Weekend Studying For Monetary Planners (Dec 17-18) 2022

(Melanie Waddell | ThinkAdvisor)

As a way to get hold of the CFP certification, a person should full what are generally known as the “4 E’s”: Education, Examination, Experience, and Ethics. And present holders of the CFP marks have a Continuing Education (CE) requirement of a minimum of 30 hours each two years. Collectively, these necessities are supposed to guarantee these holding themselves out as CFP professionals have the competency (and maintain themselves to sure moral requirements) to supply monetary planning recommendation to the general public. Sometimes, CFP Board has reviewed these necessities to make sure they’re assembly the wants of the group, its certificants, and the broader public. For example, CFP Board enacted a brand new Code of Ethics and Standards of Conduct in 2019 that, amongst different issues, for the first time imposed a “fiduciary at all times” obligation on CFP professionals, whether or not offering complete monetary planning, or non-financial-planning monetary recommendation.

And this week, CFP Board announced that it’ll kind a Competency Requirements Fee in 2023 to evaluation and consider its competency necessities for Schooling, Examination, Expertise, and CE, addressing matters akin to the quantity of CE credit that CFP professionals ought to have to earn on an ongoing foundation (and what content material, from offering pro bono service to taking follow administration packages, ought to qualify), present schooling necessities to earn the CFP marks within the first place, and the efficacy of the Experience requirement. The Fee will include volunteers from monetary companies companies, educators, certification and credentialing professions, and members of the general public, amongst different stakeholders, who will make the last word choice on what the brand new Requirements needs to be. Alongside the best way, although, CFP professionals and different stakeholders will likely be given the chance to supply suggestions to CFP Board on the present requirements for CFP certification. Notably, the institution of the Fee marks a departure from selections made extra unilaterally by CFP Board associated to the “4 E’s” in recent times, akin to the establishment of a two-year Apprenticeship Path to fulfill the Experience requirement in 2014 that occurred inside public remark (as a part of a broader cessation of public comment periods regarding changes the four E’s that occurred since 2012).

Of most direct impression to most advicers could be the Fee’s potential to evaluation CE hour necessities for CFP certificants. As a result of the present requirement of 30 hours each two years is decrease than many different professions, the Fee may suggest a rise, maybe to 40 hours each two years. Although CFP Board does have a potential conflict of interest in this area, as earlier this 12 months it rolled out a brand new charge for CE sponsors of $1.25 for each CE hour reported for CFP certificants, that means that elevated CE necessities on CFP professionals would additionally convey in additional income for CFP Board.

For the Schooling requirement, the Fee may think about whether or not the present requirement for monetary planning schooling (which at the moment equates to roughly six undergraduate-level programs) ought to change, in addition to the appropriateness of the requirement that CFP certificants have a bachelor’s diploma. The Fee may also discover what kinds of experiences meet the Expertise requirement, as at the moment positions targeted immediately on monetary planning work (e.g., paraplanner) depend for a similar variety of hours as these inside a planning agency however with little engagement on precise monetary planning (e.g., gross sales positions), which sadly makes it simpler for individuals who take full-time gross sales jobs with no actual monetary planning to satisfy the expertise requirement than those that take part-time paraplanner jobs as profession changers although it supplies much more significant monetary planning expertise.

In the end, the important thing level is that CFP Board’s institution of the Competency Requirements Fee is one other alternative to advance the competency requirements for the monetary planning career, and the CFP Board does have an extended historical past of slowly however incrementally elevating requirements. As well as, its openness to suggestions will present present CFP certificants and different events a chance to provide enter on several of the key requirements to become and remain a CFP professional. Which is essential, as a result of at a time when the definition of what it means to name oneself a monetary planner is up for debate, CFP Board has a chance to regulate its necessities, in alignment with the needs of the CFP neighborhood itself, to construct confidence among the many public that these with the CFP marks actually will present them with a persistently excessive stage of economic planning recommendation!

(Mark Schoeff | InvestmentNews)

Titles can convey meaningful information to consumers about a professional’s implied competency and trustworthiness. However on the earth of economic recommendation, there to this point has been little regulation on advisor titles (unless someone tries to call themselves an “investment counselor”, which ironically is still regulated under the Investment Advisers Act of 1940). Which means that anybody can maintain themselves out as a “monetary advisor” or “monetary planner” – no matter how a lot recommendation or planning they really give, the quantity of coaching or expertise they’ve, or whether or not they’re even really in the recommendation enterprise or the product gross sales enterprise – creating confusion amongst shoppers as to the {qualifications} and moral requirements of an advisor (or “advisor”) they meet.

