Paul Karger, co-founder of TwinFocus, highlights common financial mistakes wealthy individuals make, including excessive real estate purchases, lifestyle inflation, overexposure to illiquid investments and inadequate estate planning. Karger emphasizes the importance of proactive planning and working with fiduciary advisers to avoid these and other issues.

Medicaid-compliant annuities (MCAs) can be a valuable tool for financial advisers helping clients manage the rising costs of long-term care, writes Medicaid expert Dale Krause, J.D., LL.M. MCAs convert excess assets into income streams, enabling clients to meet Medicaid eligibility while preserving resources for spouses and heirs. Advisers should collaborate with elder law attorneys to navigate the complex Medicaid rules and ensure ethical implementation of MCAs. Read the Journal article now.

Molly Weiss, group president of the wealth management platform at Envestnet, offers five strategies for converting prospects into long-term clients, emphasizing the importance of modern branding, a streamlined intake process, persona-driven messaging, consistent follow-through and scalable prospecting systems. Weiss highlights the need for advisers to act like modern brands, leverage technology for personalized engagement and maintain a human touch through empathetic interactions. Read the Journal article now.

Financial advisers should not focus only on nursing homes when discussing issues surrounding long-term care, writes Kerry Peabody, a long-term care insurance specialist at Marsh McLennan Agency. Peabody notes that many clients receive care at home, not in nursing homes, and emphasizes the importance of planning for this kind of arrangement to reduce the burden on family members.

Small businesses may have gaps in retirement planning, creating a crucial opportunity for advisers to fill this need for the benefit of business owners and employees, writes Joel Schiffman of BidMoni. Over time, more opportunities may arise. "As businesses grow, they face new needs -- capital strategies, executive compensation, succession planning," Schiffman writes.

Practice management consultant Beverly Flaxington addresses the challenges of modern communication in client service, and suggests establishing best practices that include timely phone follow-ups to ensure client needs are met promptly. She also notes that while face-to-face meetings are valuable, advisers should adapt to client preferences for virtual communication by asking probing questions and staying engaged.

Wealth managers are finding that clients increasingly prefer online meetings over traditional in-person engagements, citing convenience and safety. "Clients aren't swayed by steak dinners or golf outings," says Samuel Diarbakerly, founder of Generation Capital Advisors. "They want measurable results and advisers who execute."

Sen. Mazie Hirono and Rep. Jill Tokuda, both of Hawaii, have reintroduced legislation that would modify how the Social Security cost-of-living adjustment is calculated by basing the calculation on the Consumer Price Index for the Elderly instead of the Consumer Price Index for Urban Wage Earners. In addition, the bill would increase the payroll tax cap.

The stock market's rally, driven by expectations of a September interest rate cut, may face a setback even if the Federal Reserve delivers the cut. The Fed is likely to maintain a hawkish tone, focusing on battling inflation, which could trigger a market pullback. The Personal Consumption Expenditures Index remains above the Fed's 2% target, and the central bank is cautious about lowering rates too quickly.

Affluent consumers seeking financial advisers rely on referrals from family and friends, but 96% also conduct online research, a Wealthtender survey indicates. The survey shows these consumers value transparency in fees and services, professional certifications and positive online reviews when selecting an adviser. Respondents also expressed comfort with artificial intelligence for tasks such as market analysis and fraud monitoring but preferred human oversight for final decisions.

Social Security is a vital source of retirement income for nearly 70 million Americans, but misconceptions can lead to financial mistakes. Here is a look at common myths related to taxation and the impact of divorce, among other issues.

Meet, connect, and build relationships with your financial planning community from Nov. 3–5 at the legendary MGM Grand in Las Vegas during FPA Annual Conference 2025! Celebrate 25 years of the Financial Planning Association while networking with professionals, academics, students, partners, and professional leaders. Advanced registration ends Aug. 29!

FPA is proud to announce Preston D. Cherry, Ph.D., AFC®, CFT™, CFP®, and Lizbeth Menjivar, ChFC, as recipients of the Association's 2025 Heart of Financial Planning Award. The award recognizes financial planning professionals, firms, and organizations that demonstrate remarkable commitment and passion for contributing to or giving back to the financial planning community and/or public. Awardees exemplify the spirit of financial planning and represent FPA's goal to elevate the profession that transforms lives. Learn more about our Heart of Financial Planning awardees!