👑 King of Cake Thieves

King cakes are a Mardi Gras staple down in New Orleans. 

These traditional treats come in a variety of colors and have tiny plastic babies hidden inside as a prize.

One man made it his mission to steal seven king cakes from a local bakery, along with some cash and a case of vodka. 

Police caught the crook, but locals had some fun with the incident. 

A jokester posted on the bakery's social media page that he was holding all seven babies hostage until he got a lifetime supply of king cakes. 

Now, that would be a pretty sweet deal.

– Team Advisorist

In Today’s Issue 👇️ 

• Top reasons why clients fire advisors

• 5 social media mistakes to avoid

• How much Americans really save for retirement

👋 Why Clients Fire Advisors

Have you ever been ghosted by a client? 👻

Much like that Tinder date that mysteriously went missing, their sudden departure could leave you scratching your head. 

In the beginning months of the year, clients often reassess their relationships with their FAs...and sometimes fire them. 

Here are some of the reasons why and how to avoid them:

• Poor follow-up: Following up with clients in a timely manner is a must. Dropping the ball and not providing the information you promised after a meeting could be a deal breaker. If you need extra time to get your client a specific analysis or answer to a question, reach out to let them know you're working on it. 

• High costs: This one may be somewhat out of your control, but some clients drop advisors due to fees and the cost of services. Always be up front about costs with clients so they won't have to deal with surprises down the road. Honesty's the best policy.

• Poor communication: According to a recent study, 85% of respondents said they parted ways with their FA due to communication reasons. Infrequent or inadequate communication makes clients feel unimportant. Personalize your communication and reach out often to build trust and confidence in the relationship.

• Poor advice: Clients have specific financial goals to meet and they rely on you to show them how to get there. Advice often goes hand in hand with communication, and it's all in your approach. Make sure your advice is tailored to their needs and always make sure they understand your suggestions.

• Poor performance: Most clients have an expectation of how well their investments will perform over time. While you can't control underperformance, you can be proactive in communication when things go south. A client would much rather hear bad news from you than read it in the news themselves. You can also help them understand how their chosen strategies are built to work in a temporary loss. 

So much of these reasons can be combated with clear communication. 

Always get ahead of financial news that impacts your clients and stay in touch with them often. 

Remember, trust is gained in drops and lost in buckets! 🪣

Headline Roundup

🏠 Affecting Your Clients

• More Apartment Supply is Helping Rent Prices Cool [CNBC]

• Pay Cuts: Good for Work/Life Balance, Bad for Retirement [USA]

• Claiming the Saver’s Tax Credit Could Cut You a Break [Y!]

📈 Markets & Economy 

• Apple Stock Falls After Outlook Suggests Weak iPhone Sales [CNBC]

• NY Community Bancorp’s Troubles Extend Beyond Offices [MW]

• Central Bankers Gear Up for Interest Rate Cuts [FT]

💼 Industry Roundup 

• SEC Accused of ‘Regulation by Enforcement’ [INN]

• Fixed-Income ETFs See Rising Inflows, More Advisor Interest [FA]

• Are You Covered Under FINRA's New Home Office Rule? [TA]

🤳🏼Don't Make These Social Media Mistakes

Many advisors use social media to attract new prospects and keep current clients informed on the latest financial happenings.

Did you know the average global internet user spends seven hours online every day? That's a lot of opportunities to get eyes on your content. 

Even if you feel like you're a social media pro, one false move and you could lose it all. 

Read up on these common social media mistakes and make sure you steer clear:

1. You're inauthentic: Advisors need to be trustworthy in order to attract and retain clients. If you're trying to pawn off others' content as your own, you could lose your audience. Keep it real and always share original content. It's OK to reshare if you provide credit, but make sure the real you shines through.

2. You're too salesy: Constantly pushing your services is a turn off. It's much better to share content your ideal audience will find helpful, like an investing tip or market outlook. Feel free to share a glimpse into your personal life, like pics from a golf tournament or weekend family fun.

3. You're inconsistent: It's not always easy to have a consistent stream of content, but taking your foot off the gas could cost you. Subscribe to industry publications and thought leaders to help keep the pipeline full. If you're short on time, create posts in bulk and schedule them for later using a social media scheduler like Sprout Social.

4. You ignore trends: Grabbing onto a viral topic at just the right time could lead to exponential growth. Stay up on the latest personal finance trends so you don't miss the boat. If you're targeting a specific audience, research the platforms they hang out on and jump aboard.

5. You ignore key metrics: Most social media platforms offer creators free tools to track performance. Ignoring data on how well (or poorly) your content is doing could stagnate your growth. Make sure to test out different strategies and measure your progress for the best chance at success.

One last thing: don't forget about compliance. Make sure what you post aligns with your firm's guidelines.

🗓️ Upcoming Industry Event Calendar

Feb 7-8: Retirement Plan Advisor Summit - Southeast 2024

Feb 11-13: Exchange: An ETF Experience

Feb 15: FPA DFW Conference

🧮 By the Numbers

$112,572

That's the average 401(k) balance, according to Vanguard's 2023 analysis of over 5 million plans. 

However, most people don't have that much.

The median 401(k) balance is significantly lower at $27,376. This figure is more reflective of how most Americans save for retirement.

✌️Good Vibes

When a wedding is called off unexpectedly, it's usually a tragedy. However, one bride turned a bad situation into a heartwarming celebration.

An unnamed California bride had to cancel her wedding over some news she discovered about the groom.

The cost of the loss? $15,000.

Instead of canceling the reception, the bride donated it to Parents Helping Parents (PHP), an organization benefitting children with special needs. 

She included everything: the DJ, dinner, and drinks right down to the photo booth.

PHP organizers had the event fully booked within 48 hours and everyone danced the night away. 😌🕺

Sharing looks good on you.

When you copy that link at the bottom and share it with a few financial planning colleagues, you look like the smartest advisor in the room by keeping them informed.

Plus, you earn rewards. Sweet.