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Weekend Studying For Monetary Planners (July 30-31) 2022

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Benefit from the present installment of “Weekend Studying For Monetary Planners” – this week’s version kicks off with a survey indicating that whereas about 70% of advisors total really feel profitable, those that cost charges (and benefit from the stability that recurring charges present) are inclined to really feel extra profitable than those that depend on less-stable commissions, with the impact being significantly pronounced for feminine advisors.

Additionally in business information this week:

  • A survey suggests that customers acknowledge that they’re preserving extra money than they need to on the sidelines as they keep a pessimistic outlook for markets and the financial system
  • Why a latest SEC settlement is a warning that giant RIAs must pay shut consideration to the income sources of an affiliated broker-dealer

From there, we’ve a number of articles on advisor payment fashions:

  • How advice-only payment fashions can provide advisors larger flexibility of their service choices and the shoppers they serve
  • Why creating an annual shopper service calendar is a useful technique to display an advisor’s worth proposition to shoppers and regulators
  • How advisors can overcome the “Triple Whammy” of getting an excessive amount of work for too many consumers for too little cash

We even have various articles on mortgages:

  • How holding on to a mortgage whereas investing is a type of leverage, and why a mortgage itself just isn’t an inflation hedge
  • How advisors can add worth to shoppers contemplating cash-out refinances
  • Why some shoppers see house renovations as a technique to delay inevitable unhealthy information

We wrap up with three closing articles, all concerning the present work surroundings:

  • The perfect practices, from comfortable hours to retreats, advisory corporations can use to maximise the hybrid work surroundings
  • Why co-working area is the brand new ‘scorching’ amenity in residences and condominium buildings
  • Why the return of in-person conferences is attracting mother and father who wish to get out of the home, and the big selection of upcoming conferences for advisors

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. He will be reached at [email protected]

Learn extra of Adam’s articles right here.

(Allison Bell | ThinkAdvisor)

Everybody needs to attain a sense of success of their skilled lives, and there are a lot of components that may assist create a way of feat. From the selection of profession to working for a corporation that units its workers up for achievement to setting achievable work targets, a person can affect the circumstances that can assist them really feel profitable. And within the case of economic advisors, the selection of income mannequin seems to be an essential driver of success.

Researchers on the Heart for Girls in Monetary Providers, an arm of The American School of Monetary Providers, surveyed greater than 800 advisors in late 2021, asking them whether or not they felt profitable (based on every particular person’s definition of success). Total, about 70% of advisors mentioned they felt profitable, though this differed by income mannequin and gender. By income mannequin, advisors whose income got here primarily from charges had the very best emotions of success (84%), adopted by fee-only advisors (81%), these receiving a wage plus incentives (77%), primarily commissions (66%), and solely commissions (58%).

Particularly for ladies, sense-of-success additionally differed amongst completely different income fashions. Of these feminine advisors whose income comes primarily from charges, 96% really feel profitable, adopted by fee-only advisors (87%), primarily commissions (83%), wage plus incentives (77%), and adopted by these solely receiving commissions (55%).

Total, the analysis exhibits that whereas advisors typically consider they’re profitable, the selection of income mannequin can play an essential position on this feeling, and that advisors with blended fashions (primarily charges however some commissions) seem like the happiest, as recurring charges present income and enterprise stability whereas being able to do commission-based enterprise permits them to work with a wider vary of clientele with no need to say ‘no’ as usually. So, for advisors who may really feel dissatisfied of their present efficiency, information counsel that switching to a fee-only or fee-based income mannequin that gives extra income stability may improve their emotions of success!

(Allison Bell | ThinkAdvisor)

Shoppers have confronted vital monetary headwinds thus far in 2022, from weak inventory and bond efficiency to elevated ranges of inflation (that make actual funding returns even worse). And a latest survey suggests that customers are preserving extra cash on the sidelines in opposition to this financial and market volatility.

In response to a survey of 1,004 American adults by Allianz Life, 65% of respondents mentioned they’re preserving extra money than they need to out of the market due to worries of loss, up from 57% in 2021 and 54% in 2020. As well as, 60% of these surveyed mentioned they assume it is very important have some retirement financial savings protected against loss. Equally, respondents had a pessimistic investing outlook, with solely 25% saying it’s a good time to take a position out there, down from 37% within the fourth quarter of 2021 (though given the low proportion of these with a good outlook each when the market was rising in late 2021 and when it has fallen in mid-2022, traders may simply be typically pessimistic concerning the markets).

