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Weekend Studying For Monetary Planners (Could 7-8) 2022


Government Abstract

Benefit from the present installment of “Weekend Studying For Monetary Planners” – this week’s version kicks off with the information that amid a wave of mergers, the variety of broker-dealers has declined throughout the previous few years, in line with a report from FINRA. And whereas broker-dealers are additionally seeing a decline within the variety of their registered representatives, their earnings have truly ticked larger up to now few years, maybe supported by sturdy market efficiency buoying their rising fee-based enterprise. On the identical time, the variety of RIAs continues to develop, suggesting that the shift towards advice-centric, moderately than product-centric, enterprise fashions is constant!

Additionally in trade information this week:

  • For the biggest impartial broker-dealers, fee-based revenues now make up a majority of complete income (with commissions accounting for simply 34%) in line with a latest survey, representing a dramatic shift from only a decade in the past, when commissions made up the vast majority of income.
  • Why FINRA is contemplating elevating the obstacles for retail buyers to buy a spread of “advanced” investments, probably together with leveraged and inverse ETFs

From there, we have now a number of articles on trade research:

  • A latest examine reveals that advisors at RIAs are inclined to give attention to expense ratios moderately than latest efficiency when choosing mutual funds for shopper portfolios, main to higher outcomes than each broker-dealer registered representatives and twin registrants, who’re extra possible to decide on dearer, energetic mutual funds
  • A Cerulli examine signifies that in a world of low inventory and bond returns, advisors are more and more contemplating different asset courses to generate revenue for shoppers
  • How an advice-only enterprise mannequin can permit advisors to be extra artistic with their service choices and attain a wider vary of potential shoppers

We even have a variety of articles on retirement planning:

  • The professionals and cons of utilizing a Certified Longevity Annuity Contract (QLAC) to insure shoppers in opposition to longevity danger whereas deferring some RMDs
  • Why shoppers with long-term care insurance policies might quickly see premium will increase and the way advisors may also help these shoppers analyze their choices
  • Why deliberate adjustments to “Conventional” Medicare might make it look extra like Medicare Benefit and the way advisory shoppers is perhaps affected

We wrap up with three ultimate articles, all about how one’s character can have an effect on their wealth:

  • How sure character sorts are correlated with elevated lifetime earnings among the many basic inhabitants, and why the traits that result in success for monetary advisors is perhaps totally different
  • How the character traits related to ‘self-made’ millionaires differ from those that inherited their wealth, and why these traits might have an effect on shopper conduct
  • Why sure traits are related to the flexibility to separate ‘monetary BS’ from genuinely profound recommendation

Benefit from the ‘mild’ studying!

Adam Van Deusen Headshot

Writer: Adam Van Deusen

Workforce Kitces

Adam is an Affiliate Monetary Planning Nerd at Kitces.com. He beforehand labored at a monetary planning agency in Bethesda, Maryland, and as a journalist protecting the banking and insurance coverage industries. Exterior of labor, he serves as a volunteer monetary planner and sophistication teacher for non-profits within the Northern Virginia space. He has an MA from Johns Hopkins College and a BA from the College of Virginia.

Learn extra of Adam’s articles right here.

(Andrew Welsch | Barron’s)

Simply as there was a wave of merger and acquisition exercise amongst RIAs up to now few years, broker-dealers have seen the same pattern, with massive nationwide and regional brokerages shopping for up their smaller counterparts. And at a time of accelerating expertise and compliance prices, in addition to rising competitors from fee-only RIAs, there have been declines in each the variety of broker-dealers and their registered representatives.

In line with FINRA’s 2022 Trade Snapshot, there have been 3,394 broker-dealers registered with FINRA in 2021, down 41 from 2020 (with 150 corporations leaving the trade and 109 corporations getting into) and a decline of 1,432 corporations since 2017 amid the wave of consolidation. Additional, the trade has seen the variety of its registered representatives shrink as effectively, falling to 612,457 final yr from 617,531 the yr earlier than (representing about 44,000 departures from the trade and 39,000 newcomers). Along with consolidation, the expansion of RIAs has possible contributed to those tendencies as effectively, with the variety of RIAs rising to 31,669 in 2021 from 29,600 in 2017.

