The best books for financial advisors in 2023

December 29, 2023 9:59 AM

It's no surprise to find financial advisors and planners who are also voracious readers. After all, Warren Buffett has likened the knowledge gleaned from reading to gains made in the market: "It builds up, like compound interest."

To close out 2023, we asked financial professionals about books they read this year that made the biggest impact on them, whether in their work practice or in their personal lives. Answers came in from across the country and ranged far and wide, from business books to self-help tomes to memoirs. Scroll down to see the titles you might want to add to your own reading list in 2024.

And to see previous book lists, check out:

‘Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever’ by Robin Wigglesworth

Sarah K. Charles, co-founder and managing principal at Sanctuary Financial Planning in Charlotte, North Carolina
"'Indexing' and 'renegades' aren't words I'd use in the same sentence until reading 'Trillions' — an engaging and educational history of one of the most monumental and impactful evolutions our industry has experienced. Today we take it for granted that index funds are ubiquitous and widely accepted — but once upon a time they were considered risqué and cutting edge, and Wigglesworth uses the power of story to bring characters like Eugene Fama, John McQuown and John Bogle to life. As an hourly only planner who believes that the next big revolution in our industry will be around fees — specifically a shift away from AUM — the book is an inspiration that even the most steadfast beliefs can be changed with enough perseverance, passion and pluck!"

‘Grit: The Power of Passion and Perseverance’ by Angela Duckworth

Heath Biller, financial advisor at Fiduciary Financial Advisors in Grand Rapids, Michigan
"This is one of the best books I have ever read. Angela Duckworth shares her research on grit and how powerful perseverance and passion are for some of the most successful people in our society. She convincingly argues that pursuing your interests relentlessly is more important than relying on your talent or lack thereof. If you want motivation to help reach your goals, then you need to read this book."

‘Quit: The Power of Knowing When to Walk Away’ by Annie Duke

Ryan Johnson, founder and financial planner at Hundred Financial Planning in Grand Rapids, Michigan
"I loved 'Quit,' not because it contains defeatist content, but rather because it helps you reframe things in terms of expected outcomes. In contrast to 'Grit' by Angela Duckworth (another great book), Duke helps the reader consider whether sticking with things is worth it. If I stick with the current path, am I likely to achieve the desired outcome? What about the alternative path I'm considering? It was one of many pieces that inspired me to eventually embark on my own and launch my own firm, which will open in January 2024!"

‘Get Good With Money’ by Tiffany Aliche

Bri Conn, co-host of the Childfree Wealth Podcast and investment advisor representative at Childfree Wealth in the Nashville, Tennessee, metro area
"This year I enjoyed reading 'Get Good with Money' by Tiffany Aliche. Each chapter of the book is broken into different money areas that you should pay attention to. Aliche dug deeper than the typical author into different topics, taking the time to thoroughly explain what they meant.

"I appreciated her respect for different financial professionals and bringing them in at different times. Different areas will need different experts and I agree with the idea of creating a money team. Having trusted people in place helps you build wealth and ensures that whenever you have a question, you can get it easily answered."

‘The Gap and The Gain’ by Dan Sullivan with Dr. Benjamin Hardy

Sara Zuckerman, founder and lead planner at Reset Financial Planning in Scottsdale, Arizona
"If you are always working toward a goal, and then when you get to the goal you move the goalposts back, you will never feel satisfied or happy. In this book, Dan Sullivan suggests that rather than look forward to the next goal (the gap), it is more helpful to look back to where you came from (the gain). If you make a practice of documenting where you started and the milestones you have reached along the way, you have evidence of how much you have already achieved and that leads to feeling happy and successful. Since I have started tracking 'the gain' in my business, I find that I am much more content with where I am on my journey and can see how far I have already come, even if I am not yet where I want to be."

Amy Hubble, principal at Radix Financial in Oklahoma City, Oklahoma
"While I'm not generally a fan of traditional 'self-help' or even touchy-feely manifesting, this book stuck with me and even prompted me to listen to it again on audiobook. The day-to-day of financial planning and market cycles can some days really suck. We're often blamed for the performance of the markets or the operational failings of our custodian, meaning that it's not always possible to do better for our clients by just working harder. If you let those things you can't control affect your mindset regularly, it can take a toll on your self-esteem. The authors would refer to this as being in the 'gap' and not the 'gain.'

"What I like about this book is that it helps you to reframe your thinking toward positivity, and specifically how you measure success. Highly ambitious and successful people are always measuring forward in terms of what they want to accomplish, rather than measuring backward of what they have accomplished. This short but impactful book can really help advisors to learn to visualize forward but always measure backward."

‘The Storyteller: Tales of Life and Music’ by Dave Grohl

Dan Teague, SVP of advisor solutions at Diversify Advisor Network in Sandy, Utah
"I like to read books by/about people who have different life experiences than me. People with different perspectives or people who work in fields outside of financial services fascinate me, and I always try to relate their experiences to my own life. 'The Storyteller' by Dave Grohl (lead singer of The Foo Fighters) has lessons in passion, hard work and perseverance that I can relate to based on my own journey. One key takeaway for me was finding balance in life. Dave highlights the stresses and commitment of a life on the road, but he also finds time to be a father and husband."

‘Stocks for the Long Run’ by Jeremy J. Siegel with Jeremy Schwartz

Colonel Barry E. Federici, founder and CIO/CCO at Family First Wealth Management in Sycamore, Illinois
"I truly believe that 'Stocks for the Long Run' is the best finance book that I have read in the last 25 years. The lead author is professor Jeremy Siegel, who is a brilliant writer. This may be the best book ever written to give investors a macro understanding of the capital markets. I have read it twice, once in 1999 and again in 2015. Moreover, I will read it again, as the sixth edition recently came out. A must read for beginning investors to understand the elements that have long-term impacts on their portfolios."