Inflation continues to weigh on the minds of shoppers as properly, with 82% saying they fear about inflation persevering with to have a unfavourable impression on their buying energy within the subsequent six months and 71% responding that their revenue just isn’t maintaining with rising bills. On the similar time, simply over half of Millennials mentioned they’ve an efficient monetary plan in place to assist handle the rising price of dwelling, suggesting that many youthful People may gain advantage from working with an advisor to create a plan to fight inflation.

Total, the survey suggests that customers’ broadly pessimistic view of the financial system and the markets is affecting their funding conduct. And so, whether or not it’s having conversations with shoppers and prospects concerning how they will fight inflation, to discovering methods to assist shoppers get money off of the sidelines, advisors can play an essential half in making certain their shoppers’ long-run monetary plans stay on observe regardless of the present downturn!

(Kenneth Corbin | Barron’s)

The decline in mutual fund charges over the previous a number of a long time has been a boon to traders, who’re in a position to get the diversification advantages of those investments whereas preserving extra of their cash invested. On the similar time, many mutual funds proceed to supply a number of share lessons, which differ each when it comes to the charges shoppers pay, and the quantity of income shared with broker-dealer platforms that make the merchandise accessible to shoppers. But whereas this construction works for broker-dealers, people who have affiliated RIAs (which have greater requirements for duties to shoppers) have come into hassle with the Securities and Alternate Fee (SEC) for the interrelationship between the 2.

Final week, the SEC introduced that RIA Mesirow Monetary Funding Administration agreed to pay greater than $750,000 to settle allegations that it didn’t speak in confidence to shoppers that it was putting them in sure higher-fee share lessons of mutual funds that have been producing extra income for Mesirow’s affiliated broker-dealer, leading to shoppers paying greater prices with out being conscious of the battle of curiosity that led to these greater prices.

Particularly, the SEC alleged that between early 2015 and Could 2019, when Mesirow carried out No-Transaction-Payment (NTF) mutual funds for its shoppers – which usually have a better price within the type of extra 12b-1 charges that go to the clearing agency to cowl the mutual fund ticket costs – that Mesirow’s affiliated broker-dealer acquired a portion of the extra 12b-1 charges as a part of its clearing settlement. Because of this, Mesirow’s RIA was not merely making an goal choice about whether or not to place shoppers into NTF mutual funds or not; as an alternative, the agency’s broker-dealer affiliate financially benefitted from the choice to make use of NTF funds as an alternative of doubtless lower-cost options (for which the clearing dealer would have paid no or decrease income sharing. The SEC argued that these actions violated Mesirow’s fiduciary obligation to its shoppers as an RIA by failing to speak in confidence to its shoppers the compensation its affiliated dealer acquired from the clearing brokers, and moreover by not looking for greatest execution (to enact mutual fund trades for the bottom price) for its shoppers. The regulator additionally cited the agency for failing to keep up written insurance policies and procedures to make sure shoppers are positioned in essentially the most applicable share class. As a part of the settlement, Mesirow didn’t admit or deny costs, however did settle for a censure.

In the end, this case highlights the significance for RIAs with affiliated broker-dealers of making certain that the sources of income for the broker-dealer don’t intervene with the fiduciary obligations of the RIA – both by eliminating the battle of curiosity, or at a minimal, by clearly disclosing the battle, and having insurance policies and procedures in place to make sure that the suggestions being made to shoppers will not be being tainted by what could generate extra income for the RIA’s affiliated broker-dealer. And, at a time when many massive RIAs need to entice breakaway brokers (and utilizing affiliated broker-dealers to carry belongings managed by these brokers that can not be held on the RIA, or are working as introducing broker-dealers to take part in custody and clearing income), having written insurance policies to forestall fiduciary violations (and a tradition of compliance to comply with them) will probably be essential to keep away from violating SEC rules (and offering the very best service to their shoppers!).