However the declining variety of broker-dealers and registered representatives, trade revenues rose throughout the interval, with combination income for FINRA-registered corporations rising to $398.5 billion from $361.9 billion in 2020. As well as, pre-tax internet revenue elevated in 2021 to $91.8 billion from $77.3 billion in 2020, maybe on account of efficiencies created from trade consolidation and/or sturdy inventory market returns in 2021 that contributed to fee-based revenue.

So whereas the brokerage trade continues to herald wholesome earnings, its declining headcount and the simultaneous development of RIAs throughout the interval counsel that an advice-centric, moderately than product-centric, strategy is more and more seen as a gorgeous choice for a lot of registered representatives. And these advisors have a spread of platforms to select from, each for individuals who need to stay within the broker-dealer area and for individuals who need to make the soar to an RIA!

(Bruce Kelly | InvestmentNews)

Historically, broker-dealers introduced in most of their income by commissions generated from the sale of funding merchandise. However with the expansion of on-line platforms and vastly decreased buying and selling charges that permit shoppers to handle their very own investments, in addition to the expansion of fee-only RIAs, and regulatory actions, such because the introduction of the SEC’s Regulation Greatest Curiosity, have made producing income by commissions more difficult.

In truth, in line with an InvestmentNews survey, in 2021 charges comprised 54% of income from the highest 25 impartial broker-dealers surveyed, with 34% of income coming from commissions, and 12% coming from different sources (primarily generated from interest-rate spreads). This can be a stark distinction to how these corporations operated beforehand; for instance, in 2013 commissions accounted for 52% of income, with charges solely accounting for 34%. And this shift has been worthwhile, with advisors at six impartial broker-dealers bringing in a median of at the least $500,000 in charges and commissions in 2021.

One of many drivers of the fee-based revenues (sometimes taken as a share of property below administration) was possible the sturdy inventory market efficiency in 2021, with the S&P 500 returning 28.7%, together with dividends. And whereas the adverse fairness returns to date in 2022 might cut back these AUM charges, revenues could possibly be buoyed by rising rates of interest, which profit broker-dealers by elevated margin rates of interest and higher interest-rate spreads on shopper money holdings in cash market accounts.

In the long run, the survey outcomes replicate the rising attractiveness of an advice-centric strategy for advisors throughout trade platforms. And so, as Regulation Greatest Curiosity has made it more durable for RIAs (which have historically been advice-centric fiduciaries) to distinguish themselves from the broker-dealer competitors, it’s changing into more and more vital for advisors at RIAs to transcend differentiating themselves not solely on their price construction and requirements of conduct, but additionally by prioritizing what shoppers need most from their advisor and on the companies they supply for shoppers!

(Sam Potter and Katie Greifeld | Monetary Advisor)

The variety of exchange-traded merchandise has exploded within the final a number of years, shifting from easy index Change-Traded Funds (ETFs) to way more advanced merchandise. And whereas extra opaque investments had been historically restricted to accredited buyers (who meet sure revenue or asset necessities), these new ETFs can be found to all, no matter their property or funding information. And whereas the worth of index ETFs can assuredly decline, the newer merchandise (comparable to leveraged and inverse ETFs) have the potential to result in way more vital losses.

And so, FINRA issued a regulatory discover in March calling for feedback on whether or not the obstacles ought to be raised on investing in a spread of exchange-traded merchandise, probably together with leveraged and inverse automobiles, cryptocurrency-linked funds, and defined-outcome methods. These obstacles might probably embrace enhanced disclosures, a “information examine” for retail prospects, a requirement to hunt FINRA approval for the promoting of advanced merchandise, controls on push notifications on digital gadgets, and heightened supervision of funding suggestions.

Proponents of enhanced necessities for the highlighted funding automobiles counsel that self-directed retail buyers are behind the increase in recognition of those merchandise and plenty of of them may not perceive the potential dangers concerned, probably placing a big quantity of capital in danger. Nevertheless, different observers counsel that it is going to be troublesome to measure an investor’s information and the corporations who produce the merchandise counsel that the investments are being unfairly singled out and that any guidelines might probably apply to a broad vary of funding merchandise.

So whereas it stays to be seen whether or not FINRA will take any motion on this problem (the remark interval ends on Could 9), advisors may also help shoppers who is perhaps serious about advanced funding merchandise to know their dangers and whether or not they’re acceptable given the shoppers’ funding methods and danger tolerance. As a result of whereas many of those merchandise would possibly look enticing when markets act of their favor, the draw back could be vital!

