HomeFinancial PlanningWeekend Reading For Financial Planners (March 2-3)

Weekend Reading For Financial Planners (March 2-3)


Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that the Biden administration could seek to release the final version of the Department of Labor (DoL)’s proposed “Retirement Security Rule” this year, potentially with a January 1 effective date, to ensure it goes into effect before a potential change in administration. Nevertheless, given the contentious nature of the proposal as it currently stands (with the brokerage and insurance industries levying heavy criticism of the rule), its ultimate fate (including whether its scope might be narrowed) is likely to be determined in the courts.

Also in industry news this week:

  • Financial scams involving social media and digital assets are on the rise, according to NASAA’s annual enforcement report, and advisors can play a valuable role in helping their clients avoid becoming victims  
  • A report suggests that firms with intentional, integrated tech stacks as well as those that are able to establish strong brand identities will be better positioned to succeed in the years ahead 

From there, we have several articles on practice management:

  • A lawsuit alleges that several wealth management companies established an anti-competitive “no-poach” agreement that limited opportunities for their employees to change firms
  • A separate lawsuit is challenging a firm’s non-compete agreement, alleging that it goes too far in restricting employees’ professional activities if they decide to pursue other opportunities
  • How firms and their advisors can create mutually fair non-solicit agreements that reflect the ‘skin in the game’ contributed by each party

We also have a number of articles on retirement:

  • Why the Federal government might decide that the benefits of tax-advantaged retirement accounts do not outweigh the costs, potentially putting 401(k)s and other plans in the crosshairs
  • Proposed legislation would mandate that most companies with more than 10 employees provide defined-contribution retirement plans, potentially expanding the pool of employees with access to tax-advantaged accounts 
  • How advisors can support younger clients by putting the challenges facing the Social Security system into context and showing them how potential changes would affect their financial plans

We wrap up with 3 final articles, all about money psychology:

  • Why the traits that can help entrepreneurs succeed in business can lead to challenges elsewhere in their financial lives, and how financial advisors can help them evaluate their options
  • Why ‘frugality’ is not just a matter of spending as little as possible, but rather living in a way that allows an individual to spend time on their most important priorities
  • 31 money lessons 1 author has learned over the course of his career, from the importance of putting one’s income and wealth into perspective to the benefits of living generously

Enjoy the ‘light’ reading!

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