December 2025 • www. fa-mag. com

How To Disinherit A Family Member Your documents need to say it out loud.

Rick Rieder’ s Case For Lower Rates It’ s all about the K-shaped economy.

A New Challenger To The 4 % Rule This one uses stock indexes and TIPS.

KNOWLEDGE FOR THE SOPHISTICATED ADVISOR

T’ S HARD TO BELIEVE ANOTHER YEAR IS COMING TO A CLOSE AND we are already halfway through a wild and crazy decade. It’ s also tough to see what is likely to change the current reality, one in which great financial markets somehow go hand-in-hand with turbulent social vibes. Whatever comes along to eventually change this cycle, it’ s a certainty that it won’ t last forever( as nothing does).

The advisory industry is changing, too, and some advisors are taking control over their own destinies rather than let changing industry dynamics dictate their futures. In Financial Advisor’ s December cover story, senior writer Jennifer Lea Reed profiles Ron Bullis of Lifeworks, who is building an RIA in Grand Rapids, Mich., that takes a futuristic view of where the profession is going. Most significantly, it is looking to grow at a brisk pace.

As Reed explains, Bullis doesn’ t share the perspective of the first generation of advisors that“ independence” equates to“ liberation.” For many advisors, it can translate into isolation. He prefers the concept of interdependence, where advisors can“ go very deep” and harness their skills and expertise to deliver superior services to clients.

Who says advisory firms can’ t enjoy organic growth? It’ s easy for advisors to become complacent, even“ lazy,” in Bullis’ s words, after they reach $ 100 million in assets under management or $ 350,000 in annual income, but that condition can be altered.

Lifeworks is creating a marketing engine that, as Reed writes, is powerful enough that some advisors are onboarding as many as 10 clients a month. Advisors who become partners at the firm are expected to have a growth mindset. That is likely to become table stakes at most firms going forward.

Elsewhere in this issue we cover the results of Financial Advisor’ s annual retirement survey of 565 advisors. Senior writer Jacqueline Sergeant examines

The gap between clients’ and advisors’ concerns widens dramatically when it comes to the impact of unanticipated healthcare costs on retirement.

Securing The Future Of Advice— Ron Bullis’ s Bet

The Lifeworks co-founder and CEO wants to replace independence with interdependence.

Ron Bullis Co-Founder & CEO Lifeworks Advisors

some of the differences in the perspectives between clients and advisors about how clients will succeed in retirement. People are aware of the possibility they could outlive their assets. But they are less worried than their financial advisors about the other troublesome money issues they’ ll likely be facing— such as how they’ ll fund their healthcare or the fact that they might find themselves supporting family members.

The gap between clients’ and advisors’ concerns widens dramatically when it comes to the impact of unanticipated healthcare costs on retirement. It’ s a major concern for only 8.5 % of clients, but one for 50 % of advisors.

While advisors are not experts on healthcare, most have seen their clients, as well as friends and family members turning 60, struggle with these issues and know the problem can’ t be underemphasized. As Sergeant writes, one suspects that in the years ahead, advisors’ conversations with clients are likely to dive deeper into non-financial topics, even if they are often uncomfortable.

Evan Simonoff

Email me at esimonoff @ famagazine. com with your opinion.

8 | FINANCIAL ADVISOR MAGAZINE | DECEMBER 2025 WWW. FA-MAG. COM