Fastest Growing Advisors Bullish on Thought Leadership

As discussed in my last post, social media is fine for advisors. But, research from The Financial Awareness Foundation’s (TFAF’s) Wealth Advisor Confidence Survey™ confirms that financial advisors find significantly more value in thought leadership tactics that showcase their ability to speak, present, write and charm the press.

The findings are even more striking when looking at the projected financial performance of responding advisors. Firms that expected to finish 2018 with double-digit growth were 1.5 times more likely than less optimistic firms to consider Public Speaking, Publishing Articles and Media Coverage “very” or “extremely” useful (see chart above). 

Unlike firms expecting modest or flat growth in 2018, firms projecting double-digit growth this year were also more likely to find high value in blogging, authoring books and e-books, publishing on LinkedIn, holding client events and producing videos.

TFAF’s annual survey of financial advisor concerns and challenges, conducted in association with HB Publishing & Marketing Company, LLC. asked respondents to rate nearly two-dozen thought leadership tactics. Those in the table above were the ones most frequently cited by advisors as being “very” or “extremely” valuable. In my next post we’ll see how webinars, Facebook, Tweeting, Instagram and other social channels fared—particularly among advisors who were expecting double digit growth in 2018.

Conclusion

We may live in an instant gratification society, but when it comes to resonating with clients, prospects and influencers, research shows you’ll have to hit the neural gym and do some mental heavy lifting. There are no shortcuts, but it doesn’t have to be drudgery. We’re happy to talk to you any time if you’d like some suggested workouts for maximizing your thought leadership gains when you have limited time. You might even find those exercises fun.

There’s much more to this survey.  Check out some of the other highlights here.

Advisors: 10 Signs Your Website Could Use a Remodel

Now’s the time of year when many of you are setting your budgets, goals and dreams for 2019 and beyond. Before that second cup of coffee is finished, the bean counters at your firm will undoubtedly start honing in on that slippery, murky line item called “Marketing.”

You know you need a better website and social media presence, but many analytical numbers people have trouble connecting the dots between a better online persona and new assets to manage.

GET OVER IT!

First, how many potential clients are running for the hills when they find broken links, three-year old content and a site that comes unglued whenever you access it on a mobile phone or tablet? How many prospects who been referred to you are saying to themselves: “If that how they handle their website, what will happen to my hard earned wealth when they get their hands on it?” How many of your clients’ adult children or grandchildren are having their doubts about you as they become POAs and HENRYs (High Earners Not Rich Yet)? How many journalists, speaker bureaus and strategic partners are thinking the same thing after they decide to check you out for an opportunity?

Ouch!

Just like an estate plan, maintaining a professional website is an ongoing activity, not a one-and-done exercise. But, that doesn’t mean you have to do a complete teardown and start from scratch.

My colleague Patricia Creedon shared 10 signs that your website might be in need of a remodel. If more than two or three of her pet peeves sound like your site, it might be time for a checkup. Some of the most common digital potholes Pat sees on advisor sites include:

·        Poor resolution.

·        Weak security.

·        Faulty graphics.

·        Lack of printable resources.

·        Forcing visitors to do too much scrolling.

“It’s not that any of these make a website bad any more than some DIY wiring in your dream home makes the whole house a wreck,” writes Creedon. “But they are areas of concern that if let go, could become real problems because they could discourage potential clients.” 

Here are five more of Pat’s Pet Peeves when it comes to advisor websites.

Conclusion

In today’s digital age, prospective clients are doing as most of their due diligence about you online well before they commit to an initial discovery meeting. It doesn’t matter how strong the word-of-mouth referral is. If your website, LinkedIn profile and other pillars of your online presence are not up to speed, then that prospect is going to swipe left right past your door.

Next!

Our Resources section has more tips and helpful hints. Contact us today for a complimentary review.

#website fails  #website improvement #financial advisor marketing

TAGS: Patricia Creedon, website pet peeves

Before Your Clients Write that Tuition Check……

Now is the time of year that many clients are turning to you for advice about financing the jaw-dropping price of college tuition. Study after study confirms that a college education—one of the biggest legal rackets in America today--is still worth the price of admission and stress. But, several of our clients have been telling Forbes, US News and other national media outlets that wherever your child or grandchild attends, it’s important to get a well-rounded education, not just the prerequisites for a high-paying career.

Bottom line: Take courses that actually make you think, write communicate and create. That’s the only way to be adaptable in a constantly changing world.

Mark Rioboli, CFP, CFS  Director of Wealth Management at Independence Advisors  (Wayne, PA) said universities should take a page from Ben Franklin's book and focus on those things that make students “healthy, wealthy, and wise.” College curriculum should consist of nutrition and fitness training “because without health, you have nothing.” Rioboli also told me critical thinking, project management and sales skills are valuable in any career one chooses.  

