Fiduciary Links: Most financial planning clients wish they'd had a plan sooner
Posted by Kathy Stewart on June 10, 2013
>>>When it comes to setting long-term goals and developing and monitoring an appropriate strategy for attaining those goals, there’s no better time than the present to get started. At least, that’s the message to take from a recent survey from deVere Group that found the greatest financial regret of their clients with at least $1 million in investable assets is “not having put in place a regularly reviewed personal financial plan earlier in life.”
How to educate clients early that they too may end up with the same regret is a continual challenge that advisors of the next generation of wealthy investors may want to explore when reviewing the importance of a establishing a process for monitoring their success.
>>>A reminder that we will be holding our next quarterly webinar this Wednesday, June 12 from 4-5 p.m. ET. The subject will be “Rethinking TDFs as QDIAs,” which is based on the article of the same name that won our annual article competition. The article’s author, Jacob Adamczyk, along with his colleague at Aurum Advisory Services, Mike McKeown, will be presenting to make the case for why TDFs have proven to be a risky choice for 401(k) plans as a default option for participants and why a managed solution makes more sense.
The session is good for AIF and AIFA CE (the application for CFP credit is currently pending). You can learn more or register on our website.
Now on to the rest of the best links from last week:
News and columns from the leading trade, consumer, and mainstream media:
- IAA, TD Ameritrade Institutional, and Schwab Advisor Services took to the Hill last week in support of self-funding SEC adviser exams. [InvestmentNews]
- Study reveals that advisers need to adapt to the modern family. [InvestmentNews]
- Senate Banking Committee approved legislation that would make it easier to obtain licenses to sell insurance in multiple states: one-stop shop for insurance licenses is closer to reality. [InvestmentNews]
- Target date funds require special attention when being selected for retirement plans [Pensions & Investments]
- Three yardsticks for measuring fund performance: look at these dos and don'ts of judging mutual funds. [AdvisorOne]
- Millionaires' biggest financial regret is not putting a personal financial plan into place earlier in life. [AdvisorOne]
- Regulation Watch: Nine proposals advisors need to know. [WealthManagement]
- Five things one advisor would change in bosses. [AdvisorOne]
From the organizations/associations/government/academia:
- SEC proposes money market fund reforms. You can read the full text here. [SEC]
- FP Coalition, CFA, IAA, NASAA, others submit joint response to SEC's RFI in re: fiduciary rulemaking; urge strong fiduciary standard [Investment Adviser Association]
From the blogs:
- Ron Rhoades takes a stab at drafting a fiduciary standard of conduct for advisers and brokers [Scholarly Financial Planner]
- Can the decision to collect early Social Security benefits be reversed? [IN's Retirement 2.0]
- Coordinating disability and Social Security benefits [IN's Retirement 2.0]
- Trending Topics for ERISA Plan Sponsors [Fiduciary News]
- How to reduce choice overload in 401(k) plans [Fiduciary News]
- Read Jack Bogle's letter to the editor of the Wall Street Journal, published on June 6, Hedge Funds are Hardly a Panacea. [TheBogleEBlog]
- Ten reasons why Obama won't touch your 529. [529 Guru]
- What to do with $1,000. [Getting Your Financial Ducks in a Row]
- How to mesh social security disability and retirement strategies. [IN's Retirement 2.0]
Articles your clients are reading (or should be):
- Will you retire at 65? Baby boomers claim that it's not a realistic retirement age. [USNews]
- Most Americans get their investment advice from the financial media, but consider using financial journals with a limited circulation instead - as the writers are academics. [USNews]
- How to open your first IRA on the path to retirement bliss. [USNews]
- Learn more about mutual funds. [TheChicagoFinancialPlanner]
Have a link we missed? Leave them in the comments section or email us at blog@fi360.com. For more of the best links during the week, make sure you follow us on Twitter.