(Kathleen Boyd | XY Planning Community Weblog)

The shift from a commission-based income mannequin to a fee-only mannequin has benefitted many advisors and shoppers, partly as a result of by being product-agnostic, advisors can provide their shoppers funding recommendation with out having the potential battle of suggesting a commission-paying product. However whereas discretionary funding administration stays a core worth proposition for a lot of fee-only advisors, some have turned to an “advice-only” mannequin to profitably serve shoppers and supply complete monetary recommendation with out specializing in ongoing funding administration.

Recommendation-only planning is a enterprise mannequin the place advisors present recommendation to shoppers with out promoting merchandise or instantly managing their belongings, usually with a restricted interval of engagement. Advisors who take this path have quite a lot of methods to cost advice-only charges, together with on an hourly foundation, on a undertaking foundation, or as an ongoing retainer. Hourly charges will be good for shoppers who desire a limited-scope engagement (e.g., an worker advantages evaluate), whereas shoppers who desire a extra complete plan (however not ongoing recommendation) may select a project-based payment. And shoppers who do need extra handholding can select a retainer-based method, the place an advisor costs both a flat payment or maybe a payment based mostly on the shopper’s revenue. Notably, an advice-only advisor can provide all of those fashions inside their observe (and may discover that some shoppers who begin on a undertaking foundation flip into retainer shoppers). And at a time when income at many AUM-based corporations has declined together with the markets, having charges which can be unbiased of market efficiency will help regular agency revenues!

In the end, the important thing level is that an advice-only mannequin permits advisors to deal with offering a variety of economic planning recommendation relatively than managing investments and offers shoppers a extra tailor-made expertise to suit their particular planning wants. Additional, it opens the door to potential shoppers who may need sturdy incomes however not the belongings to fulfill the minimums of many AUM advisors (in addition to “do-it-yourself” shoppers who’re fascinated with receiving recommendation, however wish to deal with implementation on their very own), permitting a agency to succeed in out to a broader pool of potential shoppers!

(Invoice Winterberg | AdvicePay Monetary Advisor Group Weblog)

Traditionally, the enterprise of economic recommendation has targeted on funding administration. When that is the case, it’s straightforward for shoppers (and regulators) to see the work an advisor is doing on behalf of their shopper, from creating an asset allocation to ongoing buying and selling and rebalancing. However advisors who’ve shifted to a fee-for-service method face the problem of demonstrating their ongoing worth to their shoppers.

One technique to display the work of fee-for-service advisors for shoppers and regulators is to create a shopper service calendar, which will be structured round shopper engagement and planning alternatives all year long. Step one to assemble this calendar is to establish the potential companies the advisor plans to supply their fee-for-service shoppers. And whereas there are dozens of potential companies that an advisor may provide, specializing in the companies shoppers have requested most frequently (and the proactive companies the advisor presents) can create a extra manageable (and significant) set of service choices.

As soon as the advisor’s companies are recognized, they will take into account how incessantly their agency ought to carry out every service. For instance, the agency may conduct a month-to-month inside portfolio evaluate, ship out a shopper publication on a quarterly foundation, and conduct an insurance coverage evaluation for every shopper yearly. The advisor can then take into account whether or not sure companies are most applicable at a specific time of 12 months, and allocate such companies appropriately (e.g., holding an end-of-year tax planning assembly in November).

And so, making a shopper service calendar not solely will help an advisor streamline their workflows, but additionally permit shoppers (and prospects) to see the complete vary of companies the advisor supplies. Additional, a shopper service calendar generally is a helpful diagram to supply to regulators who request proof of the advisor’s work on behalf of their shoppers (significantly if they’re working on a fee-for-service mannequin). Ultimately, a shopper service calendar will help a agency quantify its operational wants when it comes to advisor capability, scale an outlined set of companies to extra shoppers, and decide when to rent extra advisors as extra shoppers have interaction with the agency!

(Morgan Ranstrom | The Worth Of Recommendation)

Whereas working as a monetary advisor can positively contribute to a person’s wellbeing, it’s not with out its challenges. And these challenges are significantly acute for agency house owners, who usually must run the operational aspect of their enterprise whereas additionally looking for new shoppers and serving present ones. And after an early interval of progress, agency house owners can discover themselves struggling to maintain up with the tempo of enterprise whereas not pulling in earnings commensurate with their efforts.