‘Don’t Get Killed on Taxes’ by P.J. DiNuzzo and Steven Jarvis

Jarrod Sandra, owner and financial planner at Chisholm Wealth Management in Crowley, Texas
"I've found that too many CPAs rush to prepare taxes, but not many take the time to think strategically about taxes, and this book does a good job simplifying it for a CFP to go beyond just investments. Many of them we know about, but leveraging it systematically to work through with a client is how it brought the most value to me. For example, the SSA-44 form was one that came into play with a client who retired making a high income and is set to save them about $4,000 per year in IRMAA taxes because of it."

‘The Psychology of Money: Timeless Lessons on Wealth, Greed and Happiness’ by Morgan Housel

Tim Ketelhut, financial advisor at Fiduciary Financial Advisors in Grand Rapids, Michigan
"The book that had the biggest impact on me was 'The Psychology of Money' by Morgan Housel. While the book had several impactful insights, the one that stuck out the most was a viewpoint on the stock market. Morgan points out that when you were born, many times, greatly affects your view of the stock market and if you think it is a positive or negative. If your first view of the stock market was in 2020, you might have a very negative view of how that sort of investment can help you long term, but if you happened to be introduced in the mid-2000s, after the dot-com bubble, as I did, your view of the stock market would be overwhelmingly positive. I plan to use this insight to position myself alongside the client to see what they see and help coach them to adjust their viewpoint to the entire history of the stock market and [that] when invested appropriately is one of the better long-term investments."

‘Same as Ever: A Guide to What Never Changes’ by Morgan Housel

Jonathan Ford Jr., president at JFJ Advisory Services in Cincinnati, Ohio
"Recently I read Morgan Housel's 'Same as Ever.' It discusses that when looking toward the future, predicting what will change is impossible. It argues that we should instead focus on what doesn't change. The ideas presented in the book are some that I have grappled with in my own thinking, but may not have been able to articulate as well as the author. My biggest takeaway would be whether I am exploring ways to grow my firm or selecting an assortment of funds for clients, it's important to focus on unchanging principles to help fortify against inherently unforeseeable circumstances."

‘The Smartest Investment Book You'll Ever Read’ by Daniel R. Solin

Mark Haser, partner and wealth advisor at Artemis Financial Advisors in Boston
"This year I enjoyed reading 'The Smartest Investment Book You'll Ever Read' by Daniel R. Solin. The book's short, punchy chapters deliver common-sense investment advice backed up with data that is presented in a clear and accessible style. My biggest takeaway, and something I have begun to implement in my own practice, is how the author presents the risk/return tradeoff that we all face when determining an appropriate asset allocation. Rather than leading with standard deviation as a measure of risk (something that is often too abstract for clients to understand), he focuses on contrasting the average annualized returns of a portfolio with the portfolio's worst one-, two-, and three-year calendar losses. I have found this approach to be simple, yet effective, when discussing portfolios with my clients."

‘Range: Why Generalists Triumph in a Specialized World’ by David Epstein

Casey Fulp, owner and principal of Carriage House Planning in Tampa, Florida
"This book was recommended to me by a close college friend, who, having known me well for a long time, suggested it was right up my alley. The author challenges the idea that success in one's career and in one's life results from specialization. In our increasingly specialized world, he highlights example after example of the success that results from those who openly entertain and explore wide-ranging interests before narrowing in on their 'true calling.'

"I could immediately understand why my friend recommended the book to me, as it aligns directly with my personal philosophy in life. I have always explored a wide range of interests from which I have gleaned incredible insight, which has greatly benefited my practice and the well-being of my clients. The book has also challenged me to rethink some of the inherent professional biases I have developed over the years and avoid becoming blinded by my own expertise."

'Going Infinite: The Rise and Fall of a New Tycoon' by Michael Lewis

Sean Lovison, founder and lead planner at Purpose Built Financial Services in Moorestown, New Jersey
"My choice for the best book of 2023 would be 'Going Infinite' by Michael Lewis. It's the most engaging business book I've encountered since 'Barbarians at the Gate.' The book delves into the riveting backstory of Sam Bankman-Fried and the FTX crypto exchange debacle. It's a captivating, fast-paced read that skillfully illuminates the dangers of unregulated markets and the often-overlooked risks they pose, even to those who are deeply involved in them."

‘Atomic Habits: Tiny Changes, Remarkable Results ’ by James Clear

Kristin "Kris" Moore, VP of systems at CorePath Wealth Partners in Scottsdale, Arizona
"We chose this book for our firm's monthly book club. 'Atomic Habits' was profoundly impactful both personally and professionally. The core concepts of the book being small, consistent actions helped as a catalyst for change and helped myself and everyone in our firm recognize and refine our habits for significant growth.

"Implementing these insights translated into more structure and productivity. Sharing and applying these principles within our firm cultivated a culture of continuous improvement. Encouraging small habit changes among colleagues noticeably enhanced our collective efficiency, collaboration and overall performance. Witnessing these positive transformations solidified its place as a guiding force in my love of continuous growth and success, both personally and professionally.

"My biggest takeaway: 1% better every day!"

'The Innovator's Dilemma' by Clayton M. Christensen

Nick Rygiel, owner/founder and financial advisor at Ironclad Financial in Bryn Mawr, Pennsylvania
"This year, I was inspired by 'The Innovator's Dilemma' by Clayton M. Christensen. The book offers compelling insights, which I agree with, into how large, successful companies can falter by strictly adhering to established practices that had previously served them well. Christensen's examination of disruptive innovation and its potential to revolutionize entire industries was particularly enlightening. It underscored the critical need for adaptability and forward-thinking, especially pertinent in today's rapidly evolving digital landscape."