FPA SmartBrief (July 24, 2020) Incapacity Planning Shouldn’t Be Overlooked and More!

Incapacity planning should never be overlooked

COVID-19, and a host of other conditions, can result in temporary or permanent incapacity and create a huge financial issue for families unless they are properly prepared, writes Travis Neal, an attorney at Hartog, Baer & Hand, APC. In this blog post, Neal outlines what advisers and their clients should know about advanced health directives and durable financial power of attorney.

 Full Story: FPA Practice Management Blog (7/1) 

Performance and predictability – All In
You already have a lot on your plate. The last thing you need is to be distracted by managing your printer, ordering supplies, and checking bills. The simplicity and predictability of the All In Plan helps you keep focus on what matters most: your business. Learn about the plan.


Client investing confidence returning, index shows

Financial Planning’s latest monthly Retirement Advisor Confidence Index shows client confidence — and their appetite for risk — are both starting to return to normal levels. The index’s overall composite score rose above 50 for the first time since January and is near its long-term average.

 Full Story: Financial Planning online (7/21)  

Firms need succession plans, study shows

A report from the North American Securities Administrators Association recommends financial advisory firms encourage or even require succession plans as a way to deal with the potential of diminished capacity and cognitive impairment among older financial professionals. The report suggests regulators need to play a role because not all firms may have the resources to deal with the issue.

 Full Story: InvestmentNews (tiered subscription model) (7/21)  

Improve remote service for your clients

Financial advisers can improve the remote service they are offering their clients with just a few small changes, writes Rachel Schnoll of Goldman Sachs Personal Financial Management. She recommends three tweaks: maximizing the technology you have, making eye contact on video calls and embracing shared experiences.

Full Story: ThinkAdvisor (free registration) (7/17)  

Guidelines for socializing with clients

Financial advisers who want to socialize with their clients in person need to follow some guidelines, writes Bryce Sanders of Perceptive Business Solutions, Inc. Among them are considering staying outside, such as in a yard or driveway, and also avoiding common greetings such as hugs and handshakes.

 Full Story: ThinkAdvisor (free registration)(7/20)  


What would a Biden presidency mean for fiduciary rules?

Financial professionals are divided on whether the Labor Department or Congress are likely to make changes to fiduciary rules if Democrat Joe Biden is elected president. “I think it would be difficult for a Biden DOL to reinstate the old Obama-era fiduciary rule without help from Congress,” said Duane Thompson, senior policy analyst at Fi 360.

Full Story: Financial Advisor online (7/22)  

Expert: Hybrid branch exams a good idea during pandemic

Hybrid broker-dealer branch-office examinations can be a safe compromise during the pandemic, writes Sander J. Ressler of Essential Edge Compliance Outsourcing Services. The process would involve collecting and inspecting documents remotely through a secure website, with a follow-up in-person visit done only if necessary.

Full Story: WealthManagement (7/20)  

Economists: Jobless benefit cuts would harm recovery

Economists have told Congress that a significant reduction or complete withdrawal of jobless benefits will hamper US economic recovery. Democrats who control the House support expanded unemployment compensation, while Republicans who control the Senate say the extra $600 a week benefit has effectively incentivized joblessness.

Full Story: The Hill (7/21)  


Study shows married women confident about retirement

A study from the Employee Benefit Research Institute found that married women are more confident they will live comfortably in retirement than divorced women or those who have never been married. According to the study, 76% of married working women are very or somewhat confident they will have enough money in retirement, while only 43% of divorced women and 51% of women who have never married feel the same.

Full Story: ThinkAdvisor (free registration) (7/21)  

Advisers play key role in boosting financial literacy

Financial advisers have a key role to play in helping people become financially literate so they are not excluded from the global economy, writes Marguerita Cheng, CFP®, CEO at Blue Ocean Global Wealth. She suggests advisers get involved in community efforts to boost financial literacy by volunteering or taking other steps, such as meeting with state legislators.

 Full Story: InvestmentNews (tiered subscription model) (7/17)  

Industry consolidation can work against advisers, clients

Consolidation in the wealth management industry can offer the advantages of scale and efficiency but the trend can also force financial professionals to offer “cookie cutter” solutions to their clients, according to Mark Contey, senior vice president of business development for LaSalle St. “[A]dvisers should continually be on the lookout for warning signals that, in pursuing scale, their firm may have lost sight of individualized service in facilitating advisers’ long-term success,” he writes.

 Full Story: Financial Advisor online(7/16)  

How to advise clients on undoing RMDs

The IRS has expanded the ability of clients who took required minimum distributions before the passage of the CARES Act to undo these withdrawals. There are a number of compelling reasons for clients to take advantage of this flexibility, including the possibility of tax savings and tax-deferred asset growth.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.

 Full Story: ThinkAdvisor (free registration)(7/13)  

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