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Financial advisors have 'black Monday' blues Reuters Share    
For plenty of financial advisors — who also serve as quasi-therapists, spiritual gurus and confidantes — Aug. 8 was bad. The S&P 500 posted its largest drop — more than 6 percent — in nearly three years, sparked by rising fears of a recession and fueled by the United States' loss of its perfect triple-A credit rating. Panicked selling on heavy volume resulted in the S&P's worst day since December 2008. An advisor at a brokerage giant Merrill Lynch office in a Philadelphia suburb said the phones rang off the hook all day. Alan Haft, an independent financial advisor in California, said his phone was buzzing with calls from clients wanting to "sell everything." More
Politicians and economy worry wealth managers, not downgrade Registered Rep Share
S&P's downgrade isn't the problem, say wealth management and family office executives; it's worse than that. The problem is the nations' underlying structure of political, economic and fiscal problems — they are a legitimate cause for long-term concern. While S&P's unprecedented downgrade of U.S. debt clearly sparked a steep market sell-off, top wealth management executives said government policies and the economy weighed on their minds much more than the ability of the U.S. to borrow in world markets. More Discounting Social Security The Wall Street Journal Share
Deepening concerns about the U.S. national debt have put Social Security in the spotlight and raised the chances that benefits could be curbed in the future. Some advisors are figuring that into their planning for clients. A financial planner in Minneapolis tells clients that affluent retirees could eventually see their benefits reduced or even eliminated. His strategy: Clients less than 50 years of age shouldn't count on Social Security benefits at all. "That way, clients save aggressively for their retirement without depending on the system," he says. More It's time for entrepreneurial advisors to reap the rewards of ownership Forbes Share
Post financial crisis, advisors continue to break away from Wall Street in hopes of restoring client trust. There is an equally important, if sometimes overlooked, reason why advisors should consider independence: the opportunity to monetize your own business. Independent advisors have steadily gained market share at the expense of Wall Street. An independent advisor is no longer an employee of a firm — he or she is an owner. More Stock market plunge: Not just a rich guy problem CNNMoney Share
With no end in sight to the stock market's downward turn, investment advisors have cautioned panicked clients to remain calm. But, for some investors, the sell-off in the market has dealt a devastating blow. "This is part and parcel for the stock market, and investors who have been invested in the market for a long time have seen volatility like this before, so they're willing to stay the course." But for people who are on the brink of retirement, or about to send their kids to college using their investments, the fact that the market has now lost all of its gains for the year is a lot more disconcerting. More
IRS issues guidance on carryover basis rules for 2010 decedents' estates Journal of Accountancy Share
On Aug. 5, the IRS issued guidance on the time and manner for making the election not to have estate tax apply to estates of decedents who died in 2010 (Notice 2011-66). The election must be made by Nov. 15. The notice also discusses how donors can elect out of automatic allocation of the generation-skipping transfer tax exemption for direct skips in 2010 and clarifies when 2010 GST tax returns are due. More
Protect clients — and yourself — from the perfect scam Financial Planning Share
There's no doubt the baby boom retirement wave has created a tremendous opportunity for financial advisors. But those with less noble goals also see an opportunity, and they're putting financial advisors squarely in the crosshairs. According to a recent study, elder fraud is now an almost $3 billion per year problem, which is being compounded in the aftermath of 2008's economic downturn. More 6 tips for how to say 'no' while avoiding conflict IFAwebnews.com Share
We all have to say no at times, and some people find it easier than others. What is interesting is that almost all of us struggle with the right way to say it. People who hate to say no find it hard to do, and sometimes do something much worse than hurt someone’s feelings. People who don't mind saying no don't find it hard to do, but can lack the skills to do it gracefully and very often instill hard feelings, even when that is not their intent. More
Professional Development and Continuing Education Programs from FSP Society of FSP Share
Did you know that almost all FSP educational programs offer CE credit for Insurance, CFP®, CLE, CPE, PACE and ICB? Visit FSP programs for all upcoming programs and events. Networking can help you build your business Society of FSP Share
FSP members can connect with other members throughout the country to share ideas, ask questions and get answers to tough cases. Visit Find Another Member to take advantage of this membership benefit that can help you build profitable business relationships. Over 175 advisors signed up for FSP's Clinic for Advanced Professionals Society of FSP Share
With the Clinic one week away (Aug. 16-17), there are still a few seats left. But don't delay. At a member price of just $465, this is a meeting you can't afford to miss. Earn up to 12 hours of CE, gain in-depth knowledge in areas crucial to financial advisors, and learn strategies and techniques that can grow your business. Visit Clinic for complete details and registration. |
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