Products June 1, 2022

Special Training Course for Advisers Serving Gov, Military Clients

Mike Harris, chair of retirement studies at the College for Financial Planning and a 1982 graduate of the U.S. Air Force Academy, will lead the program.

Reported by

The College for Financial Planning, part of Kaplan, has launched a specialized course developed to support financial advisers who work with government workers and military personnel.

As the leaders at the College for Financial Planning point out, more than 25 million current government and military personnel face many complex issues related to their retirement. They face many of the same challenges as private sector workers, such as increasing longevity and higher health care costs, but they also face unique challenges related to their public-sector employment. For example, many military “retirees” may actually be transitioning to a second career at a life stage when they are not financially secure enough to stop working.

Never miss a story — sign up for PLANADVISER newsletters to keep up on the latest retirement plan adviser news.

“Among the major issues today is advising people on how to live on their retirement account and how to manage their money in retirement,” says Mike Harris, a professor and chair of retirement studies at the College and a 1982 graduate of the U.S. Air Force Academy. “The huge wave of Baby Boomers retiring means there is a lot of money coming out of 401(k) accounts, defined benefit plans and individual retirement accounts. Retirees and those about to retire have a lot of issues to understand, such as income taxes, estate planning issues, knowledge of the market and how to build a basket strategy.”

Harris will lead the specialized training program. He says military—as well as federal, state and local government employees—face a unique range of retirement-related factors. They may be transitioning to a new job at a time that they can make enhanced contributions to a defined contribution type retirement plan, and they may be able to leverage benefits coming from the Veterans Affairs Department, including privileged healthcare options.

Products June 1, 2022

Invesco and Cerulli Launch Practice Innovation Index

According to the firms, the index builds on the concept that high-performing financial professionals measure their success by the impact they make on clients’ lives.

Reported by

Invesco and Cerulli Associates have announced the launch of their new Practice Innovation Index, described as a digital analytics tool that benchmarks key traits and characteristics of financial practices.

Never miss a story — sign up for PLANADVISER newsletters to keep up on the latest retirement plan adviser news.

According to the firms, these traits and characteristics span four benchmarking areas: business development, wealth management, client service and practice management. The benchmarking methodology leverages more than 10 years of Cerulli survey data to analyze where a practice ranks among peers and provide a customized roadmap designed to help them expand their businesses.

The launch of the index comes at a time when the financial adviser industry is undergoing substantial change, in which record-setting merger and acquisition activity and a blurring of the line between financial services industry verticals play a leading part. Advisers say it is a great time to be in the business, but they also cite as challenges evolving regulations and increased competition.

John McDonough, head of U.S. wealth management intermediary distribution at Invesco, says the new service is meant to support advisers as they tackle greater business complexity and evolving client demands. He points to Cerulli survey data that shows advisers most commonly identify new client acquisition (52%), compliance (40%) and managing technology (30%) as their practices’ primary challenges.

The index is based on an assessment of the participating firm. Powered by Cerulli’s data, the Practice Innovation Index’s proprietary methodology scores and benchmarks responses. Each question is scored against the benchmark, and results are shown for each of the four categories and in aggregate, highlighting how the financial practice ranks among peers. Financial professionals are then shown a roadmap designed to leverage their strengths and address opportunities for improvement. For more complex financial practices, advisers can access Invesco’s dedicated coaching to help create actionable plans.

“Advisers today face the challenges of addressing demands from investors, financial markets and regulators, all while striving to scale their businesses,” says Asher Cheses, associate director of U.S. wealth management at Cerulli.

Cheses says the index will provide a quantifiable tool designed to benchmark the attributes of the industry’s leading financial practices, ultimately enabling advisers to help their clients achieve their financial goals.

«