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Issue #475
December 2, 2024 |
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“The secret to happiness is freedom... And the secret to freedom is courage.
" |
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Greetings,
Welcome to this week's Advisor Training newsletter. Our goal is to provide training, education and insights for those who adhere to our counter-cultural and sometimes counter-intuitive investment and business philosophy. |
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- Main event: Client Inherited $300k. Now What? Client case design proposed by Tom Hess.
- Brief summary of Epiphany #49: Our Business Can Only Be Understood Backwards, But Must be Worked Forwards.
- Can clients use a PO Box for their address?
- Review of last week's quiz.
- Updates, News and Announcements.
- and much more...
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"In your books you talk about creating diversified equity fund portfolios. Do you have any recommendations about how to search out managers in each of your categories (big-cap growth, small-cap value, etc.) who meet your criteria?"
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No; I never did it scientifically, not least of all because I don’t think there’s any reliable left-brain way to do it. In a diversified equity fund portfolio such as I recommend, what you’re looking for is managers passionately committed to their style, be it in or out of favor. The enemy of diversification isn’t underperformance, whatever that means, but style drift. So once you know what categories you want, you look for “managers on a mission.” I did this eyeball-to-eyeball, not through a screen, or at least not ultimately through a screen.
Finally, as I always do, let me remind you that it doesn’t matter.
What managers do, both absolutely and relative to each other, pales in importance next to what the investor – guided by his advisor – does. I feel constrained ritually to repeat: financial success isn’t driven by investment performance but by investor behavior, and your primary function is that of behavior modifier not manager handicapper. |
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#12 ― AF MasterMind Telegram chatroom |
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- Actively participate in our private Telegram AF MasterMind chatroom for AFG Advisors. Our motto is
'No one is as smart as all of us.'
- Participate: Ask, Answer, Discuss.
- This is one of our most underappreciated but important resources.
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Warren Buffett says this is by far the best book on investing ever written. |
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#14 ― Technology Platform |
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“If the plan doesn’t work, change the plan, but never the goal.” |
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IP is very forward thinking in the technology space. One of the clever things they've done is unbundle the services from our monthly fees and instead have Advisors pay for the services they want on their own. This way, corporate doesn't dictate which services we use, and we're not paying for something we don't. In addition, you own your data - if you ever leave IP, your data is not lost (which happened to me at my previous B/D).
Optional Technology Services
Below are *optional* services that are pre-approved for use with IP, and many of them have discounts for IP reps.
- Docusign ($300/yr). We have a 20% discount for the first year, making it $240. This is the only service that *every* one of our AdvisorFirst reps uses, but it isn't mandatory.
- LaserApp. It's $35/month but as soon as you submit 10 apps via LaserApp IP will reimburse you what you've already paid and pay for it going forward, making it essentially free. Our team actually doesn't use this as we've found using DocuSign with templates works better.
- Redtail and Salesforce CRM Integrations.
- Moneyguide Pro, EMoney and Fiancé Logix approved planning software platforms.
- Broadridge - Forefield. FINRA reviewed articles, illustrations and tables, interactive calculators, 50 topical movies, 200 FINRA-reviewed presentations, newsletters, professional websites and more.
- Yodlee and ByAllAccunts data aggregation software.
- Turnkey compliant marketing materials and lead generation systems.
- Presentations, calculators, spreadsheets, tools etc are all online.
- We use iPipeline for life insurance apps, which is all-digital and all carriers are in one place.
- And many, many more, and they are very open to other services you may be interested in.
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A 'rollover' refers to which of the following? |
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- Contributions made by an employee to a group retirement plan.
- A transfer from one Qualified Retirement Account (ie, IRA) to another similar type account.
- Taxation of funds withdrawn from a modified endownment policy.
- Transfer of funds from an annuity to another annuity.
- Transfer of cash-value from a life insurance policy to an annuity.
- Transfer of an annuity to cash-value from a life insurance policy.
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Michael Paulding Thomas
Securities Principal & Advisor Development
Over three decades of training part-time and full-time financial advisors. Developed 2 $200k-earners, 10 $100k-earners, 15 part-time $50k-earners and built a $1.6M revenue sales force.
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