Research shows people are much more likely to retain facts if they are delivered as part of a narrative. Among the ways financial advisors can tell a compelling story to clients are to structure reports and presentations like narratives and incorporate case studies. ThinkAdvisor
An irrevocable trust can be a valuable tool for a client who cannot afford to self-insure against long-term-care costs and is unable to purchase long-term-care coverage. Assets inside the trust can be noncountable for Medicaid purposes if the trust is funded at least five years ahead of time. Advisor Perspectives
A few modifications to client review meetings can make them more valuable, writes David Templin Saylor of Invesco Consulting. He suggests sending a premeeting checklist, putting the focus on the client and following up with a summary. ThinkAdvisor (free registration)
The Federal Open Market Committee was more positive about the US economic outlook at an October meeting than at a September meeting, minutes show. Officials discussed the economy’s resilience amid challenges and agreed taking the benchmark interest rate into negative territory would be a bad idea. MarketWatch
Every advisor should possess seven essential business skills, including time management, goal setting and networking, consultant Jim Rohrbach writes. These skills will help advisors mentally prepare and allow them to “engage the marketplace,” he writes. Advisor Perspectives
Financial advisors should avoid coasting through the end of the year and instead step up their game, writes Bryce Sanders of Perceptive Business Solutions. He offers 10 suggestions to close the year strong, including getting ahead on year-end tax selling, hosting a holiday event and accepting as many invitations from…
Finding ideal clients largely comes down to establishing your niche, but advisors must also learn how to screen prospects to weed out potential problem clients, Crystal Butler writes. She provides a list of questions advisors can ask themselves to help determine their ideal client base. Advisor Perspectives
Advisors can differentiate themselves by becoming financial problem solvers for clients, writes Carolyn McClanahan of Life Planning Partners. She describes a time she helped a client deal with his father’s messy estate plan, saving an estimated $600,000 in income taxes and administration costs, which eventually led to additional business from…
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