- How AI Is Changing the Financial Advisor Landscape
Like many other industries, banking and finance has leaned into chatbots and automation for several years now. While some of these tools have been helpful, by and large, they have tended to be rather clumsy prompt-and-response systems. That looks like it’s completely changed with the growth of generative AI. In the past year, AI has… read more…
- What Is the Future of Financial Advisors?
The financial services industry is continuously evolving, leading to questions about what the future of financial advisors might look like. The good news is that the employment outlook for personal financial advisors appears bright, with an expected 10% growth rate through 2034.1 However, rapid advancements in technology and shifting demand for advice among consumers may… read more…
- Average Number of Clients Per Financial Advisor
Clients are essential to your success as a financial advisor, and you may spend a significant amount of time engaging with the ones that you have and prospecting to find new clients to work with. How many clients do you… read more…
- How Advisors Should Counsel Clients During Tax Law Uncertainty
The 2024 presidential election and anticipated 2025 sunsetting of the Tax Cuts and Jobs Act (TCJA) are creating tax-related uncertainty for advisors and clients alike. But there is still time for clients, especially high-net-worth individuals, to prepare accordingly. Read on… read more…
- Are CDs Back? Where Advisors Are Telling Clients to Stash Cash as Rates Rise
With the Federal Reserve raising its benchmark interest rate month after month, rates on lending products have climbed as well. Certificates of deposit (CDs) are no different. The average rate on a six-month CD has ticked back up to just… read more…
- Will Artificial Intelligence Revolutionize Estate Planning? What Advisors Should Know
Estate planning attorneys and financial advisors be aware: Artificial intelligence, including tools such as ChatGPT, may have the ability to shake up legacy planning in a powerful way. In fact, ChatGPT recently passed the bar exam, scoring high marks without… read more…
- What Advisors Should Tell Clients About the Debt Ceiling Negotiations in 2023
Many economists agree that a federal default would be catastrophic. If Congress refuses to raise the debt ceiling, which House Republicans have threatened to do unless President Joe Biden’s administration grants them certain policy concessions, the economic damage could be… read more…
- Cyber Security Is a Client Service That Advisors May Be Overlooking
With cybercrime increasing at a high rate in recent years, advisors can’t afford to overlook its impact on themselves and their clients. Cybercrime has increased by over 600% since the start of the COVID-19 pandemic and is expected to nearly… read more…
- How Advisors Can Use ChatGPT and AI to Grow or Streamline Business
Recently, buzzy artificial intelligence tools have demonstrated the capability to shake up nearly any industry. That includes financial advising. In recent months, artbots like DALL-E have shown how they can create works of art, while chatbots like ChatGPT can write… read more…
- What Does More CFP Professionals Mean for the Industry?
Each year, thousands of freshly certified financial planner (CFP) professionals enter the industry. In 2022, more than 9,600 new certificates were issued, which was a gain of 5% in a single year. As the CFP designation has grown in popularity,… read more…
- Will the M&A Market Stay Red Hot for Advisors in 2023?
For advisors, 2022 wasn’t just a year defined by high inflation and market volatility. It was also a blockbuster year for mergers and acquisitions (M&A) within the wealth management sector. In 2022, a record number of transactions were announced, according to… read more…
- Is Being a Financial Advisor a Layoff-Proof Job?
The last cyclical recession wiped out financial services. Entire firms melted down, and professionals, ranging from personal advisors to institutional investors, lost their jobs. In 2023, talk of a recession is on the horizon again. Now, however, the larger economic signals are… read more…
- How Advisors Are Approaching Inflation in 2023
Consumers and investors aren’t the only ones worried about inflation. Rising prices remain top of mind for financial advisors, who continue to field questions from clients about inflation’s impact on their financial plans. The good news is that inflation appears… read more…
- How Advisors Are Approaching Bonds in 2023
The bond market was one of 2022’s big question marks. Last year’s stock market took a big hit. Marked by significant volatility, the S&P 500 ended the year down about 20%. But bear markets happen, and stocks are known for… read more…
- Policy and Tax Changes Impacting High-Net-Worth Clients in 2023
As 2023 begins, advisors are looking ahead to the policy and tax changes impacting their high-net-worth clients. Those include changes stemming from the passage of Secure 2.0 Act. Read on for the 2023 policy and tax changes that advisors expect… read more…
- 3 Market Trends Advisors Should Eye in 2023
When looking ahead to 2023, advisors should keep an eagle eye on a range of investing trends and market factors. Nobody has a crystal ball, but after a whiplash-inducing 2022, investing experts are considering the forces that will shape 2023.… read more…
- What Advisors Can Learn From Working With Professional Athletes
Working with professional athletes – whether they play for the NFL, NBA, WNBA, MLB, NHL, MLS, NWSL, MMA, WWE or another sports league – presents unique challenges. Every athlete has a different career timeline and goals. And every athlete tends… read more…
- 4 Things Advisors Get Wrong About Tax-Loss Harvesting
For some reason, financial advisors will frequently tout tax-loss harvesting as an incredible opportunity, skipping over the fact that it is ultimately a consolation prize for having lost value on an investment. There is absolutely a case for tax-loss harvesting and… read more…
- Millennials, Gen Zers Are Gaining Wealth, But Advisors Aren’t Meeting Them Where They Are
Young Americans are poised to inherit and grow significant wealth. But when it comes to meeting them where they are – notably, on various digital feeds where they tend to take in financial advice via video – financial advisors aren’t… read more…
- A New Advisor Ranking Is Launching. Here’s What Advisors Should Know
USA Today will publish its inaugural “Best Financial Advisory Firms” list in April 2023, according to the digital news organization. The aim is to publish a guide to the top registered investment advisors (RIAs). The company says that results will… read more…
- For Advisors, Market Volatility May Have a Silver Lining
The current bear market and widespread economic anxiety may have financial advisors feeling squeamish as they watch assets under management (AUM) shrink and clients worry. But upticks in market volatility may have a silver lining: It increases demand for financial advice.… read more…
- As More Clients Recognize the CFP Designation, Advisors Take Note
Clients are becoming more aware of the certified financial planner (CFP) credential, according to the CFP Board’s latest metrics. The Board has endeavored to showcase the CFP mark’s value via a public awareness campaign – and has raised fees, in… read more…
- Becoming a Top-Ranked Advisor Boosts AUM, Client Accounts
Surprise! Surprise? For financial advisors, scoring placement in a “top advisor” list pays off. According to research from the University of Kentucky, being named a top advisor increases assets under management (AUM) and client accounts for individual advisors and their… read more…
- Retirees Don’t Know Their No. 1 Retirement Risk: Advisors Can Help
Retirees don’t accurately understand their risks in retirement, according to a recent analysis from the Center for Retirement Research at Boston College. The brief, authored by Wenliang Hou, finds a disconnect between how retirees rank perceived risks and their objective… read more…
- Model Portfolios Gain Popularity: Advisors, Take Note
Model portfolios, which provide financial advisors with a prebuilt framework for investment portfolio design, are surging in popularity. Assets following model portfolios grew to $349 billion as of March 2022, according to financial services firm Morningstar. That’s an estimated 22%… read more…