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As the full impact of COVID-19 continues to unveil itself in the financial services industry, many advisors we are hearing from have begun to plan for a long-term remote practice. If you are contemplating a similar shift for the future, it is important to understand the limitations of the methods you used in the past to get to know prospects. Two of these methods, (a) judgment based on direct interaction and (b) forms with …
In his “Intelligent Investor” column in the September 7, 2019 print edition of the Wall Street Journal, Jason Zweig wrote about an idea that we’ve thought about a good deal in the recent past: the fact that not all risk tolerance assessments are created equal. In the piece, Mr. Zweig—himself an accomplished and noted author regarding topics related to the intersection of money and our brains—takes specific aim at what some have referred to …
In a Wall Street Journal article this week, the perils of debt-supported spending by Chinese Gen Z-ers and millennials were contrasted with the potential benefits of a hyper-charged consumer economy. The upshot from a macro-economic perspective is that while some amount of borrowing can be good for an economy (leading to job creation and more productivity), it can also lead to unhealthy levels of household debt, which in turn can lead to an overall …
When our first daughter was very young–not quite two years old–we attended our first-ever birthday party for a three-year-old. (I recently talked about this experience on the Afford Anything podcast with Paula Pant). We went as a family of three. It was 2:00 in the afternoon on a Saturday. We arrived and were somewhat taken aback by the scene: was this a wedding reception? Considering the evidence of the multitude of adults milling around …
You’ve probably spent time thinking about how you might improve your health, career, finances, family, spirituality, or another essential element of your life. During this contemplation, you may inevitably conclude that a change is required. Many readers of our blog and books share a common problem: they acknowledge a change is necessary (either for themselves or their client), but they also instinctively know that making the needed change will be tough. Why? First, Let’s …