Fiduciary Links: When clients set their own priorities, they are more likely to act
Posted by fi360 Team on October 07, 2013
>>>Michael Kitces has a great post out this morning about helping your clients set priorities as a method for actually getting them to act. The idea comes from the behavioral issues of clients being overwhelmed by choices and ignoring recommendations that come from the advisor. Kitces points to research and suggests a process that engages the client in self-prioritizing, physically writing out steps themselves, and taking ownership of their “to-do” list as a method of incrementally working through the totality of the necessary action items. In short, if the reality is that clients either can’t or won’t do everything at once, you need to do whatever is necessary to guide them through one step at a time.
>>>>Of course, the big news nationally was the government shutdown. So here is your obligatory roundup of how the shutdown is affecting advisors, investors, and related government agencies:
- A short shutdown probably won’t harm clients, but still might warrant a round of client outreach [InvestmentNews]
- DOL investigations paused unless critical. [InvestmentNews]
- Experts don’t see shutdown turning into debt default [InvestmentNews]
- “It’s folly to try and Washington-proof your portfolio,” i.e., don’t use the shutdown to justify bailing on your long-term strategy [InvestmentNews]
- Roger Wohlner looks at some areas that could be affected, most notably for government employees and economic reporting [U.S. News & World Report Smarter Investor Blog]
- While shutdown is a non-factor, underlying debt issues are something to keep tabs on [ThinkAdvisor]
Now on to the rest of the week's best links:
News and columns from the leading trade, consumer, and mainstream media:
- Use social media to meet year-end goals. [InvestmentNews]
- Time to retire the idea of retirement. [ThinkAdvisor]
- SEC subcommittee wants fiduciary duty for brokers with room for transaction-based recommendations. [ThinkAdvisor]
- Most investors still fear risk six years after crisis, study finds. [Financial Planning]
- Older workers are more likely to have access to retirement plans [ThinkAdvisor]
From the organizations/associations/government/academia:
- SEC issues draft of Recommendation of the Investor as Purchaser Subcommittee Broker-Deal Fiduciary Duty. [SEC]
- CEFEX renews 29 registrations, to view the complete list of registered firms visit here. [CEFEX]
- Trisha Brambley, a 2013 INSIGHTS conference speaker, now has a series of client workshops available for advisors looking to add education capabilities. Click here to find out more. [Retirement Playbook]
- Richard G. Ketchum, Chairman and Chief Executive Officer, gives a speech on financial literacy. [FINRA]
From the blogs:
- Trending topics for ERISA plan sponsors [Fiduciary News]
- Plan Sponsor Alert: Behavorial finance reframing future of 401(k) [Fiduciary News]
- The International Paper Settlement and the Continued Vitality of Excessive Fee Claims. [Boston ERISA & Insurance Litigation Blog]
- You can win without differentiation. [Harvard Business Review]
- Decision making under stress: the brain remembers rewards, forgets punishments [Meridian Blog]
- Scaling: the problem of more. [Harvard Business Review]
- Charles Goldman has landed at Genworth following the end of Advizent [RIA Biz]
- Overwhelmed by Tasks? [The Investment Scientist]
Articles your clients are reading (or should be):
- How can you be retired if you're still working? [US News]
- 7 ways to blow your retirement nest egg - and how to protect your money as you approach retirement. [US News]
- Some stock market perspective amid the government shutdown. [US News]
- Americans are saving too much - sort of. [Time]
