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Wealth management

A year of strong opinions in Financial Planning — 12 highlights

ByEditorial Staff
January 8, 2024 2:00 PM
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We've flipped the calendar page from 2023 — a year in which Financial Planning published nearly 100 original Voices columns alongside our daily (award-winning) reporting.  

The topics our esteemed columnists tackled ranged far and wide, from tech to taxes, marketing to machine learning, personalization to professional development, and so much more. It was challenging, but we selected just one column from every month of the year — take a tour of our 2023 Voices in the slideshow below. And be sure to also check out our full archive.

January: Sam Gottleib on professional development via designations

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The challenges of studying for and earning professional certifications can pay off for financial planners — especially in today's competitive environment. 

"Employment in the financial world is very much tied to the economy, and in tough economic times, there will be layoffs," Gottleib wrote. "Earning the CFA charter is one step you can take to maximize your chances of survival when companies are reducing headcount. The additional knowledge you receive from studying for the exams, as well as the dedication you show by setting and achieving a difficult goal, will show your employer flexibility and dedication." 

READ: Is the 'grueling' CFA exam worth it for advisors?

February: Monnencia S. Riley on wealth management and equality

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The journey toward financial clarity can connect investors with their families and expand their financial options into the future.

"Financial advisors play a meaningful role in helping close the racial wealth gap in America," Riley wrote. "They serve as counselors, educators and advisors, helping clients manage their resources for the long term. While building wealth over time isn't guaranteed, we believe that increasing financial literacy among clients is an important step to helping them create a strategy that enables them — and their loved ones — to pursue their goals, live with more financial security — and ultimately pass their knowledge to their next generation of loved ones." 

READ: 6 conversations toward generational wealth in an increasingly diverse America 

March: Brian Schaefer on investing strategies

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Two porcine pals, two investment styles, two very different outcomes.

"Our friend the Yield Hog salivates over 4% T-bills and compares them to the sub-2% yield on the S&P 500 Index of large-capitalization stocks," wrote Schafer. "They wonder why they should take risk in the stock market and have contemplated selling their stocks and allocating a large chunk of their portfolio to cash.

"The Prudent Pig, however, knows that the Fed may need to reverse course as the lagged effects of tighter monetary policy flow through the economy. They know these cash yields may not last, and that future rate cuts may once again buoy stocks."

READ: Bond investors: Be a prudent pig, not a yield hog

April: Frank Pape on inspecting client taxes for important clues

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Four tax forms in particular contain insights to a client's financial life and how to serve them better. Pape explained them.

"Financial advisors have lots of experience acting like detectives as they try to learn about their clients and deduce the best course of action for their investments," Pape wrote. "But on the cusp of tax day, advisors should take their Sherlock Holmes skills one step further and engage in a bit of forensics, studying tax forms to find evidence that can help them help their clients."

READ: Tax form forensics for financial advisors

May: Christine Simone on early retirement planning

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Clients in the enviable but unusual situation of retiring very early — or aiming to do so — can often use advisors' help when it comes to planning for health care options.

"For pre-retirees, finding the right coverage can be stressful if not overwhelming," Simone wrote. "Most Americans have three options for health insurance between the time they retire early and the time they turn 65. Learning more about how they work, and who they work best for, will add value to your practice."

READ: What's the best health insurance for early retirees?

June: Jay Beynon on practice and client management

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Embracing uncertainty in strong and weak markets alike grounds the client, their portfolio and the practice.

"In strong and weak markets alike, planning should not feel like a rollercoaster ride," Beynon wrote. "Have at least one conversation with clients about separating their emotions from the investing process before, or early in the cycle of, market upswings and downswings. Disciplined investing is equally relevant to bull and bear markets."

READ: Financial planning that stands the test of market cycles

July: Sophia Duffy on complex family dynamics in estate planning

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Schisms among parents, children and siblings are on the rise in the U.S. and must be factored into wills, powers of attorneys and other legal instruments.

"A critical component of an estate plan is the selection of fiduciaries: the executor, medical power of attorney, and financial (durable) power of attorney. Choosing at least one alternate to a spouse is always recommended; however, naming an estranged child out of a sense of obligation is ill-advised. Without a strong and positive personal relationship with the client, the child could make inappropriate medical and financial decisions that are not in the best interest of the client." 

READ: Family estrangement and its impact on estate planning

August: Jean Sullivan on AI in advising

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The potential of large language models is vast — but so are the pitfalls if not used ethically and in accordance with industry regulations.

"Wealth managers — assuming the appropriate regulatory and compliance oversight is in place — may choose to further embrace and develop use cases such as reviews of market trends and future market outlooks, client portfolio updates or specific investment opportunities," Sullivan wrote. "This work is currently not performed by bots but by market analysts or chief investment officers; the content is then reviewed by compliance and must conform to regulatory guardrails. 

READ: How LLM 'superbots' are transforming wealth management

September: Vinay Nair on updating wealthtech

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Used as directed, superbots are particularly well suited to the needs of financial advisory firms, argues Nair, the CEO of TIFIN.

"Depending on what you read, AI — usually referring to the latest generation of chatbots — is either ridiculously incompetent and prone to hallucinations, or else it's going to take jobs, upend the social order or maybe even take over the world," Nair wrote. "As the founder of a wealth technology fintech firm who works with and advocates for AI every day, I, of course, have a different perspective."

READ: How wealth management can apply AI … intelligently

October: Nilesh Vaidya on turning toward affluent investors

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Firms overly reliant on ultrawealthy clients need to ramp up their digital capabilities to attract the growing segment of clients with less than six figures in assets.

"Although HNWIs, as the industry acronym goes, will always be with us, wealth management firms and big banks, like smart investors, must diversify to find new revenue streams with long-term value," Vaidya wrote. "Affluent investors, a wealth band with investable assets typically between $250,000 and $1 million, are likely candidates." 

READ: How 'mass personalization' can capture affluent investors' trillions

November: Angela Streba on advisor marketing

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Brand is more than logos, color palette and images — it's a consistent effort that encompasses every client-facing aspect of your practice, according to Streba, a marketing expert.

"Whether you're a quickly growing advisory firm, leading a small team, or working as a solo practitioner, branding matters," Streba wrote. "It conveys your firm's DNA, establishes credibility and bubbles up your differences from competitors. A strong brand creates an emotional connection that validates the choice your clients made to work with you and gives prospects a glimpse of what it would be like to be your client."

READ: To boost your advisory brand, answer these 11 questions

December: Luis F. Rosa on tapping the talent pipeline

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Don't know where to find diverse talent for your firm? No more excuses — here's everything you need in order to start hiring.

"Underrepresentation persists in the financial planning industry, and the BLX Internship Program exists to address head-on the profession's long-standing diversity gap," wrote Rosa, a co-founder of the program. "The BLX Internship Program is not just a concept; it's a concrete solution. There is a pressing need for such initiatives, and it is urgent that firms sign on now to disrupt the status quo and foster inclusivity."

READ: Here's how financial firms can disrupt the status quo and truly commit to diversity
Editorial Staff
Wealth management Professional development Financial planning
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