PLANADVISER Weekend Newsdash
Week ending June 1st, 2018

Happy Friday, readers! This weekend’s mailing presents some important food for thought on the always timely topic of Practice Management. We hear from Morningstar’s first chief data officer as he reflects on the recent creation of his role and what it says about the future of financial services. We also learn how advisory and investment management firms have made strides in the previous decade in terms of adopting self-service, web-based solutions—but the existing “fixed decision tree” approach is not sufficient for the next evolution in client service. We hope you will share some of what you learn with a client or colleague.

Practice Management
Financial Services Firms Are Lagging on Data Technology
Firms have made strides in the previous decade in terms of adopting self-service, web-based solutions—but the existing “fixed decision tree” approach is not sufficient for the next evolution in client service. Read more >
Client Data: Powerful But Largely Untapped Asset
“Personal data can tell you so much more beyond just providing insights into individual client behaviors. You can take these streams of data, clean them up and extract valuable insights that look across the book of business to highlight trends and challenges that are not really visible on a case-by-case basis.” Read more >
Skill in Fiduciary Discretion Discussions Brings Lots of Low-Hanging Fruit
Independent advisory shop founder Joe Gordon talks about winning new plan business from brokers and bank advisers who are “seriously fumbling the discussion with clients about fees and fiduciary change.” Read more >
Data Scientists Play New Role in Financial Services Vertical
Speaking to attendees of the 2018 DataDisrupt conference in New York, Morningstar’s first chief data officer reflected on the recent creation of his role and what it says about the future of financial services. Read more >
Peers Play a Big Role in Adviser Relocations, Independence Decisions
Almost half of advisers who left their firm moved along with a larger team in 2017, versus 34% in 2012, according to data shared by Fidelity Clearing and Custody Solutions; advisers moving to an independent broker/dealer more often depart as a team versus other movers. Read more >
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Bill Beardsley Exits LPL Retirement Partners Business

At the end of the day there just aren’t all that many people working on retirement plans, so it is only natural that firms will compete for and trade talent.

Participants’ Retirement Outlook Has Improved

Fifty-two percent think they will be able to retire at their ideal retirement age, and 52% say they either somewhat or strongly agree that their savings will last throughout their lifetime.

With Litigation Rush, Fiduciary Insurance Adequacy Is Critical
As a result, insurers are scrutinizing potential customers more carefully, asking for extensive documentation and proof of compliance with stated policies.

Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

Advertising: Paul Zampitella paul.zampitella@strategic-i.com

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