Ranstrom refers to this case as a “Triple Whammy” the place a agency proprietor has 1) an excessive amount of work, 2) for too many consumers, 3) for too little cash. He means that this may be the results of the advisor not making troublesome decisions, resembling elevating charges, defining a distinct segment, ‘graduating’ shoppers who’re a poor match, and overserving their clientele. And the implications of the Triple Whammy can seep into each the advisor’s skilled and private lives, resulting in the whole lot from low revenue margins to frustration and burnout. Ranstrom’s most popular answer to the Triple Whammy is to restrict the variety of shoppers an advisor serves, which generally is a forcing mechanism to deal with shopper high quality, agency effectivity, delivering high quality service, in addition to the agency’s revenue margin and the advisor’s way of life.

The important thing level is that whereas operating an advisory agency is a difficult (however usually rewarding) proposition, advisors can typically make it tougher than it needs to be by avoiding arduous decisions that might alienate shoppers. However by confronting the challenges of the Triple Whammy, a agency proprietor can create a extra environment friendly enterprise that gives excellent shopper service and results in higher long-term well being for the enterprise and for the advisor themselves!

(James Dahle | The White Coat Investor)

A mortgage is usually a shopper family’s largest debt, and plenty of people grapple with the choice of whether or not to make the common month-to-month funds for the lifetime of the mortgage (usually 30 years) or to make extra funds and repay the mortgage early. Which in observe generally is a tangled net of trade-offs, from the implicit low-cost supply of capital for making portfolio investments, to the peace of thoughts (and potential extra monetary flexibility) that comes from not having any obligation for ongoing mortgage funds.

A easy means to take a look at the mortgage from an funding perspective is to contemplate the rate of interest of the mortgage in comparison with an anticipated funding return in a portfolio. For instance, for a shopper who locked in a low 3% mortgage price previously and has a 6% anticipated portfolio return, investing accessible capital to fund the portfolio relatively than pay down the mortgage could possibly be engaging because the portfolio out-earns its borrowing price. Nonetheless, whereas the 6% return is perhaps anticipated in the long term, market volatility can play havoc with portfolio efficiency within the brief run (the place the portfolio could considerably underperform the borrowing price); extra typically, because of this sustaining a mortgage whereas additionally investing is the equal of investing with debt leverage, merely within the type of investing “on mortgage” as an alternative of “on margin”. Conversely, prepaying the three% mortgage supplies a ‘assured’ return of three% by eliminating the curiosity price (and whereas some people can deduct their mortgage curiosity on their taxes, they’d even have to contemplate taxes due on their investments as properly). Which can be particularly interesting if the mounted revenue portion of the portfolio isn’t netting a lot (or something) greater than the borrowing price anyway.

Additional, in right this moment’s high-inflation surroundings, some may view their mortgage as an inflation hedge, as a result of for these with mounted mortgages, their funds will stay the identical for the lifetime of their mortgage, even within the presence of inflation. Thanks to those mounted funds, householders can keep away from lease will increase which can be in any other case generally attributable to inflation. But the truth is that the hedge in opposition to lease inflation just isn’t the mortgage itself, however relatively is a operate of proudly owning the house, as a house owner would get the good thing about avoiding greater rents whether or not or not they nonetheless have a mortgage just by proudly owning the home itself. As well as, some view a mortgage as an inflation hedge as a result of it may be paid off with future “cheaper” {dollars} ensuing from inflation over time. However it is necessary once more to acknowledge that it’s not the mortgage itself that’s the inflation hedge, however relatively the supply of the money used to make future mortgage funds, whether or not it comes from greater wages sooner or later (on account of inflation) or funding returns from the money freed up by the mortgage (each of which exist as inflation hedges even with out the mortgage).

