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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.
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.
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 financialplans).
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 financialplanning services to prospects and clients more effectively.
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.
What's unique about Eric, though, is how he leverages a custom-built financialplanning 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 financialplanning domains where clients need the most help, and even more (..)
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.
What's unique about Brad, though, is how he built a multi-billion-dollar advisory firm not by moving 'upmarket' to gather multi-millionaire clients, but instead leveraged his 401(k) retirement plan advisory firm to begin offering comprehensive financialplanning to the employees of large companies as an added employee benefit, and in the process scaled (..)
What's unique about Louis, though, is how he and his partner (in anticipation of a shift in the financial advisory industry to more automated client services nearly 10 years ago) developed a robo-advice technology prototype to help clients have their investments managed at a very low cost… which then struggled to gain traction with consumers, (..)
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).
What's unique about Anjali, though, is how she has tripled her annual revenue from $250,000 to $750,000 during the past 6 years, while only adding a net of 10 client households (going from 35 to 45 clients in total), by hyperfocusing into her niches of physicians with complex tax needs and small business owners with $5M–$20M of revenue, offering (..)
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.
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).
In this episode, we talk in-depth about how, as Emily progressed in her career from working on 401(k) plans to focusing on financialplanning, she faced challenges and eventual burnout while building a successful financialplanning offering in a firm that was still primarily focused on 401(k) plans first and foremost and didn’t want to allocate (..)
Welcome back to the 336th episode of the Financial Advisor Success Podcast ! 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
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 My guest on today's podcast is Tim Wyman. billion in assets under management for 1,000 client households.
Advisors who have implemented a Surge meeting approach have cited a range of benefits from doing so, including boosted productivity, a more systematic client experience, increased efficiency of client reviews and onboarding, and an overall smoother financialplanning process for advisors and clients.
This month's edition kicks off with the news that financialplanning software platform RightCapital has launched a workflow management tool called RightFlows to help advisors manage and assign steps in the financialplanning process to team members and clients – which on the one hand capitalizes on advisor demand for workflow solutions tailored (..)
Read the analysis about these announcements in this month's column, and a discussion of more trends in advisor technology, including: RightCapital launches a new ‘Blueprint’ feature to create an Asset-Map-style visualization of the client’s financial household.
In this post, Kitces.com Senior FinancialPlanning Nerd Ben Henry-Moreland writes about how he went from being hesitant to offer tax preparation at his solo RIA (given how common it is for tax preparers to work long hours throughout tax season) to embracing it as a core part of the business’ service offering.
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.
Welcome to the 356th episode of the Financial Advisor Success Podcast ! 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.
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.
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. Questions such as "What is different from the last time we met?"
What's unique about Bridget, though, is how, as a solo advisor, she found herself overwhelmed with the pressures of having to manage different aspects of her business while also providing great service to her clients as she quickly grew to $77M of AUM in 7 years, and has decided to not to "scale" her firm by hiring more advisors but instead leverage (..)
Using this approach , the advicer can highlight one of the real values in a true financialplanning relationship and start to set expectations around the working relationship as a whole. Read More.
Welcome to the March 2023 issue of the Latest News in Financial #AdvisorTech – where we look at the big news, announcements, and underlying trends and developments that are emerging in the world of technology solutions for financial advisors!
In this episode, we talk in-depth about how, after years of working in an environment where she saw first-hand how ultra-high-net-worth clients keep and grow their wealth (and the lack of diversity among those clients), Kamila decided to build a practice that focused on providing holistic financialplanning to communities of color with emerging wealth, (..)
We also discuss why Jake and his team not only create long-term financialplans for their clients, but also focus on a 10-year vision to help his younger, travel-loving clientele start achieving more of their immediate goals so they're more likely to retain as clients by feeling like they're making near-term financialplanning progress.
From gradually raising the RMD age to 75 to expanding opportunities to make Roth-style contributions, to increasing the annual limit for Qualified Charitable Distributions, this legislation will likely impact nearly all financialplanning clients!
What's unique about Andrew, though, is how he, as a financial advisor with autism, has built a firm with a specialized niche of autistic and other neurodivergent clients, helping them navigate their unique and complex financialplanning challenges.
While focusing on promoting the industry more positively may be a helpful (and much-needed) shift, individual advisors and firms can also work collectively to sell financialplanning by promoting the value of their firms as a whole and not just by showcasing the talent of individual advisors.
What's unique about Shari, though, is how after a life-changing experience she went through in trying to get clear in articulating her own most important values, she created a 5-step “Maximize the Return on Life” framework to use with her clients, and then created what she calls her “CFO Family Checklist” as a form of living (..)
What's unique about Liz, though, is how she and her brother have taken ownership of what was originally their father’s broad commission-based practice with more than 1,500 clients, and have managed the balance of transitioning the business into a fee-based financialplanning practice while still doing right by the smaller or more transactional (..)
We also talk about how, after listening to industry podcasts on his commute while working in the traditional corporate finance world, Andy’s eyes were opened to the possibilities of financialplanning which led him to pursuing his CFP marks (along with some other designations) before he ever quit his old job to launch his new firm (to ensure (..)
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 (..)
Jim is the Co-Founder and CEO of Dew Wealth Management, an independent RIA based in Scottsdale, AZ, that provides virtual-family-office-style financialplanning on a monthly retainer basis for 150 small-business owner entrepreneurs. My guest on today's podcast is Jim Dew.
What's unique about Brett, though, is how he has leveraged his passion for teaching to build one of the most popular CFP exam prep programs in the country, while also growing his own RIA to $2 billion in AUM… by focusing on just his unique financialplanning strengths, and learning to delegate the rest by hiring a President, Chief Operating Officer, (..)
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.
Historically, the career path for newer financial advisors has followed a commission-based model that was focused on sales and business development first and learning the technical aspects of financialplanning along the way.
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