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While state and Federal regulations clearly outline recordkeeping requirements for areas like financials, advertisements, and trading records, there is a notable gap when it comes to documenting the delivery of services – especially financialplanning services – necessary to justify the fees charged for those services.
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.
When a financial advisory firm owner first starts their business, much of their time is spent on finding clients that they can serve. But as they (hopefully) onboard more clients and get busier with servicing those clients, they will also find that they eventually start to run short on time.
Many financial advisors take pride in the comprehensive nature of the advice they provide to clients and use the variety of services offered as a point of differentiation between themselves and other types of advisors. in the form of an associate planner or paraplanner) or engaging outsourced planning service providers.
A common service model for many financial advisory firms is to schedule annual client meetings throughout the year where the advisor meets with each client in the month they started working with the firm, and conducts a comprehensive review of all planning topics for the client.
Over the past decade, a growing number of advisors have expanded into offering comprehensive financialplanning services, reflecting a shift that not only helps them stand out from (increasingly commoditized) portfolio management offerings but also supports clients' broader financial goals.
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.
The increasing popularity of financialplanning has led to a growing awareness of how important managing finances and planning for the future can be. For most financial advisors today, a website is a critical tool that allows them to market their services and communicate their fees to potential clients.
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.
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 financialplanning services being provided.
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!)
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 financialplanning to add-ons like tax preparation).
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 financialplanning (as well as consulting with over 15,000 clients on student loan debt).
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.
Traditionally, financialplanning 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 financialplanning decisions.
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.,
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.
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?" becomes a crucial one to solve.
Michelle is the Founding Principal of Paradigm Advisors, an RIA based in Dallas, Texas, that oversees approximately $110 million in assets under management for 80 client households.
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.
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.
Welcome back to the 334th episode of the Financial Advisor Success Podcast ! Meg is the Founder and Lead Financial Planner for Flow FinancialPlanning, a virtual RIA serving mid-career women in tech that oversees almost $60 million in assets under management for 60 client households.
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.
When it comes to focusing on a niche for financial advisors, business owner clients can be an appealing target as they can have complex financialplanning problems ranging from cash flow management to tax planning to acquisition strategies.
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.
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.
According to the 2022 Kitces Research study, “How Financial Planners Actually Market Their Services”, advisors without the CFP marks typically spend more of their time on marketing activities relative to CFP practitioners (allowing them to spend more time on higher-value tasks).
One of the benefits of owning a financialplanningbusiness is an advisor’s ability to control their work schedule. Notably, the choice of work schedule can affect the type of client with whom an advisor might want to work. take on no more than 25 clients to maintain their 20-hour workweek).
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.
Adam is a principal with RubinGoldman and Associates, and the Founder and CEO of Asset-Map, a financialplanning tool that helps financial advisors create a visual representation of their clients’ financial situation, reaching over 1.25 My guest on today's podcast is Adam Holt. million users.
As owners of financialplanning firms approach retirement, some may decide to sell to an external buyer, while others may plan for an internal succession. Sometimes, this succession plan can include the owner's child, providing an opportunity to keep the business in the family.
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 financialplanning recommendations and helps them get unblocked to achieve their financial goals.
Thomas is the co-founder of AllStreet Wealth, a financialplanning firm for millennial business owners and those with equity comp based in Indianapolis, IN, that has quickly grown to more than $500,000 of run-rate revenue generated from serving 70 ongoing client households. My guest on today's podcast is Thomas Kopelman.
Traditionally, financial advice and tax preparation have existed as 2 related, but separate, services. Besides the fact that many financial advisors don’t hold the necessary credentials (e.g., by tailoring client data-gathering worksheets to focus on the information that is relevant to a client’s tax situation).
Sarah-Catherine is the founder of Aptus Financial, a fee-only financialplanning firm based in Little Rock, Arkansas, that is approaching $2M in revenue and works with over 480 client households.
Welcome back to the 335th episode of the Financial Advisor Success Podcast ! Tim is a Managing Partner for the Center for FinancialPlanning, a hybrid advisory firm based in Southfield, Michigan, that oversees $1.5 billion in assets under management for 1,000 client households. My guest on today's podcast is Tim Wyman.
Bridget is the President of WealthChoice, a virtual independent RIA that oversees nearly $80 million in assets under management for 68 client families, and Co-Founder of Equita Financial Network, an advisor platform that helps advisors plug in and share resources. My guest on today's podcast is Bridget Venus Grimes.
equivalent of nearly $60 million in assets under management for 115 client households. Louis is the Director of WealthUp, an independent advice practice based in Cape Town, South Africa, that oversees the U.S.
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Kamila is the CEO and Founder of Collective Wealth Partners, an independent RIA based in Atlanta, Georgia, that oversees nearly $25 million in assets under management for almost 175 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.
Brad is the Co-Founder & CEO of Intellicents, an independent RIA with 12 offices across the country and headquartered in Albert Lea, Minnesota, that oversees $6 billion in assets under management for more than 3,000 client households.
Liz is the co-owner of Pleasant Wealth, a hybrid advisory firm based in Canton, Ohio that oversees $146 million in assets under management for 522 client households.
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