Summer has finally arrived, ushering in some welcome rest and hopefully some time for a good book. Advisors and other wealth management execs share their top picks for planners. These titles cover all the bases, from practice management and leadership development to behavioral finance and end of life issues.
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View a slideshow version of the list here.
Personal Benchmark: Integrating Behavioral Finance and Investment Management, by Charles Widger and Daniel Crosby
"As the industry begins to travel further down the goals-based planning road, I think there's an interesting intersection coming: The intersection of behavioral finance and investor education, with the new approach to managing money around life outcomes and being able to meaningfully report to the end client around these outcomes. This book does a nice job of talking about 'life outcomes' for advisors and end clients." -- Jay Hummel, SVP, Envestnet, Chicago
A Force for Good: How Enlightened Finance Can Restore Faith in Capitalism, by John Taft
"The financial crisis of 2008 badly damaged the contract between the financial industry and the broader public. John Taft has set out to change the conversation about the role that finance plays in repairing that contract and in society more broadly. He does so by bringing together some of the greatest financial minds of our time, to share their expert insights and fresh perspectives on how our industry can regain trust by once again becoming a positive force in society." -- Pat Vaughan, RBC Wealth Management East Region Director, Baltimore
The One-Page Financial Plan, by CFP Carl Richards, CFP, a New York Times columnist
"[Richards] offers a toolset to help people define their values and frame their goals. That's truly important because many people don't really have specific financial goals beyond the basics of 'retiring comfortably and sending the kids to college.' Richards also talks about emotion and money: How to have difficult conversations about money; how to handle financial conflicts between spouses; how to understand the 'why' of behaviors that can threaten your financial life; how fear and greed impact your investment choices." -- Maura Griffin, founder of Blue Spark Capital Advisors, New York
Finish Big, by Bo Burlingham
"It's about helping business owners through all the emotional phases of exiting their companies and the wealth management industry is facing a lot of exits and emotions over the next several years." -- Matt Cooper, president, Beacon Pointe Wealth Advisors, Newport Beach, Calif.
Money: Master the Game, by Tony Robbins
"There has been much controversy about this book, and he does not get everything right. But after several new clients came to my office specifically looking for a fiduciary because of Tony Robbins, I realized I had to read it. If nothing else, Robbins does a great public service by clearly explaining the significance of hiring a fiduciary." -- Maura Griffin, founder of Blue Spark Capital Advisors, New York
"It's not written for the financial professional, but more for the typical investor who is trying to get ahead. Tony does a great job explaining some of the major pitfalls and obstacles they should avoid to build long-term financial security. If you are an RIA and truly want to help people, this is a good read as it helps you to better understand the challenges they face and how to better communicate the value you bring to your clients." -- Chris Abts, president and founder of Cornerstone Retirement Group, Reno, Nev.
The Thin Green Line: The Money Secrets of the Super Wealthy, by Paul Sullivan
"Entertaining, informative and applicable to everyone, not just those who wish to be super wealthy. Paul defines wealthy as not being about the large numbers on your net-worth statement. Yet he describes the ways to increase money-wealth as well as what I might call holistic wealth." -- Tracy Stewart, CPA and Member of AICPA's PFP Executive Committee, College Station, Texas
No Longer Awkward, by Amy Florian
"An incredibly helpful guide on how to communicate with clients who are having difficult times: Death, divorce, dementia, terminal illness. The book walks advisors through what to say, what not to say and even includes examples of text for cards." -- Gina Chironis, president and CEO of Clarity Wealth Management, Irvine, Calif.
Y-Size Your Business: The Art of Selling to Millennials, by Jason Dorsey
Selling to the younger generation is "one of the biggest issues facing the industry. They think differently about finances, they communicate differently. We need to understand them, as millennials reflect the largest amount of wealth in our society." -- Paul Restante, program manager at Community Bank, Dewitt, N.Y.
Essentialism, by Greg McKeown
"With the daily chaos that most successful financial advisors must navigate, the 'essentialism mindset' is a laser-focused methodology that will smack you in the face if you aren't ready for it. If you've ever had one of those days with the best intentions to get your to-do list done and things kept getting in the way, this is the framework to help you stop 'majoring in minor activities.' It's a framework for defining a 'less but better' approach to your life and business to focus on the things that really matter and maximize your contributions to your family and business. My top business read for the year so far." -- Brad Johnson, practice management coach, Advisors Excel, Topeka, Kan.
- 2014 Summer Reading List for Advisors
- Summer Reading 2014, Part 2: Top Picks on Amazon
- 5 Books Every Advisor Should Read