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Use the Journal of Financial Planning and Next Generation Planner to start conversations with your peers about financial planning strategies, clients’ attitudes and behaviors, and best practices. Download guides with suggested questions to help your group think about how you approach planning and communication challenges, and what you can do to improve. Each monthly issue includes a continuing education quiz. They may be accessed HERE.

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Suggested Study Group topics, articles, and resources:

November 2024: Serving a Diverse Community

COVER STORY: Hull describes seven strategies for incorporating gender lens investing into your planning strategy. Do any of these strategies align with the work you’re already doing for your clients? How might these strategies be applied to other areas to identify new opportunities for your clients?
PRACTICE MANAGEMENT: Colston describes the benefits of delegation and three groups that planners can delegate tasks to. What categories of tasks in your current workload can you delegate to each of these groups? Are there drawbacks or unintended consequences that you need to be prepared for?
SERVING MILITARY CLIENTS: Stueve described some of the unique challenges and benefits associated with financial planning for military clients and their families. What strategies can you use to best serve a client couple with a military and a non-military spouse? How is that planning different for a civilian client couple?
LEADERSHIP: Kay explains that people are hardwired to focus on negative feedback over positive feedback and offers suggestions to overcome this inherent trait. What can you do to deliver feedback more effectively? How would your approach differ with a supervisor compared to an employee who reports to you?
RESEARCH: Timmerman and Mattia found that cultural and social explanations for the scarcity of female advisers aren’t as impactful as things like autonomy, relatedness, and competence. Do male sole practitioners have a role to play in making the financial planning profession more representative of the general population? If so, what does that role look like?

October 2024: Tax Planning

COVER STORY: Lazaroff offers several strategies for addressing risks associated with stock portfolios that are overly allocated to a specific stock. How do you approach diversifying these holdings while balancing the need to minimize tax liabilities? What strategies have you found most effective in deferring or reducing taxes? How do you navigate the potential trade-offs between tax efficiency and investment risk?
REGULATORY FEATURE: Parlapiano outlined potential ramifications of two recent SCOTUS rulings on the financial planning profession. Do you agree with his assessment? How do you anticipate Loper Bright and SEC v. Jarkesy will impact financial advisers, particularly in relation to the DOL fiduciary rule and noncompete contracts? Is the Supreme Court’s preference for plain-written rules appropriate and feasible in financial planning?
TAX PLANNING COLUMN: Thornton outlines various scenarios that impact a client’s utilization of the Section 121 exclusion. What are some creative applications of this exclusion among your own client base, especially if you have high-net-worth clients or those who may face multiple home sales over time? What other tax considerations need to be balanced with this strategy?
ESTATE PLANNING COLUMN: Haughton explains one of the challenges in allocating business and non-business-related assets to beneficiaries is establishing equitable shares for multiple beneficiaries when some will not be part of the business. What are some ways planners can help clients who want heirs to inherit equally?
FINTECH COLUMN: Weiss shares areas that are good places to start for planners who want to leverage machine learning. In which of these areas can you begin using your current tech stack more effectively? Are there other areas in your practice where you can take a technological approach to solve a problem? Where is an analog or human touch still the most effective tool?

September 2024: Longevity and Long-Term Care Planning

NGP SKILL BUILDER: McManus argues the most important thing that new planners can do to build their business is to build strong relationships with clients. She shares ideas to help planners engage with clients beyond the financial planning environment. What other ideas can you implement to develop a closer connection with clients? Is there a way for you to segment different strategies for different types of clients?
CAREGIVING: Miura describes her experience acting as a caregiver and shares ways that planners can be of service to their clients in similar situations. How can you begin to implement these strategies in your client service? Are there other ways you can help your clients prepare for a role as a caregiver?
WELL-BEING: Statman describes how a client’s well-being can be viewed similarly to a portfolio, with different domains providing different returns, much like some asset classes better than others. Do you have clients whose well-being in one domain or another is not performing well? Are there actions you can take to support them in improving that well-being? Is it appropriate to do so?
LONGEVITY: Heye argues that ageism and cognitive decline are two major obstacles to your clients’ self-sufficiency in their later years. Have you seen situations like this play out? How might these specific challenges influence your own clients’ planning needs?
RESEARCH: McQuarrie conducts a net present value analysis of a Roth conversion when future tax rates are unknown. What strategies can planners adopt to help clients assess whether a Roth conversion is appropriate, especially when the payoff may not fully occur for 20 or 30 years, and future tax rates remain unpredictable?

