MichaelKitces

Our list of "Best Conferences 2025!", and be sure to take advantage of the discount codes that several have offered to Nerd's Eye View readers! Best in: -Overall Planning: @FPANorCal -Technology: @t3techhub -Advanced Tax Planning: @AICPA Engage and more! bit.ly/4fisUpb

A client calls, worried about the unsettling headlines or a sudden drop in their portfolio. The advisor does what they do best – responds with data. The long-term market trends, historical recovery patterns... And the client nods. They might even say, "That makes sense." But when the call ends, the anxiety lingers. Why logic isn't enough, and 6 questions that can help clients work through market fears and help them feel less stuck in uncertain times: kitc.es/4v3BdNe

4 dangerous assumptions that can hurt a retirement plan, and how financial advisors can effectively stress test client plans for a range of contingencies (@christine_benz | @MorningstarInc) And more in Retirement Planning this #WeekendReading: kitc.es/3Vawm0A

#WeekendReading: The @SECGov this week adopted new rules that will lift the amount of regulatory AUM below which an investment adviser can be considered "small" (for the purposes of evaluating the economic impact of new regulations) from $25 million to $1 billion, which will cover 75% of RIAs under this new definition and is likely to provide relief for relatively smaller firms by forcing the SEC to more carefully consider how new regulatory proposals would impact the overwhelming majority of RIAs that don't even have the size capacity for a dedicated compliance role. kitc.es/3Vawm0A

To plan, in advance, for retirement spending strategies to be more dynamic… at minimum, to have a ratcheting plan in place to lift a low initial spending rate higher if the sequence is favorable (or at least, is not unfavorable), and for those who are willing to be more flexible in their retirement spending, to set guardrails in advance to know both when to cut spending in a bad sequence, and when to lift it higher in a more favorable one. kitc.es/4ppOePX

While the majority of individuals plan to retire at some point after they reach age 65, there is still a non-trivial number of individuals, whether by choice or by need, who retire before they are eligible for Medicare (or even Social Security, for that matter) and still need health insurance coverage: kitc.es/4yPw2lO

Over 70% of advisors meet with new clients two or three times before the plan is delivered. Just 7% meet with them only once, while 22% meet with them four or more times. Most advisors follow one of two approaches: (a) a discovery meeting and a delivery meeting, or (b) a discovery meeting, a delivery meeting, and an implementation meeting. We look at how advisors deliver financial plans to new clients in greater detail in our latest productivity study available here: kitc.es/4gpB6Ef

For advisors and career changers alike, the process of completing the CFP education requirement in under a year while working full-time is less about speed and more about intentionality. The process is demanding – but it also reinforces the very competencies that define effective planners: analytical rigor, adaptability, communication, and perseverance. It requires structured scheduling, honest self-assessment, disciplined study habits, and a growth mindset that embraces "not yet" as a temporary state rather than a fixed limitation. kitc.es/4eJbZOD #CFP

Our Best Conferences list for 2027 is out! It spans a wide range of organizers, topic domains, knowledge specializations, and sub-communities, to help all of our readers find that conference most relevant to their needs! ➡️➡️ (And check out our Nerd's Eye View reader discount codes!) kitc.es/4iaKq1s Best: Overall: @FPANorCal Tech: @t3techhub Tax Planning: Retirement Tax Services Tax Summit Estate Planning: EstateCon @WeAreWealth Retirement Planning: @TheAmerCol Horizons New Planners: @fpassociation Gather Advisor Marketing: Jolt Remix by @SnappyKraken, Potomac Investment: @MorningstarInc M&A and Succession:@DeVoeCo Succession Summit and @echelon_group Deals & Dealmakers Summit Conference Experience: @FutureProof_HQ Festival and Citywide

The difference between a full step-up in basis and a partial one (or none at all) can end out being a significant increase in the after-tax value of assets for some clients. Advisors can help deliver this value to their clients by planning and aiding with the retitling of assets (when appropriate) to take full advantage of the basis step-up. kitc.es/4vGhfrP

For the typical team, the process takes 45 days, though timelines can vary widely. Teams creating plans with fewer than 13 components usually finish two weeks faster, completing plan implementation within 30 days of data gathering. Plans with 13 or more components take 45 days. We look at this in greater detail in our latest productivity study available here: kitc.es/4gpB6Ef

Optimizing A $160M AUM Solo Practice For Client Impact Over Scale: #FASuccess Ep 514 With Nick Ibello on how he has made a conscious decision to limit the size of his business to offer greater depth of service for his clients while meeting his personal lifestyle goals. kitc.es/4sCOnkk In this episode, we talk in-depth about how Nick got his start in the industry by cold-calling and putting in ‘reps' that helped him refine his communication style, how Nick transitioned from this focus on ‘activity' to pursuing greater depth for his ideal target clients, and how Nick decided that working with approximately 100 clients was the right fit for his personal and professional goals. #podcast #financialadvisorpodcast

