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Scoop.it!
There are a variety of things wealth management firms can do to try to increase client understanding. 
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Scoop.it!
Wealth management – a combination of investment management and holistic financial planning advice, typically for affluent clientele – has become an increasingly dominant model in recent years.
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A financial advisor who seeks to manage the entire relationship and not just the investments will likely have a long lasting bond with both the client and their family members.
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It's hard enough to get clients to talk about life insurance for themselves, but National Pet Month in May is a good opportunity to open the door to that discussion.
AdvisoryQuest's insight:
What would happen to your client's pet(s) if they were incapacitated or passed away? Is this what they would want for their pets?
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Parent investments rarely hurt chances for financial aid, and advisors can talk sense into clients with college-aged children.
AdvisoryQuest's insight:
Some good tips and reminders to share with parents saving for their children's education. General FASFA and PROFILE guidelines are covered in the article.
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From 1985 to 2014, the Consumer Price Index ran 5.1 percent behind the CPI-E, an experimental measure created by the U.S. Bureau of Labor Statistics to measure the inflation affecting elderly Americans, according to research by J.P. Morgan Asset Management. The culprit is health care, which accounts for 13 percent of expenditures by Americans over age 65, compared with 5 percent for all other age groups, according to the Center for Retirement Research at Boston College.
AdvisoryQuest's insight:
With healthcare costs rising faster than inflation, it is becoming increasingly important for advisors to factor this into planning for clients, particularly elderly clients without the assets to absorb these costs.
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It's time to think ambitiously about the services that investment professionals can provide in the future.
AdvisoryQuest's insight:
Thought provoking article on areas the author believes are ripe for disruption in the finance industry as well as looking at areas where we can impact and facilitate change for our clients.
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Long-term care costs are rising steadily nationwide, but the costs vary significantly across the country, within each state and by the type of care needed.
AdvisoryQuest's insight:
Although the reasons for the variability in cost among the states are many, the point is that it is important that to know the cost of care in the states you have clients residing and to help them prepare for the possibility of the cost if/when needing this type of care.
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It's a complicated-but viable-process for advisors, says Adam Patti of IndexIQ.
AdvisoryQuest's insight:
The author looks at one ETF based method to gain exposure to hedge fund strategies in your portfolios.
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While the launch of direct-to-consumer “robo-advisors” hasn’t exactly disrupted the existing AUM of (human) financial advisors, the technology tools of robo-advisors have done much to highlight the inferiority of many of the technology solutions...
AdvisoryQuest's insight:
Michael ends the article by asking some great questions to help you decide if a robo-advisor option would or should work for you...."So what do you think? Do you have interest in implementing a “robo-advisor” solution in your practice? What problem would it solve or role would it fulfill? Are some platforms more or less appealing to you than others? Would a robo-advisor offering change how you charge your clients or offer services to them?"
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A checklist of documents and information that you will need from the client.
AdvisoryQuest's insight:
A good list to use in this situation.
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Here's a simple way to show clients how you add value: increasing their net pay.
AdvisoryQuest's insight:
A simple thing you can do to help clients...and show them another way you add value.
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"A comprehensive new report on retirement health care warns that the expected increase in health care expenses for seniors will nearly swallow the average Social Security benefits Americans often depend on for retirement."
AdvisoryQuest's insight:
The report cited that a a couple aged 66 today can expect health care costs to eat up 67% of their lifetime Social Security benefits. The problem becomes more challenging for younger people since the projected health care inflation rate is about 6.5%.
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For much of its history, financial planning software was basically just an elaborate calculator.
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“Sometimes family doesn't know best When establishing a trust, the creator might feel naturally inclined to name a trusted family member... not so fast read more”
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The Uniform Law Commission and NetChoice are working separately to try to make it easier to close up accounts and transfer funds after the owner dies.
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How long does a client really need to hold onto a paper 401(k) statement or ATM receipt? Probably less time than you think. Here are 20 types of personal records and their recommended holding period.
AdvisoryQuest's insight:
The slideshow provides a good list to share with clients. It will probably help clients clean up some of the files they don't need any longer.
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A Morningstar study shows the average fundholder pays 15% less than five years ago.
AdvisoryQuest's insight:
The study cites the reason as investors seeking lower cost funds and not that fund companies are cutting fees.
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HNW families don't always manage the physical risks to their increasingly valuable art collections with the same rigor they employ when managing financial investment risk.
AdvisoryQuest's insight:
The three main risks accounted for 75% of all fine art property claims for the past two years- Breakage, Water Damage, and Transit. Advisors can help clients understand and manage these risks by understanding what they are and how to reduce the risks.
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A couple retiring in 10 years at age 65 will spend about 90% of their lifetime Social Security benefits on health care, HealthView Services warns.
AdvisoryQuest's insight:
The five charts and article looks at the various costs of health care found in the study and notes that healthcare cost inflation is 6%, up from 3.6% in 2014. The study forecasts healthcare inflation will continue at "a multiple of CPI and significantly outstrip Social Security cost of living adjustments."
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If they could have retired with the same amount of money, retirees wish they had stopped working four years earlier, an NY Life survey found.
AdvisoryQuest's insight:
Probably easy for the survey to come to these results after people have had a chance to see how their retirement is playing out.
It does, however, raise an interesting point. Advisors should help clients build a plan that is flexible, allowing clients to retire (or work less) earlier than planned if they so choose.
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The “kiddie tax” rules were created to limit the ability of families to save on taxes by simply shifting income – especially investment income – from higher-income family members (like parents) to lower income family members (such as children) to take advantage of their lower tax brackets.
Yet while the kiddie tax rules are unavoidable for young children, it is often possible to avoid their reach for college students, who are not subject to the kiddie tax if they also generate enough earned inco
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As a guaranteed income stream that cannot otherwise be liquidated or reinvested, most retirees don’t think of their Social Security benefits as an asset. Nonetheless, its value actually can be calculated, given known payments and reasonable assumptions regarding interest/growth rates and life expectancy. And in fact, the payments are significant enough that it would take several hundred thousand dollars just to replicate the average Social Security retirement benefit for an average life expectan
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For retirees who don’t wish to take any market risk, one of the most straightforward retirement income strategies is to simply purchase a bond ladder that will provide the desired cash flows in each year of retirement.
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There is at least one corner of the investment universe where active management may be worth the expense—fixed income. If your clients have passively managed fixed income funds, it may be time to get out.
AdvisoryQuest's insight:
Although the majority of actively managed bond funds fail to beat their index, there are a few areas of the bond market where the passive approach doesn't win. The article points out that "this passive advantage melts away when you look at the performance of investment-grade short- and intermediate-bond funds and global income funds. Only half of intermediate funds were outperformed by benchmarks, for example, compared to 95 percent of long-maturity government funds, S&P reported."
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