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Anjali is the Founder of FIT Advisors, an RIA based in Torrance, California (but works virtually with clients nationwide) and oversees $65 million in assets under management for 45 client households.
Referrals can play a vital role in the growth of financial advisory firms since finding prospective clients via referral requires virtually no hard-dollar costs, and it takes only a fraction of the time needed for other marketing channels like social media, blogging, and seminars. refer others to) the advisor.
Referrals can play a vital role in the growth of financial advisory firms since finding prospective clients via referral requires virtually no hard-dollar costs, and it takes only a fraction of the time needed for other marketing channels like social media, blogging, and seminars. refer others to) the advisor.
In the modern era of financial advice, the advicer/client relationship is tightly centered on trust. Then, because the client isn't "bought in" to the recommendations, they simply don't act on what the advisor recommends.
Measuring a client's tolerance for risk is an essential (and required!) step when onboarding a new client, as making any sort of recommendation is impossible without first understanding how comfortable clients may be when their portfolios inevitably experience volatility. And while few (if any!)
After advisors do all of the work of bringing on a new client (Marketing! And while all may appear well on the surface – the client rarely contacts the advisor with problems but they show up for every annual meeting – they may actually be feeling quite disengaged with the financial planning services being provided.
Most financial advisors strive to provide excellent client care and prioritize a systematic process to maintain regular communication with their clients both on a scheduled (e.g., Suddenly, the question of, "What does it mean to provide the best care for clients at this firm as a team?" annual meeting) and an "on demand" basis.
While it can be easy for financial advisors to recognize the wide range of ways they add value for clients throughout the year, clients themselves might not be aware of what their advisors do for them behind the scenes outside of their annual meetings (e.g., rebalancing their investment accounts or reviewing their insurance policies).
One of the most important parts of a financial advisor’s value proposition is time spent meeting with their clients. These meetings allow advisors to listen to their clients’ concerns, make planning recommendations, and chart a course for the coming months.
However, because many next-generation clients such as those who are Millennials and Gen Zers are still building their assets up, paying $10,000 or more in advisory fees each year may not be feasible for them… at least not yet. robo-managed portfolios) at a lower fee.
Though in practice, while a 1% AUM fee is a common 'starting point' in the industry, the actual fee structure can vary based on the firm's approach; for example, some firms may reduce the fee for high-net-worth clients, or charge an additional fee for separate and additional services (from deeper financial planning to add-ons like tax preparation).
Danielle is the owner of Wealth By Design, a hybrid advisory firm based in Glenwood Springs, Colorado, that oversees about $35 million in assets under advisement for 35 client households.
Traditionally, financial planning meetings have been held face-to-face in an advisor's office, and over the years, a body of research has emerged showing that how the advisor's office is laid out can have a significant impact on how clients perceive the advisor, their mood during the meeting, and even their resulting financial planning decisions.
The necessity of fee increases entails a certain amount of pain for monthly-fee advisors since each conversation around raising fees creates the possibility of pushback from clients that could put a strain on the client-advisor relationship. Read More.
Pete is the Director of Sustainable Investing of Earth Equity Advisors, an RIA based in Asheville, North Carolina, that oversees approximately $200 million in assets under management for 250 client households. Read More.
This month's edition kicks off with the news that digital estate planning platform Wealth.com has raised a whopping $30 million in Series A funding, following on the heels of Vanilla's follow-on $20M capital round just a few months ago – which on the one hand reflects the anticipated enthusiasm for solutions that can help advisors efficiently (..)
The 1st category of tasks that advisory firms must handle involves renewing their registration with the applicable state(s) in which they do business each year, which typically involves submitting select documents (e.g., Read More.
Andrew is the founder of Tenpath Financial Group and Planning Across the Spectrum, a hybrid firm based in Farmington, Connecticut that oversees $100 million in assets under management for 100 client households.
Veronica is a Senior Financial Advisor at CAPTRUST and works from the RIA's Lake Success, New York, office, where she oversees $360 million in assets under management for about 200 client households.
Travis is the founder of Student Loan Planner, an RIA and student loan consulting company based in Chapel Hill, North Carolina that serves nearly 1,400 households with ongoing financial planning (as well as consulting with over 15,000 clients on student loan debt).
Establishing successful client relationships as a financial advisor relies on good communication skills not just to present information persuasively and with confidence, but also to establish client rapport that allows meaningful and engaging relationships to be built.