Anthony Glomski, founder of Los Angeles-based AG Asset Advisory and author of the new book Liquidity and You: A Personal Guide for Tech and Business Entrepreneurs Approaching an Exit agreed. “When speaking with (and recruiting) young graduates, I’ve found their basic skills are not as far along as I’d like to see, especially reading, writing, organization, and attention to detail. Any degree that emphasizes those skills will add a lot of value in the job market. In a world in which everything is driven by artificial intelligence, the one thing we know that is irreplaceable is the human connection. Degrees that help student develop traits that strengthen human connections are going to be value in their careers,” added Glomski.

Blake Christian, CPA Partner at HCVT in Long Beach, CA said a student’s focus for the first two years should be on “a solid foundation that will help him or her regardless of major--basic finance, accounting and budgeting, for example. Who doesn’t benefit from those skills both personally and professionally?” asked Christian. He is also a strong advocate of business and technical writing, along with verbal communication. “When it comes to writing a business plan, even liberal and creative artists will have a more solid financial footing with a class or two in these subjects,” maintained Christian, author of the new book, Benefits of Becoming A CPA-Preneur.

Glomski, an undergrad accounting major, said he benefitted greatly from the liberal arts courses he took. For instance, “philosophy went really deep, which helped me in developing personal relations. Economics and other social sciences will always be applicable and accounting was invaluable. Sure, accounting is becoming increasingly automated, but it’s priceless training learning how to understand the mechanics and backbone of any business,” Glomski related.

Before junior year, Christian strongly recommends that students do an internship in their chosen field, along with an aptitude tests and counseling to ensure that the student “really wants to go down that path and has the general skills and drive.” 

“How do you teach wisdom?” asked Rioboli. “I suggest starting with meditation and all the principles in emotional intelligence 2.0 by Travis Bradberry, Travis and Jean Greaves.”

Also consider Top 10 Life Advice Comments for Millennials by our client, Matt Topley, chief investment officer of Fortis Wealth in Valley Forge, PA.

Conclusion

Glomski said adaptability is the key ingredient for career success today. “It’s likely you’ll get of out college and be in a career for five to seven years, and then you’ll be in a completely different career. What prepares you for that?”

#college tuition #careeradvice #liberal arts #tuition ROI 

Anthony Glomski, AG Asset Advisory, Blake Christian, HCVT, Mark Rioboli, Independence Advisors, Matt Topley, Fortis Wealth

HB Clients Featured in National Media

It was another good week for those of you taking advantage of our Just in Time media relations services. Here are some highlights.

ANTHONY GLOMSKI, founder of AG Asset Advisory, was the featured guest on the Angel Investor Podcast with Jeff Barnes. Author of the new book, Liquidity and You: A Personal Guide for Tech and Business Entrepreneurs Approaching an Exit, Anthony discussed the importance of surrounding yourself with the right people to build your business on secure footing to produce a successful exit. Again, you can check out the episode here.

BLAKE CHRISTIAN, CPA, told US News & World Report that proper diversification not only applies to asset classes, but to working with more than one financial advisor if you have over $1 million in investable assets (see Should Investors Diversify Providers?)  "Each advisor has different style, expertise and biases," explained Christian, a partner at Holthouse Carlin & Van Trigt, in Long Beach, California. Christian is the author of a new book we’re finalizing called Benefits of Becoming A CPA-Preneur.

KYLE WALTERS, a wealth advisor at L&H CPAs and Advisors in Dallas, TX, had another guest column published in Accounting Today entitled Red Teaming: Creating your perfect competitor makes you a better, more focused firm. Author of the new book, The Personal CFO, Walters said red teaming requires you to build of model of your perfect enemy/competitor before someone else does it for real.

Great work gentlemen. As our annual Wealth Advisor Confidence Survey™ revealed, more than half of advisors expecting double-digit growth this year (54%), say press mentions are a “very” or “extremely important” component of their personal branding initiatives. That’s significantly higher than advisors who are expecting single-digit or flat growth over the next 12 months.

Where would you rather be?

TAGS: Anthony Glomski, AG Asset Advisory, Blake Christian, HCVT, Kyle Walters, L&H CPAs, Accounting Today, Angel Investors Network Podcast, Jeff Barnes

Short Sellers Stirring?