Beyond Google Reviews: How can advisors adopt a two-pronged approach to sustainably use online reviews in their marketing... while balancing concerns with compliance requirements: kitc.es/4yOZyZA In this guest post, Whit Lanier, co-founder of Amplify Reviews (an RIA review-verification and publishing platform), and Kent Keister, IACCP®, founder of Reliant Compliance (an RIA compliance firm), shares that while getting involved with Google reviews can increase compliance complexity, but recommend 3 options and strategies on how to maximize marketing impact while simplifying compliance. #advicers

This month's #AdvisorTech kicks off with the news that Orion has announced a new fee on technology vendors that access Orion data via integration. Will providers eat the fee, raise their own prices, or stop integrating with Orion altogether? kitc.es/4ix6zY9 And other interesting announcements: Nevis has raised $70M in Series B funding as it builds its advisor AI ‘operating system’ – joining the competition to build the hub of the advisor's tech stack BNY/Pershing has wound down its Wove platform, highlighting that while even though it might make business sense for an RIA custodian to build its own technology offering, it can be challenging to try to be everything to everyone Milemarker added a Model Context Protocol (MCP) server to its data warehousing solution, allowing advisory firms to plug their AI assistant of choice into their centralized firm data Missouri barred the use of credential-sharing technology (such as Pontera) to view and make trades in a client’s held-away account to be an unethical business practice, highlighting the need for 401(k) plan providers themselves to provide more secure means of accessing client data The SEC announced its 2027 examination priorities, which notably include assessments of RIAs’ ability to prepare for and respond to AI-driven deepfakes and phishing threats ... and more! #advicers

Having a mortgage is often framed as a way for an inflation hedge. As the conventional wisdom goes, with a mortgage your monthly payment is locked in (assuming it’s not an Adjustable-Rate Mortgage [ARM]), even if inflation goes up and interest rates rise. In fact, rising inflation would just devalue the mortgage in nominal (future) dollars. kitc.es/45fBeCV

5 Ways Federal Student-Loan Rules Have Just Changed ➡️A rundown of several recent changes to the student loan environment that went into effect this year, including annual and aggregate loan limits and changes to repayment programs. (@CherylMunk |@WSJ) And more on education planning this #WeekendReading: kitc.es/3Wd9U7q

At its core, "Tax-Aware Long-Short" (TALS) investing involves adding leverage (i.e., borrowing) to an existing portfolio to buy more positions and thus increase the number of potential losses to harvest. kitc.es/4xLWA6P The higher tax-loss harvesting potential of TALS portfolios can make them useful in situations where an investor expects to incur a large amount of capital gains income, e.g., if they want to sell a highly-appreciated security and reinvest in a more diversified portfolio. However, for advisors who are considering TALS (e.g., managed by a subadvisor in a Separately Managed Account [SMA] portfolio), it's also important to consider the underlying investment strategy beyond just the tax ramifications. #TALS #advicers

Service teams utilize a variety of pricing models to generate revenue, but AUM fees continue to dominate. Among our planning-focused audience of advicers, fees are used by 92% of teams in some capacity and serve as the primary revenue source for 86% of teams – up from 82% in 2022 (Figure 6.1). While significant minorities of teams generate at least some revenue through hourly and project fees (39%), subscription or subscription fees (36%), commissions (34%), or other methods (5%), only 14% of teams rely on any of these alternative models as the source for more than 50% of their revenue. We dive deeper into different pricing models in our latest productivity study available here: kitc.es/3UVMG5f #advisorproductivity #KitcesResearch

How Some Fund Investors Are Getting Sucked Into A "Coretex": How the relative strength of large-cap U.S. stocks in recent years has rewarded those invested in this market segment; it could lead some investors to put aside diversification principles that they might have previously held to, and (perhaps unintentionally) overweighting this market segment. kitc.es/3Wd9U7q (Jeffrey Ptak |@MorningstarInc)

This #WeekendReading: Schwab executives answer a variety of hot-button issues for RIAs on its platform 🔴🔴 addressing its cash sweep program, lending offerings for clients, and advisor suspicions that the custodian is also acting as a competitor in part through its newly opened wealth management offices (Jennifer Lea Reed | @FAMagazine) kitc.es/3Wd9U7q

For some, taking advantage of the Roth conversion 5-year rule is a way for those well under age 59 1/2 to tap their IRA funds "early" without an early withdrawal penalty. For others, the reality is that the Roth conversion 5-year rule is a moot point anyway, because they already meet another exception to the early withdrawal penalty (e.g., already being over age 59 1/2). kitc.es/4fs4MlJ