In the past, we’ve written after every hiring cycle to review the overall metrics and methods by which we measure and recruit for the career opportunities at MY Wealth Planners. As we’ve officially completed our interview cycle, we now look to do the same for our most recent Wealth Planning Analyst hire. However, this time, rather than repeating our normal …
How Reliable is Financial News?
The writer and artist Carl Richards likes to call the financial news “financial pornography.” I concur with his assessment. When you look at the incentive structure of financial media companies, what is going to drive revenue growth? Attention. What gets attention? Emotionally evocative content, flashy headlines, and calls to action. Yet, no study ever produced in the financial domain has …
Understanding Conflicts & Incentives in Financial Services
As we’re going through the process of hiring another wealth planning analyst, I recently took the opportunity to read a book on the process of recruiting. Not because I had any concerns with our process, but because I’m a lifelong student of the craft of financial planning and the business thereof, and I spotted a book on the subject for …
Self-Prescribed Treatment Before Diagnosis
This morning, I received an email from someone seeking financial planning services. Subject: Inquiry About Flat-Fee Financial Planning Services Body: Hi Daniel, I’m looking to work with a fee-only financial planner on a flat-fee or project basis and would like to learn more about your services. Brief background: I’m 73, still earning income, and managing approximately $1.5M in retirement and …
Colorado’s Economic & Policy Bullwhip
If you’ve ever had the distinct displeasure of taking a class on logistics and inventory management, you learn about “the bullwhip effect.” Succinctly, it’s the problem caused by lagging inventory demand. For example, you have 10,000 widgets to sell this month, but demand is for 12,000. So next month, you order 14,000 because you want to fulfill the original 10,000 …