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HomeFinancial AdvisorWeekend Reading For Financial Planners (March 16-17)

Weekend Reading For Financial Planners (March 16-17)

Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that the final version of the Department of Labor’s (DoL) new “Retirement Security Rule” has been sent to the Office of Management for review, with the rule potentially going into effect in early 2025. While the final submitted text has not been released, some experts suggest that the DoL likely made few changes to its initial proposal, despite significant opposition from broker-dealers that could lead to the judicial system deciding the rule’s ultimate fate.  

Also in industry news this week: 

  • CFP Board this week announced changes to its Sanctions Guidelines and revisions to its Fitness Standards that clarify the factors that determine how potential sanctions are determined and revise the framework use to determine whether a candidate is eligible to become a CFP certificant 
  • The Financial Services Institute joined other trade groups in filing a complaint against the DoL’s independent contractor rule, arguing that it creates confusion about the status of many financial professionals who prefer to operate as independent contractors 

From there, we have several articles on tax planning: 

  • The IRS has launched its free direct filing program, though it is currently limited to taxpayers in certain states and with relatively simple tax situations 
  • Clients looking to rollover unused funds from 529 plans have the opportunity do so for both 2023 and 2024, with the deadline for 2023 fast approaching 
  • President Biden’s budget proposal released this week includes a range of potential tax changes, from raising the top marginal rate to increasing the child tax credit 

We also have a number of articles on practice management: 

  • RIA M&A activity appears to have picked up in the first quarter of the year, with a steady flow of interested buyers and sellers 
  • Why integrating tech stacks, service offerings, and team cultures is crucial to the success of an RIA acquisition 
  • How the headline purchase price often does not reflect the final price an RIA buyer pays and the amount the seller receives, highlighting the importance of careful negotiation of deal terms by both sides 

We wrap up with three final articles, all about Artificial Intelligence (AI) in the advisory industry: 

  • How generative AI tools could transform the way knowledge workers, including financial advisors, operate, rather than replace them altogether 
  • How lessons learned from the introduction of the digital spreadsheet can inform advisors’ future use of AI tools 
  • How current advisor-facing software incorporates AI capabilities and why firm-specific tools might become more common in the future 

Enjoy the ‘light’ reading! 

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