This is an article that is probably worth sharing with your clients as it shines a spotlight beautifully on the realities for the majority of day-trading (even in small amounts), and reveals it for the sucker game that it is intended to be…
Information, ideas, tips…the articles for professional advisers which I spotted this week that generate fresh thinking or a deeper understanding of issues are provided here as a quick readers digest for professionals who are looking ahead.
These are the highlights from the week that you should stop and read, as they are the best I’ve seen.
There is so much good information for professional services made available each week, much of which I share, that it is very easy to forget to pause and reflect.
Each week I select the best handful and give them Tony’s BIG Ticks as being the ones that made me pause and reflect, or think further. They are sometimes thought-provoking, perhaps insightful, maybe a great sales or marketing idea or sometimes just incredibly topical.
“…these direct customers will eventually turn into tomorrow’s advised clients.
The advice profession can only hope this is the case. Yet it is far from clear that that is the outcome that will emerge…”
Another good take on how financial advisers might determine what their value to clients is, and how to express that …
“…As wealth providers turn their attention towards attracting and retaining this emerging generation, one question is at the top of strategists minds: what do Millennials want out of their investment experience? If the record growth numbers for retail-focused fintech platforms are anything to go by, then providers need to address four key things…”
“In the world of business, I don’t think there is any job where in some instances the incentives for an employee or business owner are not in conflict with the ethically right thing to do. Doctors have an incentive to prescribe certain drugs even though they know that another drug may be more effective or has fewer side effects. Lawyers have an incentive to drag a lawsuit out for longer even though they know it could potentially be resolved. Financial advisers have an incentive to recommend some products even though these products may be riskier than others.
This is not evil capitalism in action. It is simply impossible to create incentive systems that are always fair and never create conflicts of interest. And the people who work in these businesses are not evil or deceptive. The vast majority are ethical and honestly believe they give the best advice they can…”