Firms Not Offering Tax, Retirement Planning Are Getting it Wrong
Wealth Management
OCTOBER 4, 2023
Advisors are overdelivering services such as health care, estate and business planning, while falling short in the areas their clients most desire.
Myriad Launches Cybersecurity and Strategic Business Planning Solutions
Wealth Management
FEBRUARY 8, 2024
Myriad Advisor Solutions announces two initiatives to help clients navigate the digital landscape securely while optimizing their business legacies.
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A Recordkeeping Checklist For Financial Planning Services: Proactive Documentation Of Service Delivery To Reduce Regulatory Scrutiny
Nerd's Eye View
DECEMBER 18, 2024
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 financial planning services – necessary to justify the fees charged for those services.
A 3-Step Sales Process To Clearly Demonstrate Financial Planning Value To Prospects
Nerd's Eye View
NOVEMBER 25, 2024
Over the past decade, a growing number of advisors have expanded into offering comprehensive financial planning services, reflecting a shift that not only helps them stand out from (increasingly commoditized) portfolio management offerings but also supports clients' broader financial goals.
Increasing Financial Planning Efficiency With A Systematized Annual Process
Nerd's Eye View
NOVEMBER 21, 2022
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. Read More.
Holistiplan Launches Estate Plan Document Extraction Tool (And More Of The Latest In Financial #AdvisorTech – November 2024)
Nerd's Eye View
NOVEMBER 4, 2024
Welcome to the November 2024 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!
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#FASuccess Ep 412: 3X’ing The Business With No More Than 50 Great Clients By Hyperfocusing On Who You Can Add The Most Value For, With Anjali Jariwala
Nerd's Eye View
NOVEMBER 19, 2024
So, whether you're interested in learning about building a profitable hyperfocused practice, implementing a marketing approach that reaches a firm's ideal target client, or adding value for clients by offering advanced tax planning, then we hope you enjoy this episode of the Financial Advisor Success Podcast, with Anjali Jariwala.
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Are Financial Plans Getting Too Comprehensive: How The ‘Sledgehammer Of Value’ Isn’t Actually Paying Off
Nerd's Eye View
OCTOBER 23, 2023
Though, at some point, covering a large number of financial planning topics can eat into an advisor's time, which is problematic if clients won't pay substantially more to receive that more comprehensive advice.
Outsourcing (Parts Of) The Financial Plan Preparation Process To Boost Solo Advisor Capacity
Nerd's Eye View
SEPTEMBER 11, 2023
annual plan reviews) to their current clients, they will continue to prospect and onboard new clients as well. 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).
SECURE Act 2.0: Later RMDs, 529-to-Roth Rollovers, And Other Tax Planning Opportunities
Nerd's Eye View
DECEMBER 28, 2022
The Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in December 2019, brought a wide range of changes to the retirement planning landscape, from the death of the ‘stretch’ IRA to raising the age for Required Minimum Distributions (RMDs) to 72. In addition, SECURE 2.0 backdoor Roth conversions).
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SECURE Act 2.0: Later RMDs, 529-to-Roth-Rollovers, And Other Tax Planning Opportunities
Nerd's Eye View
DECEMBER 28, 2022
The Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in December 2019, brought a wide range of changes to the retirement planning landscape, from the death of the ‘stretch’ IRA to raising the age for Required Minimum Distributions (RMDs) to 72. In addition, SECURE 2.0 backdoor Roth conversions).
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Kitces & Carl Ep 119: Navigating Succession Plans When Founders Are Having Second Thoughts On Retirement
Nerd's Eye View
AUGUST 24, 2023
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.
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Kitces & Carl Ep 106: Sharing ‘Real’ Examples Of Your Work To Show The Value Of Financial Planning
Nerd's Eye View
FEBRUARY 23, 2023
The increasing popularity of financial planning 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.
#FASuccess Ep 389: Generating $5M In Hourly Planning Fees In The Blue Ocean Of Consumer Demand, With Mark Berg
Nerd's Eye View
JUNE 11, 2024
In this episode, we talk in-depth about how Mark created a structured process to serve clients under the hourly model, including segmenting client engagements into 5 "levels" based on the complexity of their needs to match them with the right advisor, how Mark's firm uses those levels to provide accurate quotes for how many hours it will take to meet (..)
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#FA Success Ep 295: Systematizing A Planning Process To Maximize The Return On Life For Clients, With Shari Greco Reiches
Nerd's Eye View
AUGUST 23, 2022
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 (..)
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#FA Success Ep 332: Transitioning From (A Father’s) Commissions-Based Practice To Fee-Based Planning As A G2 Advisor, With Liz Hand
Nerd's Eye View
MAY 9, 2023
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 financial planning practice while still doing right by the smaller or more transactional (..)
