Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that CFP Board CEO Kevin Keller this week announced his plans to retire and step down from his position at the end of April next year. During his nearly two-decade tenure, Keller oversaw a near-doubling of the number of CFP professionals, the establishment of a new 501(c)(6) professional organization to promote the benefits of financial advice and planning careers, and updates to the CFP Board’s investigation and disciplinary processes, among many other changes.
Also in industry news this week:
- Financial Planning Association CEO Patrick Mahoney died this week after a battle with cancer, leaving behind a legacy that includes rejuvenating the relationship between FPA National and its chapters
- A group of advisory trade groups and broker-dealers have sent a letter to Congressional committees requesting that the IRC Section 199A deduction (more commonly known as the Qualified Business Income, or QBI, deduction) be extended and expanded to remove the “specified service trades or business” designation that limits the deduction for financial advisors (and clients in certain professions) with income over designated thresholds
From there, we have several articles on retirement planning:
- How advisors can incorporate a client’s Social Security benefits into their broader retirement income strategy to match client preferences for lifetime income and/or legacy interests
- Why a TIPS-based strategy could be an attractive way to meet clients’ ‘core’ spending needs while protecting against future increases in inflation
- Why RMDs can potentially affect safe withdrawal rates and how advisors can help clients minimize any potential negative effects
We also have a number of articles on advisor technology:
- How using a “core and satellite” approach can help advisory firms build their tech stacks in a cost-effective manner
- The potential value for firms in auditing how they use their CRM software, as well as ways they can maximize its effectiveness
- One expert makes his selections for the ‘ultimate’ advisory firm tech stack, covering a broad range of AdvisorTech categories
We wrap up with three final articles, all about maximizing vacation days:
- Why “unlimited PTO” policies can sometimes backfire and how firms can ensure that their PTO policies reflect their goals and allow employees to take sufficient time away from the office
- How linking PTO days to holidays and weekends can turn 15 days off into more than 50 days of vacation
- Why research into vacations and happiness suggests that incorporating novelty into (longer) vacations can make them more enjoyable
Enjoy the ‘light’ reading!
(Michael’s Note: It is with a heavy heart this week that we pay our respects and bid farewell to Patrick Mahoney, the CEO of the Financial Planning Association, who passed away this week after a long battle with cancer. Patrick and his leadership was a breath of fresh air for the FPA, as he worked proactively to repair the national organization’s relationships with both its internal chapters and external allies, refocus the organization’s staff on supporting its chapters and its core (CFP certificant) member, and stabilize its membership after prior years of declines. It is a tragic loss for the FPA that Patrick’s ongoing work was cut short, and he will be greatly missed. Farewell, Patrick.)