In the end, the important thing level is that the choice of whether or not to carry on to a mortgage – particularly whereas persevering with to save lots of and make investments – includes a danger tradeoff for shoppers. For which it could nonetheless be interesting to tackle the dangers and potential rewards of shopping for investments “on mortgage”, nevertheless it’s essential to acknowledge why a mortgage itself just isn’t essentially an inflation hedge, and in the long run, if shoppers wish to have a ‘extra aggressive’ portfolio usually essentially the most easy path is to not keep a portfolio and a mortgage on the similar time however merely to liquidate low-yield bonds from the portfolio to repay the similar-or-higher-interest-rate mortgage and hold the remaining invested (which ends up in a better fairness allocation… but when shoppers aren’t snug with the extra danger of a larger fairness allocation, maybe shopping for shares with leverage isn’t a good suggestion, both?). Particularly merely given the potential psychological advantages for shoppers of simply proudly owning their house outright!

(Michael Batnick | The Irrelevant Investor)

The decline in mortgage charges from late 2018 to early 2021 gave many householders the chance to refinance their loans at a decrease rate of interest. And whereas many of those mortgage holders merely refinanced their present steadiness (thereby decreasing their month-to-month funds because of the decrease rate of interest), some took benefit of rising house values by electing to have interaction in a “cash-out” refinance, not solely refinancing their excellent mortgage steadiness but additionally producing extra money by taking out a bigger mortgage.

In Batnick’s case, he initially had a 30-year mortgage at a 4.625% rate of interest, however as rates of interest declined throughout 2020, he refinanced right into a 15-year mortgage at a 2.875% price. And because the housing market heated up in 2021, the worth of his house additionally appreciated, giving him the choice of tapping the fairness in his house by way of a cash-out refinance. Doing so would require tradeoffs, nonetheless, together with transferring to a better rate of interest (3.375%) and increasing his mortgage over an extended interval (30 years), so he consulted along with his advisor to find out what funding return can be wanted to come back out forward (this turned out to be between 4.5% and 5% in his case). He determined the liquidity and adaptability gained from the cash-out was definitely worth the danger and went by way of with the refinance.

Ultimately, some will view such a cash-out refi as a wise danger (significantly when mortgage charges are low), offering the chance for vital upside if the invested funds do properly, whereas others may desire to have a smaller mortgage and the decrease month-to-month funds that include it. For advisors with shoppers with vital house fairness, having the ability to decide the breakeven return the shopper must obtain from a cash-out refinance will be helpful from a monetary perspective (together with steerage on the tax remedy of the refinanced mortgage!), however on the finish of the day, the shopper’s tolerance for volatility (as funding returns are prone to be uneven over time) and the psychological impression of holding a bigger mortgage may also be essential components of their choice!

(Kris Frieswick | The Wall Avenue Journal)

There are a lot of causes to renovate a house, from making wanted repairs to including an addition to accommodate the work-from-home surroundings. However typically, house renovations will not be undertaken for sensible functions, however relatively for emotional ones. For instance, Frieswick’s father engaged contractors to show their home’s again porch right into a screened-in porch with a cathedral ceiling. This appeared extreme and pointless to Frieswick, significantly as building delays dragged the undertaking on for longer than anticipated. However then she realized that her father was satisfied that so long as the porch was beneath building, her mom, who had late-stage most cancers, wouldn’t die.

Some individuals have the idea that so long as they’re busy, nothing large and scary can occur. A well-known instance of this impact was Sarah Winchester, the widow of the person who manufactured the Winchester rifle, whose house remained beneath building for 40 years till her loss of life as a result of she thought that if the house remained unfinished, the ghosts of these killed by Winchester rifles couldn’t hang-out her. Within the current day, such examples may embrace somebody whose firm is struggling however engages in a house renovation anyway (“I can’t be fired if I’ve to pay for this costly undertaking!”), a pair in a struggling marriage who try a renovation as a technique to come collectively on a undertaking, or somebody who copies the undertaking of a seemingly wealthier neighbor in a type of “maintaining with the Joneses”.

These choices might sound irrational, however it is necessary for advisors to acknowledge the underlying emotions that is perhaps going into related choices made by shoppers. As a result of what appears to be a frivolous renovation undertaking may in actuality signify a deeper emotional response (and whereas the advisor doesn’t must condone the undertaking, it could possibly assist to know of any grief a shopper is feeling to be an understanding advisor and to assist them make sound monetary choices throughout a interval of stress).

