NAPFA ADVISOR
December 17, 2025
 
LLIS
 
INSIDE THIS ISSUE
LETTER FROM NAPFA
  
This issue focuses on charitable giving and philanthropy, with a side of insights on credit markets, estate attorney referrals, and strategies to build visibility and trust. We reflect on some of our 2025 accomplishments and look forward to what 2026 will bring.
VOLUNTEER SPOTLIGHT
  
Eden Bowen, MS, CFP®
Meet the dynamo who—following in her parents’ footsteps—sees volunteering for NAPFA as an important way to grow as a leader, meet incredible people, and build long-term friendships.
MEET YOUR INSURANCE NEEDS HERE!
Ryan Insurance Strategy Consultants®
Now powered by Gallagher Affinity, Ryan Insurance Strategy Consultants assist Fee-Only Advisors and their clients with Life, Disability, Errors & Omissions, Cyber Liability and Long-Term Care insurance planning. We also oversee the design, implementation, and administration of Group Insurance Membership Benefits for NAPFA members and their employees.
Learn about your NAPFA benefits.
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PRACTICE MANAGEMENT
  
When Spreads Forget Risk: Lessons from the Tech Bubble for Today’s AI Debt Boom 
By Charles R. Urquhart, CFA
Spreads are not mood rings; they’re risk gauges. When BBB bonds trade like AAA, it’s not because credit got safer; it’s because investors stopped asking questions. Advisers can use this lull of misplaced equanimity to reset client expectations.
GIVING BACK
  
Using Your Charitable Client Work to Increase Employee Engagement
By Christine T. DeMao
Don’t overlook the opportunity to use client charitable work to positively impact employee engagement and corporate culture. Plus, talking about this work with your team is an easy opportunity to inspire, engage, and align your staff and deepen their connection to your clients.
ESTATE PLANNING
  
Estate Attorney Referrals and Recommendations
By Scott H. Levin, CFP®, ChFC®, CAP®, CEP®, MCEP®
Would you know how to respond if a client asked for assistance with estate planning? Discover four options, including their pros and cons, to have a better handle on how best to proceed.
NEXT-LEVEL MARKETING
  
Visibility That Builds Trust: Five Steps to Becoming the Advisor People Find First
By Laura Garfield
The next wave of influence belongs to advisors willing to share guidance on camera. Learn five ways to build real value with video.
National Family Mortgage, LLC
 
Dimensional Fund Advisors
 

FEATURES
COMPLIANCE CORNER
  
What You Need to Know About Forms 13F and N-PX
By Scott Snipkie
RIAs making a change to using ETFs will find themselves with new reporting requirements, in particular forms 13F and N-PX, so it’s important to understand when filing becomes necessary and how it should be done.
PRACTICAL OBSERVATIONS
  
The Case Against Incentive Compensation
By Bob Veres
See why I believe all the white noise out there about this or that “best” incentive compensation system can be safely ignored by Fee-Only advisory firms.