The stock market’s recent nosedive has many wondering if the near-record bull market is finally running out of steam. Some analysts say the reversal is a healthy correction bringing valuations in line with historical norms. But, plenty of media pundits are playing the doom-and-gloom card and counting the days until the yield curve officially inverts. Sure, trade wars, rising rates and natural disasters are playing a role, but what about short interest? Other than a few rants from Tesla’s tweeter in chief, Elon Musk, not much attention is being paid to short-sellers, those contrarians who could finally be getting the opportunity to pounce.

*** POLL: How much will the market go down before year end? Take our Poll. Single question.  Instant results! See how you stack up to your peers.

Our clients, Anthony Glomski (AG Asset Advisory) and Matt Topley (Fortis Wealth), have been handling lots of media inquiries lately to help folks understand the role that short sellers play in today’s capital markets. Below are some excerpts:

Glomski, founder of Los Angeles-based AG Asset Advisory told me the other day that short sellers are often “perceived as the enemy, naysayers who bet against companies and entrepreneurs.” In truth, he said short sellers are an important part of an efficient market. “They risk their capital and help to keep markets honest when Wall Street doesn’t.” 

Matt Topley, chief investment officer of Fortis Wealth in Valley Forge, PA had a similar take. “Short selling in the past was primarily a small cadre of esoteric fundamental research wonks who used forensic accounting to reveal holes in public company balance sheets.” Topley also said those folks would make big bets that required a huge amount of “patient capital.”  Today with 12,000 hedge funds operating (up from 500 a few years ago), “shorting is expressed through ETFs,” added Topley, a Philadelphia Inquirer Influencer in Finance award winner.

Glomski noted that short selling has evolved and benefitted over the past 20 years from the internet’s “democratization of information,” adding that “complication and wrongdoing” have also emerged from message boards and Twitter. “History shows us though that short sellers don’t determine outcomes. Market competition does.”

Glomski works with tech entrepreneurs throughout the business life cycle, from startup to exit. “As is the case with Tesla today, their battle is with highly capable and motivated competitors, not necessarily short sellers. In my book Liquidity &You, I discuss a quote from Warren Buffet, ‘In the short run, the market is a voting machine, but in the long run, it is a weighing machine.’ Entrepreneurs should focus on the weight and not the vote.”

According to Topley, “most hedge fund equity long books have a 90-percent correlation to the S&P then they fill the short book with ETF shorts to protect downside. Huge short bets on companies are harder to achieve because a massive amount of intellectual capital is chasing the same ideas and this capital is not patient. Why? Because managers are being measured on a quarterly basis.” 

What’s more Topley said companies with accounting fraud “keep a small float of stock which makes their shares very hard to short because firms can’t find enough borrowers…..and if they do, the rebate rate is too high,” added Topley author of the daily blog Topley’s Top 10.

Conclusion

At the end of the day, investing is about seizing opportunities, preferably where the rest of the crowd doesn’t see them yet. Don’t focus on whether the smart money is short or long. Focus on being right. Turn off your TV and unplug your computer. Focus on the long-term with the right advisor guiding your way.

TAGS: Short selling, market correction, Matt Topley, Fortis Wealth, Anthony Glomski, AG Asset Advisory, Liquidity and You

Pros and Cons of Serving on Boards

Many of you reading this post are at the peak of your careers. You’ve probably been asked to join multiple boards and wondering it’s worth it. Sitting on boards can be a great way to boost your credentials and give back to organizations you support. But, there is often a bigger time commitment than expected. It can take longer to get things done than you’re used to and there’s potential liability exposure.

To help us understand the pros and cons of sitting on boards, we reached out to several HB clients who are highly sought by a variety business, academic and not-for-profit organizations.

Blake Christian, CPA  a partner of HCVT in Long Beach, CA said the most important decision to consider is whether or not you have the right skill set for the particular board. “You should ask the board members what the strengths, weaknesses, opportunities and threats are to the future business plan for the entity--as well as the areas of expertise of the current board members. You will also want to understand the time commitment involved, the frequency of board meetings, the time of day the meetings are held and whether you are also expected to sit on a committee to deal with other entity issues,” added Christian, author of the forthcoming book, Benefits of Becoming A CPA-Preneur .

Matt Topley, chief investment officer of Fortis Wealth told me he not only wants to make a difference, but enjoys the opportunity to learn from fellow board members who come from different industries and professions. Topley stressed the importance of making sure your values and work style is consistent with the other board members. “If you’re very action-oriented like I am—make sure the board is equally action-oriented and not filled with members who serve to socialize or pad their resumes,” added Topley, a 2018 Philadelphia Inquirer Influencer in Finance award winner.

According to Christian, “If your skills fill shortfalls within the board, then you are likely a good match. For example, if the entity is having trouble getting funding and you have skills with grant-writing, banking, capital campaigns, etc., then that is a good match.  If they are looking to improve their financial controls, forecasting, etc. and you have accounting expertise, again that can be a good match.”