(Ginger Szala | ThinkAdvisor)

For funding advisors, there are various methods to evaluate whether or not a particular mutual fund is perhaps acceptable for a shopper. From contemplating whether or not it’s actively or passively managed, to its expense ratio, to its latest and historic efficiency, there are various dimensions from which to decide on. And up to date analysis signifies that the kind of agency an advisor works for influences this resolution.

In line with the examine “Does Advisor Channel Affect Passive Fund Alternative” by Michael Finke, Aron Szapiro, and David Blanchett, advisors at RIAs favor extra salient traits comparable to expense ratios, whereas representatives from broker-dealers and twin registrants are extra possible to make use of latest returns and energetic funding methods. The authors surveyed a complete of 459 advisors from the three forms of corporations and located that one-third of advisors with RIAs construct shopper portfolios primarily with passive investments, greater than twice the proportion of broker-dealer representatives and twin registrants. The examine concludes that as a result of the expense ratio is crucial attribute predicting future returns, advisors at RIAs who give attention to expense ratios and implement a passive funding technique are inclined to outperform their counterparts.

Apparently, whereas twin registrants act as fiduciaries when offering funding recommendation to people, their fund preferences didn’t differ from broker-dealer representatives throughout a spread of traits. The authors counsel that it’s because they function inside a brokerage ecosystem which will affect how they’re skilled to pick out fund investments and develop an funding technique (i.e., such coaching would possibly encourage using actively managed funds which have a revenue-sharing settlement with the advisor’s mum or dad agency).

The important thing level is that advisors with RIAs seem to enhance shopper funding outcomes by specializing in the expense ratios of mutual funds and implementing a passive funding technique. And whereas twin registrants theoretically straddle the road between RIA advisors and their broker-dealer counterparts, the examine reveals that their funding preferences extra carefully resemble the latter (maybe signaling the significance of differentiating them from advisors who act as fiduciaries always!).

(Karen DeMasters | Monetary Advisor)

When establishing a portfolio, together with property which have non-correlated efficiency may also help regular returns and dampen portfolio volatility. And whereas shares and bonds have traditionally been largely uncorrelated, 2022 has introduced sharp declines to each asset courses. And so, some advisors seem like turning to different funding courses in an try and generate returns and revenue for his or her shoppers.

In line with a report from monetary companies analysis and consulting agency Cerulli Associates, different mutual funds gathered optimistic internet flows throughout March and added $200 billion in internet flows within the first quarter, whereas mutual fund property had been comparatively flat and had been down greater than 6% by March. Among the many different asset courses seeing development are non-traded actual property, interval funds, and enterprise growth corporations, which collectively held nearly $300 billion in property on the finish of 2021, up sharply from $176 billion on the finish of 2020.

And in line with a Cerulli survey taken final yr, 59% of advisors utilizing options had been doing so to create present revenue for his or her shoppers. Notably, whereas these different investments have the potential to generate returns and revenue at a time when conventional asset courses are weaker, they’ll include drawbacks, comparable to illiquidity and better charges, that may not make them acceptable for some shoppers.

Finally, whereas a interval of adverse returns for each shares and bonds could be difficult for advisors and their shoppers, the choice to take a position shopper property in options requires analysis (to first decide how the asset class works) and consideration of the charges and liquidity concerned. As well as, this present interval could possibly be time for advisors to emphasize take a look at shopper portfolios to make sure that they proceed to be positioned to satisfy their shoppers’ targets!

(Jeff Benjamin | InvestmentNews)

Funding administration has historically been on the heart of monetary advisory companies. In prior many years, shoppers had no selection however to undergo a dealer to take a position. However due to regular enhancements in expertise, buyers have the choice to take a position on their very own (and profit from transaction prices approaching zero!). And whereas many shoppers nonetheless search skilled funding recommendation, advisors also can attain “DIY” buyers by adjusting their price mannequin and focusing their companies on different areas of monetary planning.

For instance, whereas a person would possibly really feel snug managing their funding portfolio, they could have questions on claiming Social Safety, schooling planning, or property planning methods. And whereas a few of these shoppers would possibly need an ongoing relationship, others would possibly need to have their considerations addressed by irregular conferences or on a mission foundation.