(Fred Wilson | AVC)

The onset of the Covid-19 pandemic led to a dramatic shift in what number of firms work, going from a primarily in-person surroundings to an virtually completely digital office. And as some workers return to the workplace (at the least on a part-time foundation), the will for the pliability of at-home distant work stays. This has led many firms to embrace a hybrid work construction to get the collaboration and camaraderie advantages of in-person work with the main focus and time-savings (no commute!) that working from house can present.

Firms that do resolve to tackle a hybrid format have many choices to take action. Some may select to have workers come into the workplace on sure days of the week. Lately can entail conferences and brainstorming classes that profit from being in the identical room, and corporations can soften the blow of getting to commute to the workplace by providing workers lunch or an after-work comfortable hour. An alternative choice is to come back into the places of work for targeted bursts, for instance, for every week at the start and the top of a undertaking. Occasional in-person retreats will also be a technique to carry an government crew or the entire firm collectively to contemplate the big-picture path for the agency and to socialize.

And on condition that distant work has turn out to be more and more fashionable with monetary advisors, corporations can take into account the way to accommodate a distant or hybrid surroundings. This might embrace bunching in-person prospect or shopper conferences into sure days or perhaps weeks (permitting employees to work on monetary plan preparation and different computer-based duties from house) or planning occasional in-person social occasions to carry the crew collectively. Ultimately, as a result of each in-person and distant work provide advantages for firms and their workers, taking the most effective points of every can result in a happier and extra productive office!

(Gregory Schmidt | The New York Occasions)

When searching for a brand new condominium or condominium, people usually take into account a constructing’s facilities, which may embrace a pool, gymnasium, or outside space for socializing. However within the new remote-work surroundings, a brand new amenity is gaining steam: co-working area.

Many staff who stay in smaller residences or condos may need restricted area to arrange a desk for work (or may need to resort to working from the kitchen desk or a sofa). Along with not having sufficient area for a pc and different workplace tools, working close to the identical area the place you eat and sleep can really feel confining. With this in thoughts, condominium and condominium buildings are beginning to add co-working areas as an amenity for his or her tenants. These can tackle quite a lot of varieties, from shared tables and desk areas to non-public rooms that can be utilized for conferences or targeted work. And along with separating the workspace from the remainder of one’s house, working in these areas may present a social outlet for many who won’t see one other individual face-to-face throughout the day as among the places host comfortable hours and collaboration occasions.

So for advisors working remotely and looking for a brand new place to stay, discovering a constructing with a devoted workspace may assist them strike a greater steadiness between house and work life. As a result of whereas working from house can present a cushty and handy surroundings, typically getting out into the ‘actual world’ generally is a refreshing change, even when it’s solely an elevator trip away!

(Alina Dizik | The Wall Avenue Journal)

Conferences present many advantages for attendees, from academic audio system to the chance to community and to take a look at the most recent business expertise within the exhibit corridor. However for folks, after the pandemic created lengthy stretches of balancing work whereas having kids at house, touring to conferences is now additionally serving as an outlet for leisure.

Whereas the pandemic first introduced conferences to a halt, lots of them transitioned into the digital surroundings. Whereas this may nonetheless present an outlet for audio system and a few restricted networking, such digital occasions couldn’t present attendees with one characteristic they have been searching for: the chance to get away from each the workplace and duties at house. And now, in-person conferences are roaring again, and plenty of have added new facilities to attract in attendees, from a scheduled time on the pool to free massages and live shows. And whereas conferences previously have been usually held in places with good climate and loads of websites to see, convention places have gotten much more essential now after many have restricted their journey throughout the previous two years.

And advisors trying to attend a convention (for the schooling, networking, and the chance to get away for just a few days) have many choices to select from for the rest of 2022 and into 2023. Whether or not it’s a main affiliation convention like NAPFA’s Fall Nationwide Convention in Denver or the FPA Annual Convention in Seattle, a extra intimate convention such the Insider’s Discussion board in Salt Lake Metropolis, or the chance to attend a convention held completely outdoor like Future Proof, there are a variety of choices to select from (and, wherever you go, don’t neglect to carry house souvenirs)!


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

Within the meantime, when you’re fascinated with extra information and data concerning advisor expertise, we might extremely suggest testing Craig Iskowitz’s “Wealth Administration At present” weblog, in addition to Gavin Spitzner’s “Wealth Administration Weekly” weblog.

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