What's Trending For New Financial Planners

What’s Trending For New Financial Planners (May 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 Reminder:

As I mentioned last month, I am pausing publishing over the summer. (I need to prioritize a few other projects for at least the next few months.) Thank you again for your understanding!

If you enjoy productivity and time management tips, you are in for a treat. Michael Kitces shares how he manages his 6 businesses by “Theme-ing” his days, scheduling “Flex Time,” and much more [Podcast]:

“I will track the amount of what I essentially call ‘Flex Time,’ which is unscheduled time on my calendar. That might be to catch up on miscellaneous task work, maybe that’s grabbing a meeting with someone, [or] maybe that’s just because I need to decompress a little bit. And I’m pretty rigorous about scheduling everything, in part because there are a lot of competing demands on my calendar. I just have to schedule things or things start clashing.

I have found that I need a certain amount of scheduled flex time, scheduled white space on my calendar every week or it just starts feeling a little too overwhelming, a little too ‘drown-ey.’ I just literally can’t find the mental breathing space I need for my brain to do the ‘creative-y’ things that it’s going to do.

Michael Kitces On Time Management & Building Your Model Week [Libby Greiwe, The Efficient Advisor]

Would you like to focus on back-office planning tasks rather than client-facing responsibilities? Caleb Brown shares the pros and cons of these roles and types of firms hiring [Video]:

The Landscape For Back Office Planning Vs. Client Facing Roles [Caleb Brown, New Planner Recruiting]

If the idea of selling makes you uneasy, Beverly Flaxington with some helpful points on how to reimagine “sales” [Article]:

“It’s important to remember you are not selling a product. Rather, you are selling a service that, at the heart of it, supports one of the most important aspects of anyone’s life — their money.

After all, money can buy happiness in the sense that it makes it easier to take care of family, stay healthy, and enjoy a fulfilling life. The field of financial advice is a noble profession. Rather than thinking of it as ‘selling’ someone on working with you, think of it as providing someone a life-changing and life-enhancing experience.”

Yes, Every Advisor Can Learn To Sell Comfortably And Effectively [Beverly Flaxington, Advisor Perspectives]

Meg Bartelt reflects on her challenging year, shares her best new practice management ideas (including client-feedback surveys and pre-meeting “meditations”), and more [Article]:

“Another goal for 2023 was to get better at helping my clients connect more deeply with their ‘why’ and how it is supported by their finances. My coach and I talked about how the more I poured into myself, the more settled and contented I felt, the more self-awareness I had, the better I could show up for my clients. That, in turn, would enable me to help them feel more connected to their why, to this work.

I chose to start meditating.

I have a loooong history of trying to meditate, dating back to being taught Transcendental Meditation as a teenager. (I needn’t tell you, of course, how wildly popular I must have been in high school.) Having a yoga practice during my entire adult life, I have had many opportunities to learn a new approach to meditation and to start a meditation practice. During my life planning training, they taught yet another kind of meditation and encouraged an ongoing practice.

None of this ever stuck. And who knows, maybe what I’m doing now won’t stick, but I have set the bar really low, so I’m hoping it has a better chance.

A few months ago, I simply started meditating for five minutes before each client and prospective client meeting. I make sure I’m fully prepared for the meeting well in advance. At ten minutes before, I meditate for five minutes, then I have a few minutes to get into the Zoom room without stress.

I have no idea if this practice will have any larger effect, but the effect on the client meeting is obvious. It almost tangibly calms my “Monkey Mind.” My mind goes from ping-ponging in every direction to not (as much).

The meditation helps me feel ‘more grounded’ (which feels like a literal weightiness to me) going into the client meeting. It helps me be more present with the client, helps me avoid bringing ‘my own shit’ into the conversation. Help me talk less, listen more. All the good stuff!”

Reflections On 8 Years Of Flow [Meg Bartelt, FlowFP.com]

Morgan Housel with a few thoughts on debt [Article]:

“I’m not an anti-debt zealot. There’s a time and place, and used responsibly it’s a wonderful tool.

But once you view debt as narrowing what you can endure in a volatile world, you start to see it as a constraint on the asset that matters most: having options and flexibility.”

How I Think About Debt [Morgan Housel, Collab Blog]

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