Who Do You Listen To?
In one of our initial conversations, a potential client asked me a question that hadn’t come up before: what do you read, listen to, or watch to stay on the cutting edge of financial planning and investing? My immediate thought was: “Wow…that’s a brilliant question.” If I were considering a financial planner – and, importantly, evaluating the quality of their advice – I’d want to know where and how they stay current on the latest research in financial planning and investing. Read on for my list of what I’m paying attention to.
Books
Most Recently Read – The Psychology of Money by Morgan Housel
This book has been thoroughly read, discussed, and reread in financial advisor circles. In terms of impact, it belongs right alongside valuable other books such as The Behavior Gap by Carl Richards and Advice That Sticks by Dr. Moira Somers.
Current Read – Managing Concentrated Stock Wealth by Tim Kochis
If you’re familiar with my practice, you know that handling equity compensation and company stock is my specialization. Thus, this deep dive into the subject of concentrated stock and the tools for managing it should come as no surprise.
Next Up – Consider Your Options: Get the Most from Your Equity Compensation by Kaye A. Thomas
Though becoming a bit dated, the underlying concepts of Consider Your Options are still relevant to many receiving equity compensation, and it provides a useful summary of the choices available.
Podcasts
I have been an avid listener to podcasts since ’07. The habit began with daily listens of recorded NPR shows and now includes a list too long to mention. Here are the current top five on my personal ‘don’t miss’ list – those that I’m likely to listen to on the day the episode drops.
Mindset Mastery – Produced by NAPFA, the leading association of fee-only financial planners. Full disclosure: I currently serve as Treasurer on a NAPFA regional board and have an unabashed love and admiration for the organization, its mission, and the impact its members have on clients’ lives.
The Human Side of Money – This listen is all about how real people make real decisions about money. Had I wanted to, I could have chosen to be a financial analyst crunching numbers for a large company. But you know what gets me up in the morning? Helping a select group of families see their hopes become reality. The tool may be a spreadsheet (or a Monte Carlo simulation, tax software, or return regression analyzer), but the end goal is the same: impact lives. The Human Side of Money podcast helps financial planners make that happen.
Retirement Tax Services – In terms of income and gains, it only matters what you get to keep after taxes. This weekly podcast shares the actionable insights of its CPA host and is specifically intended for financial advisors providing guidance each day to clients.
WashingtonWise Investor – Policy decisions, legislative changes, proposals before congress…all can affect clients’ futures. This podcast, hosted by Mike Townsend and produced by Charles Schwab & Co., Inc., discusses the current goings on in Washington and the effect changes could have on planning and investing.
The Human Advisor – There is a new wave of financial planners that are unafraid to do things differently, innovate, and redefine success. The Human Advisor gives them a microphone and asks them to tell their stories.
Market and Economic Thought Leaders
Liz Ann Sonders, Chief Investment Strategist, Charles Schwab & Co., Inc.
In one word: impressive. Liz Ann’s depth of technical knowledge and ability to provide valuable context for current data has provided value since I began doing financial planning nearly 12 years ago (I was a bit surprised how long it’s been when pausing to count the years!).
Dr. David Kelly, Chief Global Strategist at J.P. Morgan Asset Management
It’s hard to imagine a person inside of the financial planning profession that doesn’t know of Dr. Kelly. His work in Guide to the Markets is top-notch in staying current on market and economic conditions as well as their relationship to investment portfolios.
YouTube Channels
Holistiplan – Are you ready to get nerdy on taxes? If not, keep moving, because this channel dives deep into the workings of taxes and tax planning. Every decision you make with money, no matter how grand or trivial, involves taxes in some fashion. Simply put, Holistiplan’s content helps make financial advisors smarter on taxes.
Kitces and Carl – Two of the great minds, but very different personalities, together to talk about serious financial planning topics? More of that please! Their episodes not only make planners think, but also – when needed – challenge the status quo way of thinking.
Topic-Specific
Enrolled Agent – Presently, I'm in the process of obtaining the enrolled agent (EA) tax designation, the highest credential awarded by the Internal Revenue Service (IRS). Quite simply, by obtaining the designation, my goal is for clients to benefit from an even deeper tax knowledge base. Not for the wary, the testing process involves three exams: 1) personal taxation, 2) business taxation, and 3) practices and procedures.
College Planning – The incomparable Ann Garcia, CFP®, and my friend, has literally written the book (expected for release later in 2022) on planning for higher education. When the most esoteric planning scenarios on college planning arise, I consider the resources she provides invaluable.
Study Groups – Without the ideas, collaboration, and perspective generated by the three highly active study groups in which I currently participate, my practice would not be where it is today. Each study group serves an important role within its focus topic:
Equity Compensation Planning: a deep dive on technical topics pertaining to restricted stock units (RSUs), employee stock purchase plans (ESPPs), stock options (both incentive (ISOs) and non-qualified (NQSOs)), and stock appreciation rights (SARs).
Fee-Only Financial Planning: covers all things financial planning for fee-only folks that are serious practitioners of the craft as well as the direct impact planners can have on their clients’ lives.
Practice Management: geared toward process, technology, and service enhancements that lead to better businesses and better experiences for clients.
Perhaps unsurprisingly, there were many other resources that I wanted to include. As the son of a 35+ year elementary school teacher, the importance of continuously learning and growing is deeply embedded in my personal and professional ethos. When it comes to financial planning, my philosophy on education is simple: the more I invest, the better advice clients receive. The connection is direct, tangible, and provides the opportunity to learn for a lifetime.