10 Best Practices for Developing a Human Resources Strategy

Posted by Angela Sarver

July 30, 2019 at 10:00 AM

When you hear the words “human resources,” do you want to run for the hills? If so, you’re not alone. For many advisors who have gone the independent route, human resources is often where they have the least experience. But when you have the right employees, doing the right jobs, you can create a more efficient, profitable, and scalable practice. So, to help you tackle this important facet of your business, I’ve compiled a list of 10 best practices for developing a human resources strategy.

Read More

Topics: Practice Management

10 Long-Term Care Questions to Ask Your Clients

Posted by Ethan Young

July 24, 2019 at 1:30 PM

When it comes to contemplating our own mortality, most people would prefer to continue whistling by the graveyard. And talking about the health issues we may endure if we live to a ripe old age? Not a pleasant topic of conversation either. Despite that, having these sorts of discussions with your clients is an absolute necessity. What if Jane falls and breaks a hip and can’t recover the way she used to? What if Elizabeth develops Alzheimer’s? What if Charlie lives to 100, but requires a nursing home or round-the-clock at-home care for the last 15 years of his life? One of your key roles as an advisor is to ensure that there's a plan in place to protect your clients' retirement savings from these potentially costly medical expenses.

Read More

Topics: Risk Management

5 Steps for Successful Family Wealth Planning

Posted by Anna Hays

July 23, 2019 at 10:00 AM

Members of Generation X (those currently in their late 30s to early 50s) are often referred to as the forgotten financial generation, with a history of being overlooked as a demographic by the financial planning industry. And according to a recent Investopedia article, millennials (those currently in their early 20s to mid-30s) “face the most uncertain economic future of perhaps any generation in America since the Great Depression.” With $68 trillion transferring from baby boomers to these two groups over the next 25 years, it’s essential that your older clients start thinking about family wealth planning—and that you are ready to support both your existing clients and their children along the way.

Read More

Topics: Estate Planning

How to Help Your Clients Who Are Overspending in Retirement

Posted by Kol Birke, CFP

July 17, 2019 at 1:30 PM

Do you have clients who are overspending in retirement? Chances are, you do. Perhaps they can’t say no to helping their kids, or they understandably want to enjoy their money before their health fails. Or they might be motivated by any other of the common reasons for “bad” financial habits. Whatever the cause, there are a number of straightforward techniques you can use to help encourage positive change when talking to clients about sticking to their retirement plan. 

Read More

Topics: Behavioral Finance

Managing Your Clients’ Risk Perception

Posted by Kol Birke, CFP

July 16, 2019 at 10:00 AM

While we often focus on “risk tolerance,” when the markets head up or down precipitously, managing your clients’ risk perception is actually the key. Of course, to do so, we must first understand the difference between risk tolerance and risk perception. In a nutshell, the reason why people’s risk tolerance can change drastically during times of market volatility has to do with this notion called risk perception. Research from the CFA Institute shows that risk tolerance is a fairly stable “personality trait”—which stays the same unless someone has a life-changing experience. Risk perception, on the other hand, is an emotional, temporary judgment of the severity of a risk during a certain time frame.

Read More

Topics: Behavioral Finance

New Call-to-action
The Independent Market Observer, Brad McMillan

Follow Us