Tony Steuer Recommends for 11/30/2024

Here are my top 10 recommendations for the week from people who are passionate about changing the way we think about money. They are qualified and unbiased sources.

1) How to talk to your kids about money.

How much should you tell your kids about your finances by Cameron Huddleston . Research shows that teaching your kids about money provides all sorts of benefits, including better financial decision-making skills in adulthood and lifelong savings habits. These suggestions can help guide the financial conversations you have with your children from the time they are young until they are adults. Read it (here).

2) How to have conversations with your aging family parents about money.

How to have better conversations about safe financial decision-making by Chris Heye, PhD in The Whealthcare Wire. The holidays are a great time to check-in on the physical, behavioral, and cognitive health of older adult family members and friends. For most of us, some degree of cognitive decline is inevitable as we get older. And age-related behavioral and mental health changes can have significant impacts on our ability to make good financial decisions. Read it (here).

3) The holidays are perfect time to give thanks and support your favorite causes.

Giving with intention with Erinn Andrews and Tony Steuer, CLU, LA, CPFFE on The Get Ready Money Podcast. Balance out your Black Friday and Cyber Monday spending with your Giving Tuesday giving. Why we need to talk more openly about giving. Aligning your personal values with your personal donations. How financial advisors can support their clients with their giving. Check out the podcast (here).

4) How to prepare for generational wealth transfer.

H. Adam Holt, CFP®, ChFC® , CEO and founder of Asset-Map , shared key insights on the $83 trillion generational wealth transfer during Nitrogen ’s 2024 Fearless Investing Summit. He stressed the importance of engaging both aging clients and their heirs through strategies like family meetings and comprehensive financial planning. Holt highlighted significant gaps in life insurance and long-term care coverage, urging advisors to address these areas proactively. He also discussed how AI is shaping client expectations, emphasizing the need for advisors to deliver faster, more personalized financial advice. Check It out (here).

5) How gratitude helps you achieve financial success.

Building Wealth with Gratitude: Essential Tips for Gen X with Dr. Preston D. Cherry, AFC®, CFT™, CFP® on the Life Money Balance Podcast. There is a powerful link between gratitude and financial success, especially for Generation X. Dr. Cherry shares how combining gratitude with grit and grace can improve financial decisions and boost life satisfaction. Using the PERMA model, it explains how gratitude impacts the brain, enhances emotional well-being, and drives personal and financial success. Watch on (YouTube).

6) Will your clients life insurance policies provide what’s expected?

Are Your Clients’ Life Insurance Policies Serving Them Well? With Maxwell Schmitz, MSFS, CLTC and Tony Steuer, CLU, LA, CPFFE for Rethinking65 . Even if life insurance isn’t your expertise, reviewing their policy with them adds value to your relationship. The article includes insights on how to have these conversations. Read the article (here).

7) How there can be a high cost for women with their “fine” financial advisor.

The Cost of Your “Fine” Financial Advisor by Sallie Krawcheck for Ellevest . We hear a lot from people that their financial advisor is “fine.” What that means usually runs along the lines of, “Well, I’ve been with him forever.” Or: “He’s the guy my husband uses, so ...” Or: “He speaks to me in what feels like a foreign language, but he seems confident.” We always knew there was a cost to this. We’ve known it can be the cost of not having confidence about how your money is being invested. Of not feeling informed or in control. Of not really knowing whether your money is working hard for you and reflecting your values. Read the article (here).

8) Go beyond the 4% rule with Bill Bengen.

What Everyone Gets Wrong About the 4% Rule with William Bengen and Paula Pant 🧠 on the Afford Anything Podcast. Bengen clarifies that calling it a "rule" is misleading since it doesn't fit everyone's situation. Recent research has pushed the "safe" withdrawal rate closer to 5 percent. But Bengen identifies eight key factors that affect how much you can withdraw, including how long you'll be retired and whether you're drawing from taxable or tax-deferred accounts. Watch on (YouTube).

9) Why your first investment should be in yourself.

Pathways to Success: Kelsey Mead’s Mindset Mastery with Stoy Hall, CFP® on the NoBS Wealth Podcast. The importance of mindset in business. The impact of personal experiences on professional growth, and strategies for overcoming challenges. Kelsey's story is not just about achieving business success; it's about personal transformation and the power of investing in oneself.   Listen on (Spotify).

10) Why we need to focus on life possibilities (and client’s life possibilities).

Emotional Intelligence in Finance with Mitch Anthony and Matt Reiner, CFA, CFP® . Mitch critiques the industry’s reliance on complex jargon, urging advisors to communicate clearly through analogies and metaphors. This shift makes financial concepts more accessible, fostering deeper client engagement and understanding. Rather than pushing traditional goal-setting, Mitch encourages advisors to focus on life possibilities, which opens up more meaningful conversations and better aligns financial planning with clients’ real aspirations. Check out the podcast (here).

Event:

New Date: Trailblazers - The Race to Independence (for financial advisors) with Larry Roth , Marc R. Butler and Sheryl O'Connor presented by IncomeConductor on December 10, 2024 (11:30 ET and 4: 30 ET, virtual and free).  How (and why) the independent wealth management space has evolved over the past two decades. Valuable lessons on creating sustainable, scalable independent advice firms. And, the key considerations, challenges and strategies behind successful mergers and acquisitions and how these deals shape the future of wealth management.. Learn more and view registration links (for 11:30 ET)(for 4:30 ET).

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Which recommendation was your favorite?

Do you have a recommendation? DM or leave in the comments.

Until next week, let’s change the way we think about money.

Tony

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