NAPFA ADVISOR
January 2023
 
LLIS
 
INSIDE THIS ISSUE
PRACTICE MANAGEMENT
  
Can Financial Advisors Use One-Time Financial Plans to Grow Their Business?
By Charesse Spiller
Should you add one-time financial plans to your firm’s offerings? From adding a different revenue stream to your firm to helping more families who aren’t a fit for ongoing services, one-time plans can make a lasting impact on your business and the lives of your clients.
SUCCESSION PLANNING
  
9 Pitfalls of Internal Succession Planning—and How to Avoid Them
By Brooklyn H. Brock
Even the best-laid plans can go awry in an internal succession. Some keys to avoiding mistakes include engaging in open communication with a potential successor from within the organization, building trust during the transition, and sticking to an ideal timeline.
DIVERSITY, EQUITY, & INCLUSION
  
Cultural Competency: Understanding More about Clients’ Values and Beliefs
By Miranda Reiter
Understanding your clients’ culture can help you to become a better financial planner. Your cultural competency can improve clients’ ability to communicate issues and adhere to your recommendations. Research suggests it also helps clients rate professionals as more capable.
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Learn about your NAPFA benefits.
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FEATURES
NCEF UPDATE
  
A Look at NCEF with Board of Trustees President Danielle Seurkamp
NAPFA Consumer Education Foundation is unique because of its dual mandate: help consumers and support the future of NAPFA. As planners, we understand the time value of money and the immense impact we can have by instilling good behaviors early on.
EFFICIENT PLANNER
  
Transitioning a Firm from Founders to Successors
By Linda Leitz
As fiduciaries, founders owe clients a solution for ongoing services when they transition out of the profession. And successors owe clients a transition that has as little disruption as possible. It’s good for clients and good for the profession.
PRACTICAL OBSERVATIONS
  
How to Avoid Advisor Burnout
By Kent W. Schmidgall
We advisors place the highest priority on servicing our clients. Multiply the desire to please our clients across dozens of personalities, and we have a recipe for potential burnout. Some things I’ve learned during my career have helped me avoid burnout. I hope they will help you, too.
NextStep Portfolios LLC
 
Heifer Foundation
 


IN EVERY ISSUE
FROM THE EDITOR
  
Welcoming New and Returning Columnists
By Susan Weiner
FROM THE CHAIR
  
Lions and Tigers and Succession Planning, Oh My!
By Jeff Jones, NAPFA Chair
PRACTICE PROFILE
  
Jaime Ruff of Homrich Berg
KEEPING UP
  
Volunteer opportunities, NAPFA Award nominations, regional symposium
registration, writing opportunities, and more in the January issue.
LIMELIGHT
  
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