This one thing many financial advisors do to get more clients can completely backfire

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This one thing most financial advisors do to get more clients can completely backfire (Nerd's Eye View)

In order to get more clients, most financial advisors try to cast a wider net by presenting a "we can do anything for any of you" sales pitch.

However, Michael Kitces notes that sometimes, counter-intuitively, it pays to zero in on a smaller group of specific people, rather than try to get everyone.

He details one event he attended with two other advisors from different firms. At the start, the two other advisors gave the "classic comprehensive financial planner pitch," while Kitces specifically said that his firm focuses on near-retirees - even though that service didn't apply to everyone in the audience. But, at the end of the event, four people in their late 50s or early 60s went to talk to Kitces, while the other firms failed to generate any interest.

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The renminbi's stealth devaluation... (Capital Economics)

Everyone was worried about China devaluing the renminbi further at the start of the year. But the currency has remained pretty stable against the dollar.

"Nonetheless, there is an important nuance that many have missed. While the renminbi has been stable against the dollar, the generalized weakness in the US currency has still allowed the renminbi to fall by around 4% on a trade-weighted basis," observed Capital Economics' Julian Jessop in a note circulated to clients.

"This might be seen as a 'stealth devaluation,'" he suggested.

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Capital Economics

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Gundlach says it's time to get ready for Trump (Bloomberg)

Chief investment officer of DoubleLine Capital, Jeffrey Gundlach, said at the Sohn Investment Conference to get ready for a Donald Trump presidency, reports Simone Foxman, and with that presidency could come a lot more federal debt.

"What's going to happen is you're going to get a Reagan response with Donald Trump," Gundlach said at the event. "He promises a wall, he promises to bring jobs back, and he promises a lot of infrastructure spending. Let's face it: Trump is extremely comfortable with debt."

Wealthy investors are feeling a bit more confident (FA Magazine)

The Spectrem Millionaire Investor Confidence Index, which measures the outlook of investors with between $1 million and $5 million in net worth, increased to 11 in April, up by six points from March, and up one point year-over-year.

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"This marked the measure's return to 'mildly bullish' for the first time this year," reports Christopher Robbins.

United Capital just scooped up a $375 million RIA (Financial Planning)

United Capital Financial Advisors acquired the assets of a Shepherdstown, W. Va., and Winchester, Va.-based RIA, HFI Wealth Management, reports Charles Paikert. HFI reported $375 million assets under management on its Form ADV in March.

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