With this in thoughts, the Financial Planning Association (FPA) announced in July that it was launching a brand new advocacy initiative with the purpose of attaining Title Safety of the time period “monetary planner” to make sure that “anybody proclaiming to be a monetary planner meets minimal requirements that shield shoppers and advances the monetary planning career”. And talking this week on the group’s annual convention, FPA officers reiterated their plans to push for title reform at each the state and federal ranges (as regulation of the monetary recommendation business happens individually in each state homes and in Congress). Although notably, the FPA should first decide the competency and moral requirements that ought to distinguish monetary planning from the opposite credentials that exist within the monetary companies business; to assist that effort, the FPA will conduct a sequence of conferences within the first half of 2023 with monetary planners and different events to collect suggestions about what the competency requirements to be a “monetary planner” actually ought to be.

However whereas the FPA goes full steam forward with title reform, CFP Board leaders appear to be significantly less enthusiastic about the current push. Talking on the FPA convention, CFP Board Chair Kamila Elliott mentioned state-by-state recognition would create disparate legal guidelines across the nation governing planners, probably creating regulatory challenges for companies working in a number of states. She additionally solid doubts {that a} federal planning legislation may make its means by way of Congress given present partisan divisions. As well as, CFP Board CEO Kevin Keller urged that at a time when momentum has grown in state legislatures for eliminating licensing necessities for sure professions, establishing heightened requirements may very well be a tricky promote. In the end, CFP Board leaders urged that it’s simpler to easily proceed selling the worth of the CFP marks amongst shoppers and advisors as the de facto competency standard for financial planners (on condition that the overwhelming majority of FPA members are already CFP professionals within the first place)… which in flip aligns to CFP Board’s personal announcement this week that it’s launching a Competency Requirements Fee to advance increase competency requirements for monetary planners itself (while not having to open the door with regulators or legislators because the FPA would).

Given the numerous overlap between FPA members and CFP certificants, the 2 organizations have an curiosity in elevating the requirements for these professionals who maintain themselves out as monetary planners. Nevertheless it’s notable that the 2 organizations look like taking separate paths to succeed in this purpose, with the FPA pursuing change on the authorities stage with regulators and legislators, and CFP Board merely elevating its personal requirements to set CFP certificants aside from different monetary advisors (as monetary planners are already more and more adopting the CFP marks as their ‘voluntary’ competency customary anyway, with the CFP Board seeing near-record highs of new CFP professionals completing the CFP exam this year). Which implies the important thing query shifting ahead, maybe, is whether or not the FPA’s choice to comply with its personal path will result in the last word purpose of bettering requirements for the planning career, or whether or not the FPA aligning in a extra united entrance with different organizations that already advocate for Title Safety and better requirements could be extra profitable?

(Holly Deaton | RIA Intel)

Monetary advisors acknowledge that they add worth to their consumer’s lives in lots of of the way, from the quantitative (e.g., minimizing taxes) to the qualitative (serving to them discover and obtain their objectives). However nonetheless, advisors solely attain a fraction of the broader inhabitants (whether or not as paying purchasers or on a pro bono basis), elevating the query of why extra People don’t hunt down the help of a monetary planner?

To discover this query, RIA Edelman Financial Engines sponsored a survey of two,011 People (half of whom had been “prosperous”, ranging in age between 45 and 70, with family property between $500,000 and $3 million). General, 52% of respondents with out an advisor reported feeling considerably or very pressured previously six months, whereas 39% of these working with an advisor felt the identical. Of those that did work with an advisor, 83% mentioned they stress much less about funds and cash than the would in the event that they didn’t work with a monetary skilled and 70% mentioned their advisor helps them and their household tackle tough and emotional matters associated to funds, signaling that the overwhelming majority of people who do work with an advisor are getting worth out the connection.

