Advising clients through hardship withdrawals and required minimum distributions becomes more complicated when tax laws and plan options contradict, as plan options are often more restrictive, Ed Slott writes. “Financial advisors should be familiar with planning strategies that are optional for company plans, before you assure your clients that the…
To stay on prospects’ radar without pestering them, Bryce Sanders of Perceptive Business Solutions offers seven tips. Among them are finding the right channel through which to communicate, offering new information and making periodic phone calls. ThinkAdvisor
Top financial advisors understand the human decision-making process and use this knowledge to their advantage when prospecting, Matt Oechsli writes. He discusses the role human instincts play and looks at four components that factor into instinctive decision-making: negativity bias, confirmation bias, herd mentality and pattern recognition. WealthManagement
The general public has a number of misconceptions about financial advisors’ jobs that advisors would be wise to address with their clients, writes Bryce Sanders of Perceptive Business Solutions. These include that all fees go directly into the advisor’s pocket and that an advisor’s job is to keep clients from…
The Financial Industry Regulatory Authority has warned advisors of an email phishing scam in which compliance personnel are asked to open an attachment that “could pose security risks” to a computer network. The email appears to come from a credit union in Indiana that wants to notify the advisor of…
Given market volatility, recommending annuities to clients is a way to expand a business and to meet clients’ needs, writes Chris Conklin, vice president of individual annuities at The Standard. Stability, safety and ease of use are among annuity benefits Conklin cites. ThinkAdvisor
The way retirees can maximize their Social Security benefits after age 70 depends greatly on each individual’s circumstances, writes financial editor Mary Beth Franklin. “By delaying until age 70, the spouse with the maximum benefits is potentially increasing the future survivor benefit for the remaining spouse,” she adds. InvestmentNews
Advisors “cannot afford to botch the first impression” in today’s highly competitive environment, writes MarKay Long of The PT Services Group. She suggests advisors stay consistent and polished across all business channels, communicate with staff on the importance of first impressions and make physical updates to the office. ThinkAdvisor
An analysis of the 4% rule suggests it can still be a valuable guideline for determining the rate at which assets can be withdrawn in retirement, according to Capital Investment Advisors’ Wes Moss. He explains how he uses the rule to develop spending guidelines for clients. InvestmentNews
The lack of demand for lifetime annuities may be due in part to a sense that it is unfair for the insurer to keep excess funds if the annuity holder dies, according to an academic research paper. However, Shlomo Benartzi and Suzanne Shu of the University of California at Los…
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