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.
A 3-Step Sales Process To Clearly Demonstrate Financial Planning Value To Prospects
Nerd's Eye View
NOVEMBER 25, 2024
To start, Taylor refined his ideal client profile to focus on those he could best serve: diligent savers over age 50 with a retirement nest egg between $2M and $10M. These clients, typically in or near retirement, face key challenges like reducing taxes, managing investment risk, and maximizing income.
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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
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."). These situations often narrow the focus of the prospecting conversation, giving the advisor a clear opportunity to affirm their value (e.g., "I
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Inspired Discovery: Asking Vision Questions To Focus On Clients’ “Ideal Self”
Nerd's Eye View
APRIL 9, 2025
For instance, rather than starting a conversation by asking, "How much do you need for retirement?" which focuses a client on numbers and the possibility that they might not have saved enough), an advisor might instead ask, "What does an ideal retirement look like for you?"
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DoL’s Retirement Security Rule & PTE 2020-02 Amendment: What Advisers Need to Know Now About Giving Rollover Advice After Sept 23, 2024
Nerd's Eye View
MAY 15, 2024
On April 25, 2024, the Department of Labor (DoL) issued the final version of its Retirement Security Rule (the "Final Rule"), which imposes an ERISA fiduciary standard "that applies uniformly to all investments that retirement investors may make with respect to their retirement accounts ".
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Implementing Retirement Income Guardrails To Facilitate (The Right) Spending Raises And Spending Cuts
Nerd's Eye View
JANUARY 4, 2023
Financial advisors have a wide range of strategies at their disposal to create financial plans for their clients. And when it comes to retirement planning, one popular technique is the use of ‘guardrails’, which set an initial monthly withdrawal rate that can be later adjusted as the size of the client’s portfolio changes.
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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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Gathering Feedback That Counts: Crafting Client Surveys To Offer Services That Matter Most
Nerd's Eye View
MARCH 10, 2025
These services may range from 'standard' offerings like retirement planning to less traditional areas like credit card consulting. Financial advicers often market their comprehensive financial services as a way to differentiate themselves from other advisory firms and to stand out in the broader landscape of financial advice.
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#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
We also talk about how Travis built the onboarding and compensation plans for his own (contracted) student loan consultants to scale the business while incentivizing them to take on a greater volume of meetings (and still ensuring that they could give high-quality student loan advice), how Travis decided to diversify his business's income streams when (..)
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#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
In this episode, we talk in-depth about why Jennifer’s firm has taken an approach to grant equity rather than require buy-ins (and intends for every employee to either have equity, or at least a path to equity if they’re still new), how Jennifer’s firm sets individual performance targets for its client-facing wealth advisors to earn (..)
#FASuccess Ep 432: Crafting “Input Deliverables” That Show Financial Planning Value To Clients Without Creating Busy-Work, With Seth Scott
Nerd's Eye View
APRIL 8, 2025
We also talk about Seth's journey to financial planning as a career changer (after finding that previous jobs in urban planning and real estate either took too much time away from his family or weren't compatible with his values), how Seth's connection with a family friend eventually led him to assume the books of business of three retiring advisors (..)
#FASuccess Ep 421: Integrating Tax Preparation Without Hiring In-House CPAs To Bring More Tax-Focused Value, With Daniel Friedman
Nerd's Eye View
JANUARY 21, 2025
We also talk about how Daniel has used a subscription-based model for financial planning fees for 30 years (now setting the monthly subscription fee based on each client's unique needs, including the complexity of their tax situation), why Daniel finds that the vast majority of clients also decide to have his firm manage their assets (paying a separate (..)
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The Growing Appeal of Semi-Retirement
Darrow Wealth Management
APRIL 15, 2024
It goes by many different names: semi-retirement, partial or phased retirement, second career, and so on. But typically, it means the same thing: working in some capacity after retiring early. As more workers consider the growing appeal of semi-retirement, some ask — is working part-time in retirement a good idea?
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#FASuccess Ep 407: Building Retirement Portfolios With A Liability-Driven-Investing Approach To Manage Sequence Of Return Risk, With Mark Asaro
Nerd's Eye View
OCTOBER 15, 2024
What's unique about Mark, though, is how he uses a liability-driven-investing approach to build retirement portfolios and manage sequence of return risk, with a particular focus on using closed end bond funds to generate income needed to cover his client's expenses during the early (and most financially dangerous) years of retirement.
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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.