On the similar time, solely 35% of respondents reported working with a monetary advisor. Amongst those that don’t, the perceived value was the most typical cause given (38%), adopted by not having sufficient cash (33%), having a monetary scenario easy sufficient to deal with on their very own (27%) and having fun with dealing with their funds themselves (17%). Notably, the perceived value was additionally the highest cause given amongst millionaires surveyed, with 42% citing this as a cause they don’t seem to be working with an advisor. Amongst respondents with out an advisor, 27% mentioned they’d be occupied with receiving assistance on retirement earnings planning (27%), Social Safety and Medicare recommendation (22%), growing a monetary plan (22%), and tax steering (21%), although notably tax steering was the highest space cited amongst these with a minimum of $500,000 in property.

General, the survey means that whereas advisors are including worth for his or her purchasers, perceived prices stay a barrier for a lot of People (even these with important property) to interact with a monetary advisor. So whether or not it’s considering alternative fee models to succeed in a wider vary of potential purchasers (and putting these fees on the firm’s website to assist remove the hole between perceived and precise prices) or higher displaying how the advisor’s value exceeds the cost of advice, the monetary recommendation business has a number of choices to succeed in the big pool of People with out an advisor!

(Arlene Moss | XY Planning Community)

Advisory companies that cost purchasers on an Property Beneath Administration (AUM) foundation can see their per-client charges enhance naturally as consumer portfolios develop attributable to market positive factors or extra financial savings (although weak markets can result in declining charges). Nevertheless, advisors charging on a fee-for-service basis, whether or not utilizing a subscription, hourly, or different mannequin have to extend their charges manually, which is commonly a supply of fear for these agency house owners (who’re involved that their present purchasers will reply poorly to the charge enhance). However for these advisors, it Is essential to reassess their charges frequently to make sure they mirror the worth they’re offering to their purchasers (and to develop the worth of the agency, typically the proprietor’s greatest asset).

First, it will be important for agency house owners to create a often scheduled course of to reassess charges and talk them to their purchasers. This can make sure the agency proprietor doesn’t ‘neglect’ to reassess their charges and can construct a way of routine for the purchasers. Advisors may wish to think about recalculating their charges yearly or two, as ready longer may result in purchasers forgetting that will increase occur often. To assist decide an applicable charge, advisors can then look to numerous benchmarking studies, which may present industry-wide fee data, in addition to data on particular charge buildings and geographic areas that may assist a agency proprietor tailor their charge.

Whereas doing the background work wanted to find out an applicable charge takes time, actually delivering the news about a fee increase is commonly tougher for advisors. A technique to assist ease this burden is to remind purchasers all year long in regards to the worth they’re receiving from the connection and the ‘wins’ they’ve had through the 12 months. And when telling the consumer in regards to the charge enhance, it is very important undertaking confidence and presume they’ll renew and proceed on (and keep away from apologizing for the rise). And if a consumer says no, it would effectively have been time to ‘graduate’ them anyway so the advisor can work with extra purchasers who’re prepared to pay a charge commensurate with the worth being supplied by the advisor (and the variety of hours of labor they’ve supplied for the consumer through the 12 months!).

In the end, the important thing level is that charge will increase are an essential a part of constructing a enterprise for advisors charging on a fee-for-service foundation. However by reassessing charges and speaking the advisor’s worth and any charge adjustments to purchasers frequently, agency house owners can really feel extra assured {that a} charge enhance will likely be profitable!

(Bonnie Buol Ruszczyk | InvestmentNews)

When a agency is first getting off of the bottom, it can be tempting to take any client who walks in and is willing to pay the advisor’s fee (in spite of everything, some income is required to maintain the lights on). However as a agency grows, advisors may begin to get the sense that a few of their purchasers are usually not the very best suits, whether or not due to their responsiveness, differentiated planning wants from the agency’s different purchasers, or are simply can’t be served profitably. In these instances, agency house owners can think about letting these purchasers go for the advantage of the agency (and generally the consumer as effectively).

One methodology to take inventory of a agency’s consumer base is to think about what the agency’s hypothetical splendid consumer would appear to be; such an outline may embrace profitability, responsiveness, the variety of referrals produced, and whether or not agency workers take pleasure in working with them, amongst different components. As soon as this avatar is created, advisors can then grade their purchasers based mostly on these standards, starting from ‘A’ purchasers who meet lots of the chosen traits, to ‘D’ purchasers who meet only a few. This could present a structured solution to discover the purchasers who’re now not good suits for the agency and ending the connection (graciously).