When Topley joined the board of his alma mater, Holy Family University in 2010, the school was experiencing significant financial challenges as many small colleges do. “I chair the endowment committee and serve on the audit committee. With a new focus on financial metrics, Holy Family is now on solid financial footing with an increased enrollment. Holy Family is now one of the Philadelphia areas, top-ranked schools in terms of cost-versus-return and graduate job placement,” noted Topley.

Christian, who has served on over 25 boards during his career, recommends that prospective board members do their due diligence before joining.  “Review their historical financial statements and check out the founders and board members to ensure they have the expertise and solid reputations.  Then attend at least one board meeting or committee meeting to get a feel for the style and competency of the board. You will also want to make sure the entity has adequate insurance policies for the board members.  It is not uncommon for boards to be sued for their actions or inactions,” added Christian.

Conclusion

Cynics would say “No good deed ever goes unpunished.” But if you do your homework about a board and join for the right reasons, chances are you’ll find it highly rewarding both professionally and personally.

TAGS: Joining boards, board involvement, @taxcredits_CPA , @MattTopley, Blake Christian, Matt Topley,

Getting Quoted in The Journal Is Not Impossible, But……

Research shows that getting mentioned in the press is one of the most effective ways for financial advisors to enhance their personal brands and to become bona fide thought leaders. But, the competition for journalists' attention is fierce. Not only are PR folks pitching them constantly, but so are financial professionals themselves and/or their agencies. 

The media industry has changed dramatically over the past few years. The number of journalists has shrunk, but the number of stories editors expect to be filed has increased as so much content has moved to the Web. 

According to Rich Chernela, a veteran financial media relations professional who has recently joined our firm, “Journalists are expected to update stories repeatedly and there are fewer and fewer in-depth stories. A number of reporters I know have complained to me that they are limited to 500 word stories. This leaves very little room for anything but top line info and very little, if any, analysis.”

So, how do I get coverage (that counts)?

Chernela says the old fashioned PR approach of introducing sources to journalists for future commentary remains a key element of any PR program. That said, the tried and true approach has become more difficult in light of the factors mentioned above. “This leaves journalists little time to break away for background meetings or phone calls—let alone lunch.”

TIP: Whether you’re doing your media outreach by yourself or with an agency, make sure you are VERY FAMILIAR with the topics and industries the journalist covers and show some evidence that you’ve read a few of their recent articles. It’s an instant red flag when a journalist receives a pitch that’s way out of his or her target area and you might not get a second chance to get on their radar.


Make a journalist’s life easier

A creative PR person can get the attention of a journalist with a clever story idea that identifies a trend or issue that is being overlooked.  A good PR person should be monitoring breaking news and quickly identifying journalists whose beats are relevant to the breaking news and contract them to offer a client for comment. 

“To break through the noise, a PR person must know the client's take on the topic,” added Chernela.  “Journalists don't want to hear about someone who can comment on a hot topic or issue--they want a source who is not just credentialed, but who has an authoritative and unique take on the issue.”

Speaking of media attention

• Our client Anthony Glomski, founder of AG Asset Advisory was quoted in Forbes this week Why Many Entrepreneurs Are Missing Opportunities To Maximize Their Wealth. 
• Meanwhile, Kyle Walters, (L&H CPAs) has been a twice-monthly guest columnist in Accounting Today and was just named to Accounting Today’s Top People to Watch list for 2018.
• Matt Topley (Fortis Wealth) was featured in Advisor News (So, Your Client’s Child Is An Elite Athlete – How Do You Plan Financially For That?) ….and his colleague, Randy Hubschmidt, was recently quoted in US News & World Report (Take a Crash Course in Student Housing Investments).
• James Nevers (Soundmark Wealth) recently shared his thoughts about planned giving in the Self Magazine financial planning guide (What Financial Planners Want You to Know Before You Donate to Charity).
  Conclusion

We can’t guarantee you’ll see results like those of our clients above. But if you do your homework and follow our plan, you’ll be more than ready when the right media opportunities come knocking.

TAGS: Rich Chernela, Kyle Walters, Anthony Glomski, Matt Topley, Randy Hubschmidt, James Nevers, 

Downside to a Strong Job Market: Cashing Out 401(k)s Early

Thanks to a strong economy and a 17-year high in the employee quit rate, record numbers of U.S. workers are leaving their jobs voluntarily to seek greener pastures with new employers. While most will exit amicably, many are burning their bridges in a potentially more dangerous way—they’re cashing out their 401(k)s when they leave.

