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News Roundup: Tech survey results, new educational programs, and digital nudging

Practice Management

Mobil apps top the list of “tech that will change wealth management” in Financial Planning’s 2017 technology study. The publication surveyed about 1,000 advisors, including advisors at independent RIAs, planners affiliated with a broker-dealer and others. Survey topics included robo solutions, top tools, risk assessment, and top vendors. See the link below. Also, advisor and best-selling author David Bach talks with ThinkAdvisor about how the firm he co-founded, AE Wealth Management, has developed a turnkey system that helps RIAs grow their business. “We’ve created a firm designed to help 1,000 RIAs become celebrities in their marketplace,” Bach said.  He told the publication that the system is “primarily marketing first.” See the full story below.

Power tools: How new tech will upend wealth management

By Harry Terris

Source: Financial Planning

Despite fears of a tech-led revolution, automated advice and natural-language artificial intelligence are not yet ready to eclipse traditional advisors. Indeed, they may never be ready. Instead, these tech innovations are actually helping advisors. Major advances across the financial planner’s toolkit are making these tools more efficient. Vast improvements also allow advisors to build broader and deeper relationships with clients, and justify their fees.



Celebrity Advisor David Bach Launches ‘Business in a Box’ for Advisors

By Melanie Waddell

Source: ThinkAdvisor

Celebrity advisor and New York Times bestselling author David Bach is on a mission to help advisors become celebrities in their marketplace. The co-founder of AE Wealth Management recently assumed a new role in the firm as director of investor education, and is spearheading the firm’s ongoing initiative to offer educational and training seminars for independent advisors.



Breakaways/Aspiring Advisors

Two new educational opportunities, one an online platform and the other a regulatory and compliance certification, are now available to financial advisors, according to ThinkAdvisor. Consultant Angie Herbers has launched Beyond U, a platform that provides live online seminars, videos, tools and templates that address a variety of industry issues, including leadership, management, and sales and marketing. Finra and Georgetown University have paired up to offer the Certified Regulatory and Compliance Professional Program. Read the details below. Also, Joe Duran, chief executive of United Capital, expects the trend of departures from the broker protocol to continue. “Departing from the protocol might make moving more cumbersome for advisers and clients, but technology keeps reducing switching costs and making it easier than ever to be independent,” he writes in a column at InvestmentNews. In addition, clients and consumers will continue to benefit, he says. See a link to his column below.

FINRA, Herbers Offer 2 New Educational Opportunities for Advisors

by Janet Levaux

Source: ThinkAdvisor

Two new educational programs for financial advisors were announced Tuesday with a focus on business growth and a compliance designation. Angie Herbers, head of FourPointe Consulting, has launched Beyond U, an online educational platform for seminars focused on strategies to stimulate business growth. The platform will feature live online seminars, videos, tools and templates that address industry issues like leadership, corporate finance, operations, client services, human capital, management, sales and marketing.


Three big effects of the shifting broker protocol

By Joe Duran

Source: InvestmentNews

About a month ago, Morgan Stanley announced it was leaving the protocol. A few weeks later, UBS followed suit. The protocol is the mutual agreement that lays the ground rules for advisers to leave their existing brokerage firm and take specified client data with them. Launched in 2004 between Smith Barney, Merrill Lynch and UBS (Morgan Stanley joined a couple of years later), the protocol was intended to reduce litigation among member firms and to protect client information privacy. The list of participants has mushroomed to over 1,500 firms today.



Retirement Planning

Most people are falling short on saving enough for retirement, but the use of “digital nudging” could help change that, according to Shlomo Benartzi, a professor of behavioral decision making at UCLA Anderson School of Management. Benartzi describes several case studies involving the use of digital tools (email prompts, automatic deposit programs, and mobile feedback) that can help steer consumers to make better choices. Read the details below. Also, financial advisor Dan Moisand says that when retirees ask him whether it’s a good idea to buy rental property as a way to get extra income, he warns them it’s not as easy as they might think. For example, you not only have to have the temperament to be a landlord, you have to have a good grasp on the financial aspects of a rental, he writes in a column at Financial Advisor. “Most retirees should not invest in real estate through direct ownership of rental properties,” he says. See the full story below.

How Digital Tools and Behavioral Economics Will Save Retirement

By Shlomo Benartzi

Source: Harvard Business Review

In my work as a behavioral economist, I’ve thought a lot about how nudges can drive lasting behavior change. In the domain of retirement savings, Nobel laureate Richard Thaler and I devised a program called Save More Tomorrow back in the mid-1990s that used nudges to help people make better decisions about their long-term financial future. That program invites employees to gradually increase their savings rate over time, and it has been a success: according to my latest estimates, it has boosted the savings rates of as many as 15 million Americans.


Retirees And Rentals: A Match Made In Heaven Or Hell?

By Dan Moisand

Source: Financial Advisor

I don’t know how the real estate market is in your area but here on the Space Coast, it is pretty good. No clearer sign is that in the last six months I have received a number of questions from retirees about acquiring rentals. For example, “Hi Dan, I am 67 and probably retiring in the next couple of years. I was talking to an agent who says he has a property for sale that would be perfect to rent out. Other houses nearby rent for enough to cover the mortgage plus a couple hundred more each month. Sounds like a good way to get some extra income. Thoughts?”