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7 Quick Hitters from the eMoney Summit 2018 For Financial Planners to Ponder

October 16, 2018

“What is dangerous is not to evolve.” – Jeff Bezos


According to eMoney, the answer is the rise of what they are calling the FlexGen advisor.  FlexGen advisors are forward-thinking, embrace changes, love learning, challenge conventions and believe in helping their clients achieve their goals.  Are you a FlexGen advisor? 


Progress does not happen in one direction. Backing-up is not the same as backing down.  Fear is okay, complacency will kill you.  


Excellent advice from Alison Levine, adventurer supreme and leader of the first women’s all-American expedition team to scale Mount Everest.  Sometimes we need to keep trying out new service models to attract a broader range of clients.  A quick pause to make improvements or innovate should not be viewed as a failure. As this bull market gets more and more stretched, stay vigilant and fight recency bias.  Are there risks you are being complacent about right now?


Financial planning is not a luxury, it is an expensive necessity.


Ongoing financial advice is a necessity but not yet widely recognized by most consumers.  And to do financial planning right, it takes a lot of time.  People are starved for advice that they can trust and crave more face-to-face interaction in today’s modern world. So, while the dollar figure for financial planning may seem high, the results–peace-of-mind, accountability and objectivity are worth their price many times over.  Is there something you can do to serve the middle market “blue ocean’ of clients starved for affordable advice?


If you answer the impact question, profits will take care of themselves.


People want to be part of something bigger than themselves.  Make your business a place where they can help build a legacy of giving and be part of a community.  Environmental, Social and Governance (ESG) investing is a great start.  So is using a portion of your profits to support local causes.  In 2019, Logbook will support pro-bono financial planning for cancer victims by donating $50 to the Foundation for Financial Planning for each new client.  Impact clients’ lives and your business will be wildly successful.  What can you do today to build a community and make a difference?


“The chance to win my business happened 10-15 years ago.”


Spoken by a 42-year old director at Salesforce after his elderly mother’s advisor called him for the first-time last month.  Forward-thinking, remember?  Be a FlexGen.  Are you missing out on opportunities like this in your business?


80% of investors lost money in Fidelity Magellan.


How did that happen despite investing in the most successful fund of the decade?  Welcome to the fear and greed cycle.  Too many investors try to market-time or get discouraged at the first hint of underperformance when a better action would have been to stay the course, rebalance your holdings and maintain your target allocation.  The behavioral component is really where advisors can make their money for their clients.  Do you have a real plan for the next gut-wrenching down market?




eMoney is the financial planning software suite that we use at Logbook Financial Planning.  Owned by Fidelity, eMoney is aggregating $2 trillion in assets from 2.9 million households.  They have never been hacked in 18 years and 54,000 advisors use their software.  Fidelity employs 780 people to work just on cybersecurity alone.  There is comfort in the scale and the number of resources that are protecting eMoney. Do you feel good about the security of your own business systems?


There you have it. Some quick thoughts from the eMoney Summit.  Hope they get you thinking about your own business.  Good luck to my fellow FlexGens!


Chris Cortese

Financial Planner & Founder

Logbook Financial Planning, LLC





“Investment advisory services are offered through Logbook Financial Planning, LLC, a Licensed Investment Adviser in the state of Maine and Registered Investment Adviser in the state of Virginia” “All written content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions.” “Logbook Financial Planning, LLC is not affiliated with or endorsed by the Social Security Administration or any government agency.”

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