August 2024: Serving Business Owners

VOICE: Nippani, Lubiani, and Garrett share ways that the Consumer Financial Protection Bureau’s proposed rule regarding medical debt on credit reports could impact planning recommendations they make to their clients. If passed, how would your clients be affected? What are the unintended consequences of the rule?
COVER STORY: Turner explains how the beneficial ownership reporting regulation can impact clients even if they are not business owners. How many of your clients are likely to be impacted without realizing? What steps are you taking to help them?
ESOPs: Toribio del Pilar outlines how to implement a Section 1042 ESOP transaction to help a business owner client defer long-term capital gains from selling their business. DO you have clients who would benefit from this strategy? What other steps must be taken before it can be implemented?
SPECIAL REPORT: Rice suggests several ways planners can condition themselves to condition themselves to help grieving clients with empathy and respect. How have you helped grieving clients in the past? What would you do differently to provide more support or have more successful interactions?
RESEARCH: Given the prevalence of robo-advisers in the financial services industry, how can financial planners better educate their clients about what these tools can and cannot do for them? How can planners best integrate a robo-adviser to enhance the service level they offer their clients while maintaining trust in the planner and the advice they provide?

July 2024: Retirement Planning

NGP LEAD ARTICLE: The Foundation for Financial Planning found pro bono work provides planners with opportunities to develop skills that benefit their careers and the firms they work for. Do you agree with these findings? What opportunities do you have in your practice to engage in pro bono work?
PRACTICE MANAGEMENT: An effective operational continuity plan needs to be updated regularly and communicated to staff, Colton writes. If you are responsible for your firm’s operations, what steps are you taking to make sure your continuity plan can mitigate the effects of disruptive events? If you do not have any responsibility for the plan, how familiar are you with your firm’s plan and your role and responsibility as a stakeholder in it? What can you do to proactively engage with firm leaders and prepare for disasters?
RETIREMENT PLANNING: As of 2024, 529 account owners can roll up to $35,000 of 529 funds, subject to annual limitations, to a Roth IRA to cover retirement expenses without incurring the 10 percent penalty for non-qualified withdrawals or creating additional taxable income. How has this changed your approach to helping clients prioritize their planning objectives?
MARKETING: Fedusenko describes ways to hone in more closely on a niche you want to serve and how to advertise more effectively to them. How does your ideal client currently find you? Are there steps you can take to more clearly define that client niche and reach out to them more effectively?
LONGEVITY: Heye argues that retirement is a relatively young concept and that humans are inherently bad at long-term planning. What differences have you observed in clients from different generations when you discuss retirement planning? How are their beliefs and priorities impacted by cognitive biases like the ones outlined in the column?

June 2024: Trends in Investing

NGP LEAD ARTICLE: Kothakota describes how to value of a particular professional designation might change over time as planners’ experience and needs evolve. What factors are most important to you in determining the value of a particular designation? What do you think is most important to your clients and prospects?
COVER STORY: Paglia argues that individual investors and their financial planners should consider incorporating private investments into their portfolio by increasing their allocation to 10% or more. What factors should be considered in determining the optimal allocation to private investments, and how can diversification benefits be maximized while managing associated risks?
ESG INVESTING: Lazaroff argues that an investment-led ESG strategy, as opposed to a client-led strategy that prioritizes individual values and desired social outcomes, allows investment professionals to design ESG portfolios that appeal to a broader audience without needing to be customized for each individual client. How would you start designing such a strategy? What factors would take priority and how would you assess them? How would your own values direct your decision making?
REAL ESTATE: Adams noted one direct impact of climate change on clients’ retirement relates to decisions about where they will live. In your discussions with clients about their futures, have you taken into consideration things like location and weather? Do you have clients who are more likely to be impacted by climate than others?
TAX PLANNING COLUMN: Thornton describes the differences between simple and complex trusts and how they impact the way beneficiaries’ income is determined and taxed. What processes can you implement to ensure you’re collaborating effectively with tax preparers and attorneys to ensure proper management and taxation of irrevocable trusts? How does your role as the planner evolve when you’re collaborating with those partners?

