Benefit from the present installment of “Weekend Studying For Monetary Planners” – this week’s version kicks off with the information that Congress seems poised to move “SECURE Act 2.0”, a sequence of measures that may have vital impacts on the world of retirement planning. From step by step elevating the RMD age to 75 to increasing alternatives to make Roth-style contributions, to rising the annual restrict for Certified Charitable Distributions, this laws will doubtless affect practically all monetary planning purchasers!
Additionally in trade information this week:
- How a latest survey reveals that monetary advisors are more and more drawn to impartial affiliation fashions, with better autonomy, increased potential pay, and the flexibility to construct worth in a enterprise cited as key components driving this desire
- Whereas RIA M&A exercise has been crimson scorching throughout the previous couple of years, a survey means that advisors predict decrease valuations in 2023
From there, we have now a number of articles on advisor advertising:
- 5 ways advisors can use to profit from the web referrals they obtain
- How advisors can construction introductory prospect conferences to construct belief and improve the probabilities of shifting the connection ahead
- Why advisors crafting their advertising message may first need to think about whether or not their goal shopper wants a ‘life raft’ or a ‘sailboat’
We even have numerous articles on spending and budgeting:
- Why advisors may need to think about using a shopper service calendar to arrange the big selection of providers they supply for purchasers all year long
- A overview of economic planning actions, from tax-loss harvesting to charitable giving, which have a December 31 deadline
- How the vacation season presents a chance to have essential money-related conversations with relations
We wrap up with three ultimate articles, all about reward giving:
- The do’s and don’ts of vacation reward giving within the office
- How ‘regifting’ can assist lower your expenses and scale back waste
- Why being current throughout gatherings with family and friends members may be the very best reward of all throughout the vacation season
Benefit from the ‘gentle’ studying!
(Jeff Levine | Twitter)
The Setting Each Group Up for Retirement Enhancement (SECURE) Act, handed in December 2019, introduced a variety of adjustments to the retirement planning panorama, from the demise of the ‘stretch’ IRA to elevating the age for Required Minimal Distributions (RMDs) to 72, to provisions meant to encourage elevated participation in office retirement plans. And whereas the IRS remains to be working by implementing laws associated to the unique SECURE Act, Congress seems to be on observe to move a brand new set of adjustments to the retirement panorama, dubbed “SECURE Act 2.0”.
Lawmakers connected the vary of retirement provisions that make up SECURE 2.0 to a broader Omnibus spending invoice that have to be handed by Friday, December 23, as a way to keep away from a authorities shutdown. And notably, whereas no single change in SECURE 2.0 rises to the magnitude of the “Loss of life of the Stretch” from the unique SECURE Act, there are much more complete impactful adjustments within the new SECURE 2.0 laws than there have been within the authentic SECURE Act!
One of many main headline adjustments from the unique SECURE Act was elevating the age for RMDs from 70 ½ to 72, and SECURE 2.0 pushes this out additional, relying on a person’s start date. Whereas these born in 1950 or earlier will see no change (as they’ve already reached age 72), people born between 1951 and 1958 should begin RMDs at age 73, whereas the RMD age for these born in 1959 or later will likely be 75 (maybe creating further years of comparatively decrease revenue the place (partial) Roth conversions or capital beneficial properties harvesting may make sense for sure retirees). As well as, the invoice decreases the penalty for missed RMDs (or distributing too little) from 50% to 25% of the shortfall, and if the error is corrected in a well timed method, the penalty is diminished to 10%.
SECURE 2.0 would additionally permit for transfers from 529 plans to Roth IRAs, albeit with some vital restrictions, together with that the switch have to be made to the 529 plan beneficiary’s (not the plan proprietor’s) Roth IRA, and the lifetime most for transfers is $35,000 (although, notably, the Roth IRA contribution revenue limits are disregarded for the transfers, opening them as much as high-income 529 account house owners and beneficiaries). Additionally associated to Roth accounts, the laws would align the principles for employer-retirement-plan-based Roth accounts (e.g., Roth 401(okay)s and Roth 403(b)s) with these for particular person Roth IRAs by eliminating RMDs, and would create a Roth-style model of SEP and SIMPLE IRA accounts (whereas members in SEP and SIMPLE plans may solely beforehand make pre-tax contributions to their accounts). Additional, SECURE 2.0 will permit employers to make matching contributions and non-elective contributions to the Roth aspect of the retirement plan as a substitute of simply the pre-tax portion (although members will likely be topic to revenue tax on such contributions).
