The Oreo Bear Strikes

You've heard of the Cookie Monster, but have you met the Oreo Bear?

This clever California bear has such a sweet tooth that he recently broke into a home and left with a couple sleeves of Oreos.

Rumor has it he skipped right over some diamond jewelry and $3,000 in cash.

Priorities.

- Team Advisorist

In Today’s Issue 👇️ 

• US parents are feeling the pinch

• How to get clients to save more

• Building a book of business with physicians

🧑‍🤝‍🧑 The ‘Parent Tax’ Hits Hard

American parents aren’t doing great.

They’re calling it the ‘parent tax’ – and it’s putting unbelievable pressure on the majority of young families.

While 3-in-4 American adults say they’re doing at least “OK” financially, just 64% of parents report feeling the same way.

The exact reason why is something economists and advisors all over the country are trying to get to the root of.

It appears to be tied to a combination of several factors, which are mixing together to create a frustrating economic cocktail that makes it difficult to get ahead.

This includes 3 primary factors:

1. Inflation

Since the start of the pandemic, consumer prices have jumped a staggering 20.8%. And while things have started to level out a little more, we’re still up 3.4% year over year.

2. Stagnant Wages

Since the 1970s inflation-adjusted pay for the majority of U.S. workers has largely stagnated – meaning inflation has eaten away at any “gains” the average worker would have made in pay increases.

2. Childcare

Estimates show the average price of enrolling a child in a licensed day care is as high as $17,000 per year. With the median income being $43,000 in single-parent households and $101,000 in two-parent households, that amounts to 17%–39% of a family’s pre-tax income.

🤔 So…Now What?

As advisors, we’re often hyper-focused on how to help our clients grow their investments.

But if you’re dealing with parents who have school-aged children, you might better off emphasizing ways to increase income and savings in the short-term.

Once parents start winning in these areas, it gives them the capital to invest in products that earn us more.

It can feel like a lot of work for no gain, but there are ways to monetize your relationships with younger clients in the short-term.

There’s a proven marketplace for digital courses in the $97 – $497 price range. And the beauty of courses is that you only have to create them once. Then you can continue to sell them over and over again.

Sell 10 courses per month at $497 to leads who aren’t ready to work with you in another capacity and that’s an extra $5,000 per month.

This is the wave of the future for FAs who want to build a diverse practice.

Headline Roundup

🏠 Affecting Your Clients

• Gen Z Getting Career, Money Advice on TikTok [CNBC]

• The 20 Least Financially Savvy States [AT]

• June Mortgage Rates Could be Turbulent [SFG]

📈 Markets & Economy 

• Post-April Stock Market Gains Faded Fast [MW]

• Buffett Worried About Potential “Huge Losses” in Cybersecurity Insurance [CBNC]

• Bitcoin ETFs Not Winning Over FAs Quite Yet [CNBC]

💼 Industry Roundup 

• 10 Best Annuity Companies for 2024 [CNN]

• Keys to Building Culture in Modern Advisory Firms [INV]

• FTX Lawyers & Advisors Charged $500M in Bankruptcy So Far [TB]

🤔 Simple Solution to Increased Savings?

A study finds people are 3.57 times more likely to save money if they receive emails encouraging them to put money away in a tone that matches their personality.

Specifically, the study found that 11.4% of people reach their saving goals when emails are aligned with their personality traits (compared to just 7.42% when there’s a personality mismatch).

Only 3.4% of people in the study reached their saving goals when they didn’t receive an email (or didn’t open it).

At a time when just 2.3% of Americans save a portion of their income each month, this study provides a groundbreaking look at the power of motivating people to make smart money moves.

From an advisor’s perspective, I also believe this speaks to the importance of identifying and targeting a specific niche.

The study shows how vital it is to understand WHO your prospects are and what motivates them.

When you find a specific niche, you’re much better equipped to create content and pitches that motivate people to take action.

🤝 How to Build a 7-Figure Practice With HNW Doctors & Dentists

For the past 11 years, John M. (CFP, CLU, CSC) has used a simple, repeatable process to get a 20X return on his marketing and earn an average of $400k per year in fees and commissions.

Now, this 5x Financial Planner of the Year – is hosting a masterclass to show you how to repeat his success, including:

🎯 The 6-figure technique that pays for 100% of your future assistant’s salary…allowing you to take more time off AND earn more

🎯 The ‘Financial Surgery Technique’ that even most seasoned advisors miss

🎯 The Double Dip Strategy that builds a massive waitlist and puts YOU in high demand

🎯 How to save clients $13,338 per year and position yourself as the hero

This free training is happening Thursday @ 3PM EST / 12PM PST.

👉️ Click to save your seat!

🧮 By the Numbers

According to a new paper on large language models, AI is able to produce a 60% rate of accuracy in predictive financial performance.

Human experts’ accuracy tends to fall between 53% and 57%.

We’d be curious to hear your thoughts on this! Shoot us a reply.

✌️Good Vibes

In an inspiring act of kindness, Chris Martin – Coldplay’s frontman – made a lasting impact on a fan in Luton, England.

Riding into his own concert, he saw Saundra Glenn (64) struggling to walk to the accessibility box office.

She was resting against a fence catching her breath when Martin’s black Mercedes pulls up next to her.

The door slid open and Saundra was shocked to see Chris Martin sitting there.

“I looked at him and said, ‘I can’t get in – that’s Chris Martin!’”

But Chris simply smiled and said, “Yes you can. Come on in!”

Saundra smiled all the way to the box office – even snapping a quick selfie.

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.