May 2024: Financial Wellness and Well-being

COVER STORY: VanderPal and Brazie describe ways to create a calming environment conducive to clients’ well-being. Consider your office space from your clients’ perspective: how might internal or external features affect their state of being when they visit you? Are there ways to adopt the tenets of polyvagal theory and neuroception in virtual meetings?
PRACTICE MANAGEMENT: Peller, Colston, and Opitz encourage planners to focus on tried-and-true practices that have already helped them grow in their careers. What are the fundamental business activities that got you where you are today? How can you improve on those activities?
PSYCHOLOGY OF FINANCIAL PLANNING: Cherry writes that some segments of planners feel that focusing on psychological aspects of financial planning is beyond their scope as financial planners. Do you have clients who share that feeling? Given that the CFP® Board includes psychology of financial planning as one of its principal knowledge topics, how should financial planners balance a quantitative approach with one that takes into account nonfinancial aspects of a client’s well-being?
LONGEVITY: Heye notes that physical and behavioral wellness can be more difficult to attain as clients get older. How have you seen this play out among your clients? What can you do to help your clients reassess what “well” means for them over time?
RESEARCH: Smith tested generative AI platforms’ ability to respond cogently to financial planning questions and found several problems with the way the models interpreted prompts and with the answers they provided. What are your concerns regarding consumer use of AI for financial questions? What is the planner’s role in minimizing harm to consumers and clients? What other stakeholders should be part of the conversation?

April 2024: Ethics and the Profession

COVER STORY: Presler describes scenarios where a client’s family members might not be the right people to call on if the client begins to show signs of diminished capacity. What strategies can you employ to protect clients with cognitive decline if they don’t have reliable family support? How might you approach these conversations with the client?
PRACTICE MANAGEMENT: Colston lays out ideas for planners to engage their children. What strategies are you employing to bring in younger clients? How successful are those strategies?
LEADERSHIP: Kay describes how constant negative self-critique can have a limiting effect on individuals. How often do you engage in self-doubt? Do you have a process for breaking out of that negative cycle?
FINTECH: Fava argues that human oversight alone may not be sufficient to ensure AI is used ethically, noting that human oversight contributed to the biased data sets that led to racist output. How do you think AI can be adopted ethically? What can we learn from earlier technologies?
RESEARCH: Collier, Anderson, Carroll, and McCoy found that planners are more likely than clients to believe virtual financial planning meetings are more productive than in-person meetings. How can financial planners strategically address this potential mismatch? How would you go about determining your clients’ true preferences and meeting them if they are misaligned with your own?

March 2024: College Planning

COVER STORY: Gardner, Welch, and Vincent describe tax deductions and fringe benefits that may be available to help clients offset or cover the cost of education related to their work. Can you employ this strategy with any of your clients? Do you have business-owner clients who might benefit from extending these offerings to their employees?
PRACTICE MANAGEMENT: Breitenbach shared a detailed example of an onboarding workflow for new clients. How does this compare to your own onboarding process? Are there steps you could add or remove to make it more suitable to your firm?
CLIENT COMMUNICATION: Mejia shared conversation starters to help planners talk to clients’ children about college aspirations. If you’ve engaged your clients’ college-bound children, how successful was the conversation? How did you measure your success? What did you learn about working with this next generation of client?
WORKING WITH WIDOWS: Armstrong cautions planners not to view widows as a homogenous group who share all the same reactions and feelings about losing a spouse. How can you tailor your approach to ensure a widowed client’s needs are being met? How would your process differ for a client you have an established relationship with compared to a prospective or new client?
RESEARCH: Eckert and McCoy introduce customized default savings rates as a way to nudge retirement plan participants into better savings behaviors. How might this work in practice? Does this avoid being overly paternalistic to participants?