For purchasers who’ve reached age 70 ½, Certified Charitable Distributions (QCDs) are a well-liked option to make charitable contributions (as much as $100,000 yearly) from pre-tax retirement accounts, lowering their present or future RMD burden within the course of. SECURE 2.0 expands this chance indexing that restrict to inflation beginning in 2024. And notably, even because the RMD age will increase to 75 below the brand new laws, the age threshold for QCDs stays on the pre-SECURE 1.0 stage of 70 ½. SECURE 2.0 additionally creates a one-time capacity to make a QCD of as much as $50,000 to a Charitable The rest Belief (CRUT), Charitable Annuity Belief (CRAT), or a Charitable Present Annuity (although given the $50,000 restrict, purchasers may determine the money and time burden of making these constructions won’t be price it).
SECURE 2.0 additionally consists of a number of measures meant to encourage elevated retirement saving. These embrace making IRA ‘catch-up’ contributions topic to COLAs starting in 2024 (in order that they’ll improve with inflation from the present $1,000 restrict), whereas additionally rising 401(okay) and related plan catch-up contributions; creating a brand new “Starter 401(okay)” plan (geared toward small companies that don’t at present provide retirement plans; such plans would come with default auto-enrollment and contribution limits equal to the IRA contribution limits, amongst different options); and treating pupil mortgage funds as ‘elective deferrals’ for employer matching functions in office retirement accounts, which might permit pupil mortgage debtors to profit from an employer match even when they can not afford to contribute to their very own retirement plan.
Altogether, SECURE 2.0 presents a variety of adjustments to the retirement planning panorama, for each these saving for retirement and people who are at present retired, that means that it’s going to doubtless affect practically all monetary planning purchasers in a technique or one other.
And keep tuned to Kitces.com for an upcoming full-length weblog publish (on Wednesday, December 28), and a Kitces webinar with our very personal Jeffrey Levine (on Tuesday, January 3) that may go much more in-depth on SECURE 2.0 and its implications for monetary advisors!
Many components go into an advisor’s satisfaction with their job, from the expertise and advertising provided by their agency, to compensation, hours labored, and firm tradition. One other key issue, although, is autonomy, which has led to development within the reputation of impartial advisory fashions. Many monetary advisors, looking for extra autonomy and a better share of their earnings, have moved from wirehouses and regional broker-dealers (the place they’re topic to the shopper insurance policies, staffing selections, and tech stack of their firm) to the impartial broker-dealer, hybrid RIA, and impartial RIA channels throughout the previous a number of years.
And a new report from analysis and consulting agency Cerulli Associates means that this need for independence continues to develop. Whereas solely 44% of advisors surveyed have been independently affiliated, 71% of all respondents recognized a desire for impartial affiliation within the occasion they have been to vary companies (suggesting there are nonetheless a major variety of wirehouse and regional broker-dealer advisors trying to an impartial mannequin have been they to make a transfer). When explaining their desire for independence, worker broker-dealer advisors cited better autonomy (62%), the next payout (57%) and the flexibility to construct monetary worth in an impartial enterprise (54%) as the foremost causes. In flip, when selecting which impartial agency they might select to affiliate with, advisors surveyed cited expertise (56%) as the highest issue that will affect their choice , suggesting that constructing a strong tech stack might be a differentiator for broker-dealers and mega-RIAs looking for to draw advisor expertise.
Total, the Cerulli research means that the pattern in direction of advisor independence continues, with the speed of development within the variety of advisors who affiliate with impartial and hybrid RIAs rising on an annualized foundation by 4.4% and a pair of.0%, respectively, over the past 5 years. Although given the regulatory and client-related issues concerned when altering companies and establishing an impartial apply, it nonetheless appears doubtless that the shift to independence will stay a persistent trickle slightly than a sudden wave of transitions… whilst Cerulli’s information means that the continued gradual shift to independence is way from finished.
