An Advisor Wish List for 2018

Financial advisors - as usual - weren’t at a loss for words or wishes when it came to filling their 2017 Christmas stockings.

Once again, perennial concerns around regulation, financial planning and convenience with dealing with insurers figured prominently.

InsuranceNewsNet compiled the list of 19 comments received via email from 11 advisors over the past week and organized the responses under category headings. (In some cases, comments were condensed and edited slightly for clarity.)

Perhaps one advisor said it best: “I hope you are listening, Santa …. .”

Regulation

“That the DOL will go back under a rock until they get a brain and get the fiduciary rule across the board, not just for qualified plans.”
Jon L. Ten Haagen, Huntington, N.Y.

“ …. for the DOL and the SEC to work together and create the fiduciary standards that our industry desperately needs. Too many recommendations are made without regard to the client’s best interest and are motivated by commissions, proprietary products (that benefit the issuing company), and often a lack of knowledge.”
John F. Bucsek, Wrightstown, PA

“I wish the regulators would focus on what is really important to the investing public. There needs to be limits on titles people use. For instance, an insurance salesman with limited securities licenses shouldn’t be allowed to call himself a financial advisor, just like a physician’s assistant can’t call himself “Doctor,” even though he can do some of the things a doctor can do.”
Allan Katz, Staten Island, N.Y.

“I am hoping … the final form of the DOL fiduciary rule does benefit investors.”
David Bizé, Oklahoma City

“I wish for a Congress and Senate with intelligent people in office and not the knuckleheads we hired the last time around. Frankly, very few of us give a damn about your party. Just do your job you were hired for.”
Jon L. Ten Haagen, Huntington, N.Y.

Financial Planning

“The importance of a yearly review of your insurance coverage and your specific needs. When a life event happens – birth, death, marriage, divorce, lottery win, incapacitation, you should review with your CFP-financial advisor.”
Jon L. Ten Haagen, Huntington, N.Y.

“That we can help our clients achieve financial simplicity; none of our clients taking on new debt; easier underwriting.”
Brett Anderson, Hudson, Wis.

“Speaking of retirement planning, another wish is for everyone to contribute their maximum to their defined contribution plans (401k) and, if not, contribute to get their company's maximum matching contribution. The younger you save for retirement, the better.”
John F. Bucsek, Wrightstown, Pa.

“My next wish is parents learn how to save for their children's college. I have a few simple tips that will help substantially. Remember, people are having children later, therefore college costs can dramatically impact future retirement savings.”
John F. Bucsek, Wrightstown, Pa.

“I would like to see a push towards planning over product in 2018. My biggest hope is for planning associations to find ways to work with policymakers to promote financial security by working with planners.”
Robert Schmansky, Bloomfield Hills, Mich.

“Another hope would be for the standardization of retirement contribution amounts for all Americans, and the removal of the link between retirement savings and employment … Millennials are asking why they have choice in their HSAs and IRAs, but none in their employer-based plans.”
Robert Schmansky, Bloomfield Hills, Mich.

"My wish for the next year is to continue to improve my communication with clients and motivate them to save, save more and on their own ... they forgot I'm on their side and my responsibility is to provide information and guidance, not the year-round reminders for IRA/401(k) contributions."

Rose Swanger, Knoxville, Tenn.

"I wish to discover ways to connect with more families desiring financial planning services around what I call the “3 E's” - Emergencies, Education, and Enjoyment. Assisting my clients in navigating the emotion and dysfunction involved with these money issues and understanding the tax impact of various financial decisions is where I do my best work. Starting as early as possible is key; thus; my reaching those in need has benefits – both for them and for my own practice."
Sallie Mullins Thompson, New York, N.Y.

Insurers

“I wish that insurance was more tech friendly. I wish underwriting was more streamlined. I’m not requesting lower standards, just more client friendly. I wish clients could use apps to schedule their medical exam or medical interview.”
Marguerita Cheng, Gaithersburg, Md.

“Technology upgrades because insurance companies are the worst in general. Too many archaic systems they refuse to upgrade and consequently the insureds and owners of policies get hurt as a result.”
Byrke J. Sestok, White Plains, N.Y.

Tax Reform

“Tax reform presents an opportunity for educating clients so my wish is for the changes to be beneficial for retirement planning. We need to deal with a longevity issue that will only increase with time. People need to prepare to have income to age 100.”
John F. Bucsek, Wrightstown, Pa.

“I am hoping the new tax bill does result in tax savings for all taxpayers without increasing the deficit.”
David (Trey) Bizé, Oklahoma City

Interest Rates and Markets

“I am hoping 1) interest rates increase slowly to provide fixed investors better returns without tanking the stock market, 2) company earnings continue to grow at controlled pace and the stock market mirrors that increase with no substantial downturns.”
David (Trey) Bizé, Oklahoma City

“For 2018, I wish that the equity markets rise, but not too much; that interest rates rise, but not too much, that the economy expands, but not too much and that my clients quit asking me about Bitcoin.”
Leon LaBrecque, Troy, Mich.

InsuranceNewsNet Senior Writer Cyril Tuohy has covered the financial services industry for more than 15 years. Cyril may be reached at [email protected].
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Cyril Tuohy is a writer based in Pennsylvania. He has covered the financial services industry for more than 15 years. He can be reached at [email protected].