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Summary: When the SEC came out with its proposed best interest standard for broker-dealers (and, by extension, for their brokers and reps), I wrote a detailed comment letter in response. It was a beautiful letter. I eloquently pointed out that the “best interest” standard detailed in the proposal was exactly the same as the current “suitability” standard that I helpfully copied for the SEC staff off the FINRA website.
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Summary: One of the toughest exams in finance is about to get more topical, and for some, more complicated. Starting next year, Levels I and II of the exam to become a chartered financial analyst will include more in-depth questions on fintech, including machine learning and ethics tied to the use of technology within a work setting.
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Summary: Often when advisers meet with clients or prospects, they spend the majority of the time discussing portfolio construction, risk-adjusted rates of return and other minutiae that make the average person's eyes glaze over. Since technology has allowed much of that work to be automated and almost commoditized, advisers are likely much better off using meeting time getting to know their clients on a more personal level. Understanding what actually motivates the client can help advisers provide real and meaningful advice to help them meet their long-term personal and financial goals.
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Summary: Money, or lack there of, has typically been blamed for causing most sleepless nights for Americans, but a recent survey by Bankrate.com, found that the main stressor for 41% of all age groups was relationships.
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Summary: Two recent client stories opened my eyes to something I thought we left behind in high school — peer pressure. Their experiences floored me, and I realized we have to help clients combat much more than just their internal money scripts to achieve financial peace. How do we help them not succumb to the sometimes crippling judgment of others? In turn, how do advisors avoid the same forces?
