Wealth Management 2019 Summer Reading List

It’s the first day of summer and officially time to start crossing things off your seasonal bucket list. Last year, Xtiva posted our 2018 Summer Reading List, challenging advisors to read one book for each week of the summer. Now with a second year in a row, it’s tradition! Here are 12 of our favorite books for you to dive into this summer for your education, learning, and development. 

We’ve put together a list featuring perspectives from inside and outside the financial world to get our audience of wealth management and financial advisors ready to have meaningful, human discussions with their clients about the financial future.

Note: We’ve put links to purchase books in this article purely for convenience. Xtiva is not an affiliate of Amazon.

The Private Equity Playbook: Management’s Guide to Working with Private Equity by Adam Coffey

Why we love it: Author and CEO Adam Coffey has nearly 20 years of experience building businesses for private equity firms, and he uses his knowledge to create the perfect guidebook for breaking into the private equity industry. Beginning with the history of private equity, how to find the right firm to partner with, and then techniques and strategies for navigating new governance and continued growth. This book provides insight and a fresh perspective to guide management into private equity step-by-step while providing an understanding of the depth of the industry.

The Power of Moments: Why Certain Experiences Have Extraordinary Impact by Chip Heath & Dan Heath

Why we love it: Ever wonder why people tend to remember only certain parts of their experiences? In this book by Chip and Dan Heath, readers discover how some brief moments can make the largest impact on their lives. Many defining moments in peoples’ lives happen through accident and circumstance, and this book sheds light on how we can create our most meaningful moments instead of letting them happen by luck.

Get it here.

Measure What Matters by John Doerr

Why we love it: John Doerr, who invested 12.5 million dollars in the then-nascent idea that was Google, explains how focusing on objectives and key results (OKRs) in all aspects of business and investing leads to success. This goal-oriented system prioritizes transparency in all goals throughout the entire organization from entry-level to the executive suite. In this book, you’ll see how this system has helped numerous organizations to exceed expectations through a variety of case studies.

Get it here.

Big Mistakes: The Best Investors and Their Worst Investments by Michael Batnick

Why we love it: Nobody is perfect at investing – that’s why author Michael Batnick shares stories of some of the largest names in investment and the story of how they failed in some high-stakes investments throughout their careers. But not only does this book share mistakes, it also explains the strategies that these influential industry stars used to overcome their bad investments moving forward. Essentially this book teaches investors how to learn from their mistakes, or at least makes us feel better about our own “oops” moments. 

Get it here.

Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones by James Clear

Why we love it: James Clear, one of the world’s leaders in habit formation, uses a proven framework to encourage people to continuously work towards their goals. Atomic Habits focuses on breaking bad habits by breaking the routine that they normally occur in, because actions repeat themselves. Drawing from research in biology, psychology, and neuroscience, Clear writes an easy-to-understand explanation of why and how you form and break habits. Who doesn’t wish they could be a little bit more productive or a little bit more present? This book shows you how. 

Get it here.

Mastering The Market Cycle: Getting the Odds on Your Side by Howard S. Marks

Why we love it: Howard Marks, a legend in investment, shares his strategy for how to master the market cycle. We know that markets rise and fall, but knowing when to keep or sell shares is the challenging part of investing. This book focuses on studying past market cycles and becoming tuned in to the current market, so that you can use cyclical patterns to your advantage. 

Get it here.

The Wisdom of Finance: Discovering Humanity in the World of Risk and Return by Mihir Desai

Why we love it: Harvard Business School Professor, Mihir A. Desai focuses on the notion that the finance industry is seen as being deceitful and is infamous – especially after the 2008 financial crisis. He wants people to find the humanity in the finance industry and uses a creative method to intertwine humanities and finance to help readers understand how the finance industry used to maintain utmost respect. When you connect with your clients on a personal level, we know that your business as a wealth management firm or financial advisor prospers. This book is a great guide on how to have the human conversations around finance and investing. 

Get it here.

Broke Millennial Takes On Investing by Erin Lowry

Why we love it: In this second book in the Broke Millennial series (follow up to: “Broke Millennial: Stop Scraping by and Get Your Financial Life Together”), Erin Lowry discusses the fact that a lot of millennials want to begin investing, but most have no idea where to start. She answers questions that millennials have and explaining issues such as paying down loans while investing, investing in a responsible way, all of the robo-advisors and apps out there, and where to look for investment advice online. As advisors that need to cater to the millennial market, which is quickly becoming the future of investment, this book serves as a great primer on how to start those conversations and relate to some of your new potential clients.

Get it here.

Women with Money by Jean Chatzky

Why we love it: In this book, women open up about the topic about money, something that may be taboo to speak about in certain more feminine circles, even today. Chatzky finds that women overall want security, the ability to have choices, independence, and way less stress for them and their loved ones. Through two decades in the field, Chatzky uses her own research and expertise, combined with the commentary of world acclaimed economists, psychiatrists, behaviorists, financial planners, and attorneys, to educate women on their relationship with money, controlling their own finances, and create the life they want with their earnings. Women are 50% of the investment market – and as wealth management firms, you can’t afford to miss an insider’s view into these important conversations. 

Get it here.

Building a StoryBrand: Clarify Your Message So Customers Will Listen by Donald Miller

Why we love it: It’s a competitive world out there for any brand, especially in a highly regulated industry like financial wealth management, where it’s hard to truly differentiate. In this #1 Wall Street Journal bestseller, readers can learn how to create and grow their brand using storytelling and story design. Donald Miller explains the key principles of “StoryBranding” and the hands-on method of SHARE (story, how, audience, reach, excellence). You can come away with a practical approach to succeed in telling your brand message in order to increase revenue through new client acquisition and client retention.

Get it here.

The Financial Advisor M&A Guidebook by Greg Friedman & Shaun Kapusinski

Why we love it: When it comes to mergers and acquisitions in the RIA space, a lot of firms are moving ahead with little to no expert guidance. This book provides the steps and practical advice that advisors need to complete a successful M&A without taking a risk that may jeopardize their business. The advice comes from a life-long financial advisor and an operations director with 15-years of experience.

Get it here.

Advice That Sticks by Dr Moira Somers

Why we love it: Often, financial advisors have an experience where they give a client sound advice and the client seems onboard, yet there is little follow through after that initial meeting. Good advice that isn’t acted upon causes opportunities to be lost and can be frustrating when clients are not actively using your advice. Moira Somers, a neuropsychologist and financial change expert, examines the main factors that determine whether or not a client will go through with an advisor’s advice and shares her research in this book. Who doesn’t want more people to take action? This book is a great read for anyone giving or taking advice. 

Get it here.

There you have it! Our 2019 summer reading list aims to be a fun and engaging look into the financial industry from the perspective of scientists, millennials, women, branding, advice, and more. This comprehensive list is great for the by the pool, on the plane, or even to listen to during your commute.