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#FA Success Ep 359: Building A Financial Planning Assessment To Show Clients Progress And Value Over Time, With Eric Miller
Nerd's Eye View
NOVEMBER 14, 2023
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 (..)
#FA Success Ep 362: Developing Associate Advisor Compensation Plans And Career Tracks To Scale Capacity Past $1.5B AUM, With Jeff Brown
Nerd's Eye View
DECEMBER 5, 2023
So, whether you're interested in learning about how to build associate advisor compensation plans and career tracks, how to leverage a multi-faceted marketing approach to generate client leads, or what it looks like to roll up into a larger RIA, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Jeff Brown.
Business Buy-Sell Agreements In The Wake of Connelly V. IRS: Ensuring Clients’ Business Succession Plans Don’t Create Future Estate Tax Issues
Nerd's Eye View
JULY 17, 2024
Buy-sell agreements are a common succession planning tool for business owners where, upon a triggering event like the death of one owner, the surviving owners have either the option or the contractual obligation to purchase the deceased owner's shares of the business.
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#FA Success Ep 295: Systematizing A Planning Process To Maximize The Return On Life For Clients, With Shari Greco Reiches
Nerd's Eye View
AUGUST 23, 2022
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 (..)
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#FA Success 291: Managing Fast Growth And Slow Growth Of A Planning-Centric Advice Firm, With Amy Irvine
Nerd's Eye View
JULY 26, 2022
Amy is the owner of Rooted Planning Group, an independent RIA based in Corning, New York that oversees $67 million in assets under management for 175 client households. Welcome back to the 291st episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Amy Irvine.
#FASuccess Ep 426: Rolling Out An Equity Compensation Plan To Align The Entire Team On Client Service And Profitable Growth, With Jennifer des Groseilliers
Nerd's Eye View
FEBRUARY 25, 2025
Jennifer is the CEO of The Mather Group, an RIA based in Chicago, Illinois, that oversees $15 billion in combined assets under management and advisement for approximately 4,400 client households.
#FASuccess Ep 409: Adding 1,400 New Clients In A Year As An Extension Of Doing (Profitable) Student Loan Consulting At Scale, With Travis Hornsby
Nerd's Eye View
OCTOBER 29, 2024
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).
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#FASuccess Ep 424: Executing A Successful Internal Succession Plan In The Private Equity Era Of Advisor M&A, With David Grau Jr.
Nerd's Eye View
FEBRUARY 11, 2025
Read More.
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#FA Success Ep 385: Unblocking Clients That Won’t Implement With A Journey Of Financial Health, With Danielle Howard
Nerd's Eye View
MAY 14, 2024
What's unique about Danielle, though, is how she has created a process she calls "Financial Fingerprints To Footprints ", where she helps clients who are struggling to implement their financial planning recommendations by working with them to unlock their money memories and help them understand how the financial lessons of their past may be creating (..)
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#FASuccess Ep 425: Implementing A Financial Planning Quality Control System To Improve Both Client Outcomes And Referrals, With Sebastian Guerra
Nerd's Eye View
FEBRUARY 18, 2025
Sebastian is the President of Guerra Wealth Advisors, a hybrid advisory firm based in Miami, Florida, with nearly $15M of revenue and almost 60 team members, supporting over 1,700 client households.
Succeed At Succession Planning: A 4-Step Playbook For Firm Ownership Transition
Nerd's Eye View
AUGUST 19, 2024
Which means that longer-term projects, such as creating a succession plan to have in place for the firm when the owner retires, may tend to get put on the back burner.
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Wealth.com Raises $30M To Provide Estate Documents To Advisors’ Clients (And More Of The Latest In Financial #AdvisorTech – October 2024)
Nerd's Eye View
OCTOBER 7, 2024
Welcome to the October 2024 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!
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7 Lessons Learned Launching A Sustainable Business Model To Serve (And Attract!) Profitable Millennials And Gen Z Clients
Nerd's Eye View
SEPTEMBER 16, 2024
For example, most Millennial and Gen Z clients can open their own investing account and buy index funds online with only minimal guidance from their advisor, so full-service investing might not offer enough value to a next-generation client to justify an ongoing planning fee.
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A 90-Day Onboarding Plan To Train Your New Superstar Client Service Associate (CSA)
Nerd's Eye View
OCTOBER 21, 2024
Much of this frustration can be avoided with a clear onboarding plan. A good onboarding plan can bring clarity to the advisor (or hiring manager) on how much time will need to be spent with the new hire, what order to present information in, and when an advisor can plan to 'let go' of and finally delegate different tasks to the CSA.
