What Financial Advisors Are Reading This Summer

By Cyril Tuohy

With vacation season set to kick into high gear, it's time for a summer reading list for financial advisors.

Whether you want to learn more about the industry, sharpen up a few skills, or escape from reality, the bookstore (or library) surely has the book title to meet the goal.

Here are a few books financial advisors are pulling off the shelves:

Advisor Monica L. Dwyer of Harvest Advisors in West Chester, Ohio, already has her mind made up and plans to crack open “Client Psychology,” a book by the CFP Board Center.

“It is fascinating,” she said.

The tome -- billed as a “client-centered approach to financial planning” for practitioners -- explores the biases, behaviors and perceptions and impact of clients decision-making and overall financial well-being, according to a synopsis on Amazon.

Advisor Joseph G. Moore of Gibraltar Financial in Pinehurst, N.C., is diving into Ray Dalio’s “Principles.”

Dalio, chairman of the hedge fund Bridgewater Associates, spills the details on 200 principles that made him one of the world’s most successful investors.

"I'm looking forward to learning more about Mr. Dalio's process and the journey that led him to create his process,” said Moore, who recently finished studying for his Level 3 CFA exam and finally has some time to himself.

Following that same vein of process and discipline, Sandra D. Adams, a partner with the Center for Financial Planning in Southfield, Mich., plans to reread “Essentialism: The Disciplined Pursuit of Less,” by Greg McKeon.

The crux of the book revolves around “applying a more selective criteria for what is essential,” so as to “regain control of our own choices.”

Can We Have It All?

McKeon challenges the idea that people can have it all – or at least have it all at once – and replaces the theory with a more sequential approach of pursuing “the right thing, in the right way, at the right time.”

“I have read this before but apparently need to re-read it because I haven’t got it quite right yet,” Adams said.

Adams is also planning to watch “Remember the Titans,” starring Denzel Washington, about two very different football coaches overcoming their differences to turn a group of hostile young men into gridiron champions.

“It has everything I want in a great movie – a touch of history, good lessons, good music, drama, humor, good acting and sports,” she said.

Advisor Juli McNeely is reading "The One Thing" by Gary Keller to prepare for a book discussion in August for a Women in Financial Services Alaska retreat.

Keller identifies how successful people eliminate distractions and focus on one thing, whether success is measured by personal, professional or financial yardsticks.

“I’ve listened to the book on audiobook already but wanted now to dive in deeper,” she said. “It’s a great book."

Escapist Fare

Advisor Mark Smith of Vision Wealth Planning in Glen Allen, Va., is in a decidedly more escapist mood.

He’s planning to read “Artemis,” by Andy Weir, who also wrote the 2011 science fiction novel “The Martian,” which was turned into a movie starring Matt Damon and Jessica Chastain.

Weir's new book is set in the near future.

The story revolves around a heist in Artemis, the only city on the moon, and follows galactic smuggler Jasmine "Jazz" Bashara as she gets caught up in a conspiracy for control of the city.

“It’s a good escape from reality while on vacation the week of the Fourth, recommended by my college senior son,” Smith said.

Clifford P. Ryan, founder of Elder Planning Advisors of Maine, plans to hark back about 100 years by delving into “The Progressive Era,” an unfinished work by Murray Rothbard and edited by Patrick Newman.

The progressive era, which spans the three decades roughly between 1890 to 1920, saw the U.S. government adopt a more activist role in domestic and foreign affairs, and the period is seen as the gateway to the modern American political and economic system.

Ryan describes the book as detailed and elaborate, but well worth it.

Ryan, who has just upgraded his home theater, also plan to put the system through its paces with a movie with lots of sound and light.

“Maybe the original Indiana Jones or another classic,” he said.

But the ultimate escapist this Independence Day may well be Brett Anderson of St. Croix Advisors in Hudson, Wis., who plans to unplug and head for big hills thousands of miles away from the office with no cell connection.

“I’ll be in Alaska fishing so no movies,” he said. “But I will read The Declaration of Independence. It’s easy to forget why we celebrate this holiday.”

InsuranceNewsNet Senior Writer Cyril Tuohy has covered the financial services industry for more than 15 years. Cyril may be reached at [email protected].

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].