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Financial advisors are increasingly recommending private markets as a way to diversify investment portfolios and protect against losses. Many high net worth clients are interested in private equity, credit, real estate, or venture capital funds to provide downside protection. Surveys show that a majority of wealth managers have helped investors enter private markets, with diversification being the primary goal. However, caution is advised as private markets may not be suitable for everyone, and there are risks associated with liquidity and the ability to identify good investment opportunities. Tech firms are emerging to help wealth managers navigate the complexities of private markets, and firms like Opto Investments are acting as fiduciaries to assist advisors in selecting appropriate funds. Overall, familiarity with alternative markets is becoming increasingly important for advisors to effectively serve their clients. [Extracted from the article]

The article discusses the trend of wealth management firms offering generous recruiting loans to attract talented advisors. These loans, which are forgiven over a set period of time, serve as a powerful incentive for advisors to stay with the firm. The article highlights LPL Financial and Morgan Stanley as firms with significant increases in their recruiting loan balances. It also explores the connection between loan balances and financial performance, noting that firms with lower loan balances have seen more stagnant revenue growth. The article concludes by discussing the factors that influence loan amounts and predicts that recruiting deals will continue to grow in the future. [Extracted from the article]

According to a recent survey, a significant number of retirees still have mortgage and credit card debt. Financial advisors have varying opinions on whether it is beneficial to pay off mortgages into retirement, with some viewing mortgages as a "good debt" backed by an asset and others recommending paying off debt early. Factors such as interest rates, home value, and income levels play a role in these decisions. Advisors also caution against high-interest credit card debt and suggest considering reverse mortgages as a potential source of additional income in retirement. However, they emphasize that reverse mortgages are not suitable for everyone and should be a last resort. [Extracted from the article]

Financial advisors are encouraging open discussions about politics with their clients, even if they have differing views. They believe it is important to address potential awkward conversations head-on and provide context behind headlines. Advisors remind clients to focus on their long-term goals and not let politics dictate their investment decisions. They also try to find common ground and steer conversations away from divisive political issues by emphasizing the impact of major events on the stock market. While advisors may not always agree with their clients' political beliefs, they strive to educate on policy implications and look for areas of agreement. [Extracted from the article]

That group has 23.3 million individual clients and 4.7 million planning clients, as listed by firms in sections of the document for each type of customers in an RIA's base. Pointing out that there are about 90,000 CFPs and that most advisors can handle no more than 100 clients in "deep, meaningful financial planning relationships", Kitces offered an estimate of 9 million customers. A planning client may also appear in counts of other firms' portfolio management customers, depending on whether an RIA outsources those services, it said. [Extracted from the article]

The article discusses the state of women in financial planning, highlighting the progress that has been made in increasing the representation of women in the field. While there has been a steady increase in the number of women CFP professionals, there are still barriers that prevent more women from pursuing careers in financial planning, such as gender bias and concerns about business models and compensation structures. Studies have shown that greater gender diversity in the workplace leads to enhanced customer growth and higher profit levels. To increase gender diversity in the talent pipeline, leaders must acknowledge these barriers and implement initiatives to engage and support women in the field. The article emphasizes the importance of mentorship and ongoing commitment from organizations to attract, develop, and advance women in financial planning careers. Despite the challenges, many female CFP professionals have found that financial planning offers them access to career opportunities that align with their interests and needs. The article concludes by expressing a commitment to increasing women's opportunities in financial planning and promoting their engagement and influence in the profession. [Extracted from the article]

The new, higher limits on retirement savings for 2024 provide an opportunity for financial advisors and clients to consider larger contributions and other strategies. The maximum allocations for workplace savings have increased by $500 to $23,000, and for Roth or traditional IRAs, the limit is now $7,000. These changes could impact how much clients save for retirement, their overall cash flow, and their use of other savings or investment accounts. However, it is important to note that these limits are meant as a planning guide and do not need to be met every year. Other topics for discussion include the choice between traditional and Roth savings, self-employment vehicles, and the role of real estate in retirement planning. Health savings accounts are also recommended for clients with high deductible insurance plans. [Extracted from the article]

As the cornerstone of the "Return on Relationship" methodology, a holistic financial plan unlocks a deep and meaningful understanding of a client's personal and business realities and goals. [ABSTRACT FROM AUTHOR]

State supreme court rulings granting frozen embryos the same legal status as children will have major impacts on financial planning, writes an expert on estate planning and tax law. [ABSTRACT FROM AUTHOR]

New financial planning questions on the accounting exam could attract more young people and encourage current practitioners to explore the burgeoning ties between the fields. [ABSTRACT FROM AUTHOR]

After a decade-long effort by holders of the personal financial specialist credential, aspiring candidates can be tested on investments, retirement plans and other areas. [ABSTRACT FROM AUTHOR]

After a decade-long effort by holders of the personal financial specialist credential, aspiring candidates can be tested on investments, retirement plans and other areas. [ABSTRACT FROM AUTHOR]

J.P. Morgan Wealth Management financial advisor David Li began helping his parents with their finances when he was only 9 years old. Li displays emotional intelligence and "a target-oriented marketing approach" enabling him to be selective about the practice's clients, according to Regional Director Rick Penafiel, his direct manager and the executive who hired Li into his current role 10 years earlier. As the team's chief investment officer, he's the co-practice leader with fellow advisor Victor Hernandez, a member of the same J.P. Morgan analyst training class as Li after his graduation from Boston College. [Extracted from the article]

What's wrong with RIA rankings The RIA movement gains millions more clients with trillions of dollars each year, its identity crisis about defining which firms offer fee-only, fiduciary advice is growing in tandem. A related and unanswered question: do clients understand, or care, whether the advisor with whom they work is a fee-only RIA? TOP 50 RIA FIRMS HT