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The ChatGPT Time Machine ⏳

GM - and happy hump day! 🐪

So as we approach the back-to-school season, I saw some colleges are struggling to deal with students cheating by using ChatGPT for their assignments.

Their solution? A return to handwritten and oral exams!

Apparently, generative AI is such a revolutionary technology that it's sending us back in time.

Elsewhere in important news, Advisorist was featured in a recent article by FinancialPlanning on lead generation techniques for advisors.

The article features a couple quotes by yours truly. 😉 Check it out!

Jeremiah “Feeling Famous” Desmarais

CEO, Advisorist

In Today’s Issue 👇️ 

• Study: 2 secrets to pitching Millennials

• 3 ideas to reduce Advisor stress & burnout

• A key trend you need to know to improve your work environment!

Plus, all of the week’s biggest headlines.

The Secret to Converting Millennial Prospects

If you’re an advisor, you have to speak your client’s language.

And I’m not talking about being bilingual - although it’s awesome if you are!

(Personally, my Duolingo streak could use some work…)

What I mean is that every client has their own set of worries, and it’s important to speak directly to those worries.

And in the case of Millenials, it looks like they have a few more worries than most.

A recent survey showed that about 4 in 5 millennials would choose safety over performance.

And who can blame ‘em? This is a generation that saw their parents go through the Dot-com bubble, graduated into the ‘08 crisis, and just experienced the pandemic…

These experiences have left their mark. Millennials don’t want to take risks on a high flying stock recommendation. Instead…

• 80% said index funds are the best way to capture market opportunities

• 81% said index funds are a way to minimize losses

• 61% said they’re most interested in financial planning 

So, how can the best advisors stand out to millennial prospects? 🤔

Here’s two ideas:

1. Direct indexing. Millennials already love indexing. Let’s ride that wave by standing out in the indexing space with this tax-efficient, low-expense option.

2. Education-focused financial planning. Emphasize that you educate and involve clients on their financial planning journey. Knowledge is power, and making sure they feel empowered is a great way to soothe Millennial anxiety!

On a final note, we think that Millenials really do need your help.

Even though 72% claimed to understand bonds, just 3% were able to correctly answer a question about the relationship between bond prices and interest rates!

Top Tips for Surviving Advisor Burnout

I’ll let you in on a little secret - being an advisor can be stressful!

(Oh, you already knew that? 😉)

77% of professionals are saying they’ve experienced burnout.

And financial advisors are no exception - 71% report being stressed out.

If you’re dealing with burnout, remember - it’s normal. So many others experience it, and it’s not something to hide or feel guilty about.

But it doesn’t have to last forever - we’ve compiled a few tips to help you prioritize your mental wellness… 🧘‍♂️

• Reduce context switching. Context switching is just a fancy scientific term for “multitasking.” A lot of research shows that jumping from task to task is really tiring for our brain - so try and batch your obligations as much as possible to reduce the number of switches you need to make.

• Get outside! It’s easy to fall into the trap of thinking you’re not being “productive” when you take that 20-minute walk. But if that walk de-stresses you and lets you complete your remaining tasks more efficiently, it’s the most productive thing you can do!

• Take a sabbatical. Sometimes, the cure to burnout is plain-old time off from work. And while it may be hard to fathom taking a step back from work, enduring endless burnout isn’t a very good option either. A sabbatical might be the best investment you can make.

Top Headlines: Everything You Need to Know

🏠 Households

• Social Security COLA: 3% rise in 2024 after 8.7% jump in 2023 (WSJ)

• Boomer housing wealth at $18 trillion; 3x Millennials (FTN)

• Inflation expectations drop to 3.5%, lowest in two years (FBN)

💵 Economy

• U.S. July retail sales up 0.7%, more than forecast (BBG)

• Inflation at 3.2% in July on high gas, food costs (WSJ)

• Fed unwinds QE as balance sheet shrinks to $1 trillion (FT)

📈 Markets

• Stock rally stalls despite 79% of companies beating estimates (WSJ)

• Fitch warns it may downgrade top bank stocks like JPMorgan (CNBC)

• Treasury yield curve remains inverted despite market optimism (WSJ)

💼 Industry

• Schwab blames TD integration for retail, advisory attrition (FP)

• Fidelity hires more than 5,000 in H1, exceeding goal by 25% (FIQ)

• SBF sent to jail on witness tampering charges related to FTX case (HLL)

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Demand for Advisors

If you’re feeling stressed, I have some good news for you - one thing you probably don’t need to worry about is job security.

That’s because the demand for advisors is booming.

In fact, according to figures from the CFP Board, job listings for advisors have jumped 63% in the past year! 📈

This is because a couple trends are all coming together at once.

• Recovery from a bad market. That means more money for more hiring.

• Boomers are retiring. That means they need expert guidance.

• Aging advisor population. There’s not enough new advisors to fill all the seats!

And, sure, more demand comes with more responsibilities - especially if your firm is having trouble hiring enough advisors.

But it also comes with the potential for more flexibility! Advisors are in the driver's seat when it comes to their work environment…

Could you ask for a hybrid work environment?

Get your firm to invest more in support technology?

Or even negotiate for a higher salary? 🤔

I wanted to make you aware of this info so you can figure out how to play the trend.

As the saying goes, make hay while the sun shines. And the sun is shining on advisors right now. 😎

Tom Hegna’s Chart of the Week 📊

👀 The Best Thing I Saw All Week

We’ve all had a time where things didn’t go according to plan - but for most of us, that time isn’t during one of the most important moments of our life!

Unfortunately for one man in Myrtle Beach this past week, that’s exactly what happened.

His beach proposal plan went awry when the ring slipped out of his pocket and into the sand. 🏖️

A group of police officers and their K9 (named Goggles!) were unable to locate the ring...

That is, until a good samaritan with a metal detector jumped in to help.

15-year Isaiah Krekeler found the ring in less than a minute.

In an interview, Isaiah joked that he felt like he saved the marriage.

One thing is for sure - he definitely saved the day!

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.