To fill the wealth management industry's looming talent shortage, Natalie Straub of Coldstream suggests engaging talent holistically rather than focusing on generational differences. "All advisors want to be acknowledged for their insight, not just their age or contribution to the bottom line," Straub writes. "For experienced advisors, recognizing their proficiency and know-how as well as the revenue they contribute is critical."

Minutes released Wednesday showed the Federal Reserve held interest rates steady at its July policy meeting, even as officials flagged risks to both inflation and the labor market. Policymakers cited "upside risk to inflation and downside risk to employment," underscoring tensions in the Fed's dual mandate. Governors Christopher Waller and Michelle Bowman dissented, favoring rate cuts.

Connie Hougland, founder of WidowRISE, highlights common mistakes financial advisors make when working with newly widowed clients, such as assuming women are unfamiliar with finances and pressuring them to make decisions quickly. Hougland emphasizes the importance of empathetic support, acknowledging widows' spiritual and philanthropic voices, and providing grief resources.

Health savings accounts are underutilized as a retirement savings tool despite their triple-tax advantage, experts say, with most using the accounts for short-term spending rather than long-term investment. "When you use your HSA as a spending vehicle, you are missing out on the tax-free growth and investment," says Jake Spiegel of the Employee Benefit Research Institute.

Estate planning for valuable collectibles such as rare coins or watches requires the same rigor as planning for an investment portfolio, writes attorney Matthew Erskine. He suggests a five-phase framework that involves triage, inventory and valuation, strategic planning, implementation and ongoing management.

Timing plays a critical role in the effectiveness of in-plan Roth conversions, write Ian Gilbert and Tomas Jansson. Converting assets during a market downturn can reduce the tax bill, and the length of time until retirement also matters, with longer time horizons favoring Roth conversions, especially if future tax rates are expected to rise. Periodic conversions during times of market volatility can help smooth out tax liabilities, they write.

As retirement approaches, many consider downsizing to reduce living costs and maintenance, but upsizing might better suit retirees who plan to entertain or need extra space for hobbies. Factors for clients to consider include budget, additional costs such as utilities, taxes and maintenance, and whether the physical layout of the space allows for aging in place.