February 2024: Fintech

COVER STORY: Orange describes how planners of the future need well-rounded skill sets of technical and interpersonal skills. How do you see advanced technology affecting the highly individualized and personal nature of financial planning relationships?
FEATURE: Baxley describes a client who was victimized by the “phantom hacker” scam. As the tools available to hackers get more sophisticated, are you developing detailed standards and practices to address these types of attacks? Have you had clients who have been victimized by cyber fraud? What warning signs were there, and how did you help them recover?
COLUMN: Heye describes how technological advances in fields outside of financial planning, such as healthcare and transportation, could impact clients’ lives in a way that planners need to be prepared for. What other examples can you think of where consumer technologies impact financial strategies?
SPECIAL REPORT: Smith and Smith argue that most people won't live long enough past their life expectancy to justify delaying claiming Social Security benefits and suggest the most relevant criteria for when to begin claims is the starting age that maximizes the present value of lifetime Social Security benefits. Do you agree with this assessment? How does this change the way you assess Social Security claiming strategies for your clients?
RESEARCH: MIT researchers found that expectations for a particular person to be part of a client’s long-term care team do not necessarily mean the client had communicated their care expectations to that person. Have you seen this reluctance to communicate among your own clients? How can you support your clients in having these conversations so that their long-term care expectations are appropriate?

January 2024: Behavioral Finance

COVER STORY: Kothakota and Wery outline how to design a single-case intervention to help a client increase their savings rate. Do you have a client who would benefit from and be interested in this type of intervention? How would you design an intervention for them?
PRACTICE MANAGEMENT: Opitz describes how planners need to be intentional and serve clients partners and family members as part of their client segmentation strategy. Are there other segments where you could be doing more outreach? Which of the big six segments that he outlines are contributing the most to your firm’s success or your satisfaction?
COMMENTARY: Lynn argues that blockchain may be as disruptive to the economy and culture as the internet. Do you agree?
COLUMN: Fava explained how for some clients, certain stocks or investments are important because of their feelings surrounding them, not necessarily their potential to help meet their financial goals. Have you had clients who resisted a good investment recommendation because of their feelings about the company? How did you handle their reluctance? What worked about your approach?
SPECIAL REPORT: The authors illustrate several types of intentional and accidental self-disclosure. Can you think of times when you’ve made these types of disclosures? What signs do you have that the disclosure was helpful or harmful?

December 2023: Insurance Planning

NGP SKILL BUILDER: McManus encourages planners to view their clients as more than just one person, but as part of a family. What processes do you have in place to identify the people who will be impacted by a client’s decisions and to make sure those impacts are in line with what the client wants?
COVER STORY: In speaking with financial planners who have advised clients on LTCI policies with rate increases, the authors learned that planners tend to recommend their clients maintain their current policy and pay a higher rate, acknowledging that there’s no blanket recommendation a planner can offer. How would you approach the decision-making process to help your clients if they were to receive a rate increase notice? What steps would you take to make sure you and the client have the right information needed to decide the best path forward?
PRACTICE MANAGEMENT: Harrington shared a list of questions for planners to consider as they reflect on their development this year. Are there any questions on the list that you don’t have a satisfying answer for? What can you do differently to feel more confident about your progress next year?
COLUMN: Armstrong described six types of loss that a client might face. Each of these types of loss might require a different approach to make sure the clients gets what they need. What can you do to help clients prepare for change or face unexpected change?
RESEARCH: McQuarrie argues that the widow tax hit is an unfounded fear for clients, whose concerns can be soothed by focusing on income planning instead of obsessing over tax rates. Have you had to coach clients through this particular fear? What strategies worked to redirect their focus to more productive conversations and actions?

November 2023: Serving a Diverse Community

NGP LEAD ARTICLE: Tucker cautions planners not to make assumptions about clients’ physical abilities based on age, and offers suggestions for easing communication for people with hearing loss that also make it easier for anyone to communicate. Are there things you can change in your office or your processes that would make it easier for people with disabilities to feel welcome and comfortable working with you? How do those changes help your wider client base?
COVER STORY: Nadworny and Nadworny note that planning with clients whose children have disabilities that severely impact their independence is planning for two generations. They illustrate how to use various accounts to provide financially for these children. What other factors would you integrate into a plan to ensure the clients’ children were cared for after their parents’ passing?
COLUMN: Fortin and Martin describe five awareness-based practices advisers can adopt to be more mindful in their communication efforts. How might you adopt any of these practices? Do you have other habits that help you check-in on your well-being? Do you have clients who would benefit from these practices?
COLUMN: David DeVoe describes four dimensions across which planners need to prepare their successors to take over their firms. If you are a firm owner, what work do you still need to do to get your successors ready? If you are being considered for a leadership role, what can you do to proactively improve your skills in these areas?
RESEARCH: Christopher Duquette retests William Bengen’s pivotal 4 Percent Rule using data from the Bloomberg U.S. Aggregate Bond Index, noting that it’s more suitable for a retirement portfolio analysis than Treasury bond yield data because those yields are for newly purchased bonds. How do his findings affect the way you conduct portfolio analysis for your retired and retiring clients?

