What's Trending For New Financial Planners

What’s Trending for New Financial Planners (January 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.

If you’ve set some professional and/or personal goals for the new year, a gentle reminder that to ensure results, we need to build systems [Article]:

“…if you don’t support your vision and goals with a system stronger than the resistance you will face (you and all the stuff that gets thrown at you), your desired results will not be realized. It’s not because your intent isn’t good; it’s because you don’t have a system designed to align your time with the outcomes you want to achieve.

Michael Kitces has been a client of mine for 4 years now, and in those years, he’s used his time to grow more than 10x! This is only possible because Michael is a master of his time. He is such an ardent advocate of managing your time better that he asked me to write this article on Taking Back Your Time to share our model for aligning your time with your vision of success.”

Why Your Ideas Don’t Get Done (And A Tip For Turning ‘Resolutions’ Into ‘Results’ In 2024) [Stephanie Bogan, Monday Mojo]

Carl Richards on the duality of goals, their limitations, and more [Podcast]:

“Goals can be a blessing and a curse. They provide direction and purpose in our lives, helping us answer the question ‘What am I to do now?’ But, they can also hijack the present moment, pulling our focus away from the only thing that actually exists: the present.”

New Essay On Goals [Carl Richards, Behavior Gap Radio]

Caleb Brown on counting your wins before making new goals and how to build a plan for the new year [YouTube]:

How To Reflect, Refresh, And Recharge For A Successful 2024 [Caleb Brown, New Planner Recruiting]

Taylor Schulte shares the improvements to his sales process that have increased his conversion rate to 60% [Article]:

“What I like about our sales process is that it gives prospective clients the opportunity to see exactly what we do and how we can help them before making any commitments. It’s not easy for consumers to properly evaluate financial planners and know what questions to ask. Our detailed process takes that pressure off their shoulders and guides them through the evaluation process; a process they can apply to other firms they might be considering as well.

We had success with our sales process right from the start, and I think it’s largely because having a clear process for prospective clients is a differentiator on its own. Instead of, ‘schedule a call’ or “fill out this form and we’ll be in touch,’ we’re offering them something that provides value and giving them a framework for making an informed decision about hiring our firm.”

Financial Advisor Sales Process: How To Improve Efficiency And Increase Revenue [Taylor Schulte, Heart Of Advice]

ICYMI: If you’ve ever considered offering financial coaching services, the “ABCS Test” to determine when you need to register (and a handful of case studies) [Article]:

“Truth be told, it is actually a legitimate and helpful mnemonic to help recall the definitional elements of the term “investment adviser” under the Investment Advisers Act of 1940 (and who, therefore, must register as an investment adviser accordingly).”

When Does A Financial Coach Need To Register As An Investment Adviser? The “ABCS” Test To Determine Status [Chris Stanley, Nerd’s Eye View]

Viewing money as a form of “life energy” and the correlation between income and life expectancy [Article]:

“I’m not saying that you need to think about spending your money in this way, but my friend has a point. Every day you make possible life-changing decisions with your money without even realizing it. It could be the car you drive, the food you eat, or where you choose to live. These decisions (which all involve money) will have a bigger impact on the non-financial aspects of your life than you might initially imagine.”

Your Money Or Your Life [Nick Maggiulli, Of Dollars And Data]

A review of income and estate tax planning opportunities in 2024 and beyond [Podcast]:

“In terms of the timing on that [potential TCJA sunset legislation], presumably that happens sometime toward the latter half of 2025, December seems to be a popular time for Congress to finally pass things that will apply for the next calendar year. It’s possible it could even drag into 2026 and then be made retroactive to the beginning of the year.

What we’re all fairly confident on is that nothing is going to happen in 2024, with it being an election year, I think everybody just wants to ride out the election, see who is in charge in Washington come January of 2025. And from there, we’ll have a better sense of exactly what might happen with this. The one thing we can all agree on is that no one wants to be the party in charge when a large tax increase happens. So, presumably, regardless of how the election works out, there will be some sort of compromise on these sunsetting provisions and not everything will happen exactly as it’s planned.”

Tim Steffen: Smart Tax Moves For 2024 And Beyond [Christine Benz & Jeff Ptak, The Long View]

Morgan Housel on the advantages of “passive learning” [Article]:

“Something I’ve learned as a writer is that writing for yourself is fun, and it shows, while writing for other people is work, and it shows. Doing something your way, on your own terms, because it fits your unique personality, is night and day compared with performing for someone else’s expectations.

Active learning – which you’ll recognize as school – not only has a wonderful place in life but has to be considered one of the greatest achievements of modern times.

The problem is assuming it’s the only, or even the best, form of learning. Or more dangerously: people who have only experienced active learning that isn’t right for their personality may become convinced that they hate learning, hate reading, hate being curious about the world … and then it spirals down from there.”

Active Vs. Passive Learning [Morgan Housel, Collab Blog]

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