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Values, Purpose, Action: A 3-Part Approach To Establish A “Statement Of Financial Purpose” And Unlock Deeper, More Meaningful Planning Conversations With Clients
Nerd's Eye View
NOVEMBER 6, 2024
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.
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#FA Success Ep 356: Scaling To (Nearly) $2M Of Revenue As A Flat-Fee, Advice-Only Firm, With Sarah-Catherine Gutierrez
Nerd's Eye View
OCTOBER 24, 2023
Sarah-Catherine is the founder of Aptus Financial, a fee-only financial planning firm based in Little Rock, Arkansas, that is approaching $2M in revenue and works with over 480 client households. Welcome to the 356th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Sarah-Catherine Gutierrez.
3 Question Types To Go From (Just) Retained To Highly Engaged And Happier Clients
Nerd's Eye View
APRIL 17, 2024
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. – important goals. Questions such as "What is different from the last time we met?"
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Kitces & Carl Ep 99: What Does It Take For You To Find The Confidence To Take Action?
Nerd's Eye View
NOVEMBER 17, 2022
At the same time, though, over-analyzing strategies prior to implementing them can create a substantial gap between ideating a plan and actually putting it into motion. business goals! And sometimes, the fear of committing to an idea that might end in failure can be the real reason for the hesitation to implement in the first place.
From Unprofitable To $115M AUM: Reinventing A 2nd Generation Advisory Business By Finding The Right Niche
Nerd's Eye View
JULY 10, 2023
As owners of financial planning 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.
#FA Success Ep 368: Getting Real Social Media Marketing Results By Focusing On Your (Ideal) Client’s Desire To Learn, With Thomas Kopelman
Nerd's Eye View
JANUARY 16, 2024
Thomas is the co-founder of AllStreet Wealth, a financial planning 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.
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Five “Self-Persuasion” Questions To Connect With Prospects Who Say They’re Interested… But Aren’t Moving Forward
Nerd's Eye View
JANUARY 22, 2025
Instead, acknowledging their ambivalence as a natural part of the decision-making process can help create space for them to discover the value of financial planning on their own. One effective way to facilitate this self-discovery is through self-persuasion questions.
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Highlights From The 2023 T3 Advisor Conference
Nerd's Eye View
APRIL 10, 2023
Additionally, MoneyGuide rolled out a new "Plan Pulse" dashboard allowing advisory firms to look across all of their clients’ plans and identify those who have fallen behind. The resources that advisory firms invest in new technology can be wasted if employees don’t know how (or why) to use it. Read More.
How To Bring A Team Together For A (First-Time, In-Person) Retreat
Nerd's Eye View
MARCH 25, 2024
In this article, Kitces Managing Editor Sydney Squires shares how the fully virtual Kitces team constructs its biannual team retreats – and how other leaders of virtual teams can also plan and execute a retreat of their own. While a great deal of work is involved in the logistical planning of organizing a retreat (e.g.,
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The Latest In Financial #AdvisorTech (March 2023)
Nerd's Eye View
MARCH 6, 2023
Which at best will still be a substantial uphill battle, given the hassle of switching from one financial planning platform to another (and the fact that most advisors are generally satisfied with their current financial planning software in the first place!).
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#FASuccess Ep 401: One-On-One Advice Through Financial Wellness Programs To (Profitably) Expand The Reach Of Financial Planning, With Zack Hubbard
Nerd's Eye View
SEPTEMBER 3, 2024
Zack is the Director of Financial Planning and Participant Engagement of Greenspring Advisors, an RIA based in Towson, Maryland, that manages $2 billion of private wealth assets under management for 1,300 client households and advises on an additional $5 billion in retirement plan assets. My guest on today's podcast is Zack Hubbard.
#FASuccess Ep 391: Improving Efficiency (In A Solo Practice) By Eliminating What Clients Don’t Really Care About Anyway, With Christopher Jones
Nerd's Eye View
JUNE 25, 2024
What's unique about Chris, though, is how he has built a highly efficient solo practice that allows him to work fewer than 25 hours/ week to have more time for his family and managed to cut his hours down by relentlessly focusing on only the financial planning tasks that really truly matter most to his clients… and either outsourcing, or just (..)
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CEO Peer Groups: A Strategy For Financial Advisors To Build Trust With And Attract Business Owner Clients
Nerd's Eye View
SEPTEMBER 30, 2024
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. Ultimately, the key point is that for advisors who work with (or would like to work with!)
Quantifying (More Accurately) The Real Impact Of A Financial Advisor’s Costs On Their Clients’ Nest Eggs
Nerd's Eye View
OCTOBER 23, 2024
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).
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