The Fight against Financial Planning & Investment Advice
Can you believe we’re already a month into the new financial year. If you haven’t already completed your quarterly review, plan in some time to get it done this week. It’ll give you chance to sit back and reflect on your goals for Q1 and set new ones going forward.
Here are five great must-read business articles that I shared on FP Advance social media this April. Take some time to read them, they might change your outlook on things for Q2.
Veteran US financial journalist Bob Veres provides a balanced analysis, whilst also calling out Vanguard on their own conflicts of interest. Well worth a read.
It’s a commonly held view that advertising doesn’t work to attract Financial Planning clients. Well here’s the evidence to the contrary: Ken Fisher. Have you ever been on a website, Facebook or other social media and had an advert from Fisher Investments pop up? It usually says “If you have more than $250,000 to invest…” I see these ads everywhere. Even on a boxing website I visit frequently.
Well Ken has just hit $100BN of AUM and $1BN of annual revenues. Well worth a read.
I saw this on Michael Kitces’ Weekend Reading.
For some reason owners and advisers love to design bonus and incentive programmes for their team, in the belief that this will somehow get them motivated to perform. Here’s a great explanation of why in most cases, that belief is mistaken.
Why do you strive to be better in your business? What is it that drives you?
Seth Godin, author, entrepreneur and agent of change, said in a blog titled The Top 5%:
“In every field, extraordinary benefits go to those seen as being in the top five percent. One out of 20. Sure, the biggest prizes go to the once-in-a-generation superstar. But that’s largely out of reach. It turns out, though, that if you’re thoughtful and diligent, the top 5% is attainable.”
Don’t get me wrong, if you’re not in the top 5% in Financial Planning, and most businesses are not, you can still do well enough. However, if you want to achieve something really fulfilling and fun, the top 5% is a worthwhile ambition. The benefits are far bigger than mere financial rewards.