10 best books for financial advisors

May 17, 2021 8:15 PM

What's on advisors' bedside tables?

We asked industry leaders and wealth management executives what books they would recommend about business, finance or economics. Some told us that they would suggest reading books on innovation or even life hacks, because they're useful for practice management (and managing the rest of your life).

Here are their suggestions.

Reimagining Capitalism In a World on Fire by Rebecca Henderson

Eve Ellis, wealth advisor, William Blair

"Rebecca Henderson illustrates how businesses, in a modern capitalist society, can and must play an integral role in sustainability. To drive change, companies must recognize that their stakeholders include employees, customers, vendors and communities, as well as shareholders."

Finance and the Good Society by Robert Shiller

John Taft, vice chairman, Baird

"Finance and the Good Society by Yale Economist and Nobel Laureate Robert Shiller offers a critically important message at a time when our system of financial capitalism is coming under criticism for its alleged contribution to growing inequality. The answer, Shiller suggests, is more financial innovation, not less, but innovation 'accomplished in a way that supports the stewardship of society’s asset.' In other words, responsible finance, a 'force that potentially can help us create a better, more prosperous and more equitable society.'”

Make Your Bed by Admiral William H. McRaven

Beth Lawlor, president, private wealth management, U.S. Bank Wealth Management

"It’s simple yet so powerful. The message is that if you want to change the world, start out by making your bed. Why? When you start out your day accomplishing the little things, it turns into the bigger things. This is common sense advice about starting your day off on the right track. Admiral McRaven’s experience in the military and as a Navy Seal focuses on relying on others, never giving up or judging others — 'The heart of a lion could be packed in a small frame.' And no job is too small for you not to do it right—not even bed making."

Man’s Search for Meaning by Viktor Frankel

Leo J. Kelly, III, CEO, partner, Verdence

"Man’s Search for Meaning is as powerful a book as one can read. I have given the book to many colleagues and friends who consistently tell me how the book changed them. The book takes you through a journey of what man is capable of, both inspiring and frightening. In his despair, Frankel instinctively makes you feel emotions that you are not familiar with. In his rise, you rise with him. This is a book that cannot help but change a person permanently. You come away with feelings of gratitude for your great fortune of life, awareness of your personal contribution to the spread of good vs. evil, sympathy to those who need support and inspiration to overcome life’s hurdles (which are miniscule after reading Frankel). The irony is that Viktor doesn’t answer the question that the title implies; rather, he starts you on a journey to answer the question for yourself."

Too Big to Fail by Andrew Ross Sorkin

Gina Bolvin Bernarduci, president, Bolvin Wealth Management

"I really liked Too Big To Fail. Why? Because truth is stranger than fiction. On a more timely note, I enjoyed The Widow of Wall Street (fiction, Randy Susan Meyers) about what Bernie Madoff’s wife must have thought and how she dealt with the fallout of the biggest Ponzi scheme."

Reminiscences of a stock operator by Edwin LeFevre

Michael Harris, director of family office, partner, Verdence/FAMILY

"The amazing thing about this book is that it was written almost 100 years ago in 1923 but yet it is still completely relevant for investors today. It tells the story of a successful stock trader and details the lessons he learned from both his successes and failures. Some of my favorite lessons were: 'Be a student of the markets, learn from your losses, have patience, take time to plan your strategy and know your limitations.' Having spent almost 25 years as a trader and investor, I live by these rules every day and constantly strive to get my clients to follow them as well."

The innovator's dilemma by Clayton M. Christensen

Brent Weiss, co-founder, Facet Wealth

"It's a really interesting read about innovation and disruption in different industries. It talks about disruptive forces over time and how market dominating incumbents failed to adapt and evolve in the face of changing market dynamics. What interests me the most is the idea of sustaining versus truly disruptive technology. Disruptive tech can change the landscape of an entire industry as it provides a solution for a set of consumers or an entire marketplace that has yet to be established or properly served. This is very much how we see the financial services industry playing out. The incumbents are holding onto antiquated technology and an outdated pricing and service model. New, innovative firms are entering the space and building financial planning as it should be for tens of millions of American households. Unbiased, consumer centric, and integrated financial advice that is enabled by innovative technology unlocks a new era of affordable, subscription based planning for Main Street Americans. The best example is the story of Kodak. Kodak developed the digital camera but did not pursue it as a business line because it would have disrupted their film business and cannibalized their profit model. Sony, and others, eventually developed the same technology and, well, we know what happened to Kodak."