About 50 percent of workers ages 20 to 29 who left a job cashed out their defined contribution plans on the way out, according to the upcoming Alight Solutions' 2017 Universe Benchmark report.

But it's not just the millennials: More than four in 10 employees in their 30s and 40s who were laid off, quit or found new work took the cash instead of keeping the money where it was, or rolling it over into their new employer's retirement plan or an IRA.

HB clients, Blake Christian, CPA and James Nevers, CFP® were interviewed in the national media this week about the dangers of cashing out retirement accounts early and offered smarter alternatives.

According to Christian, a partner at Long Beach, CA-based HCVT: It is fairly common for employees to cash-out smaller 401(k) accounts when they switch jobs--a mistake they’ll regret at tax time the following April. “That’s when they realize they are not only paying federal and state tax on the 401(k) funds they cashed out, but they’re are also subject to a 10-percent federal ‘early withdrawal penalty’ plus a state penalty if they are under age 59-1/2 at the time of withdrawal.“

It’s not uncommon for 50 percent of the funds (or more) to get “vaporized by taxes and penalties” said Christian, adding that by that time, “the employee has likely blown the money on a new jet ski or other toy.”

Nevers, an advisor at Soundmark Wealth Management in Kirkland, WA agreed: “When you are between jobs, especially early in your career, that old 401(k) starts to look like a tempting pile of cash you can use for a vacation or to relax for an extra month or two between jobs. The problem is that the $10,000 in your old 401(k) isn’t really the same as $10,000 in your pocket (after taxes).”

Let’s say you are 40 years old and in a 25 percent tax bracket. Since you’re under age 59 ½, withdrawing that $10,000 early will leave you with only $6,500 after taxes. Even worse, explained Nevers, is that you “just hit the re-set button” on your retirement savings. “Remember, retirement savings are for retirement. Only save for retirement after you have set up an emergency fund that can cover your living expenses for three to six months, or for as long as you might expect to be out of work. This will help you keep your retirement funds where they belong, added Nevers.

According to Christian, by leaving the funds with your former employer, the 401(k) fees are generally low and investment choices are often broad.  “You can also roll the 401(k) amounts into an IRA and continue earning tax-deferred retirement savings. If you are expecting to be in a relatively low tax bracket the year you leave your current employer, ask your tax preparer or financial advisor about the possibility of rolling the funds into a Roth IRA. This trigger taxable income (but no penalties), and the Roth IRA can build up TAX FREE after five years and make this pool of money extremely valuable when you retire,” added Christian.

Retirement may seem far away, but time is a powerful factor to have on your side when it comes to retirement savings, said Nevers. “Albert Einstein called compound interest the eighth wonder of the world. It’s even more powerful when it’s inside of your 401(k).”

Conclusion

The key takeaway from our experts is that everyone from young adults to near-retirees can benefit from a little delayed gratification. “Instead of having a little fun today and cashing out your old 401(k), keep it saved,” said Nevers. “You’ll be thanking yourself down the road. Early in your career, you may only have a few thousand dollars saved up in your retirement accounts. It may not seem like much, but thanks to the power of compound interest and the many working years you have until retirement, your accounts have the potential to grow and grow.”

TAGS:  Alight, cashing out 401(k) early, Blake Christian, James Nevers, compound interest, early withdrawal penalty

Step Away from Your Desk. Take a Break from Your Screen(s)

Like most teenage boys, my sons are on their devices pretty much all the time. As card carrying members of GenZ, they watch TV on their phones. They game (a lot) on their consoles. They’ve learned everything from the correct way to tie a bow-tie to building a drone from scratch via YouTube and eHow.

In short, they grew up with tech. Their devices are like appendages and 24/7 tech is part of their DNA.

While both boys (age 15 and 19) play competitive soccer, baseball, and other sports and seem to plenty of friends, they wouldn’t think twice about spending a beautiful summer day, holed up in the basement by themselves playing Fortnight for hours on end subsisting on pizza bagels, popcorn and juice boxes. If you have teenage sons or grandsons, you know what I mean.

That being said, my 15 year old spent four weeks unplugged from technology this summer. He spent three weeks at a sports camp in Maine living in a tent--a camp with a NO-ELECTRONICS policy. That was followed by a weeklong family reunion at a fishing cottage in remote western Michigan….spotty internet service at best.

Sure, he resumed his digital life the minute he returned home. But, he’s toughened up a little, both mentally and physically, and is showing a few glimmers of maturity sprinkled in with the teen slang, mood swings and snarky comments.

If he can take a tech break, so can you.