(Jeff Benjamin | InvestmentNews)
Main as much as this yr, RIA Mergers and Acquisitions (M&A) exercise was on fireplace, as heightened demand from acquirers (usually bigger companies, generally infused with personal fairness capital) drove up valuations, to the advantage of these promoting their companies. However among the many different adjustments within the financial surroundings this yr (from inflation to weak market efficiency), rising rates of interest (and their affect on companies’ willingness and skill to borrow funds for his or her acquisitions) have the potential to chill the marketplace for RIA M&A.
And in line with a brand new survey from consulting agency DeVoe & Associates, advisors seem to have extra subdued expectations for RIA M&A within the coming yr. For example, 56% of these surveyed anticipate valuations to be considerably to significantly decrease in 2023, whereas solely 8% anticipate increased valuations (whereas a yr in the past, solely 8% of respondents anticipated decrease valuations). When it comes to general deal exercise, 42% of respondents anticipate to see a rise within the variety of offers (down from 63% final yr), whereas 25% of these surveyed anticipate to see much less deal exercise (in comparison with 4% final yr). When it comes to the scale of companies participating in offers, 59% of companies with greater than $1 billion of Belongings Beneath Administration (AUM) mentioned they anticipate to make an acquisition throughout the subsequent 24 months (down from 74% final yr), suggesting that a few of these bigger companies (which have pushed a lot of the M&A increase of the previous few years) could be taking time to ‘digest’ their earlier acquisitions. On the similar time, 47% of companies with lower than $1 billion of AUM plan to make an acquisition within the subsequent two years (up from 42% final yr).
So whereas the variety of RIA M&A transactions in 2022 has already eclipsed the whole for 2021, in line with Cerulli, companies seem to anticipate the tempo of offers and their valuations to chill off within the coming yr. And so, for advisory companies contemplating a sale, the present financial and market surroundings heightens the significance of continued shopper development and doubtlessly transitioning key administration capabilities to the subsequent era (although, paradoxically, doing so may make promoting the agency much less fascinating?) to fetch the very best worth from a bunch of acquirers who could be more and more cautious.
(Bob Hanson | Advisor Views)
Referrals from present purchasers, Facilities Of Affect (COIs) corresponding to accountants and legal professionals, and different sources are an essential driver of natural development for a lot of monetary advisory companies. In truth, shopper referrals are essentially the most generally used advertising tactic amongst companies, with 93% of companies surveyed utilizing this software and 96% of these companies gaining at the very least one new shopper from a referral, in line with the most recent Kitces Analysis research on How Monetary Planners Truly Market Their Companies. And whereas an advisor may be capable to generate some referrals with out a lot effort (e.g., as purchasers advocate the agency to buddies in search of an advisor), taking a extra proactive method to producing referrals can result in a major improve within the variety of leads an advisor receives.
For instance, when a shopper has a pal they want to refer, they could have no idea one of the best ways to place them in contact with their advisor. To treatment this case, advisors can add an internet web page on their web site particularly for referred purchasers. Even higher, advisors can create a customized internet web page for key COIs or purchasers who refer usually that presents an much more welcoming invitation to the referred prospect. Subsequent, advisors can think about their technique for contacting referrals; whereas some advisors may attain out with two contact factors (e.g., e mail and cellphone), advisors trying to convert extra referrals to purchasers can think about using not solely a personalised e mail and a cellphone name, but additionally sending a free report or white paper, or maybe an academic video, finally making seven contacts inside 28 days.
Seminars have lengthy been a advertising software for advisors, and many have moved these occasions on-line by webinars. One option to enhance attendance at these occasions is to have interaction key COIs and digital influencers of their area of interest to ask their lists to the advisor’s occasion (e.g., by partnering with different wealth administration consultants to carry a digital convention). Advisors can even have interaction COIs or on-line influencers by internet hosting them on the advisor’s radio present or podcast, or by providing to contribute content material to the influencer’s newsletters or different media. And in the case of leveraging social media, whereas having a presence on websites like LinkedIn and Fb may be beneficial, going deeper by looking for out connections of present purchasers (e.g., the opposite companions at a shopper’s legislation agency) can present a better return on effort.
Finally, the important thing level is that given the significance of referrals for the expansion of many advisory companies, placing within the additional effort to domesticate extra connections with key influencers and to create a extra personalised expertise for referred prospects could make referrals an much more beneficial advertising software!
