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A recent article in the 401kspecialistmag focused on the importance of modern day methods of communication which need to be integrated into every financial advisor’s strategy. The article goes on to support the argument with valid research points: 73% of advisors would still prefer to meet in person There is nothing wrong with a live person to person meeting, but it is important to understand that many people often choose an online method as the more preferable choice for everyday interactions. This is especially true for the younger generation and millennials (See also: Smart strategies for advisors to attract millennials as clients). Every advisor must realize and embrace this (if one...

Daniel Satchkov

16 Aug 2018

5 Articles for your weekend reading list: August 18-19, 2018

Here are five suggested articles to read this weekend: 1. 401k Advisors Who Ignore Financial Wellness Risk Losing Business – 401k plan participants want help getting their finances in order, and plan sponsors have taken notice. Citing concerns over employees who are financially stressed and failing to save enough for retirement, employer sponsors are more interested in financial wellness programs than ever. (401kspecialistmag.com) 2. Millennials In Search Of Advisors– Millennials need assistance planning for retirement, but many advisors do not want to work with young people who have few assets. The solution may be for the young people to reach out to their parents’ advisors for help, said Len Hayduchok, president...

Daniel Satchkov

16 Aug 2018

Article Review: Rules Every Professional Fiduciary Must Follow

Being a fiduciary can be a deciding factor in the minds of many people who will be looking for the financial advisor since it would a sigh of relief to know that the person who you entrust your money with will be acting responsibly to protect your interests and your capital. As a matter of fact, there are a lot of different size RIAs and broker-dealer firms who will continue to put together a compliance process shaped by the fiduciary rule to make themselves different from others and to appeal to people who are looking for the best advice. Being a good fiduciary is not only about creating a solid...

Daniel Satchkov

16 Aug 2018

Selection of 401k Advisors through quantitative and qualitative measures

Fred Barstein in his short Fred TALK video explains the best strategies for picking a good financial advisor for your 401(k) or 403(b) plan. He says that both quantitative and qualitative measures should be considered. On the quantitative side, you should check experience (assets, number of plans, and years in the business), ability to act as a co-fiduciary, and focus on your plan size. The qualitative side includes ethics, leadership, and impact. These three aspects stand for the reputation of your financial advisor. Looking at things like: if they have had any violations, if they stepped up in a crisis, if they’re proactive or not, and finally if their ideas...