With this in thoughts, providing an advice-only service permits advisors to be extra artistic with their charges and attain a wider vary of potential shoppers (who may not have adequate property to be served by different advisors). Whereas charging AUM-based charges stays the predominant price construction for advisors to handle investments, advice-only advisors have a spread of choices, from hourly planning charges, to ongoing retainers, to project-based billing. And advisors who need to cost for recommendation would not have to show down shoppers who’re serious about funding recommendation; in these instances, the advisor might cost a separate price for funding administration companies (which might merely entail making portfolio suggestions for the shopper to implement themselves moderately than managing shopper funds straight by a custodian).

The important thing level is that for advisors who’re much less serious about funding administration and desire a extra versatile enterprise mannequin, an advice-only strategy can permit them to serve shoppers whose wants align with the advisor’s personal experience and skill to supply worth!

(Christine Benz | Morningstar)

With life expectancy rising throughout the previous few many years, many retirees are involved about longevity danger, or the danger that they may outlive their property. This leads some retirees to make use of assured revenue merchandise, comparable to annuities, to scale back the danger {that a} market downturn might imperil their retirement spending. And for retirees with property in certified accounts (e.g., Conventional IRAs or 401(ok)s), a certified longevity annuity contract (QLAC) could possibly be a possible answer.

QLACs are a type of deferred annuity, the place a person makes an upfront fee in return for a hard and fast fee at a later age. For instance, a 70-year-old retiree might buy a QLAC right this moment and start receiving funds at age 80 (and the funds they obtain at the moment might be bigger than in the event that they bought an instantaneous mounted annuity and commenced receiving funds right this moment). What makes QLACs totally different from different deferred annuities is that they’re bought utilizing funds from a certified account, and people funds are faraway from Required Minimal Distribution (RMD) calculations as soon as the retiree reaches RMD age (thereby probably lowering their tax invoice within the years earlier than QLAC funds begin). As soon as annuity funds start, the retiree pays extraordinary revenue tax on the funds. Notably, a person is proscribed within the quantity they’ll contribute to a QLAC – as much as 25% of their portfolio or $145,000, whichever is much less.

So whereas QLACs have many potential advantages, together with addressing longevity danger and providing a tax profit, they arrive with drawbacks as effectively. For instance, as a result of a QLAC is a hard and fast annuity, it comes with inflation danger (this may be addressed with a rider, however this can decrease the fee quantity). Additionally, the retiree faces insurance-company danger (as they won’t obtain funds till a number of years after buying the QLAC). As well as, one of many dangers of any deferred annuity is that the retiree might die earlier than receiving any advantages or quickly after funds begin (although their beneficiaries might obtain a payout if a period-certain annuity was bought).

As well as, the tax financial savings on RMDs may not be well worth the foregone development had the property used to buy the QLAC been invested (on condition that the retiree may not reside lengthy sufficient to obtain adequate funds to even match the principal used to buy the QLAC). Additional, the accelerated funds of a QLAC in later years can deplete a certified account even quicker than regular RMDs would have anyway!

Finally, the important thing level is that whereas a QLAC represents a possible manner for retirees to handle longevity danger, the tax advantages alone may not make it the best choice for a given shopper. For advisors, a shopper’s life expectancy, property, revenue wants, tax state of affairs, and property targets are all issues that may be taken under consideration earlier than buying a QLAC or different longevity annuity.

(Allison Bell | ThinkAdvisor)

Each long-term care insurance coverage (LTCI) corporations and people they insure have seen dramatic adjustments over the previous a number of years. Amid falling rates of interest and greater-than-expected claims exercise, the LTCI market has shifted considerably. This has led to vital premium will increase, each for newly bought insurance policies and for individuals who had been paying premiums for a few years. Notably, these premium will increase have to be accredited by every particular person state, which is left to stability the necessity for insurers to stay solvent in opposition to the flexibility of shoppers to deal with the premium will increase.

In an try and facilitate state evaluations of premium improve requests from insurers, members of the Nationwide Affiliation of Insurance coverage Commissioners (a bunch of state insurance coverage regulators) voted in April to undertake the Lengthy-Time period Care Insurance coverage Multistate Actuarial Evaluation Framework, below which states that select to take action can get assist from a crew of skilled LTCI actuaries with analyzing fee improve purposes. This might velocity up the method of utility critiques and improve the consistency of the ultimate outcomes. Nevertheless, as a result of some LTCI issuers have been ready for the framework to be launched to ask for premium will increase, policyholders might see a flurry of latest LTCI fee will increase within the close to future.

