1. 15 Technologies That Will Change the World
After a tumultuous 2022 for technology investment and talent, the first half of 2023 has seen a resurgence of enthusiasm about technology’s potential to catalyse progress in business and society … All of last year’s trends remain on our list, though some experienced accelerating momentum and investment, while others saw a downshift. One new trend, generative AI, made a loud entrance and has already shown potential for transformative business impact. — Chris Skinner
2. Why CEOs and PhDs Are Bad Investors
I’m convinced most people are hardwired to be terrible investors. Even very smart people who are extremely successful in other walks of life—doctors, CEOs, PhDs—are often bad at investing. Think about this: If you put just $1,000 into the S&P 500 in 1950, you’d have $2.2 million today. I’m not saying $1,000 a year. By investing $1,000 into the market one time and leaving it alone, your money would have grown to $2.2 million. — Dan Steinhart
3. Tax Receipts. Another Leading Recession Indicator?
Tax receipts are falling, which has historically preceded economic recessions. In a recent MacroView post, we discussed the issue of rising debt levels on economic growth and increasing debt levels. — Lance Roberts
4. Would You Talk to a Dead Relative?
On May 11, 1997, Garry finally lost. Garry Kasparov, the greatest chess player in history—who hadn’t lost in 15 years—was defeated by IBM’s artificial intelligence (AI) Deep Blue. Deep Blue eked out the win, 3 ½ to 2 ½. Man and machine were roughly evenly matched. But do you know what’s happened to AI chess bots since then? Today, Stockfish—the best chess AI—would demolish the greatest human chess player in history, Magnus Carlsen. — Stephen McBride
5. At Capacity? Here’s How To Find More Time To Serve More Clients
You can tell when an advisor is about to be a clown when they throw in a “because” after sharing how many clients they have. I only have twenty-five clients because I provide more service than any other advisor. — Micah Shilanski
6. Two Niche Client Bases Advisors Should Pay Attention To
Many registered investment advisors have honed their practices to focus on clients from specific professions. Think practices oriented towards doctors, lawyers, teachers and entrepreneurs of various stripes. What follows here is similar advice though not a push to focus practices on the following client groups because that would be difficult. Still, gig workers and the self-employed need high-level financial advice and planning. These are potentially fruitful clients for practices with tax planning services because, let’s be honest, there’s an array of tax complexities that come along with gig work and being self-employed. — Todd Shriber
7. How Top Financial Advisors Build Their Teams
Last week I had a call from a financial advisor who's adding two people to their team. They are a growing practice and want to discuss what they needed for the new staff. I asked them my 4 standard practice management staffing questions and this opened up some fundamental issues for them as well as most financial advisors and firms. — Grant Hicks
8. Moments That Matter: Aging in Place with Steve and Phyllis Gresham
Steve Gresham, the Managing Principal of NextChapter and the Senior Education Advisor with the Alliance of Lifetime Income, is joined by his mother, Phyllis Gresham, for a special episode on aging in place. The two discuss the importance of planning ahead for the vulnerable later years of one’s life; highlighting necessary arrangements for home maintenance and health maintenance to secure a stable future. — Power Your Advice
9. People Are Drawn to Individuals, Not Enterprises
It is not just you; the trend of personal branding in a professional setting and amplifying one's value on social media has indeed become more prevalent across financial services. As social media continues to evolve and play an integral part of our daily lives, professionals are recognizing its potential in building their personal brands and gaining influence within their industry. — Catharine Frick
10. Don’t Let Social Security Cost You Tens of Thousands of Dollars in Lifetime Earnings
Social Security's Earnings Test tops my list for our government's most senseless and personally financially destructive policy. The Earnings Test is a massive tax that isn't. It's a tax that's levied and then secretly returned making no money on balance for the government (as measured on an actuarial present value basis). Its sole purpose is to con Social Security beneficiaries below age 67 into thinking that earning money beyond a di minimis amount will come at a huge loss in current net income as well as lifetime benefits. — Laurence Kotlikoff
11. The Financial Industry’s Supportive Role in the Ongoing Opioid Crisis
Opioid addiction, overdoses, and deaths continue to be a major threat on family finances, careers, retirement plans, life goals and financial advisors can play a major role in helping clients through this crisis. Unfortunately, many advisors assume that their clients and families may not be affected by this crisis, but the numbers and scale of the problem suggest otherwise. The pain, and shame that some feel, living through the horrific realities of opioid addiction and its emotional and financial impacts on families, does not make them open up easily about their personal challenges. — Bill Hortz