(Kerry Johnson | Advisor Views)
In recent times, monetary advisors have more and more acknowledged that making a private reference to potential purchasers early within the course of (as quickly because the very first introductory assembly) could make it extra doubtless that the prospect will ultimately change into an engaged, motivated shopper. And so, working to construct belief, slightly than specializing in the advisor’s planning methods, in an preliminary prospect assembly is essential to get the connection off on the suitable foot.
This “good match” assembly may be structured in 5 steps. The primary, calibration, includes small discuss that will get the dialog began (and, ideally, offers the advisor an concept of the prospect’s background). Subsequent, the advisor can transfer into their “elevator speech”, a 90-second dialogue that features the worth they supply for purchasers and a narrative illustrating these advantages. After establishing their capacity so as to add worth for purchasers, the advisor can then transfer into the “bridge”, the place they focus on what points introduced the prospect to the advisor (ideally studying three potential planning wants), recap this stuff for the prospect (to make the prospect really feel understood), and acquire the prospect’s dedication to reaching options to their wants. The advisor can then clarify their onboarding course of and assembly cadence, lastly establishing the subsequent step for the shopper (i.e., hopefully securing a follow-on assembly).
In the long run, whereas monetary planning requires vital technical experience, additionally it is about constructing trusting relationships with purchasers. Subsequently, it is necessary for advisors to start out doing in order quickly because the preliminary prospect assembly, and taking a structured method to this engagement can finally improve their conversion charge of turning prospects into purchasers!
(Kristen Luke | Advisor Views)
When advisors craft their advertising message, they usually create one that’s normal sufficient to resonate with a variety of potential purchasers. Whether or not it’s “Serving to purchasers dwell their finest lives” or “Serving to you profit from your cash”, these messages won’t ‘get rid of’ any potential purchasers, however on the similar time prospects won’t perceive how the advisor can assist them with their particular person circumstances.
However advisors who can slim down the purchasers they need to serve (maybe by crafting an superb goal shopper persona or figuring out a good narrower area of interest) can focus their message on these purchasers’ particular person wants. A primary step for creating this message is to think about whether or not the advisor’s most popular shopper wants a ‘life raft’ (i.e., is simply attempting to outlive) or a ‘sailboat’ (i.e., is trying to thrive). For example, shopper sorts who may fall into the ‘life raft’ class embrace those that have just lately misplaced spouses, have gone by a divorce, have vital debt, and people coming into retirement with restricted financial savings. However, purchasers in search of a ‘sailboat’ may embrace those that have acquired sudden windfalls, are retiring with vital financial savings, or are ‘Excessive Incomes, Not Wealthy But’ (HENRYs). The advisors message can then movement from being in a single state of affairs or the opposite (e.g., “Serving to you regain your footing after your loss” for an advisor working with widows or “Serving to you thrive utilizing your newfound wealth” for these working with ‘sudden cash’ recipients).
Finally, the important thing level is that even advisors with out particular niches can craft a advertising message that resonates with their goal shopper. And a superb first step to doing so is to think about whether or not these purchasers are most in want of a metaphorical life raft or a sailboat!
(Christine Benz | Morningstar)
Because the yr involves an in depth, monetary advisors should not solely trying to ensure year-end shopper duties are accomplished (maybe making a listing of purchasers who must take Required Minimal Distributions [RMDs] and checking it twice!) however are additionally trying ahead to the yr forward. And for these advisors who’re taken with higher organizing their workflow all year long, making a shopper service calendar is usually a beneficial apply.
Whereas there are infinite methods to sequence the varied duties an advisor wants to finish and the providers they need to present throughout the yr, they’ll begin with objects that are likely to happen throughout sure instances of yr. For example, the primary few months of the yr might be a superb time to focus on tax planning for purchasers, as their tax returns will likely be ready and it’s early sufficient within the yr to think about potential tax planning methods for 2023 (e.g., Roth conversion price averaging for retirees who haven’t reached RMD age or rising contributions to tax-advantaged accounts for purchasers who’re nonetheless working). And the tip of the yr is usually a good time to overview RMDs and charitable giving plans (or mix them for purchasers who’re eligible to make Certified Charitable Distributions!). However, much less time-sensitive planning areas, corresponding to reviewing insurance coverage coverages or shopper property plans, can happen at any time all year long primarily based on the advisor’s most popular schedule, and reviewing these particular areas for all purchasers on the similar time can save the advisor time, as they’ll search for related planning alternatives throughout their shopper base.