And so, advisors with shoppers which have LTCI insurance policies may also help them discover their choices to take care of any fee improve. For many who can afford the elevated funds, persevering with to pay on a present coverage is commonly a greater worth than buying a brand new one (that are priced primarily based on the up to date rate of interest and use assumptions), however it may be price checking charges with different insurers. However in these instances the place the premium improve makes the insurance coverage unaffordable, advisors may also help shoppers discover choices to switch and/or cut back protection to take care of the unique premiums. Usually, lowering the profit interval, or the speed on the inflation rider (significantly for older shoppers), represents higher choices than lowering the each day profit quantity.

The important thing level is that long-time LTCI policyholders proceed to bear the brunt of the insurance coverage corporations’ authentic mispricing of the insurance policies and will expertise additional premium will increase. That stated, advisors may also help information shoppers by assessing their potential LTCI wants and the way to greatest stability premium will increase inside their broader monetary plan.

(Mark Miller | Morningstar)

Those that get their medical insurance by Medicare have two choices: “Conventional” Medicare, which is a fee-for-service program the place healthcare suppliers invoice Medicare straight; and Medicare Benefit, a managed-care different run by personal corporations. And whereas Medicare Benefit plans have turn into more and more widespread thanks partly to their usually low premiums and extra companies provided, people in these plans are sometimes steered towards in-network suppliers, which could be restricted in sure areas.

However now, the Facilities for Medicare and Medicaid Companies (CMS) has introduced deliberate adjustments that would make conventional Medicare look extra like Medicare Benefit. Beneath the plan, Medicare will enter into contracts with Accountable Care Organizations (ACOs), healthcare supplier teams that can obtain a flat annual fee to supply take care of enrollees in conventional Medicare.

Proponents counsel that the plan will incentivize the ACOs to work collectively as groups to supply complete take care of sufferers, and that the plan might result in decreased prices for the Medicare program by paying a flat price per enrollee moderately than being charged for every process. Then again, skeptics of the plan counsel that the plan might result in lower-quality service for enrollees in conventional Medicare, as a result of the flat charges they obtain will incentivize the ACOs (which are sometimes owned by for-profit buyers) to chop prices the place potential.

Medicare officers have stated they count on all conventional Medicare beneficiaries to be in ACOs by 2030, and people people will obtain a letter from CMS informing them whether or not their present healthcare supplier is a part of an ACO. And so, advisors could be looking out for shoppers elevating considerations about their Medicare advantages and medical suppliers, significantly as a part of a broader dialog throughout Medicare’s open enrollment interval on the finish of the yr.

(Miriam Gensowski | Harvard Enterprise Evaluation)

The “Huge 5” theoretical psychology framework analyzes a person’s character throughout 5 dimensions: extraversion, conscientiousness, openness to expertise, agreeableness, and neuroticism. This framework has been used to discover how a person’s distinctive character is said to all the things from tutorial achievement to marriage success to criminality. One specific space of focus has been the connection between a person’s character and their revenue.

Gensowski sought to discover this relationship by taking a look at character and revenue knowledge for a bunch of 595 males whose revenue was tracked between the ages of 18 and 75 (additionally it is price noting that the examine started in 1922 and the lads surveyed had been all within the prime 0.5% of the inhabitants in IQ). By controlling for quite a lot of components, she discovered that males who had been extra extraverted on common earned $600,000 over the course of their profession (about 15% of lifetime earnings) than a extra introverted peer. And this impact was equally massive for conscientiousness. Then again, males who had been extra agreeable earned about $270,000 much less over a lifetime than the common man. Additional, these results solely began appearing at age 30, and solely totally unfolded as the lads entered their prime working years, between the ages of 40 and 60 (maybe as the lads entered higher-paying managerial jobs).

Given the restrictions of this analysis (e.g., solely learning males in quite a lot of industries who had been of their prime working years a number of many years in the past), it’s price exploring whether or not these results are seen right this moment amongst monetary advisors. In line with Kitces Analysis, whereas the vast majority of advisors are extraverted, it seems the largest traits that outlined the longest-standing and highest-income advisors are being extremely conscientious and really agreeable (however not essentially extraverted!). As well as, the outcomes of the analysis counsel that one of many greatest “deal-breaker” traits for fulfillment as a monetary advisor is that they will need to have very low neuroticism (i.e., particularly excessive emotional calm).

