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From there, the latest highlights also feature a number of other interesting advisor technology announcements, including: Advisor sales enablement platform Nitrogen has announced its own feature for extracting information from prospects' investment statements that can be automatically fed into Nitrogen's analysis and proposal generation tools, which (..)
Advisors may also want to consider a contractor's communication style and marketing philosophy to assess compatibility with the firm's values. However, more complex needs, such as strategy and brand development, may benefit from someone with industry expertise to ensure deeper understanding with fewer revisions required.
It serves as an introductory conversation with COIs who may be a valuable resource, with the primary goal of exploring values, communication styles, ideal client profile, and experience working with other professionals. The first meeting is focused on building rapport and conducting an initial assessment.
And even more importantly, higher business costs as a rationale for raising fees is bound to ring hollow with clients since they are likely to care much less about the advisory firm’s expenses than about the fact that they will be paying a higher fee going forward, 'just' to receive the same level of service they were already getting.
He explains how they identified which clients were no longer profitable, developed an alternative service model to offer these clients, mentally prepared for the transition, and effectively communicated the changes. staff time, technology, and custodial fees) and indirect costs (e.g., rent, marketing, and training).
In this episode, we talk in-depth about how Paul works with advisors to produce short books that can be read in 1 to 2 hours (which increases the chances that it will actually be finished), why Paul recommends advisors self-publish their books on Amazon (both because of its lower price point than using a traditional publishing firm, and because of (..)
Advisor-focused AI meeting note solution Jump has completed a $20 million funding round, which reinforces its status as the emerging market leader in the crowded AI meeting note category – a status that may only increase from here if AI meeting notes, like most established AdvisorTech categories, evolves into a "winner-take-all" market where (..)
Additionally, those promoting change can be very clear about what the process will entail and how it will be implemented (with the caveat that the plan needs to be flexible to allow for change as conditions evolve). In this model, the groundwork for change is first established by assessing the situation (e.g.,
In this episode, we talk in-depth about how Vanessa engages in a multi-meeting discovery process with clients (to first understand where they stand today with regard to estate planning and intra-family communication, and then to dig deeper into what the client wants to achieve through their legacy), how Vanessa has clients consider their family values (..)
We have provided an onboarding plan template for advisors to download, which breaks up the skills list into two primary categories: 1) client communication skills (e.g., meetings, email communication, and phone calls), and 2) technical skills (e.g., building an initial financial plan). Read More.
This month's edition kicks off with the news that 'startup' custodian Altruist has completed a $169 million fundraising round as it continues to rebuild the RIA custodial tech stack layer-by-layer while positioning itself as the biggest RIA custodian built from scratch and solely for advisors – which, while making it the clear #3 custodian behind (..)
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., annual meeting) and an "on demand" basis. Other benefits also manifested from tracking the firm's progress as processes and standards were gradually refined.
However, when these aspirations are delayed or blocked by senior advisory firm partners who choose to delay their retirement plans, it can leave younger advisors frustrated and in a place of uncertainty about their futures with their firm.
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.
FMG Suite has acquired compliant texting solution MyRepChat to integrate into its full-service tech stack, underscoring the potential of text-based communication as a marketing tool – but also highlighting advisors' challenges with integrating texting into their marketing and client communications workflows, as well as the fine line between texting (..)
And be certain to listen to the end, where Eric shares why, even though his firm added 60 new clients last year, Eric has his sights on acquiring at least 100 new clients per year going forward so that he can grow and scale his firm even faster because he wants to help even more people, how Eric historically struggled to celebrate his wins because (..)
Financial advisors often engage with a variety of prospects, each with unique needs and motivations. Some prospects approach an advisor with an immediate 'problem to be solved', such as a fast-approaching retirement date. I help clients in retirement by doing X, Y, and Z.").
Despite its growing popularity, though, financial planning remains a relatively mysterious concept for many people who don’t understand how financial advisors actually provide value. 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.
