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 >
MOST POPULAR STORIES
Stimulus Bill Extends Some Provisions of the CARES Act

It also provides a way for retirement plan sponsors to avoid a partial plan termination.

Coronavirus Hardship Withdrawals, Taxes and Your Retirement Plan Clients
Coronavirus-related withdrawals made in 2020 were a financial lifeline for some, but they could also turn into a major tax headache for others.
Warn Your Clients: Don’t Abuse Coronavirus Hardship Withdrawals
Though retirement plans can allow individuals to self-certify that they qualify for a penalty-free coronavirus-related distribution, should the IRS discover otherwise during a future audit, a participant can be subject to substantial penalties.
Many Near-Retirees Don't Understand Social Security Benefits

More than one-third failed a basic Social Security quiz administered by MassMutual.

Once They Catch On, PEPs Could Grow Exponentially
The current hesitancy over how they will take shape will be overcome by appreciation among advisers and sponsors alike at the prospect of expanding retirement coverage, sources say.
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