Weekend Reading For Financial Planners (Sept 3-4)
Nerd's Eye View
SEPTEMBER 2, 2022
We also have a number of articles on retirement planning: New research suggests that while the average senior will amass hundreds of thousands of dollars in health care expenses in retirement, the net cost they have to pay is not nearly as high.
Weekend Reading For Financial Planners (Dec 17-18)
Nerd's Eye View
DECEMBER 16, 2022
We also have a number of articles on retirement planning: While weak stock and bond market performance has challenged advisors and their clients this year, these trends have likely increased the ‘safe’ withdrawal rate for new retirees.
Quantifying (More Accurately) The Real Impact Of A Financial Advisor’s Costs On Their Clients’ Nest Eggs
Nerd's Eye View
OCTOBER 23, 2024
AUM detractors like Sethi often present a calculation that compares the performance of 2 identical portfolios – one managed by an advisor who charges a 1% AUM fee for 20+ years, and one without an advisor – illustrating how the fee can significantly erode the cumulative value of their portfolio by the time they reach retirement.
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The Latest In Financial #AdvisorTech (June 2023)
Nerd's Eye View
JUNE 5, 2023
From there, the latest highlights also feature a number of other interesting advisor technology announcements, including: InvestCloud, a TAMP and all-in-one advisory technology platform which has undergone rapid growth in recent years through the acquisition of numerous disparate technology tools in order to compete with its more-established competitor (..)
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#FA Success Ep 297: From $0 To $70M In 2 Years By Leveraging Facebook Groups To Share Authentic Expertise, With Andy Panko
Nerd's Eye View
SEPTEMBER 6, 2022
Andy is the owner of Tenon Financial, a virtual independent RIA that oversees $70 million in assets under management for 43 retired client households. Welcome back to the 297th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Andy Panko.
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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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#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
In this episode, we talk in-depth about the best practices David recommends to firms to start preparing in advance for an internal succession (including creating defined career tracks and compensation structures as well as getting the firm’s business metrics in order and receiving a third-party valuation), how David advocates for breaking up (..)
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Weekend Reading For Financial Planners (Nov 12-13)
Nerd's Eye View
NOVEMBER 11, 2022
We also have a number of articles on retirement planning: How the recent increase in interest rates has made TIPS a more viable option to increase a retired client’s safe withdrawal rate. The most effective question advisors can use to end initial prospect meetings.
Weekend Reading For Financial Planners (Jan 7-8)
Nerd's Eye View
JANUARY 6, 2023
How planning specializations can help firms and their advisors stand out from the pack. From there, we have several articles on retirement planning: Why an individual’s portfolio of relationships could be just as important as their investment portfolio when it comes to happiness in retirement.
#FA Success Ep 383: Leveraging YouTube Videos To Organically Grow 9X To $750M In Just 5 Years, With Troy Sharpe
Nerd's Eye View
APRIL 30, 2024
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 (..)
Weekend Reading For Financial Planners (Dec 10-11)
Nerd's Eye View
DECEMBER 9, 2022
Also in industry news this week: A recent survey indicates that retirement plan sponsors currently using financial advisors to support their plan are overwhelmingly satisfied with the service they receive, which also leads to improved retirement savings for their employees.
The Latest In Financial #AdvisorTech (May 2023)
Nerd's Eye View
MAY 1, 2023
Rowe Price has acquired Retiree Income, the parent company of popular retirement income planning software SSAnalyzer and Income Solver, to put its resources behind developing and distributing the company’s planning tools (albeit perhaps more to its retail and employee retirement plan clients than to advisors?).
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The Latest In Financial #AdvisorTech (January 2024)
Nerd's Eye View
JANUARY 1, 2024
This month's edition kicks off with the news that held-away asset management platform Pontera has raised $60 million in venture capital funding as advisors increasingly seek to directly manage clients' 401(k) and other outside assets – although an ongoing investigation by Washington state regulators over whether advisors' use of Pontera violates (..)
#FASuccess Ep 397: Powering Growth To $1.2B Of AUM With An Intentional Focus On (Local) Acquisitions Of Retiring Advisors, With Jaime Benedetti
Nerd's Eye View
AUGUST 6, 2024
What's unique about Jaime, though, is how his firm has grown to more than $1 billion in AUM over the past 20 years in part by making a series of 6 acquisitions, typically buying mixed fee-and-commission practices from retiring advisors in his local area and converting them into ongoing recurring revenue financial planning clientele.
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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
From there, the latest highlights also feature a number of other interesting advisor technology announcements, including: VRGL has announced a new venture capital funding round to continue building out its capabilities to extract data from prospects' investment statements and automatically generate investment proposals – which while having proven (..)
