Home > Practice Management > News roundup: Clarity in strategic planning, compliance considerations in hiring, and long-term care lingo

News roundup: Clarity in strategic planning, compliance considerations in hiring, and long-term care lingo

When advisors are doing strategic planning, they must be clear on what words like “core purpose,” “mission,” “vision,” and “values” mean so all team members at a firm are in alignment, notes practice management consultant Hoon Kang in a column at Advisor Perspectives. He clarifies these terms and describes what they mean at various well-known companies. For example: Disney’s core purpose is “to make people happy.” See a link to the column below. Also, industry tech specialist Joel Bruckenstein previewed TD Ameritrade’s chat bot for Facebook Messenger, a tool that combines both AI technology and live (human) support, and calls it “impressive.” The functionality covers three main areas: access to market information, education and knowledge, and client account information, he writes in a post at T3TechnologyHub.com. See the full review below.

Mission, Vision, Values – Do You Know What They Mean?

By Hoon Kang

Source: Advisor Perspectives

Thoughtful strategic planning pays huge dividends for any organization that aspires to be healthy and enjoy sustainable growth. Clarity is essential. Everyone on your leadership team should be in alignment with your strategic direction. It’s hard enough to run a business even with everyone “on the same page.” It’s monumentally difficult and chaotic when words like “mission,” “vision” and “values” mean different things to different people.


AI-Driven Bot for Facebook Messenger: TD Ameritrade Rolls Out True Co-Bot Experience

By Joel Bruckenstein

Source: T3TechnologyHub.com

TD Ameritrade is bringing financial market updates, investor education and client account access to retail investors through Facebook Messenger. TD Ameritrade’s chat bot for Messenger, driven by artificial intelligence (AI) technology and backed by live client service support, gives retail investors one more way to access the markets and their investments where they are, when they need support, in the most natural conversational way.




When advisors looking to add another advisor to their practice, there are many legal and compliance issues to be aware of, notes Chris Stanley of Loring Ward Holdings Inc. in a column at ThinkAdvisor. He outlines some of the most “salient” areas to keep in mind, including disclosure history, licensing, documentation and supervision. Read the full story below.

Regulatory Considerations When Bringing On a New Advisor

By Chris Stanley, General Counsel, Loring Ward Holdings Inc.

Source: ThinkAdvisor

If you own an investment advisory business, growth is a good problem to have. It can become such a big problem, however, that you may consider hiring another you — another financial advisor to help serve your existing clients and prospect for new ones. There are many legal and compliance considerations to keep in mind when doing so, the most salient of which are described below.


Retirement Planning

Morningstar’s Christine Benz provides a primer on the terminology used in the progression of long-term care — terms that are useful for advisors as well as their clients to know. The personal experiences Benz and her siblings went through with aging parents were the impetus for the column. She describes types of care, insurance, as well as Medicaid eligibility. See the link to her column below. Also, Kimberly Foss, founder of Empyrion Wealth Management, explains why and how advisors need to solve the problems that go along with client longevity, and that means assisting not only with adequate retirement funding but with transitions, care, lifestyle, and more. “What it means to be elderly has undergone a dramatic shift,” she writes. Below is a link to her column at Financial Planning.

The Language of Long-Term Care

By Christine Benz

Source: Morningstar

As I reflect on my parents’ final years, a period that included multiple hospital stays, trips to rehab, and the hiring of in-home caregivers, I realize that my siblings and I were often a step behind with our responses. We initially hired in-home caregivers to help for 10 to 20 hours a week when, in hindsight, we should have had them there every day. We made the difficult decision to move my dad to a long-term care facility with memory care only after he had taken a few serious falls at home that caused him a lot of physical discomfort. And so on.


The role of advisors in longevity planning

By Kimberly Foss

Source: Financial Planning

In 1930, five years before Social Security legislation was passed, the average life expectancy of U.S. citizens was 59.7 years. Thus, the math worked out somewhat favorably for a program designed to pay workers a continuing income after retirement at age 65. The number of people who could statistically expect to live long enough to actually collect was pretty limited, and the percentage of people older than 65 was less than 6%. What it means to be elderly has undergone a dramatic shift.


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