Advisors often shy away from asking clients for referrals because they do not want to burden or alienate them, writes Christopher Crawford of Buffalo Funds. He offers pointers to help ensure advisors are asking the correct way, including making sure clients are satisfied before asking for a referral and keeping…
Nine advisors share stories about mistakes they’ve made and how they fixed the issue. Mistakes include assuming all clients are being truthful about spending and only engaging one person in a couple during the planning process. ThinkAdvisor
The IRS has released updated static mortality tables and mortality improvement rates. The data are intended to be used by defined-benefit retirement plans for funding targets and valuation calculations during 2020. PlanAdviser online
When the Securities and Exchange Commission adopts Regulation Best Interest, the Financial Industry Regulatory Authority will revise or eliminate its suitability rule, said Robert Colby, FINRA’s chief legal officer. Because FINRA will enforce Reg BI, it needs to look at whether there is any reason to keep the suitability rule,…
Steve Schoonveld, head of linked-benefit product solutions at Lincoln Financial Group, seeks to correct several misconceptions about annuity and life insurance contracts that include long-term-care benefits, starting with the idea that they lack inflation protection. He also makes the case that they should be called combination products rather than hybrids,…
Prospects sometimes lie, but that may be because they are trying to be nice or don’t know how to appropriately answer a question, writes John Pojeta of The PT Services Group. To get to the truth, he suggests financial advisors push for specifics and frame conversations in ways that make…
Advisors spend more than one-fifth of their time dealing with administrative matters, according to a recent study. “Administrative tasks don’t give advisors a competitive advantage,” writes Rob Klapprodt of Vestmark, who offers five tips for maximizing efficiency. Financial Advisor online
Financial advisors reveal some of the mistakes they see retirees make, including not having a realistic budget and taking pensions or Social Security too early. Many retirees also do not mentally prepare for retirement, says Brandon Garrett of Snow Garrett Wealth Management. ThinkAdvisor
Increasing technology use and decreasing fees will affect retirement plan advisors in the next few years, suggests Fred Barstein of The Retirement Advisor University. He looks at these and eight other factors, including cybersecurity, regulations and the “convergence of retirement and benefits.” InvestmentNews
It is “nearly impossible” to create a successful marketing plan without first identifying your target market, contends marketing expert Bob Hanson. He offers five tips to help advisors narrow down their target client base. Advisor Perspectives
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