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Why “Deferred Sales Trusts” Can Be A Risky Way To Defer Taxes On A Business Sale
Nerd's Eye View
MAY 29, 2024
Small business owners often treat their businesses not only as their source of income during their working years, but also as an asset that can be sold to fund their retirement. One way to reduce the tax impact of selling a small business is by using an installment sale. Under IRC Sec.
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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
In this episode, we talk in-depth about how, to realize their vision for the future of a commission-based firm their father originally built, Liz and her brother have gone through the messy multi-year process of refocusing to a niche and rightsizing their client loads, how Liz and her brother realized in the process of buying into the firm that they (..)
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#FA Success Ep 317: From Individual To Partnership: Managing The Merger Transition From Solo Practices, With Jennifer Climo
Nerd's Eye View
JANUARY 24, 2023
In this episode, we talk in-depth about how, after the sudden passing of a successor for a close friend and solo advisor that she met through a local study group of NAPFA advisors, Jennifer decided to merge their practices so that she could not only help her advisor friend and the clients she served, but create a positive opportunity for Jennifer’s (..)
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#FA Success Ep 301: Guiding Clients To Design Their Rich Life With A Focus On Spending Dials Not Goals, With Ramit Sethi
Nerd's Eye View
OCTOBER 4, 2022
What's unique about Ramit, though, is how he literally wrote the book (and subsequently launched an online educational platform and brand) on how consumers can not just learn more about their finances but change their financial behaviors, without focusing on a budget or setting retirement savings goals, and instead helping them focus their money more (..)
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Weekend Reading For Financial Planners (Dec 24-25)
Nerd's Eye View
DECEMBER 23, 2022
”, a series of measures that will have significant impacts on the world of retirement planning. Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that Congress appears poised to pass “SECURE Act 2.0”,
Weekend Reading For Financial Planners (Dec 31-Jan 1)
Nerd's Eye View
DECEMBER 30, 2022
” has brought a wide range of changes to the world of retirement planning. Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that the passage of “SECURE Act 2.0”
Weekend Reading For Financial Planners (Nov 19-20)
Nerd's Eye View
NOVEMBER 18, 2022
From there, we have several articles on tax planning: How advisors can add value for their clients by managing their exposure to mutual fund capital gains distributions. A new research study suggests that delaying taxes in retirement is often not the optimal course of action.
5 Financial Tips All Business Owners Should Know
MazumaBusinessAccounting
JULY 15, 2021
Plan for Current Business Needs. First, let’s talk about the importance of a business plan. How does an idea develop into a fully functioning business? It takes vision, work, and a good plan. For entrepreneurs, we call this map a business plan. Creating a marketing plan.
#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
In this episode, we talk in-depth about Chris's efficient planning process, including how he works through clients' financial plans collaboratively during their annual meetings and sends them a final copy afterward (instead of conducting a lot of time-intensive plan preparation in advance), how Chris used to do in-depth cash flow analyses with his (..)
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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
At a high level, the challenge of serving next-generation clients is that, although they may not be able to afford higher fees, their financial needs are just as complex – if not more so – than those of retired clients. robo-managed portfolios) at a lower fee.
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The Latest In Financial #AdvisorTech (May 2024)
Nerd's Eye View
MAY 6, 2024
This month's edition kicks off with the news that self-directed retirement planning software provider NewRetirement has raised a $20M Series A round as the company demonstrates that its DIY tools really do turn a subset of consumers into bona fide prospects for financial advisors.
The Growing Appeal of Semi-Retirement
Darrow Wealth Management
APRIL 15, 2024
It goes by many different names: semi-retirement, partial or phased retirement, second career, and so on. But typically, it means the same thing: working in some capacity after retiring early. As more workers consider the growing appeal of semi-retirement, some ask — is working part-time in retirement a good idea?
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When Does A Financial Coach Need To Register As An Investment Adviser? The “ABCS” Test To Determine Status
Nerd's Eye View
DECEMBER 6, 2023
Notably, while many financial coaches satisfy the majority of these requirements – they are in the business of offering advice to clients and are compensated as such – they often steer clear of making specific securities recommendations, focusing instead on areas like budgeting, debt management, savings, and retirement planning.
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Increasing Financial Planning Efficiency With A Systematized Annual Process
Nerd's Eye View
NOVEMBER 21, 2022
This approach allows advisors to focus more deeply on each topic they discuss with clients and, because of the systematic nature of the schedule, can also save time while improving both efficiency and efficacy.
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