Home > Aspiring RIAs > News Roundup: Robo Lessons, What Young Planners Want, and 401(k) Plan Predictions

News Roundup: Robo Lessons, What Young Planners Want, and 401(k) Plan Predictions

Managing Team

Practice Management

If you have plans to incorporate a digital advisory solution into your firm, “know where you’re going before you begin the journey,” advises consultant Drew Taylor in a column at Advisor Perspectives. Taylor shares a list of lessons he learned when helping develop a digital solution for a RIA several years ago. Another tip: Don’t expect perfection. See a link to his column below. Also, in today’s distracted world, it’s not always easy to stay focused on your work. In fact, a survey cited in a Harvard Business Review article finds that 73% of leaders feel distracted from a task “some” or “most” of the time. What to do about it? One strategy is to understand how your focus changes throughout the day. Read the details below.

Eight Lessons Learned from a Digital Advisory Rollout

by Drew Taylor

Source: Advisor Perspectives

A couple of years ago I was leading organizational growth efforts for a large RIA. We made the decision to develop a digital advisory solution. We were a bit early in the game – there were no custodian-driven offerings, Betterment Institutional was just rolling out and the majority of robo-advisors were focusing exclusively on business-to-consumer (B2C) models in their approach.


Are You Having Trouble Focusing? These Simple Strategies Will Help

By Rasmus Hougaard and Jacqueline Carter

Source: Harvard Business Review

In today’s always-on, information-overloaded world, it can be hard to stay focused throughout the day. How often do you find yourself distracted by inner chatter during meetings? Or how often do you find that emails are pulling you away from more important work? We’ve surveyed and assessed more than 35,000 leaders from thousands of companies across more than 100 countries, and found that 73% of leaders feel distracted from their current task either “some” or “most” of the time.


Breakaways/Aspiring Advisors

XY Planning Network was created to serve the wave of young planners clamoring for advice on how to set up and grow an advisory firm that targets younger clients. Alan Moore, one of the co-founders of XY Planning, discusses the accomplishments of the network, the future of financial advice, social media, robos and more in an interview with ThinkAdvisor. One key effect from the service has been to give “younger advisors permission to work with people their own age,” he says. See a link to the full interview below.

Alan Moore: What Do Younger Advisors and Clients Want? Each Other

By Jane Wollman Rusoff

Source: ThinkAdvisor

Three years ago, two members and astute observers of the financial services industry detected a growing underserved, indeed unserved, market — not of clients, but of financial advisors. Wasting no time, Alan Moore and Michael Kitces promptly created a one-stop shop to serve them. In an interview with ThinkAdvisor, Moore — co-founder of XY Planning Network, which helps next-gen advisors set up firms targeting clients in their 20s, 30s and 40s — discusses his hope to turn financial planning from “a sales platform” into “a helping profession.”



Retirement Planning

What can advisors in the advisor-sold 401(k) market expect next year? Demand for their services will increase, but prices will continue to drop “with no end in sight,” writes Fred Barstein of The Retirement Advisor University in a column at InvestmentNews. Barstein makes predictions on what broker-dealers and recordkeepers will experience as well. Also, a recent study shows a spike in debt among borrowers between 50 and 80 years of age, Financial Advisor reports. From 2003 to 2015, debt among borrowers in that age group increased by about 60 percent, according to a 2016 study by the New York Federal Consumer Credit Panel. Read the details below.

2018 predictions for 401(k) advisers, distributors and record keepers

By Fred Barstein

Source: InvestmentNews

As we approach the end of 2017 and enter 2018, the adviser-sold 401(k) market begins its next phase of development. No longer an awkward, energetic teenager, the market is entering early adulthood, bringing with it heightened responsibilities, greater scrutiny and more opportunities — for some.



Rising Number Of Older Americans Carrying Debt Into Retirement

By Jadah Riley

Source: Financial Advisor

While attitudes toward debt in retirement remain negative, debt levels of older borrowers remain on the rise. Between 2003 and 2015, debt among borrowers between the ages of 50 and 80 increased by roughly 60 percent, according to a 2016 study by the New York Federal Consumer Credit Panel. Student debt among retirement aged borrowers 65 and older swelled 385 percent between 2005 and 2015, while overall debt levels for the age group spiked from 2 billion to 22 billion in roughly the same time period, according to the Government Accountability Office (GAO).