However, by creating a systematic annual process to monitor and update client plans based on seasons, not only can advisors save time and work more efficiently, but they can also communicate the value of ongoing financial planning services to prospects and clients more effectively.
The core question in the prospecting process is often one of mutual fit – balancing personality compatibility with the advisor's value proposition versus the problem to be solved.
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.
And by communicating with honesty, clarity, and empathy, advisors can help mitigate any of the prospect’s disheartened feelings of rejection while still providing valuable guidance on what they can do on their own and who can help them, letting the prospect go with their dignity intact.
Some advisors, though, may choose not to continue growing the business further, and this choice will inevitably involve the challenging task of saying “no” to future growth opportunities.
It's natural for advisors to begin discovery meetings by asking questions about a client's current financial situation – understanding cash flow, debt, investments, risk tolerance, or even the burning tax concern that brought them to the advisor's door in the first place is crucial for financial planning.
And even though most advisors would agree that the road to success involves many years of hard work and sacrifice, each advisor’s path to ultimate success can consist of massively different experiences.
Which means the firm will need to provide records of holdings and transactions for each of its clients (which may require some training and practice for employees to be able to quickly pull the needed data from the firm's custodian), as well as archived client communications and any advertisements produced by the firm.
We also talk about how Troy's firm has hired a number of marketing professionals to improve the performance of its marketing campaigns, how Troy has also grown his advisor staff to meet the needs of the rapidly expanding client base, and adopted a 3-advisor pods approach to ensure clients have touchpoints with multiple advisors (and that advisors can (..)
Notably, while some businesses have achieved phenomenal success with little to no marketing efforts, is it realistic for financial advisors to anticipate success without promoting themselves, but by simply providing exceptional work for their clients?
Financial advisors are often responsible for working with a wide range of individuals, both among their client base and coworkers, who each have their own personality, beliefs, and style of communication.
Even though the updated marketing rule has enhanced advisers’ ability to leverage online reviews, some advisers might wonder whether clients will actually leave reviews (and, if, so, whether they will be positive).
a client service associate to handle various administrative and client communication tasks, or a paraplanner or associate advisor to work on more planning-centric issues such as building out drafts of financial plans).
In our 118th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss how advisory firm owners can manage the transition from a client-facing role into a firm leadership position and how they can come to terms with their new career identity in the process.
In this post, Kitces Senior Financial Planning Nerd Ben Henry-Moreland writes about the unique challenges created by virtual meetings and how advisors can optimize their meeting space (as well as the structure of the meetings themselves) as a virtual environment.
First, it establishes expectations for the prospect around the process of becoming a client (including the type of calls involved, the onboarding steps, and how long it takes) and the general communication style of the firm. Importantly, keeping this overview simple, high-level, and prospect-focused is crucial.
And while it is already challenging for firm owners to develop an advisory business that is both profitable and sustainable, it can be even more challenging to do so when the firm owner is not actively engaged in operating the firm.
In our 93rd episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards explain how the time and resources it takes to elevate an associate advisor can benefit a firm, and what the current generation of new advisors can do to be successful in their roles.
In our 93rd episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards explain how the time and resources it takes to elevate an associate advisor can benefit a firm, and what the current generation of new advisors can do to be successful in their roles.
Ezra Group launches a new “WealthTech Integration Score” for major AdvisorTech vendors to help advisors better assess which software has the most meaningful deep integrations.
These include the acknowledgment that the adviser has provided required disclosure documents like Forms ADV Part 2A/B and Form CRS (and, importantly, has obtained consent to have those documents delivered electronically), acknowledgment of the client’s responsibilities to provide complete and accurate information needed by the adviser in a timely (..)
These include the acknowledgment that the adviser has provided required disclosure documents like Forms ADV Part 2A/B and Form CRS (and, importantly, has obtained consent to have those documents delivered electronically), acknowledgment of the client’s responsibilities to provide complete and accurate information needed by the adviser in a timely (..)
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