October 2023: Tax Planning

NGP LEAD ARTICLE: Kothakota and Lutter note that auditory communication, more than visual or written, is key to seeming capable to clients and building connections. How does that impact the frequency or style of communication you use with clients?
COVER STORY: Kirk details tax planning considerations for clients who are U.S. citizens living in other countries. What other factors do these types of clients need to consider when deciding whether to move abroad?
PRACTICE MANAGEMENT: Opitz describes several sources where firm leaders can get inspiration for business ideas to use in their practice. Where have you found ideas that you’ve implemented successfully in your practice? Where else can you look for new strategies and tools?
COLUMN: Fedusenko describes five types of drip campaigns planners can use to connect with prospects. Have you implemented any of these strategies in your marketing campaign? What have you learned from these campaigns about what works and what doesn’t?
COLUMN: Herzberg and Schwartz explain why young people shouldn’t put off estate planning as a task for when they’re older. How do you help clients get comfortable talking about difficult subjects?

September 2023: Regulatory/Fiduciary Update

NGP LEAD: Demers warned planners against measuring their success against other advisers. What are your personal metrics for success? What goals have you set, and how are you tracking your progress?
NGP SKILL BUILDER: McManus described a method for improving sales skills that incorporates a point system for specific tasks. What activities can you start tracking in your current workflows? What activities do you need to add to develop your skills?
COVER STORY: Coughlin and Turiano describe how cryptocurrencies sometimes function as commodities or securities, potentially making them the purview of different regulators depending on how specific investment products are designed. How would classification affect your use of cryptocurrency products in client portfolios?
COLUMN: How would an instant payment service like FedNow impact your clients? How will it impact banking and the broader financial services industry?
RESEARCH: Reiter, Qing, and Nations found that social media users were far more likely to view investing as a source of entertainment or excitement. Have you seen this effect among your own clients? How does it impact the way you discuss investments?

August 2023: Marketing

NGP LEAD ARTICLE: Hollers described 3 client profiles who would benefit from a subscription model. Do you have existing clients in these profiles who would benefit from a change in your fee structure? Are there other client profiles that would be a good fit for regular automatic payments for advisory services?
COVER STORY: Among the attributes Phillips lists as key to organic growth for firm owners is the understanding that they can't do everything in their firms. If you're a firm leader, what tasks are you currently responsible for that could be delegated to someone else? Would doing so require you to hire a new position or train a current member of staff?
PRACTICE MANAGEMENT: Peller offers ways to cultivate a personal brand as part of your professional persona. How would you describe your personal brand today? Is that how others see you? If not, how would you go about changing that?
COLUMN: DeVoe offered 5 practices firm leaders should undertake to ensure there are candidates for a successor within their firm. How would you rate your readiness in each of these practices? Are there steps you can take today to improve your performance in any of these categories?
RESEARCH: Anderson and Lawson found that high achievers were more likely to accept greater risk in their investments. Have you seen this play out among your current clients? How does this finding affect the way you have discussions about risk with your clients?

July 2023: Retirement

COVER STORY: Haas and Mahaney pointed out the difficulty that many clients have transitioning from saving to spending when they retire. Haas suggested helping clients do a “test drive” before they stop working. What would a test drive look for your current clientele? What are some other things you can do to help clients prepare emotionally for transitioning from a saving to a spending mindset?
PRACTICE MANAGEMENT: Breitenbach suggests planners who are uncomfortable asking for referrals come up with a new internal language that redefines what they do as personal connection. What is your internal language when describing what you do?
FEATURE: Martin and Fortin explain that a register is the collection of norms, values, systems, and language used by a society. How do you view the register of the United States? Where does financial planning sit in that register? Are there other communities you’re a part of that have their own unique register?
COLUMN: Kay explains how forecasting error and comfort drive prevent clients from acting in their best interests, and offers tips for helping overly anxious or overly indulgent clients rebalance their perspectives. Have you used any of these strategies with clients? How did they respond? How might you adjust these strategies to work with your current clientele?
SPECIAL REPORT: The authors argue that planners have a fiduciary responsibility to advise their clients on disability insurance but acknowledge that it might not be appropriate for some clients. How have you broached the subject with your clients? Are there other strategies that can help protect against loss of income during disability that may be more affordable or easier to implement?
RESEARCH: Although more complex, Estrada argues that considering the distribution of successful coverage ratios for optimal withdrawal strategies is more beneficial than trying to maximize or minimize one target variable. How would you implement coverage ratios in as defined by Estrada and your assessment of clients’ retirement withdrawal strategies?