In fact, these analysis outcomes characterize tendencies throughout the studied inhabitants, so having a specific character sort doesn’t exclude a person from having success in monetary advising or one other discipline. And so, in actuality, it is perhaps most necessary to maximise what your character sort has to supply and to work to develop the persistence, focus, and grit that usually result in skilled success!

(John Anderer | Research Finds)

There are a variety of things related to private wealth, from years of schooling to selection of occupation. On the identical time, researchers have thought-about whether or not extra innate traits, comparable to character sort, are additionally associated to the wealth a person accumulates over their lifetime. And in line with researchers learning German millionaires, a sure “wealthy” character profile was related to excessive wealth.

In line with their examine, millionaires tended to have larger danger tolerance, emotional stability, openness, extraversion, and conscientiousness. In truth, the nearer a person’s character tracked this profile, the extra possible they had been to be wealthier. The researchers additionally discovered that this impact was extra distinguished amongst “self-made” millionaires than those that inherited their wealth, suggesting that the “wealthy” character profile was truly a contributor to wealth technology versus creating on account of having wealth.

In fact, whereas the researchers discovered that this character profile was related to wealth technology, it doesn’t essentially imply that everybody with this profile will essentially turn into rich. For instance, having excessive danger tolerance is related to optimistic points comparable to entrepreneurship and inventory possession, but additionally with overly optimistic decision-making and losses attributable to corruption.

The important thing level is that understanding shopper character traits generally is a helpful train for advisors, from assessing their funding danger tolerance to their retirement revenue preferences, which may also help them higher perceive their shoppers and the way greatest to construct a monetary plan that’s in sync with their character sort!

(Mario Kienzler, Daniel Västfjäll, Gustav Tinghög | Journal of Behavioral and Experimental Finance)

The world of monetary recommendation is stuffed with maxims and jargon, which could be complicated for shoppers (and generally for advisors as effectively!). And whereas a lot of this recommendation is correct, or at the least made in good religion, a few of it’s made in unhealthy religion (usually by these making an attempt to promote a product) and could be thought-about ‘monetary BS’.

With this in thoughts, Kienzler, Västfjäll, and Tinghög got down to see how good shoppers are at detecting monetary BS and which forms of people are most inclined to it. They created a scale that included precise profound statements (e.g., William Feather’s “A finances tells us what we are able to’t afford, however it doesn’t hold us from shopping for it”) in addition to made-up, pseudo-profound statements (e.g., “An inexpensive mortgage is past all new future” and “Your cash transforms common actions”). They then carried out an internet survey of Individuals to see how effectively they may establish which statements had been actually profound and which had been monetary BS.

The excellent news was that just about all of these surveyed (86%) might distinguish real monetary statements from BS to some extent. Nevertheless, there was variability on this capability, and those that had been significantly susceptible to monetary BS had been extra prone to be younger, male, have the next revenue, and be overconfident relating to their very own monetary information. And whereas the flexibility to detect BS was associated to a number of optimistic skills, comparable to larger goal monetary information, these people additionally felt extra insecure about their funds.

Relating to searching for monetary recommendation, the quantity of potential jargon used could be intimidating for a lot of shoppers, which might cause them to keep away from participating a monetary skilled for worry of being judged. The necessity to stability readability with technical particulars additionally will increase the significance for advisors of explaining the “how” of what they do along with the “what” to exhibit their worth to prospects and shoppers. And because the outcomes confirmed that these with larger incomes had been extra inclined to monetary BS, advisors working with higher-income shoppers pays cautious consideration that they’re explaining their course of and recommendation in a transparent and truthful manner (and supply context to information these shoppers away from pseudo-profound recommendation and merchandise they could encounter)!


We hope you loved the studying! Please go away a remark under to share your ideas, or make a suggestion of any articles you suppose we must always spotlight in a future column!

Within the meantime, when you’re serious about extra information and data relating to advisor expertise, we might extremely advocate trying out Craig Iskowitz’s “Wealth Administration At present” weblog, in addition to Gavin Spitzner’s “Wealth Administration Weekly” weblog.

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