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Summary: “The times they are a-changin’.” Bob Dylan first crooned these lyrics in his 1964 title track to acknowledge a mass cry for social reform. Listen closely now, and you’ll hear echoes of the song’s core message underscoring some of today’s most newsworthy issues: the polarizing presidential race, an unraveling of corporate scandals and the ongoing fight for gender parity. Similarly, looking at the lyrics through a financial services lens elicits visions of policy reform, industry skeptics and the generational shift in wealth that have awoken a renewed need for change from Wall Street to Main Street.
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Summary: Giving advice is all about analysing the desired outcomes for clients, weighing up the possibilities, deciding on the optimal way forward and then managing the behavioural change required by the clients to achieve the desired outcome. That was a bit of a mouthful, but that is really the entire advice process in a single sentence. If we were to condense that sentence further, we’d come up with “advising is coaching clients to win their own game”.
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Summary: Uber is killing the taxi cab, Amazon is overtaking retail and Netflix is dominating entertainment, but it is the cell phone that makes this all possible. The threat from digital disruptors only became pervasive when technology took the huge leap of becoming portable. The biggest danger to your business is the cell phone resting in your client's pocket.
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Summary: The Best Interest Contract Exemption is one of the main pillars of the Labor Department's fiduciary rule. Without it, many brokers and advisers wouldn't be able to continue doing business in retirement accounts under current business practices and compensation arrangements. But with it, there is a way forward (albeit with more compliance requirements and litigation risk).
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Summary: Leading custodians warned fee-only financial advisers to figure out what differentiates their services from the competition because pretty soon everyone is going to be touting the fiduciary label.
