has a shelf life. And those most susceptible to that risk are the people you’d least suspect: The smartest and most intelligent, who at one point flashed their brilliance but struggled to admit that it can’t be repeated.”

The Dumber Side Of Smart People [Morgan Housel, Collab Blog]

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