Inside Information Newsletter
DISCLAIMER: This document has not been approved, disapproved, or otherwise acted upon by any senior technical committees, and does not represent an official position of the American Institute of Certified Public Accountants. It is distributed with the understanding that the contributing authors and editors, and the publisher, are not rendering legal, accounting, or other professional services. If legal advice or other expert assistance is required, the services of a competent professional should be sought.
Note: Access to Inside Information is a benefit of PFP/PFS membership, which is an individual membership. If your peers would like access to this newsletter service, they can either purchase directly from Bob Veres or sign up for PFP membership.
November 2020 In this issue…
- Client Services: How Tyrone Ross helps millennial clients plan for their digital assets
- The Profession: A new training program will help you relate to clients and get them to follow your best advice
- Practice Management: How to recruit diverse talent and manage effective teams
October 2020 In this issue…
- Valuation firms have a value hierarchy for different revenue streams—and AUM is at the top of it. But adding a flat fee model for millennial clients, if done profitably, can add enterprise value to your firm
- It’s possible to determine a prospect’s risk tolerance with one image. The IPS pulls from a full suite of client onboarding tools, and the program also offers a robust way to stress-test your model portfolios under different market conditions.
- Custodians will tweak their revenue models and curtail soft dollar arrangements. Larger software firms will create platforms that compete with custodians, and advisory firms will have suites of consumer-facing apps on everything from banking and bill pay to insurance and cash management.
September 2020 In this issue…
- When people encounter stressful transitions or environments like the current one, they lose cognitive function. Start by ‘getting on the balcony’ to see the big picture, and help clients defer potentially disastrous decisions
- Portfolio Management: A high-end portfolio management software solution at a midsized price.
- Client Services: The New Global Financial Planning Institute offers specialized training for advisors who have clients living abroad, or foreign citizens living in the U.S.
- Parting Thoughts: How advisory/planning firms might adapt to a potentially-traumatic shift in their fee models.
August 2020 In this issue…
- Create portfolios that will outperform a simple bond ladder in those dangerous rising interest rate environments. Avoid certain sectors of the muni market and you leave behind 80% of the default risk.
- Marketing: How to automate the process of sending out consumer articles through social media
- Investing: The rank order of highest to lowest returning investment categories is remarkably consistent--over time
- Practice Management: The Holacracy revisited 18 months later
July 2020 In this issue…
- With horrific videos of police brutality and energized rallies across the country, this feels like an opportunity for America to remedy some of its most long-standing social ills. How do these things translate to the planning profession?
- The Advisor Alpha Opportunity: What are the best practices for rebalancing client portfolios and tax-loss harvesting? A survey of the advisor community shows that the issue is more complicated than it might first appear.
- The Profession: Schwab and rivals introduced a new custodial revenue model. Pershing responded with a choice of three models.
- Client Services: Introducing the CBCV valuation model--a new way to value advisory practices and small businesses.
- Parting Thoughts: It's a new day at the Financial Planning Association. Let's all make sure that it's a bright one.
May 2020 In this issue...
- Code of Uncertainty: What is the real-world impact of the CFP Board's new fiduciary standards?
- Financial Planning: Have you heard that AI is the future? Here's a working version of it available today.
- Client Services: How to 'Max" your clients' cash return.
- Client Services: A tool that assesses client portfolios in two dimensions.
- Parting Thoughts: The light at the end of a very, very long tunnel.
April 2020 In this issue...
- Marketing for Hire: A remarkable number of marketing resources are now available in the advisor ecosystem.
March 2020 In this issue...
- Tech Extravaganza: The T3 Advisor conference in San Diego offered an early look at some trends—and a lot of new solutions.
- Practice Management: Here are some of the compliance outsource options that Inside Information readers are recommending.
- Conferences: Highlights from the recent NAPFA Large Firm Forum; thoughts about 'people' issues.
- Parting Thoughts: Some hard truths about you and your services that you will instantly recognize to be true.
February 2020 In this issue…
- Solutions, Not Products: Advisors who think all insurance products (especially including annuities) are a scam might want to take a look at how the industry is trying to meet their standards.
- The Profession: Notes and nuggets from the AICPA PFP Summit.
- Practice Management: SEI has quietly introduced an independent custodial platform for advisory firms.
- Parting Thoughts: Despite the recent custodial merger, the fintech space seems to be healthier than ever.
January 2020 In this issue…
- First Thoughts on The Acquisition: The two largest institutional custodians are joining forces. What does that mean for the profession, and
- what are the options for advisors looking elsewhere?
- The Profession: What do we really know about the culture of TDAI advisors' next custodial firm?
- Practice Management: Introducing an automated onboarding system (really).
- Client Services: An out-of-the box way to deal with the SECURE Act.
- Parting Thoughts: My fearless predictions for the profession's next decade.