FTWM Practice Plans for 2021

As we approach the end of the year, I wanted to share some quick updates on my practice for 2021.   Don’t worry as there is nothing too dramatic.

• First off, I will be transitioning to a new email system sometime after the first of the year. While this may not be really noteworthy, it should provide me with some enhancements. The short version is I will be able to do more charts and graphics in my emails. The biggest change will be to the weekly market commentary I provide to clients. Hopefully it will be a dramatic improvement (fingers crossed). 

• The big practice change relates to new clients and where they hold their assets. Until now, I have been able to work effectively with clients who choose to manage their own assets. Over time I realized to really do what I do best I need to manage those assets that are available to manage (those investments not sitting in current 401k plans). The issue that has come to bare is how to do things like quickly identify tax-loss harvesting opportunities, rebalance accounts, or truly effective tax planning when I cannot see the granular details of a client’s holdings if I do not have custody of them. My policy will be for new clients who have investments that are outside of 401k plans I will manage them as part of my overall fee. Again, this change is for new clients. 

• Earlier this year I brought on a virtual paraplanner. She helps me run my financial plans. This was a great decision and long overdue.  She’s been a tremendous resource as she knows the ins and outs of my financial planning software better than I do.  All of her time is dedicated to creating the financial plans. This frees up my time to meet with clients, which we all agree is a better utilization of my time. I started her with doing just a few financial plans, however, as the new year begins she will be working on more of them. 

• Final thing is I am starting the process of searching for a secondary advisor. It will most likely be a couple of years before I bring someone on, however, after talking to advisor friends it seems the best way to do this is to start super early.  Wish me luck in the search!

That’s really about it. I wish there was something super interesting, however, I think we’ve all had enough excitement this year.