What Financial Advisors Are Reading This Week

17th Feb 2016

Advisors read news together

Obama’s Budget Signals Death of Many Tax Breaks

President Barack Obama’s budget proposal released Tuesday could mean the end of several tax-saving strategies wealthy investors have come to rely on. While the proposals, which include provisions to raise taxes and limit tax-reducing tricks in retirement accounts, are not likely to pass in an election year, their mere existence signals that certain tax-minimization strategies will be soon phased out, according to Michael Kitces, director of financial planning at Pinnacle Advisory Group. The White House is once again proposing certain retirement savings limits as revenue provisions that could appear in a piece of legislation or become part of wider tax reform.

Via Financial Advisor

Serving Famous Athletes and Entertainers Poses Unique Challenges for Advisors

While serving as a financial advisor to a well-known athlete or entertainer can be exciting, most concede it’s a lot of work and very different from advising run-of-the-mill rich clients. Stars are often plagued by short-lived, unpredictable income streams; they come into huge pots of money very suddenly at an early age and often find themselves without a source of income only a few years later. Although not specifically addressed in this article, advisors also can help these clients hold onto more during the high income years by tucking away large sums in defined benefit plans.

Via Investment News

Emotional Knowledge is Key to Investment Success

Understanding emotions and how we process information to make decisions is vital to investment success, whether you manage your own portfolio or whether you have hired a professional portfolio manager to handle the task. Unfortunately, most professional money managers don’t understand that their emotional judgments may be harmful to portfolio performance — money managers are at the mercy of the investor’s behavioral biases without even realizing it.

Via Advisor Perspectives

What’s Your Story? HNW Advisors May Need Better Marketing

Advisors serving high-net-worth and ultra-high-net-worth clients will have to learn a few new tricks to attract and retain clients, according to an industry consultant. Popular marketing strategies that depend on introductions, referrals and traditional branding won’t carry over easily to reach tomorrow’s affluent clients because they are beginning to respond differently to branding. Storytelling has become a powerful marketing tool that allows brands to connect to consumers on an emotional level.

Via Financial Advisor

5 Years of Studying the Wealthy Taught Me Most People Misunderstand What It’s Like to Get Rich

An author who studied habits of the rich for five years says that becoming a self-made millionaire was a process, “a progression of one thing to the next, completely under the radar of their consciousness.” Becoming a millionaire requires the creation of a vision, defining the dreams within that vision and the pursuit of many goals.

Via Business Insider

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What does a TPA do when it comes to Defined Benefit plans? https://t.co/0gRc8xS1Ar

3:47 AM 24 September 2022

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How Congress can turbocharge #smallbusiness retirement savings. https://t.co/n6olA6CWTs

3:35 AM 24 September 2022

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Who are the 9 typical clients who open Defined Benefit #retirement plans? https://t.co/7NEmXAFNXJ

3:14 AM 24 September 2022

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Here are 5 ways #smallbusinessowners can start preparing for retirement. https://t.co/7gN1hDiYw9

3:12 AM 24 September 2022

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Learn why we're the “go-to” experts on retirement plans for small businesses and the self-employed. https://t.co/lU4yDKOELV

3:17 AM 23 September 2022

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What adjustments should I make to my retirement savings? https://t.co/qcQHwYhvdc

3:05 AM 23 September 2022

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