June 2023: Trends in Investing

NGP LEAD ARTICLE: Jorden told a story of how to use narrative to explain financial concepts or guide client behavior. How have you used storytelling to illustrate ideas for your clients? Are there other areas of financial planning where you can use narrative effectively?
COVER STORY: Hodari contested private debt’s categorization as an “alternative” investment. Do you agree with his assessment? Are there other asset classes that are collectively seen as being more traditional or alternative that you feel are misclassed?
FEATURE: Martin challenged financial planners to envision how climate change will potentially impact client portfolios or financial well-being. StateFarm announced in May that it will no longer accept homeowners insurance applications for California properties. Are there other examples of climate change having a near-term impact on clients’ financial well-being? How are you preparing your firm or your clients to address potential future impacts?
FEATURE: Ludwig and Bennetts outlined some of the benefits and limitations of using ChatGPT for first drafts on some client communications. Have you adopted this technology in your practice? How is it different from or similar to using templates?
RESEARCH: Young illustrated how a client’s heirs’ financial situations can complicate equitable divisions of bequests. How have you addressed the topic of fairness with your clients? How do their perspectives differ from each other’s or your own?

May 2023: Serving Business Owners

NGP LEAD ARTICLE: Haughton reminds planners that they can educate their clients as much as they can but ultimately their clients’ priorities and goals are what matters. If you had a client who didn't want to take advice that made financial sense because it competed with an emotional goal, how would you handle it?
COVER STORY: Gardner and Welch outlined many of the changes that the SECURE 2.0 Act made that impact small businesses’ tax strategies and retirement planning. Which of these changes have the biggest impact on your clients? How are you educating them about changes they should consider in the financial plans?
PRACTICE MANAGEMENT: Rose suggests job shadowing and role play as a way for planners to develop client relationship skills. What are some ways you could incorporate these strategies into your practice? If you're a new planner, how would you approach a more experienced adviser with these requests?
FEATURE ARTICLE: Rule changes around how amateur athletes are compensated when their name, image, and likeness are used for profit represent an opportunity for planners who serve clients with student athletes in their families. How many of your clients are parents of college-bound athletes? How do these changes impact clients’ children's financial situation? Can you expand service to the parents or begin serving the children more directly?
RESEARCH: McQuarrie and DiLellio refute the conventional wisdom that future tax rates must be higher for a Roth conversion to pay off. How do the equations in the paper affect the way you approach conversions with requirements?

April 2023: Ethics

Q&A: Kemp argues that a lot of conversations about professional ethics focus on the minimum acceptable standards without imagining how individuals can do more than the minimum. Do you have your own personal code of ethics? How do you communicate it to clients and peers?
NGP FEATURED ARTICLE: Terpstra gave seven ideas for new planners to develop skills and communicate their desire for a leadership role with lead advisers. Is there anything you
COVER STORY: Bearden illustrated examples of conflicts of interests that financial planners might face in their careers. What conflicts have you had to deal with as a planner, and how did you handle them? Looking back, is there something you would you have done differently?
COLUMN: Experience contributes to ethical decision making, according to Kay. How can lead advisers model ethical behavior for others in their firms?
SPECIAL REPORT: Planners bring their own biases to client relationships, which can lead to stereotypes about a particular client’s facility with money, according to Gillo, Varani, Pearson, and McCoy. What steps can you take to adjust your expectations when helping a client with negative self-perception?
RESEARCH: Cheng, Guo, Gibson, and Sam found that frequent social media communication during the 2020 COVID-19 market crisis helped RIA's keep their clients invested. How does your client communication plan accommodate different client segments’ preferred methods of communicating?