Whether gaming or working, research shows that sitting for hours without moving can slow the flow of blood to our brains, and that can have implications for your long-term brain health and productivity. But research shows that standing up and strolling away from your desk for just two minutes every half-hour seems to stave off this decline in brain blood flow and may even increase it.

So, ignore the angry stares of your colleagues, supervisors and clients. Get up from your desk at least once an hour to clear your head and recharge your battery. For more, see Why Sitting May Be Bad for Your Brain.

Your brain tricks you into doing less important tasks

As Tim Herrera explained recently in The New York Times, thanks to the urgency effect, our brains tend to prioritize immediate satisfaction over long-term rewards. Citing a Journal of Consumer Research study, Herrera wrote that we’re more likely to perform “smaller-but-urgent tasks that have a deadline” than to perform more important tasks that don’t have an immediate deadline. This is true “even if the outcome of the smaller task was objectively worse than that of the larger one,” added Herrera. He suggests setting your computer or phone to beep at you every half-hour and get up, stroll down the hall, take the stairs to visit a restroom a floor above or below your own, or complete a few easy laps around your office.

Our take: That’s not slacking off. That’s being more productive and creating better value for your clients, firm and colleagues. 

At our firm, we have a policy of “rough draft in the morning, final draft before you go home.” That means, you never turn in assignments or client work in the morning unless (a) you are 100-percent on you’re A-Game, (b) have double and triple checked your work and (c) have stepped away from your desk for a least an hour beforehand.

I routinely take 90-minute lunch breaks to train for triathlons, run errands and make doctor’s appointments. So do most of my colleagues. No checking email, text messages, or voicemails.

I can’t tell you how many times what looked so brilliant before my “decadent” lunch break, looked like crap upon my return. “Thank God I didn’t turn that piece of crap in,” I’ve told myself hundreds, if not thousands of times. And we’ve never lost a client because we were unreachable or unaccountable.

“Avoid being on the grid 24-7,” advised Anat Lechner,  an NYU Stern School of Business  professor in a recent NY Times interview. “Carve out for yourself the three or four hours that you need every day to get off the grid and relax and teach the rest of the world, as well as yourself, that not all hours are email hours.”

Conclusion

Our take: While some of you are at the mercy or bosses, clients and HR directors who still place a premium on facetime, if you have 90 minutes away from your desk and come back 3x more productive, isn’t that a positive ROI on your human capital?

You can’t get that kind of ROI when you’re constantly connected to the grid.

For more on this topic, see our related posts Time to Take a Break from Technology and Too Many Gadgets, Too Little Time.

TAGS:  Digital detox, walk away from your desk, take a break from tech, digital distraction, work life balance, Fortnite addiction

Advisors: 4 Keys to Getting More (and Better) Media Attention

Our recent post (HB Clients Featured in Philly Inquirer, Advisor News and Accounting Today) generated higher than normal feedback, so we thought we’d do a follow-up. In a highly competitive business in which most of your work, establishing yourself as a thought leader is one of the best ways to separate yourself from the pack.

According to the Wealth Advisor Confidence Survey™ that we conducted in conjunction with The Financial Awareness Foundation, getting mentioned in the press is one of the most effective thought leadership tactics advisors can use today. In fact, “Being quoted in the press” ranked #4 out of 15 tactics surveyed and #3 among firms expecting double-digit growth in 2018. Full rankings here.

“A mention is most valuable when it is in a media outlet that your existing or potential clients follow regularly,” said Rich Chernela, a veteran financial media relations professional who will be joining our firm this fall. “A mention in an outlet that is not followed will only have value if you leverage it.”

Also consider media outlets that your clients’ spouse or adult children follow. Case in point: Our client James Nevers (Soundmark Wealth) shared his thoughts about planned giving yesterday in the Self Magazine financial planning guide (What Financial Planners Want You to Know Before You Donate to Charity).

According to Chernela, media mention “is not an end in and of itself; it is a part of building your brand and establishing yourself as a thought leader.” He suggested four ways to leverage your media hits, whether a simple quote or a feature-length interview:

1. Share it. Post a link on your web site and send an email to your contacts with a link to the article and include additional comments, expanding on your mention.
   
   
2. Incorporate your mention in a blog. If you were quoted in an article, chances are much of what you said to the journalist who wrote the story did not appear.  Incorporate the comments left on the cutting room floor into your blog post.
   
   
3. Use social media. LinkedIn, Facebook and Twitter are useful social media platforms to broadcast your media mention to a wide audience. Note that many journalists follow social media and may pick up your mention and further comments in your post for own their stories.
   
   
4. Cite your media mentions when you are meeting with prospective clients. They validate that you are a leader in your profession.