Altogether, through the use of a shopper service calendar to arrange the providers being offered, an advisor can’t solely create efficiencies of their schedule, but additionally permit their purchasers to see the total vary of value-adds their advisor completes all year long!
(James Dahle | The White Coat Investor)
Late December brings workplace vacation gatherings, journey to see household, and, for a lot of, the chance to take a number of well-deserved days off. After all, as December involves an in depth, so does the calendar yr and with it, year-end deadlines for a spread of economic planning duties and alternatives. Which provides advisors a ultimate alternative to think about that are relevant to their purchasers (or for their very own monetary state of affairs!).
For example, December 31 is the deadline for a spread of tax planning objects, together with tax-loss harvesting, making itemized deductions (e.g., charitable giving), and fulfilling RMD necessities. As well as, these saving for retirement might want to make their contributions to worker retirement plans earlier than the tip of the yr, whereas these saving in 529 accounts will need to make a contribution by December 31 to make sure they obtain any obtainable state tax deduction (although a number of states lengthen the deadline to April). Funds in shopper Versatile Spending Accounts usually have a December 31 deadline to be spent (though some firms provide a grace interval into the next yr). Additionally, these purchasers utilizing Roth Conversions this yr will need to be sure that the conversion is full by the tip of the yr to make sure the proceeds are taxed on their 2022 return.
Finally, the important thing level is that whereas there are many festivities on the finish of the yr, it additionally comes with a spread of planning-related deadlines. As a result of whereas it won’t be as showy as a brand new automotive with a bow, serving to your shopper save on their taxes or keep away from penalties is usually a vital reward in itself!
(Amy Arnott | Morningstar)
Many monetary advisors and their purchasers will spend time with relations throughout the year-end vacation season. And whereas it won’t be essentially the most thrilling matter of dialog, utilizing the chance for essential cash discussions – whether or not they’re with growing old dad and mom, grownup youngsters, or a partner – is usually a beneficial year-end exercise!
For these with growing old dad and mom, vacation visits may be a chance to evaluate whether or not they’re nonetheless snug and protected of their present residence. And even when they’re, beginning the dialogue now about their dwelling preparations within the years to return can assist forestall uncomfortable conditions when their bodily or psychological situation may need deteriorated. It may also be a superb time to examine on dad and mom’ funds to make sure they’ve sufficient revenue to satisfy their wants and that they’ve acceptable medical health insurance protection (maybe exploring whether or not signing up for Medicaid could be acceptable).
After all, these conversations can go the opposite approach as properly, as purchasers (and advisors) with grownup youngsters can use the vacations as a chance to debate essential monetary issues. From the dad and mom’ finish, this might embrace sharing details about how their funds are arrange (e.g., by sharing account sorts however not essentially quantities within the accounts) to assist a future executor or beneficiaries or discussing succession plans for a household enterprise. As well as, dad and mom can assist their younger grownup youngsters get off to a superb begin financially by serving to them arrange tax-advantaged accounts (e.g., a Roth IRA or an HSA), and making certain that they’ve correct insurance coverage protection.
And whereas spouses doubtless discuss each day, the tip of the yr is usually a good alternative to examine in on the state of their funds, corresponding to testing how a lot they spent within the earlier yr and whether or not this quantity is sustainable (maybe over a glass of gifted wine?) and revisiting targets to ensure they’re nonetheless acceptable.
So whether or not you’re touring over the river and thru the woods to grandma’s home or have your youngsters coming to see you, the vacation season might be a superb alternative to go into the brand new yr with extra confidence in your family members’ monetary state of affairs (and your individual!).
(Rebecca Zucker | Harvard Enterprise Overview)
December brings the chance for advisors to present items to relations, buddies, and even purchasers. Some people additionally like giving items to coworkers, with whom they’ve spent lots of, and even 1000’s, of hours throughout the yr. However given office sensitivities and the potential for bills to get out of hand, managers and staff can hold a wide range of pointers in thoughts when choosing items for coworkers.
