Mondays are all about financial adviser-related links here at Abnormal Returns. You can check out last week’s links including a look at the science behind how to give better (financial) advice.
Quote of the Day
"The average age of a traditional wealth management firm’s customer is in the mid 50’s. Much like the threat that millennial cord cutters pose to cable TV companies, traditional financial institutions are not likely to see this coming and will face similar disruption challenges unless they take action now."
(Eddie Yoon)
Players
- BlackRock is to take a 4.9% stake in Envestnet as part of a deal that will see the asset manager's digital wealth technology integrated into Envestnet’s platform. (citywireusa.com)
- The big banks just can't help themselves. The case of Merrill brokers being incentivized to push consumer debt. (wsj.com)
- Financial institutions are beginning to monitor for cognitive decline in customers. (wsj.com)
Firm management
- The financial adviser market is NOT shrinking. (kitces.com)
- The process by which Ritholtz Wealth Management hires new advisers. Hint, it ain't easy. (citywireusa.com)
Taxes
- Year-end tax planning for tax-advantaged accounts is an important service for financial advisers. (kitces.com)
- Multi-year tax planning is becoming a necessity for more Americans. (wsj.com)
Advice
- You are not a superhero: nobody wants to hear your origin story. (danielsolin.com)
- Take note, complex portfolios create anxiety. (ebadvisormarketing.com)
- MIllennials want financial educators. (blogs.cfainstitute.org)
- How an English major became an adviser. (tonyisola.com)
Talks
- Michael Kitces talks with Joe Duran, founder of United Income about the "financial life management" business. (kitces.com)
- Justin Castelli talks with Douglas Boneparth, CEO of Bone Fide Wealth, about working iwth Millennials. (allaboutyourbenjamins.com)
Elsewhere
- Andrew Jones, "According to a new study from Charles Schwab, self-directed clients who have help from a financial advisor are more fully invested, better diversified and on average have a higher account balance when compared to investors who do it all by themselves." (citywireusa.com)
- CalSavers, a new state-sponsored retirement savings program in California, requires employers without a company-sponsored retirement plan to offer employees a Roth IRA. (businessinsider.com)
- A Q&A with John Bogle about his new book "Stay the Course: The Story of Vanguard and the Index Revolution." (thinkadvisor.com)
- When counterfeit goods proliferate it no longer makes sense to signal wealth with luxury goods. (papers.ssrn.com)