When a financial advisor first opens their own firm, they often start with few (or no) clients and little revenue. letting a client go), it can help to have a ‘quitting coach’ to hold the individual accountable for their pre-commitment. And because actually following through on kill criteria can be challenging (e.g.,
The 1st category of tasks that advisory firms must handle involves renewing their registration with the applicable state(s) in which they do business each year, which typically involves submitting select documents (e.g., Read More.
Meg is the Founder and Lead Financial Planner for Flow Financial Planning, a virtual RIA serving mid-career women in tech that oversees almost $60 million in assets under management for 60 client households.
Similarly, CFP practitioners were found to have a lower practice-wide Client Acquisition Cost (CAC) and greater revenue growth in 2021! Some strategies to do so can include simply talking about their own experiences as CFP professionals more intentionally (e.g., SEO tactics, drip marketing campaigns, and online advertisements).
When it comes to focusing on a niche for financial advisors, business owner clients can be an appealing target as they can have complex financial planning problems ranging from cash flow management to tax planning to acquisition strategies.
The requirements to run a successful, growing advisory firm are often less about doing the technical work with clients and more about marketing value to get prospects in the door in the first place. Which means that advisors should not be expected to champion the planning industry alone when prospecting for clients.
Eric is the Chief Financial Advisor and Co-Owner of Econologics Financial Advisors, an independent RIA based in Largo, Florida, that generates more than $4M of revenue while working with nearly 300 client households.
Suzanne is a Senior Financial Advisor at Meridian Wealth Management, an RIA based in Lexington, Kentucky, where she oversees approximately $110 million in assets under management for nearly 150 client households.
Shari is the Co-Founder and Chief Visionary Officer of Rappaport Reiches Capital Management, an independent RIA based in Skokie, Illinois, that oversees more than $800 million in assets under management, for 350 client households.
Chris is the founder of Sparrow Wealth Management, an RIA based in Orlando, Florida, that oversees approximately $110 million in assets under management for 68 client households.
Matthew is the Founder and CIO of Lansing Street Advisors, an independent RIA based in Ambler, Pennsylvania that oversees $160 million in assets under management for 60 client households.
One of the main goals of financial advisors who market themselves is to build a foundation of trust with their prospective clients so that they feel comfortable in discussing often-sensitive financial topics and ultimately acting on the advisor's recommendations.
What's unique about Ed, though, is how as a former financial advisor turned financial therapist, he utilizes couples therapy techniques to help his clients dig deeper into the issues in their lives that may be preventing them from implementing their financial planning recommendations and helps them get unblocked to achieve their financial goals.
But some advisors who choose to take more time off from their schedules might be concerned that prospects and clients will consider them to be less committed to serving their planning needs than other advisors. Notably, the choice of work schedule can affect the type of client with whom an advisor might want to work.
When a firm becomes large enough, though, the firm owner may be compelled to consider stepping away from their long-standing work as a client-facing financial advisor into a more pronounced business leadership role to manage the growing business.
Why a Solo Retreat is Great for Annual BusinessPlanning for Financial Advisors: Today let’s plan your biggest success as a financial advisor in all the years you have been in the business by A.Planning a solo retreat, and B.Learning strategies for income growth.
We also talk about how Ramit’s interactions with people on his platform and on his social media channels has led him to increasingly focus not just on personal finance but how psychology plays a major role in the way people prioritize their finances and sometimes create unrealistic or unhealthy relationships with their money, why Ramit supports (..)
Hans is the founder of Intelligent Investing, an RIA based in Greenville, South Carolina, that oversees $50M in assets under management for 40 client households.
Tim is the founder of PrairieView Wealth Partners, a hybrid advisory firm based in Orland Park, Illinois, that oversees $100 million in assets under management for 190 client households. My guest on today's podcast is Tim Regan.
In this guest post, Craig Iskowitz, CEO and founder of Ezra Group, shares highlights from this year’s Advise AI Conference, where industry leaders gathered to explore how AI might shape financial advice, from back-office operations to client interactions. Lydia) that remember both advisor personalities and client interactions.
Paul is the CEO of More Clients More Fun, a marketing company that helps financial advisors conceptualize and publish their own book in a consolidated 6-week process. Welcome everyone! Welcome to the 417th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Paul G McManus. Read More.
In the early days of financial planning, serving clients often meant developing transactional relationships focused on facilitating trades and selling insurance. Over time, advisors shifted toward more analytical approaches, such as investment management and retirement planning.
The typical prospecting process involves multiple meetings, and a fairly common response for advisors to hear after giving their 'pitch' is that the client needs some extra time to think about it. I can only onboard 3 clients in a given quarter. Read More.
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