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The Daily Brief: What's Your Succession Plan?

The SEC is working on a rule that would require financial advisors to create transitions plans in case or retirement or a major disruption in their business. The rule, which may come to life by October, is aimed at mitigating the risk of clients when their financial advisor retires, dies or gets sick without a succession plan in place, according to Financial Advisor IQ (registration required). Jim Pavia of CNBC adds that financial advisors need to keep more in mind than just their personal situation. It is an advisor's fidicuary responsibility to his clients to have a comprehensive succession plan in place, and not having one puts an advisor at a competitive disadvantage.

FinTech Partnership

Advizr, a New York-based tech company that creates web-based financial planning software, announced a new integration with Quovo, another financial technology that provides account aggregation and analytics. Hussain Zaidi, Advizr’s co-founder and CEO, said aggregated data is essential for developing and monitoring a financial plan, and believed Quovo will give his platform “extra power” that will distinguish Advizr in an increasingly crowded FinTech market. 

Retirement vs. College Saving

Clients should set money aside for retirement first, college second, Jim Blakenship writes on his blog, Financial DucksInARow. The reason, he says, is that there are many ways to pay for college: scholarships, financial aid, loans, etc, while it's solely up to you and your savings to make it through retirement.

Yes, You Can Make Money Off Millennials

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The oldest wave of Millennials is turning 35 in 2015, while the biggest birth year for that generation is turning 25. That means that they're coming of age investing-wise, according to Money. These milestones are significant because 25 is when one's career gets into full swing and 35 is the beginning of one's high-earning and high-investing years. To take advantage of this, steer Millennial clients to U.S. stocks, take advantage of the propensity to live at home by keeping an eye on real estate-related ETFs and be sure they look at college in the middle of the of the country and mid-tier schools.

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