Here are your Quick Hits:
20+ Years of Inflation
Business of Advice: Erica Pauly: Understand Your Numbers
- Great listen this week from Cody’s Podcast!
- Erica Pauly goes through the importance of knowing your data but also being able to see the story so you can make educated decisions in your business.
Kitces: 5 Industry Trends Reshaping Financial Advice
- This is a great piece talking through how financial advice is changing and how it already has.
- “Kitces, described a situation in which you go to the doctor and find out that you have a rare and serious medical condition. If it were him, he would then research who is an expert in treating this condition and perhaps the experience of other patients. He asked the audience for ideas, and nobody mentioned asking a friend for a referral.” – That’s powerful!
- “Parents take their children to build a teddy bear that costs over eight times what that same bear would go for in a typical retailer. The value is the experience that the adults and children have in creating the bear from scratch.
- Kitces discussed offering clients a Build-A-Bear-type experience in helping clients build their own plan.”
7 Steps to Estimating Your In-Retirement Cash Flow Needs
- Perfect article to share with clients this week.
- “At the same time, it’s worthwhile to approach the exercise with the knowledge that there’s much about your future spending that you can’t foretell. Long-term-care costs are the biggest wild card for people who don’t have long-term-care insurance or for those who have policies that are capped at specific benefits.”