The important thing level is that companies of a sure measurement will virtually actually have a minimum of one consumer with whom the advisor now not enjoys working and/or can now not be served profitably. And so, figuring out and reducing ties with these purchasers is a crucial follow, not solely to help the agency’s backside line, but additionally to make sure that advisors and workers are working with the purchasers who they most take pleasure in serving!

(Angie Herbers | ThinkAdvisor)

Shopper referrals are an essential supply of natural progress for a lot of monetary advisory companies. The truth is, consumer referrals are essentially the most generally used advertising and marketing tactic amongst companies, with 93% of companies surveyed utilizing this instrument and 96% of these companies gaining a minimum of one new consumer from a referral, in response to the newest Kitces Analysis examine on How Financial Planners Actually Market Their Services. However whereas benchmarking surveys will be useful to see what ways the ‘common’ agency is utilizing, some companies may not be optimizing using their very own inner agency information to find methods to generate extra referrals.

Step one for advisory companies is to not concentrate on the variety of consumer referrals they’re receiving, however moderately the trendline for these referrals. As a result of the consumer referral price is the highest income indicator for natural progress for advisory companies, wanting on the trajectory of referrals generally is a sign of whether or not a agency is rising, declining, or stagnating. For companies with upward-sloping consumer referral trendlines who wish to see this determine transfer up sooner, including companies to the consumer worth proposition (e.g., tax planning or deeper retirement planning) generally is a solution to enhance consumer satisfaction and encourage them to be vocal advocates for the agency.

However many companies will discover that their consumer referral charges are flat. In these instances, the very best plan of action is commonly to dig additional into the information to see when essentially the most referrals coming in. For instance, if a agency finds that February and March are their finest months for referrals, they’ll enhance the quantity of relevant, helpful content they supply their present purchasers throughout these months (e.g., tax-related content material through the early months of the 12 months) to encourage them to make more referrals. And for companies whose referrals are flat or trending down, one solution to get again on an upward trajectory is to verify each advisor within the agency is conscious of the disappointing trendline; typically this is sufficient to encourage advisors (both consciously or unconsciously) to work to generate extra consumer referrals for the nice of the general enterprise.

In the end, the important thing level is that for companies, digging into inner consumer referral information may help diagnose probably troubling patterns and figuring out doable options. As a result of consumer referrals are sometimes the lifeblood of a agency’s natural progress, intently monitoring this information and making changes to referral technology ways can be sure that a agency stays (or enters on) a stable progress trajectory!

(Christine Benz and John Rekenthaler | Morningstar)

One of the crucial frequent questions advisors obtain from prospects and purchasers nearing or coming into retirement is how a lot they’ll sustainably afford to spend on an annual foundation as soon as they cease working. And whereas there are myriad components that go into this calculation (from the consumer’s risk tolerance to their life expectancy), market and financial circumstances play an essential function, as portfolio returns within the early years of retirement can play an outsized function within the final sustainability of a consumer’s retirement earnings plan (i.e., sequence of return risk).

Annually, analysis agency Morningstar takes inventory of present market circumstances to find out what a ‘protected’ withdrawal price could be for brand spanking new retirees. In 2021, elevated fairness valuations and comparatively low bond yields led the researchers to counsel 3.3% as a protected start line for retirees with a 30-year time horizon, a 50% inventory/50% bond asset allocation, and who want to safe a 90% likelihood of not outliving their cash. However this 12 months, the mix of weak inventory market returns and rising bond yields has led to an elevated protected beginning withdrawal proportion this 12 months of three.8% (although this withdrawal price continues to be under the 4% rule of thumb suggested by other research).

Notably, altering the assumptions underlying the calculation can considerably change the protected withdrawal price obtainable to retirees. For example, assuming a 15-year retirement would enhance the protected withdrawal price to six.6%, whereas a 40-year retirement would indicate a 3.2% withdrawal price. As well as, these calculations assume that retirees will withdraw a hard and fast quantity of their portfolio, adjusted for inflation, every year, whereas separate research means that will increase in retiree spending are likely to fall wanting the inflation price as retirees transfer from their “go-go” to their “slow-go” years. As well as, retirees who’re prepared to be extra versatile with their withdrawals (i.e., withdraw much less when markets are down) can usually enhance their preliminary protected withdrawal price; for instance, Morningstar discovered that retirees utilizing the favored Guyton-Klinger Guardrails strategy may have an preliminary 5.3% withdrawal price.