Conclusion

Attracting media attention is not too difficult for most of you. The challenge is getting featured in the right outlets and doing more with the media attention that you DO receive. Contact us any time if you’d like to discuss media training and PR outreach strategies to build our personal brand.

TAGS:  Rich Chernela, Wealth Advisor Confidence Survey, Financial Awareness Foundation, Self.com, James Nevers, Soundmark Wealth, media coverage, media training

HB Clients Featured in Philly Inquirer, Advisor News and Accounting Today

From stock market forecasts, to the dollar’s impact on emerging markets, to getting your firm to the next level of growth, HB clients educated the national financial media last week.

With respect to the dollar’s impact on emerging markets, our client Matt Topley (@MattTopley), chief investment officer of Valley Forge, PA-based Fortis Wealth told the Philadelphia Inquirer that the greenback’s strength has hurt emerging markets where the majority of debt is dollar-denominated. As a result, emerging market stock markets sold off and are extremely cheap, explained Topley. “One fund we use for clients and which is my biggest position personally is DFA Emerging Market Value” (symbol: DFEVX), The fund trades at below book value, which is a buying opportunity,” Topley added.  The key takeaway is that if you think the president and other factors will push down the dollar, then this may be a point in time to start buying emerging markets.

Meanwhile, HB clients Bill Schultheis and James Nevers (Soundmark Wealth Management) told Advisor News last week that “There is nothing on the horizon that leads us to believe a bear market is imminent.” Soundmark’s forecast calls for muted economic global growth on the horizon as they explained in an Advisor News piece entitled Are Investors Losing Faith In The Stock Market?

Kirkland, Washington-based Soundmark expects common stocks to return somewhere in the 5 percent-to-7 percent range. “We have incorporated these conservative estimates into our clients' projections,” they added.

Meanwhile, our client Kyle Walters (@AtlasCFO), a partner at Dallas-based L&H CPAs and Advisors just published his latest guest column in Accounting Today (Are you committed to being a better firm or just interested?).

This is the time of year that CPA firms like to have their offsite retreats in which great ideas are bandied about, but rarely implemented upon returning to the office. To break through this inertia, Walters wrote that you have to set a realistic timeline for implementing change. “Start with a bite-size chunk that you can commit to implementing in the next 90 days—a change that will have a big impact on your firm and the value you’re delivering to clients. Call those your ‘90-day rocks.’ Don’t do five things—just do one.’”

Conclusion

Whether investing or overseeing a professional service firm, the winners today are those that set realistic expectations and always follow through on what they promise. That’s what our highest performing clients have figured out—and the media is taking notice. As Warren Buffet famously said, “Price is what you pay. Value is what you get.”

TAGS:  Soundmark Wealth, James Nevers, Bill Schultheis, Advisor News, Kyle Walters, Accounting Today, L&H CPAs, Warren Buffet

HB Clients Rock NYC Accounting & Finance Show

As the old saying goes, “If you want something done, ask a busy person to do it.” Three of our most peripatetic clients—Molly Grubb, Anthony Glomski and Cecil Nazareth--took time out of their hectic schedules to share their expertise with 2,000 attendees at the  Accounting & Finance Show last week at New York City’s Javits Convention Center.

Molly Grubb, exit planning expert and founder of Columbus, Ohio-based Grubb Wealth, revealed secrets from her forthcoming book Build Your Dynasty. After watching her family’s success evaporate due to no plan or system, she built a system that is easily customizable to any CEO to help that owner define their purpose, simplify their life, gain more control over their business and multiply their success.

Anthony Glomski, a former Big Four CPA and founder of LA-based AG Asset Advisory, shared tips for CPAs interested in evolving from tax preparer to personal CFO. Author of the new book Liquidity and You: A Personal Guide for Tech and Business Entrepreneurs Approaching an Exit, Glomski warned attendees that IBM Watson’s alliance with H&R Block is not necessarily going to put tax preparers out of business, “but it’s definitely a sign of things to come and you need to adjust fast.” Providing investment advice alone is not enough Glomski explained, adding that you need a process that includes advanced planning and relationship management capabilities.

Anthony Glomski at NYC Accounting & Finance Show

Cecil Nazareth, CPA, Fordham University adjunct professor and co-founder of Nazareth CPAs with three offices in the NYC tristate area, is the author of the new book, International Tax & Compliance Handbook. Using his unique lens as a global citizen, practitioner, teacher and coach, Nazareth draws on a myriad of practical examples and case studies he has collected from years in the trenches with clients, colleagues and students. When it comes to investing and doing business across borders, Nazareth said most of the reporting and compliance mistakes made by practitioners and their clients go under the heading of “they don’t know what they don’t know.” But ignorance isn’t bliss, when penalties and interest start piling up on you, Nazareth cautioned.

