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This month's edition kicks off with the news that Holistiplan has announced the rollout of a new estate plan document extraction tool to stand alongside its highly popular tax return scanning tool – which highlights how advances in AI technology have allowed tools like Holistiplan to go beyond tax returns and scan nearly any kind of document (..)
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).
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.
And while Black Diamond has cut a deal with Morningstar to be the 'default' option for Office advisors to move to, a host of other portfolio management platforms are offering their own incentives as well, leaving Morningstar Office advisors with an opportunity to evaluate a large and crowded landscape of options to find the platform that will work (..)
With this in mind, opening meetings with "vision" questions that activate the PEA state – rather than "numbers-based" questions that encourage clients to focus on their current situation – can help clients create an emotional bridge between financial goals and personal fulfillment.
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 (..)
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.
This month's edition kicks off with the news that custodial platform Altruist is eliminating the $1 per account monthly fee for its portfolio management and reporting technology for advisors on its platform, which on the one hand suggests that the economies of scale Altruist has achieved in the wake of its move to become a fully self-clearing custodian (..)
What's unique about Eric, though, is how he leverages a custom-built financial planning assessment he calls their Financial Prosperity Index, which he gives to both prospective and ongoing current clients so that they can better understand their financial health, target the financial planning domains where clients need the most help, and even more (..)
because the most enthusiastic testimonials related to clients feeling like their adviser was delivering a personalized plan, advisers who address client concerns directly and make them feel a part of the process could generate more positive reviews). Next , by taking a proactive approach to reinforcing where they add value (e.g.,
From there, the latest highlights also feature a number of other interesting advisor technology announcements, including: Orion’s Redtail launches “Redtail Campaigns” in partnership with Snappy Kraken to facilitate CRM-based drip marketing emails.
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.
In this episode, we talk in-depth about Troy's approach to marketing, from how his firm has built a strong prospect pipeline in part by taking educational topics he covered in his seminars and turning them into YouTube videos aimed at his firm's target client of pre-retirees and retirees, why Troy typically does not issue immediate calls to action (..)
Especially given that NewRetirement has already managed to get some sizable 401(k) providers and recordkeepers to offer the software on a paid basis to their own plan participants … which means NewRetirement is effectively getting paid to market its own advice services (a marketing funnel that pays for itself!?).
This can emerge as procrastination, overanalysis, or becoming occupied with any number of tasks that they feel are necessary to complete first (such as ensuring every minute detail has been thoroughly examined and vetted) before taking any steps toward executing the actual idea being considered.
Over time, advisors shifted toward more analytical approaches, such as investment management and retirement planning. Today, the industry has evolved further, with a growing emphasis on aligning financial decisions with clients' personal priorities and life goals.
In this episode, we talk in-depth about how, despite some false starts and initially problematic underpricing, Sarah-Catherine intentionally built her financial planning fee to transparently communicate her value and the work she does as a financial advisor while also pricing within a range for her originally accidental (but now fully embraced) niche (..)
In this episode, we discuss how Grier helps advisors navigate the complex world of leaving protocol vs. non-protocol firms and how transitions change depending on whether the advisor has a non-solicit agreement or not, how Grier advises advisors when communicating and setting expectations with clients through the process to help them retain as many (..)
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.
Like any other data point that an advicer may collect, there are stories behind the numbers, and the true power of a risk assessment is in its ability to help an advicer begin a conversation that encourages clients to share their stories.
Create a solid businessplan for your side hustle If you’re in the process of starting a side hustle and do not have a businessplan, you need to create one now. A businessplan is essentially your roadmap for your side hustle to achieve your goals for a small business.
Plus, we have some fantastic side hustle business ideas for you too! Create a good businessplan for your side hustle If you’re in the process of starting a side hustle and do not have a businessplan, you need to create one now. You can’t achieve success without a plan! Where is your competition located?
Of course, you should always communicate with your clients about their expectations to be sure you deliver your work on time. I find 3 to be the magic number when offering package variations on your services. These programs help communicate with clients, organize your tasks and more. Work where you want. Offer different prices.
What if financial planning wasn’t given away like a pawn just to “close the deal?” A growing number of financial planners are operating their practices from a position that, to a higher extent than ever before, puts the client at the center and not only pushes the products aside but eliminates them from the offering.
They have a number of businesses that they’ve taken over through the debt side of the equation. 15 businesses with over 90,000 employees. Really just a fascinating person who has seen the distressed debt business from day one. I have worked at Booz Allen and Hamilton, I’m a strategic planning guy.
RAMPULLA: I went to Drexel part time while I was at Vanguard, did that commute down to Philadelphia from the suburbs, you know, three times a week for a number of years. I was employee number one in London. And it was just really fun to build that business. Just go with your businessplan.” RAMPULLA: Yeah.
What is that businessplan look like? But you can still get to that level of institutional scale as a smaller manager if you if you make it a priority and you’re thoughtful around how that looks both day one and what your communication looks like for what it should be over time. First, focus on putting up the numbers.
When we go back and look at the team that we had assembled in the early 2000s in the Goldman Sachs distressed trading desk, an extraordinary number of those folks went on to become partners and founders of very successful multi-billion dollar asset management firms. WAGNER: You know there are a number of things that occurred.
Here, we offer a number of case studies and examples of situations where we worked with our family clients to enact a planning strategy that offered specific tangible benefits to both the parents and children. With a well-vetted businessplan, she came to us for guidance on how to proceed.
Here, we offer a number of case studies and examples of situations where we worked with our family clients to enact a planning strategy that offered specific tangible benefits to both the parents and children. With a well-vetted businessplan, she came to us for guidance on how to proceed.
What's unique about Emily, though, is how her firm ensures every client can be served profitably through a combination of a complexity-based minimum fee arrangement, coupled with a structured data gathering, plan delivery, and client communication processes that encourage client accountability and follow-through on action items recommended by their (..)
What's unique about Stacey, though, is how she has implemented a leadership training program for Morton Wealth to ensure that the firm's middle managers (many of whom were promoted from "do-er" positions into roles where they have to now manage other do-ers) feel empowered and have the communication and management skills to effectively lead a growing (..)
We also talk about how Erika's firm divides its clients into 3 segments (private wealth clients, e-wealth clients, and foundational clients) based on their investible assets as well as the complexity of their planning needs, how Erika's firm uses a data-centric approach to setting fees, first determining the cost of serving each client segment (including (..)
And I’m like, dad, I found I need 25 grand to get going and my dad said send me a businessplan. I went to business school RITHOLTZ: He just wanted you to go through the exercise. LINDZON: No, so obviously, I did the businessplan, I’m kidding. Uh, Fred said to give me your number.”
But still he’s communicating how wrong everybody else is and how right he’s been and why you should be pretty constructive about the state of both employment and credit and the stock market he has. But in fact, it is still the case that if you think about it, well hotel costs are important for a number of different reasons.
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