Ultimately, whereas an advisor may not implement a fixed-withdrawal technique for his or her retired purchasers, understanding what present market dynamics indicate for protected withdrawal charges will be instructive when assessing sustainable consumer spending patterns. And so, advisors can add important worth for his or her purchasers by figuring out essentially the most applicable retirement income strategy based mostly on their wants and preferences, and serving to them make changes as financial and market circumstances change!

(Gregg Greenberg| InvestmentNews)

One of many main issues amongst retirees (and advisors) at the moment is longevity threat, or the danger that they’ll spend down their property earlier than their loss of life. Nevertheless, there are various methods to mitigate this threat, from delaying Social Security (and receiving bigger month-to-month profit funds for all times) to purchasing a Single Premium Immediate Annuity (SPIA), which, in its most simple kind, affords a ‘assured’ month-to-month fee for the rest of the annuitant’s life in return for an upfront premium fee. Another choice, the tontine, has existed for lots of of years however has waned in reputation through the previous century.

A tontine agreement is a form of pooled investment fund to which the traders contribute a lump sum and, in change, obtain ongoing funds (or “dividends”) as a return on their funding. Much like a SPIA, the funds from a tontine are usually made ‘for all times’ and finish solely at loss of life. Nevertheless, with a tontine, the funds that stop on the loss of life of 1 investor are redistributed to the opposite investor contributors, growing their subsequent payouts (till they, too, cross away). However regardless of its potential to mediate longevity threat, tontines have been comparatively unpopular in america (and are nonetheless banned in South Carolina and Louisiana), partially attributable to questionable practices within the early 1900s.

However new merchandise with many traits of tontines have emerged this 12 months. In September, Canadian asset manager Guardian Capital introduced two tontine products (obtainable solely to Canadian traders), and final week U.S.-based Savvly launched an providing structured as a personal placement (open solely to accredited traders) that makes use of a pooled fairness index fund that advantages those that attain their predetermined payout age (the earliest for males being 70 and for ladies 75). When a Savvly investor reaches their payout date, their account not solely will get entry to an quantity equal to the index fund’s worth of their account, but additionally their share of the longevity pool created from the forfeitures of the opposite traders who go away Savvly earlier than their very own payout.

Altogether, whereas the potential revival of tontines and related merchandise stays in its nascent levels, they may supply an alternate for advisory purchasers trying to cut back the potential impression of longevity threat!

(Jessica Corridor | MarketWatch)

Most employees dream of at some point with the ability to retire, leaving the toils of the office for a lifetime of leisure (though as soon as they attain retirement age, many voluntarily choose to keep working). And whereas saving for retirement is a lifelong endeavor (whether or not by way of taxes paid to fund Social Safety or voluntary contributions to retirement accounts), the last word sum of money a person wants of their portfolio to retire will be an amorphous goal. This could lead many employees to imagine that they don’t seem to be saving sufficient for his or her eventual retirement (when, in reality, they might be on track).

In line with a survey by Bankrate, 55% of People mentioned their retirement financial savings had been behind the place they wanted to be. This determine varies by age, with 71% of Child Boomers reporting that they had been behind (and solely 7% saying they had been forward!), in comparison with 65% of Gen X, 46% of Millennial, and 30% of Gen Z respondents. And whereas these with decrease incomes had been extra prone to report that they had been behind of their retirement financial savings, 46% of these incomes greater than $100,000 a 12 months mentioned they had been behind as effectively. Elevated inflation was the highest cause these surveyed gave for not saving extra for retirement this 12 months (cited by 54% of respondents), adopted by stagnant or diminished earnings (24%), having a brand new expense (24%), debt compensation (23%) and a need to maintain additional cash available (22%).

General, the survey paints an image of People, notably these close to retirement, involved that they’re behind of their retirement financial savings. This might current a chance for advisors so as to add worth for purchasers not solely by displaying them whether or not they really are behind on their retirement financial savings, however by serving to them discover what their retirement objectives and desires is likely to be within the first place!

(Frederik Gieschen | Neckar’s Minds And Markets)

Warren Buffett is among the most acknowledged names on the earth of finance, due largely to his tens of billions of wealth gained main the conglomerate Berkshire Hathaway. And whereas he grew up at a distinct time underneath completely different circumstances, traders and aspiring enterprise leaders can take a number of classes from his life.