First off, it’s essential to concentrate on any company-imposed restrictions on reward giving (e.g., items to managers could be restricted to a sure greenback quantity to forestall any impression of a quid professional quo). With a present finances in thoughts, giving customised gifts can present thoughtfulness to coworkers. Such items may embrace experiences (e.g., a spa reward certificates for a coworker who had a traumatic fourth quarter), objects associated to their hobbies or pursuits (although, notably, you may need to keep away from giving a present that’s too personalised and might be misconstrued as being too intimate), or a donation to a trigger they assist. And whereas alcohol or meals objects are widespread vacation items, sure coworkers may need allergic reactions or spiritual obligations that would make these items inappropriate so it’s a finest apply to ‘know your viewers’. After all, nice items don’t must price a lot cash, so a hand-crafted merchandise or perhaps a card that expresses appreciation for the way the co-worker supported you throughout the previous yr may be glorious items for colleagues.
Finally, the important thing level is that in the case of giving items to coworkers the phrase ‘one dimension matches all’ doubtless doesn’t apply. From abiding by firm or trade laws to taking time to search out a customized present for the coworkers in your checklist, items to coworkers can require simply as a lot planning, however the reward from exhibiting thoughtfulness can assist construct and cement these relationships for the approaching yr!
(Annie Midori Atherton | The Atlantic)
The vacation season may be costly when contemplating the whole price of items for buddies, household, and colleagues. However as a result of there are not any iron legal guidelines round giving items, gift-givers can think about inventive methods to present considerate presents whereas not breaking the financial institution. And whereas it has generally been maligned prior to now, one technique to chop prices throughout the vacation season is ‘regifting’.
Regifting is the apply of taking a present you will have acquired (notably one that you simply won’t have a lot use for) and giving it to another person. At its finest, regifting is used when the giver is aware of that the recipient will just like the reward (and never simply because the giver doesn’t prefer it). As well as, these items work finest when they’re in new or practically new situation. However, home made or personalised objects are usually poor selections for regifting (until maybe you will have a pal with the identical initials who may like a monogrammed merchandise?).
In the long run, for many individuals, gift-giving isn’t about the price of the reward however the thought behind its choice for the chosen recipient. So in the case of regifting, the secret’s to guarantee that the merchandise displays the recipient’s pursuits or tastes, and isn’t simply the most recent candle you acquired within the workplace white elephant contest!
(Justin Castelli | All About Your Benjamins)
The top of the yr usually brings a wide range of social gatherings, from firm events to time spent with prolonged household. And whereas presents are sometimes a part of these celebrations, generally it’s the time spent collectively that’s extra memorable in the long term (whether or not it’s making a reference to a colleague or studying from the knowledge of an elder member of the family). On the similar time, being bodily ‘current’ throughout these events doesn’t essentially imply that you’re mentally current as properly. Given the vary of potential distractions, from checking e mail to mentally planning for the subsequent occasion, purposefully specializing in the individuals with whom you’re at present spending time could make these interactions far more significant.
One option to be extra current throughout the vacation season is to ditch digital units, notably smartphones, throughout social gatherings. Whether or not it’s the vibration notifying you of an incoming textual content or e mail, the temptation to examine the most recent sports activities scores, or the urge to complete off this week’s Weekend Studying For Monetary Planners (you’re nearly there!), there is no such thing as a scarcity of ‘causes’ to scroll, even in case you are bodily with different individuals. So turning off the cellphone earlier than going to an occasion or holding digital units in one other room is an effective way to avoiding distractions as a way to be extra current throughout the vacation season.
As well as, beginning a meditation apply (maybe an early New Yr’s decision?) can assist you middle your thoughts and concentrate on what is going on now (versus mentally wandering off to excited about upcoming occasions and work obligations). Relatedly, prioritizing your bodily well being can assist you will have extra vitality to satisfy the calls for of the vacation season and be extra engaged when interacting with others.
Finally, the important thing level is that whereas the vacation season is filled with gatherings and gift-giving alternatives, being each bodily and mentally current on your buddies and family members could be among the best ‘presents’ you may give throughout this time of yr. And serving to your self change into extra current could be so simple as turning your smartphone off for a number of hours (gasp!) or taking a couple of minutes to settle your thoughts earlier than seeing others!
We hope you loved the studying! Please go away a remark beneath to share your ideas, or make a suggestion of any articles you suppose we should always spotlight in a future column!
Within the meantime, should you’re taken with extra information and data relating to advisor expertise, we might extremely advocate testing Craig Iskowitz’s “Wealth Administration At the moment” weblog, in addition to Gavin Spitzner’s “Wealth Administration Weekly” weblog.