Empathy and generosity 
In addition to being HB clients, Molly, Anthony and Cecil each worked through tremendous hardships growing up and have a genuine desire to help others make smart decisions about their wealth.

Cecil came to the U.S. from India at age 18 with no job and less than $100 in his pocket. He spent several years driving cabs and waiting tables until he finally landed a job at an accounting firm. Anthony’s father had little job security and his mom had health issues that prevented her from working. Further, his high school guidance counselor told him he wasn’t smart enough to go to college—after his parents told him they didn’t have enough money. Molly saw her family’s business go under—while her sister battled a life-threatening illness--which forced them into bankruptcy and foreclosure.

Conclusion

“The fear of scarcity always loomed large in our house,” recalled Glomski. “So, I responded in two ways: (1) I went out and made money, and (2) I learned as much as I possibly could about preserving the money I made. I never ever wanted to feel that sense of scarcity again.”
 

As Molly, Cecil and Anthony have demonstrated again and again, empathy is one of the most valuable skills that successful wealth advisors have, no matter how many credentials they may have after their names. Read their books. Get inspired. Share your story with us.

TAGS:  NYC Accounting & Finance Show, Anthony Glomski, AG Asset Advisory, Cecil Nazareth, Nazareth CPAs, Molly Grubb, Grubb Wealth

Estate Planning Myths and Misconceptions

Now is the time of year when extended families get together at the beach, lake, mountains or national parks. While the focus is on meals, family bonding and R&R, it’s also a good time to get the ball moving about those sensitive estate planning issues.

According to my friend Valentino Sabuco, founder of The Financial Awareness Foundation, half of the U.S. adult population has NO financial, estate or gift plan. As most of you know, estate planning is not just for the wealthy or elderly. It’s essential for anyone who wants to make their own decisions about their assets and their heirs—rather than the government making it for them.

I don’t have to remind you that estate planning is not only a touchy subject; it’s complex and often misunderstood. In response, several of our clients have been speaking to the national media recently about estate planning myths and misconceptions that frequently trip successful families up.

With the significant increase in the lifetime exemption under the 2017 tax act ($11.2 million per spouse in 2018), our client, Blake Christian, CPA said even many affluent taxpayers do not believe estate planning is truly necessary. “Nothing could be further from the truth,” said Christian, a partner of HCVT in Long Beach, CA. “Even for the 99 percent who will never pay estate tax, estate planning is very necessary for numerous reasons, including:

1) Avoiding the probate process.
2) Asset protection.
3) Simplifying mixed-family complexities associated with divorce, blended families and common-law marriage situations.
4) Titling assets properly can also make the difference between getting a full or partial step-up in an asset's tax basis for the heirs.

5) Making sure your assets are distributed correctly to provide your heirs with sufficient after-tax income after you are gone,” added Christian. 

According to our client, Mark A. Rioboli, CFP®, CFS, director of wealth management at Wayne, PA-based Independence Advisors, “The misconception is that if you have a will, it controls everything. In reality, it only controls the assets in your own name.” 

*** NOTE: HB clients Anthony Glosmki, Molly Grubb and I will be speaking about advanced planning topics at the Accounting & Finance Show in NYC this week at the Javits Center. More than 2,000 attendees and 200 speakers are expected. Stop by if you are in the Big Apple.

Our client, James Nevers, an advisor at Soundmark Wealth near Seattle, WA agreed. He said it’s a common mistake to believe that if you have a Will, you don’t need to worry about your beneficiary designations on retirement accounts. “I manage several 401(k) plans for medical groups. When I provide participant education to their staffs, I tell them the same story every time we meet – ‘If your primary beneficiary designation on your retirement accounts says your ex-spouse, then all your hard-earned savings in your 401(k) is coming to your ex-spouse, regardless of what your Will states.’”

According to Nevers, you should also check to see if a minor child is listed as a beneficiary. “I don’t know many 8 year-olds who can responsibly manage $100,000. Nor do I know anyone who wants their ex-spouse to get one more penny than they’ve already received,” added Nevers. “Beneficiary designations supersede your will – simple as that.  I advise everyone to consult with their estate attorney about who they should designate, whether it is their spouse, a trust, or another individual.”

Conclusion
As Benjamin Franklin famously said, "Failing to plan is planning to fail." Don’t let that happen to you and your clients. Hope to see you at the Accounting & Finance Show on July 11th and 12th.

TAGS:  Mark Rioboli, Independence Advisors, Blake Christian, HCVT, James Nevers, Soundmark Wealth, NYC Accounting & Finance Show, Valentino Sabuco, The Financial Awareness Foundation