One frequent thread all through Buffett’s enterprise profession (which began at age 6 promoting gum and soda) is an intense curiosity. This took him from promoting newspapers to making a horse racing tip sheet to studying each investing publication he may discover as a scholar. Additional, he sought out the knowledge of others, whether or not they had been useless (as he devoured biographies) or alive (as he utilized to Columbia to be taught underneath famed funding analyst Benjamin Graham, who taught Buffett the rules of worth investing that might information his future investing profession). He additionally dug deep into a selected space of enterprise—insurance coverage—to attempt to acquire an data edge on different traders. And whereas Buffett was naturally gifted in math, he was initially fearful of public talking. However he confronted his fears, taking a number of lessons that allowed him to turn into a instructor, and finally communicate in entrance of 1000’s of people in his function as CEO of Berkshire Hathaway.

In fact, a given particular person isn’t prone to find yourself in Buffett’s place by modeling their profession on his (and may not wish to!), however the important thing rules that guided his life—curiosity, persistence, deep experience, and a willingness to share what he realized—are prone to stay timeless for these pursuing success in enterprise and investing.

(Darius Foroux)

We’re introduced with exams of our willpower day by day, whether or not it’s deciding between a chunk of fruit and a sweet bar or specializing in a simple process at work moderately than the one that’s most essential. Whereas we generally make these selections consciously, these selections are sometimes made based mostly on inertia (e.g. selecting the meals merchandise that’s closest to you in the mean time).

Foroux defines willpower as your means to comply with by way of on all your little and large objectives. Notably, your willpower can fluctuate through the day; because of this figuring out intervals when you’ve got kind of willpower and creating routines accordingly may help increase productiveness and preserve consistency. For example, an early riser may wish to train very first thing within the morning earlier than they get drained by their different tasks, whereas an evening owl may reserve time at night time once they have extra power to study for an upcoming exam. And within the skilled world, as a result of working in your most difficult objectives can typically take willpower (when there are simpler duties that may very well be accomplished), scheduling time to take on the big goal (ideally when you realize your willpower will likely be stronger!) may help make sure you really comply with by way of and tackle the problem.

In the end, the important thing level is that as a result of willpower can wax and wane over time, it is very important pay attention to what triggers adjustments in your willpower (both strengthening or weakening it) and to create routines to make sure you can carry out persistently in your private {and professional} life. As a result of the proverbial chocolate chip cookie will all the time be obtainable, discovering methods to finest harness your willpower may help you resist temptation and make it extra doubtless that you’ll obtain your objectives!

(Rob Henderson’s E-newsletter)

Monetary advisors are (by identify) within the enterprise of giving recommendation. However usually, they provide recommendation to people who solicit it by approaching the advisor and turning into purchasers. And never solely does this relationship add value for the client, however may also be gratifying for the advisor as effectively (maybe why financial advisors score so high as a profession in terms of overall wellbeing!).

Alternatively, receiving unsolicited recommendation can typically be uncomfortable or, worse, annoying, as it could actually really feel just like the advice-giver is attempting to indicate off their experience or impose their preferences on you (since you didn’t ask for it within the first place!). And it may be notably awkward when the unsolicited recommendation is coming from a liked one, as it’s tougher to brush off recommendation from them (as you don’t wish to make them really feel unheard) in comparison with unsolicited recommendation from a stranger.

The important thing, then, earlier than giving unsolicited recommendation (about private finance or different matters) is to first take into consideration the rationale why you might be giving the recommendation after which put your self within the footwear of the recipient. Whilst you may suppose you’ve got their finest pursuits at coronary heart, may they view you saying they ‘ought to’ do one thing as being boastful or attempting to constrain their choices?

In the end, the important thing level is that whereas being a gracious supplier of recommendation when it’s solicited is a good way to assist construct connections with others (and develop a enterprise!), it could actually pay to suppose twice earlier than giving unsolicited recommendation to keep away from probably damaging your relationship with the supposed recipient!

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Within the meantime, in case you’re occupied with extra information and data relating to advisor know-how, we might extremely suggest testing Craig Iskowitz’s “Wealth Management Today” blog, in addition to Gavin Spitzner’s “Wealth Management Weekly” blog.