Cards with clients, annuities, 401(k)s, philanthropy, plans & tax moves

Just in time, TWIWM is back with a baker's dozen wealth management news items and views from your team at Financial Planning.

Want to understand what makes your clients tick? Elements says pick a card, any card. By FP Wealthtech Reporter Justin L. Mack: "As a financial planner, it didn't take Reese Harper long to realize that conversations in which dollars and cents dominated the discourse did little to strengthen the bond between him and his clients."?

What's fueling the Great Annuity Boom? By FP Retirement Reporter Nathan Place: "Amid the bear market and persistent inflation, it's been a tough year for 401(k)s and other defined-contribution retirement plans. For annuities, on the other hand, business is booming."

Improve retirement readiness by avoiding cash-outs and consolidating 401(k)s By Retirement Clearinghouse CEO Spencer Williams: "Retired baby boomers who are saving for retirement through defined contribution (DC) plans like 401(k)s are drawing down their savings faster than their counterparts in previous generations who had pensions and other defined benefit (DB) plans."

Charity drive: 3 legacy vehicles for altruistic clients By Morgan Stanley Head of Family Office Resources Field Engagement Melanie Schnoll Begun: "It's quite likely that among your clients are a large and growing number of high net worth investors looking to make a philanthropic impact on society and the world. But though they may have an idea of which group or cause they wish to benefit, they may also be unclear on the best way to do so."

Financial plans: Review, revise, repeat By Napier Financial CEO John Napolitano: "Financial planning is a well-defined process that takes time and attention to detail to do correctly. Most CPA firms still don't take this responsibility seriously and look to put in as little time as possible to maximize their realization rate. This is unfortunate for the profession, and even more so for the clients who feel that you've got their back, on all issues."

5 year-end tax moves to make for clients now By FP Managing Editor Lynnley Browning: "With the number of days left to minimize tax bills for this year rapidly dwindling, six core moves now can lessen the pain from Uncle Sam."

Are you ready for tax season? By Accounting Today Editor-in-Chief Dan Hood: "Withum's Ed Mendlowitz offers a host of tips and strategies you can implement now for a better busy season."

Following FTX debacle, commodity regulator pushes for big role overseeing crypto By FP Reporter Dan Shaw: "The top U.S. commodities regulator is telling U.S. senators his agency would be the "furthest thing from a light touch" if it were given greater authority to regulate bitcoin and similar digital assets."

The case for crypto education amid significant disruption and volatility By FP Editor-in-Chief Brian Wallheimer: "There has always been confusion and a steep learning curve with cryptocurrency investing. As the FTX and BlockFi bankruptcies rock the crypto world and volatile pricing remains a feature, not a bug, of the asset class, putting dollars into digital investments seems even more daunting these days."?

Bankers design a new blockchain that works like bitcoin — but it's regulated By American Banker Executive Editor of Technology Today Penny Crossman: "A team of technology experts within banks and technology companies have designed an anti-bitcoin. It's the architectural drawings for a distributed ledger that borrows many of the concepts behind bitcoin. But instead of existing outside of the government and the current banking system, the way bitcoin and many other cryptocurrencies do, this version would be used by central banks, traditional banks and some fintechs — and fully regulated."

The crypto contagion may not be that contained By American Banker Washington Bureau Chief John Heltman: "Thanksgiving is my favorite holiday, and there's not even a close second. Besides being held in late fall — the best season — and explicitly mandating everyone eat all the carbohydrates, Thanksgiving encourages people to glance up from their phones and take a moment to appreciate the precious things we already have. And then we look back at our phones again."

Sanctuary must pay $2M to resolve messy management transition By FP Chief Correspondent Tobias Salinger: "Sanctuary Wealth's awkward handoff to new executives who have turned a small brokerage into a recruiting powerhouse will require the firm to pay $2 million in damages to the onetime CEO."

Mercer buys $5B RIA as growth morphs across industry By FP Chief Correspondent Tobias Salinger: "Mercer Advisors, one of the most active acquirers in wealth management, snapped up a firm with $5 billion in client assets, the latest signal of the industry's ongoing momentum in recruiting and M&A deals."