🐍 The Case of the Snake Smuggler

Smuggling pythons is a risky move, but one man took his chances.

Calvin Bautista attempted to sneak three Burmese pythons through the U.S. - Canadian border. He put them in bags and tied them to the inner thigh of his pants.

Customs officials caught him before he could cross and fined him $5,000. Bautista was also sentenced to a year of probation.

Burmese pythons are some of the largest snakes in the world. Not sure what kind of pants the smuggler was wearing, but we're guessing they weren't cargos.

- Team Advisorist

In Today’s Issue 👇️ 

• Help your clients catch romance red flags

• How to up your relationship-building game

• A "hot" tip for smartphone users

🆘 Financial Red Flags: Romance Edition

Financial scams of the romantic variety are on the rise. 💔

In 2023, the FTC received 64,003 romance scam reports, with losses totaling $1.14 billion and a median loss per person of $2,000.

While crooks love to rip victims off through the internet, money fraud can also stem from someone close to the victim. 

Scammy romantic partners take folks on one heck of a ride. Here are some of the most common red flags to be aware of:

• The person lives beyond their means. It's OK to have fancy cars, clothes, and jewelry, but you should know if they can truly afford it. Whether it's a cushy job or a big inheritance doesn't matter. However, if they're sketchy about where their lavish lifestyle comes from, be cautious.

• They dodge questions about work and money. As you build trust in a relationship, it's standard to be open about financial matters, especially if they involve both parties. Keeping too many secrets is a major red flag.

• They never have cash. If the person repeatedly asks for loans or to cover their expenses, take note. Also be wary of declined credit cards. If the partner in question has access to the other party's bank accounts, random charges and withdrawals signal something fishy.

How can clients steer clear of a bad romantic deal? Have them use this ABCD test on their next date:

• Adulting: Talk about paying bills, major financial decisions, and how they invest to get a sense of how financially mature a person is.

• Babies: Do they have or want to have children? If so, how do they envision their partner's end of the financial responsibility involved? 

• Cash flow: Do they want to keep finances separate or have joint accounts? Are they comfortable with their romantic partner knowing all about their money matters?

• Debt: Does the partner currently carry a lot of debt? Do they pay their bills on time? Do they use credit cards for big purchases? 

In addition to these key discussion topics, remind your clients to pay attention to their intuition. If their Spidey Senses are tingling, they may be on to something!

Headline Roundup

🏠 Affecting Your Clients

• To Save Social Security, They May Come for Your 401(k) [MW]

• New FAFSA Has ‘Loophole’ for Grandparent-owned 529 Savings Plans [CNBC]

• Rising Mortgage Rates Threaten to Slow Spring Housing Market [FOX]

📈 Markets & Economy 

• Wall Street Grows Even More Bullish on Nvidia [Y!]

• Salesforce, IBM Gains Contribute to Dow's Nearly 375-point Jump [MW]

• Japan's Benchmark Nikkei 225 Closes at All-time High [AP]

💼 Industry Roundup 

• Anti-ESG Groups Take a Victory Lap As Asset Managers Flee [FA]

• New Ownership Reporting Rules Probably Apply to Your Small-Biz Clients [TA]

• LIMRA: Life insurance new premium set a record for 3rd straight year [INN]

🤝 Build Better Business Relationships

As an advisor, you know trust is the name of the game. Finding prospects is one thing, but taking the time to develop a long-lasting business relationship is another.

While there's no hard and fast rule when it comes to how long it takes to solidify a relationship with a client, having emotional intelligence provides a major boost.

If you're not a networking natural or a conversationalist, have no fear. There are several key qualities you can develop within yourself to up your relationship-building game: perceptiveness, savvy, and charisma.

Here's how to put each of these qualities to good use:

Pay closer attention: Perceptiveness is all about noticing the details, not just what your client says or even their body language. Keep an eye out for personal items in their home or office or what they're wearing to get a better feel for who they are. For example, noticing a vacation picture from a place you've also been to creates an opening to bond over a shared interest.

Easy does it: Once you pick up new data points about your client, it's important to be savvy with your next move. Be strategic in how you use the information. A well-timed personal question or comment has the power to unlock a wealth of knowledge. It can also instill a sense of safety and trust.

The charm factor: OK, so you've paid attention to details and opened up the conversation by being savvy. Now, take things up a notch with a little bit of charisma. Pump up your client by complimenting them on an achievement or skill. Again, when unleashed naturally in conversation, they'll most likely be flattered and want to share even more with you.

This little relationship dance is what creates great relationships and makes bonds stronger. With a little practice, you'll be a pro in no time. 🏆

🗓️ Upcoming Industry Event Calendar

Feb 28 - Mar 1: LLIS Insurance Academy 2024

Mar 5: RIA Masterclass

Mar 12 -14: 9th Annual FA Magazine Invest In Women Conference

🤖 Tech Tip

Do you use your phone while it's charging? Think twice.

Doing so increases the temperature of your device, which could have damaging consequences.

The extra heat puts a strain on your battery, screen, and processor, shortening its lifespan.

Leave it sit until it's fully juiced up!

✌️Good Vibes

Back in 1972, Paul McCartney's iconic Höfner bass guitar was stolen out of a touring van. In response, a bunch of journalists created The Lost Bass Project to track it down.

After the group made it clear that they weren't going to punish anyone or press charges, they got a hot lead. 

It turns out the guitar was sold to a Ladbroke, England pub landlord. It then made its way to a family in Sussex, where it was being stored in an attic.

After making the discovery, someone contacted Paul McCartney’s company and made arrangements to return the bass. Now, Sir Paul's officially back in business. 😁🎸

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