Home > Practice Management > News roundup: Wealth-building behavior tools, when to hire an advisor back, and life expectancy ‘shock’ for clients

News roundup: Wealth-building behavior tools, when to hire an advisor back, and life expectancy ‘shock’ for clients

Practice Management

DataPoints, a company founded by the daughter of “The Millionaire Next Door” author Thomas Stanley, provides assessment tools for advisors that draw on the book’s research and insights about building wealth. In a column at his Nerd’s Eye View blog, Michael Kitces describes how the tools, which include a series of 4 “Engage” and 3 “Advise” modules, can be used to evaluate a client (or prospect’s) wealth-building potential. Read the details below. Also, if you’re wondering about ways to get feedback from clients on how to improve your practice, read through the “throwdown” between Stephen Wershing of the Client Driven Practice, who speaks out for client advisor boards, and SEI’s John Anderson, who says that advisors should consider a focus group instead. Wershing shares both viewpoints at at his Client Driven Practice blog, below.

Predicting Wealth Building Behavior With DataPoints Assessment Tools

By Michael Kitces

Source: Nerd’s Eye View blog

A company called DataPoints – founded by Sarah Stanley Fallaw, the daughter of “The Millionaire Next Door” author Thomas Stanley (and herself trained as an industrial psychologist) – is turning The Millionaire-Next-Door insights about wealth building behaviors into a series of assessment tools that financial advisors can use.


Throwdown: Client Advisory Boards vs. Focus Grops

By Stephen Wershing (and John Anderson)

Source: The Client Driven Practice blog

Is a client advisory board a good idea? You can find articles on both sides of the issue. You know how I feel about them. So, when John Anderson, Managing Director of the SEI Advisor Network’s Practice Management solutions, posted to the Practically Speaking blog that he thought you should avoid them (and do a focus group instead), you can imagine my response. And so did he. When I contacted him that same day about the possibility of contributing a rebuttal to his post his response was “What took you so long?” John is a friend and I respect his opinion. On this subject we disagree. I thought you might be interested in the exchange. So, with his permission, here are both posts that appeared on his blog.


Breakaways/Aspiring Advisors

There could be times when breakaways from a firm decide they’d like to come back. What are their chances? Depending on the circumstances behind the departure, some firm owners would be willing, according to a Financial Advisor article. But there are questions to be asked first, such as: What was their past performance and why did they leave? Read the full details below.

Tread Carefully When Advisors Want Their Jobs Back

By Jerilyn Klein Bier

Source: Financial Advisor

Financial advisors don’t frequently go job hunting at firms they’ve departed, but when they do there are a number of things their former colleagues should consider. “The most important factor is their value system, and whether it lines up with ours,” says Jimmy Lee, founder and CEO of the Wealth Consulting Group, a wealth planning firm headquartered in Las Vegas. “Absolutely I’d hire them back,” he says, if they fit into the firm’s culture.


Retirement Planning

Advisors using Whealthcare Planning software say the results have revealed some eye-opening surprises to clients about their projected health care expenses, their financial literacy, and their life expectancy. Financial Planning talks with Carolyn McClanahan, co-founder of Whealthcare Planning LLC, about the software and how advisors can initiate health-related conversations with clients. See the full story below. Also, retirement columnist Mark Miller discusses age discrimination and why it may not be as easy to work longer, even if you want to. In a column at Morningstar, he quotes various experts on how older workers can protect themselves from discrimination and how older job searchers can improve their chances of getting – and staying — hired. See the link below.

Projected Life Expectancy Shocks Clients

By Jerilyn Klein Bier

Source: Financial Advisor

Financial advisor and physician Carolyn McClanahan, co-founder of Whealthcare Planning LLC, is hearing three main themes from advisors who’ve begun using the company’s new health and eldercare financial planning software with clients. The clients are surprised by the magnitude of their projected health care expenses and startled to learn they are less financially literate than they think they are. They’re also “shocked,” she says, to discover they’re not expected to live as long as they think they will.


You Want to Work Longer. Will Employers Cooperate?

Mark Miller

Source: Morningstar

Working longer offers one of the best paths to improved retirement security. But 50 years after passage of landmark legislation aimed at preventing age bias, our public policy remains out of sync with that goal. The Age Discrimination in Employment Act of 1967 was part of a broad wave of civil rights legislation that included the Civil Rights Act of 1964 and the Voting Rights Act of 1965.


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