The five best books for financial advisors for 2022 include a variety of topics from the greatest lessons in risk management to safeguarding family budget. Since the task of financial advisors is to assist clients in making crucial decisions about their life and future, the advisors’ honesty, reliability, skill, and knowledge are critical to them as clients.
The list of best financial books for financial advisors starts with the greatest book overall, which tells the cautionary tale of a once-respected financial expert who was living a double life and defrauding his clients globally for $65 million. In Madoff Talks: Uncovering the Untold Story Behind the Most Notorious Ponzi Scheme in History, Jim Campbell uses Madoff’s own words to tell his own story. Part confessional, part attempt by Madoff to recast his place in the story, the book encompasses the best of both worlds.
The argument for having more women in investment management is made in Undiversified: The Big Gender Short in Investment Management by Ellen Carr and Katrina Dudley.
Then, as you are aware, the world of financial experts is ruled by assets under management (AUM). In Life Centered Financial Planning: How to Deliver Value That Will Never Be Undervalued, authors Mitch Anthony and Paul Armson argue that you should change your practice so that it puts the aspirations and lifestyles of your customers first.
Here’s the list of the five best books for financial advisors for 2022.
Top pick of the best books for financial advisors : Madoff Talks
The biggest Ponzi schemer of all time, Bernard L. Madoff defrauded many wealthy and unaware people, families, and organizations for around $65 billion. Around 40,000 people or organizations worldwide were cheated by Madoff, who was affectionately known by his clients as “Uncle Bernie.” These victims had given him millions of dollars in trust, believing he would spend it wisely for them.
Before his detention in 2008, Madoff was regarded as a reputable Wall Street investor who helped to pioneer the computerization of made markets, which resulted in the founding of the NASDAQ, and who also managed a prosperous broker-dealer business with its headquarters in midtown Manhattan. Unbeknownst to those working at the legitimate company, two floors below them in the same building, there was a sophisticated Ponzi scheme operation that took in billions and pumped out false gains to his “investors,” frequently appearing to offer better returns each year even when the market was down.
The best quick read on business strategy: Strategy Plain and Simple
In his book Strategy Plain and Simple, business author Vaughan Evans condenses his advice on strategy into three elements. He has also authored the FT Essential Guide to Writing a Business Plan: How to Win Backing to Start Up and Grow Your Business as well as Developing a Business Strategy: How to Use Strategic Planning to Start Up or Grow Your Business.
Evans explains how to analyze and anticipate demand, target the strategic gap and close it, and balance risk and opportunity in this 60-minute read. The book offers interesting case studies of well-known companies that struggled in the past but recovered after implementing an excellent strategic strategy.
Best choice for lack of gender diversity among financial advisors: Undiversified
In their book Undiversified, writers Ellen Carr and Katrina Dudley state that “diversity is a basic investing idea.” “However, financial managers have not implemented it inside their own ranks. The percentage of female portfolio managers those who are most in charge of investing your money is only about 10%. In fact, it is significantly lower at the ownership level. Women are underrepresented in the financial services sector as a whole.
These two seasoned financial professionals use examples from their own careers as well as research to explain the obstacles facing women in the field at every level—education, hiring, and advancement. Also, they lay out the advantages for both the women who want to succeed in the field and the industry that serves them now that women control the majority of personal wealth in the United States.
Best option for rethinking the assets under management model: Life-centered financial planning
Mitch Anthony and Paul Armson, financial consultants, contend that it is time to reevaluate whether the model of assets under management (AUM) is the best one for financial professionals to focus on. They contend that it is more effective to take into account all of their clients as people with goals.
The book is divided into three sections. The first section is about a call for financial advisors to ensure that their clients have a richer life. The second section is about a call for the development of “soft skills,” such as empathy, listening, behavioral intervention techniques, and conflict management, as a way of getting to know their clients and what matters to them. And, the third section is about a call for financial advisors to prioritize their clients’ fulfilled lives over financial gain.
Best book for giving advice to clients: Advice That Sticks
Moira Somers, the author of Advice That Sticks, is a financial psychologist and executive coach. She writes that “most individuals are at least moderately nuts when it comes to money.” Given this, it’s reasonable to imagine that financial experts face formidable obstacles when working with clients. The fact that most people in finance lack training in effective client communication and could unintentionally turn off clients does not help.
In her book, she emphasizes that communication must be clear. Moreover, Somers advises establishing “adherence boosters” for each client appointment, so that clients are aware of what to expect and have the opportunity to express their goals. In order for a customer to determine whether to follow your counsel, she also gives financial experts the following recommendations: listen carefully, talk clearly, establish a personal connection, and make sure the client knows what you are saying.
