What's Trending For New Financial Planners

What’s Trending for New Financial Planners (December 2023)

“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.

3 steps to take before the end of the year to hit the ground running in 2024 [Video]:

What ALL Advisors Should Get Done In December [Penny Phillips, Practice Management With Penny]

If the idea of setting new business targets for another year feels a bit uninspiring, an alternate question to consider asking [Article]:

“I’m very much in the musing/brainstorming part of the process. For inspiration, I’ve asked several colleagues what excites them as they look forward to 2024 in their business. And judging from their reactions, this is not the way most people think about setting goals, at least not if you’re the owner of a small-but-mighty financial planning firm. One friend and colleague had a giant list of goals (i.e., things she thinks she should do) but, by her admission, none of them excite her.”

What Are You Excited About? [Meg Bartelt, Flow Financial Planning]

Michael Kitces covers the various forces “pressuring” advisors to add tax planning, the broad groups of players shaping the trend, and more [Podcast with Transcript]:

“So, we’re basically in this battle of who can be the most comprehensive advisor than all the other comprehensive advisors. We literally see this in our research. The last advisor productivity study we did on the Kitces platform, the number of advisors who are doing these ultra comprehensive, we cover 13 to 15 different areas of your financial life, has skyrocketed in just the past two to three years.

But it’s going to the point that we can actually see productivity and profitability metrics falling because advisors are so trying to ‘out-comprehensive’ everybody else, we’re getting to the point where clients aren’t even paying us for that level of comprehensiveness, which I now colloquially call the ‘Sledgehammer Of Value.’ I’m not even going to figure out what’s most valuable for you. I’m just going to give you as many things that could possibly be valuable at once until it’s like a sledgehammer to the head that you must feel my value by the sheer volume of valuable things that I’m sending in your general direction.”

The Evaluation Of Tax Planning With Special Guest Michael Kitces [Steven Jarvis, Retirement Tax Services Podcast]

A compilation of income tax and estate tax planning principles and end-of-year strategies [Video or Podcast with Article]:

Crucial Year-End Tax And Estate Planning Strategies With Plancorp’s Susan Jones [Peter Lazaroff, The Long Term Investor]

The case for “universal learnability” and how to learn anything more easily [Article]:

“All of this suggests a path for making learning easier. When you’re struggling with a subject, focus on background knowledge. Filling in any gaps in that background knowledge will expand your ability to juggle new information, give you stronger ‘hooks’ to latch new knowledge onto and effectively make you smarter in the field of your choice. It may take more time, but it doesn’t have to be frustratingly difficult.”

How To Learn Anything Easily [Scott Young, ScottHYoung.com]

Morgan Housel on distinguishing frugalness from independence, and their tradeoffs [Article]:

“Most people are wired to seek status and success, not necessarily happiness. It’s remarkable to watch someone fight back against that trend. From the outside they appear frugal. But in fact they’ve rejected what the world tells them they should want and looked deeper, finding their happiness elsewhere.”

Frugal Vs. Independent [Morgan Housel, Collab Blog]

Which was your favorite takeaway? Comment below!

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