Seven Books for Every Advisors' Summer Reading List
The Most Important Thing
David Henney, Founder and Managing Director, Henney Wealth Management: In The Most Important Thing by Howard Marks, the Oaktree Capital Management pioneer lends insight into his investment philosophy. This collection of communications and analyses breaks down his approach into digestible sections and shows the reader his mental tools and investment framework.
Taking the Mystery out of Retirement Planning
Patrick Berry, President, CONCERT Retirement Plan Consulting: I recommend this simple publication from the Department of Labor, Employee Benefits Security Administration. I give it out to participants at all my 401(k) enrollment/education meetings. The publication is FREE, produced by the DOL, so there are no issues of bias or conflicts of interests. It is simple, easy to read, very informative, includes worksheets to help individuals plan, and provides links to online resources for additional information.
Influence: Science and Practice
Jimmy J. Williams, Managing Member, Compass Capital Management: The foundations presented in the book are scientifically-based and easily implementable in the process of serving our clients needs. This book is a requirement for all advisors who wish to understand the real concerns of prospects and clients, the challenges you are not being told verbally. An easy read, but jam-packed with brilliant ideas in advancing your value proposition with others.
The E-Myth Revisited
Robert Reby, President, CEO, and Founder, Robert J. Reby: This is a must read for those advisors that want to transform their practice from a job to a business. Back in 1997, it changed the way we ran our group. I met Richard a few years ago at a conference, and simply put he points out that your practice is not a viable business unless its profits are sustainable when you are not present. Although Im heavily involved in all aspects of our operation, this really speaks to the caliber of people we work with at our firm. It further explores why most small businesses dont work, and what do to about it, and provides valuable insight for anyone looking to grow their practice.
The Wall Street Journals Guide to the 50 Economic Indicators that Really Matter
Mag Black-Scott, President and CEO, Beverly Hills Wealth Management: Apart from the usual markers -- such as durable goods orders, existing home sales, weekly leading index, etc. -- this book offers others that I think really resonate, such as the Zombie Bank ratio and Fertility Rates that indicate demographic changes. There are also some fun facts along with the serious issues, and its written in a breezy style so advisors can suggest their clients read it to help them better understand the issues at hand.
The Big Short
JR Robinson, Owner and Founder, Financial Planning Hawaii: Michael Lewis is one of the great non-fiction raconteurs of our generation. Consistent with his previous works (Liars' Poker, The New New Thing, Moneyball, etc.), in The Big Short, Lewis introduces us to a range of fascinating and disparate characters while weaving a tale that is as much of a gripping page-turner as any novel. In reading the book, one is left with the decidedly sobering realization of just how close we came to a complete global economic collapse during the 2008-2009 financial crisis, and how thin our veneer of growth and prosperity truly is. It is a must-read for anyone in the financial services profession.
Matthew Halloran, Practice Management Coach, PEAK Advisor Alliance: I love seeing advisors position their passion with their practice. Learning Jiu-Jitsu taught Scott to face both personal and professional challenges. Through these parallels, it outlines best practices in using the guiding principles of jiu-jitsu to help achieve your long-term financial goals. Even if youre not into jiu-jitsu, this book is a wonderful example of a way to combine your passion with your advisory practice.
With Memorial Day Weekend approaching, check out some must-reads (and why your fellow advisors are recommending them.)