This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
The necessity of fee increases entails a certain amount of pain for monthly-fee advisors since each conversation around raising fees creates the possibility of pushback from clients that could put a strain on the client-advisor relationship.
Financialadvisors who have established and successfully built up their advisory firms over several years can often go through many stages of firm development, requiring them to hire staff and additional advisors to manage their growing clientele.
client retention rates remaining robust, and at least a bit of client referral growth trickling in. Which is leading to healthy profit margins at the typical advisory firm, as more and more advisors eye the possibility that AI will produce even more business efficiencies (and stronger profitability) in the year to come.
In the early days of wealth management, a financialadvisor's value proposition was relatively explicit, typically focusing on a limited range of portfolio management activities (e.g., Even with the best intentions, this disconnect can ultimately damage an advisor's perceived value over time.
For financialadvisors, an ongoing client service model often means finding ways to keep clients engaged and progressing toward their goals outside of the 1 or 2 typical client review meetings each year.
As comprehensive financial planning has become more widely adopted, many financialadvisors have felt pressure to find new ways to differentiate themselves by demonstrating their unique value to clients.
Welcome back to the 359th episode of the FinancialAdvisor Success Podcast ! Eric is the Chief FinancialAdvisor and Co-Owner of Econologics FinancialAdvisors, an independent RIA based in Largo, Florida, that generates more than $4M of revenue while working with nearly 300 client households.
However, as the public’s understanding of AI has developed, the common consensus has largely shifted to the understanding that while processes may change, the expertise and human connection offered by specialists like financialadvisors will be hard to replace. ” – can guide ChatGPT toward more tailored results.
Most financialadvisors strive to provide excellent client care and prioritize a systematic process to maintain regular communication with their clients both on a scheduled (e.g., Suddenly, the question of, "What does it mean to provide the best care for clients at this firm as a team?"
For many financialadvisors, financial planning advice traditionally focuses on optimization: tax-efficient, continually rebalanced portfolios are often designed to maximize a client's wealth throughout retirement. Then, by assessing the bottom-line impact of reaching their goal on their financial plan (e.g.,
Almost every financial planning issue – whether it is retirement, investments, cash flow, insurance, or estate planning – has tax considerations, and advisors provide a great deal of value in helping clients minimize their overall tax burden.
For many years, the traditional career track for financialadvisors has been an 'eat what you kill' model – where advisors must independently find, convert, and manage their own clients. As such, it isn't uncommon for an advisor's first few years to be characterized by long hours, high rejection rates, and low pay.
For many financialadvisors, keeping an open line of communication with clients is a key component of building trust, understanding the client’s values, and developing a meaningful plan to help them reach their financial goals.
And at the same time, prospects are likely to feel vulnerable and equally nervous with their own set of concerns – how to present themselves to the advisor, what questions to ask, and how to explain their issues while still feeling competent. Read More.
When it comes to politically charged discussions, financialadvisors generally try to stay neutral and focus on providing clients with objective financial advice. This can make it increasingly difficult for the advisor to work with these clients.
Welcome to the 417th episode of the FinancialAdvisor Success Podcast ! Paul is the CEO of More Clients More Fun, a marketing company that helps financialadvisors conceptualize and publish their own book in a consolidated 6-week process. Welcome everyone! My guest on today's podcast is Paul G McManus.
Also in industry news this week: The Federal Trade Commission released a final rule that would ban most non-compete agreements, which could lead to an increasing number of non-solicit agreements (and, potentially, lawsuits regarding their enforcement) between financial planning firms and their advisors The Securities and Exchange Commission issued (..)
Niching offers several advantages, allowing advisors to be more specific in their marketing, more targeted in their prospecting calls, and more efficient in their processes (since clients within a similar niche are likely to have similar problems, especially in niches of profession).
Establishing successful client relationships as a financialadvisor 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 back to the 346th episode of the FinancialAdvisor Success Podcast ! Jim is the founder of MainStreet Financial Planning, an hourly, fee-only financial planning firm, and also created Procrastination Junction, a coaching program for fee-only financialadvisors looking to improve their sales skills.
In initial discovery meetings, financialadvisors face the challenge of eliciting specific goals from new clients – a crucial step for crafting a comprehensive financial plan.
Each week in Weekend Reading For Financial Planners, we seek to bring you synopses and commentaries on 12 articles covering news for financialadvisors including topics covering technical planning, practice management, advisor marketing, career development, and more.
Nonetheless, Kitces Research suggests that when it comes to financialadvisors, those with sufficient experience can often have both, with thriving advisors earning more and working fewer hours!
Advisors occasionally encounter situations where their recommendations conflict with a prospect’s or a client’s opinions or beliefs. In some cases, it is clear to advisors that it would be inappropriate to try to persuade a client to go against their values.
Many clients seek financialadvisors for their expertise and their abilities to guide them through financial decisions. However, for some clients, the ambiguity that inevitably arises from uncertain outcomes can be very distressing, especially when it comes to investments during volatile times.
Prospective clients often approach a financialadvisor because they have a problem. Perhaps they are approaching retirement and do not know whether their current path is financially sustainable, or maybe they have a complicated equity compensation problem to sort through.
In any business profession, establishing credibility and trust are important to attracting clients and building a reputation amongst colleagues. Traditionally, business attire for financialadvisors meant wearing the typical suit and tie in all instances of client-facing activities. Read More.
Despite its growing popularity, though, financial planning remains a relatively mysterious concept for many people who don’t understand how financialadvisors actually provide value.
Many financialadvisors have found that serving a client niche not only helps them run a more efficient firm (as they work with clients facing similar planning issues), but also attracts more new clients (as they are able to offer a unique value proposition for clients within the niche).
While advancing a career in any industry can be challenging, the lack of formal career development programs offered in the workplace for associate advisors can make it particularly difficult for them to gain the experience they need to become lead financialadvisors. working with clients directly) and observation (e.g.,
The study also identified attributes of "top performing" firms across a range of metrics, finding that they are more likely than other firms to have a clear ideal client persona, client value proposition, and marketing plan.
Working as a financialadvisor can be both financially rewarding and emotionally satisfying. By helping clients develop financial goals, creating a financial plan, and supporting the implementation and monitoring of the plan, advisors help clients live their best lives.
Financialadvisors create value for clients not only by giving good advice, but also by ensuring that the advice they give is actually implemented. In this guest post, Derek Hagen, financial behavior expert and founder of financial therapy and life planning firm Money Health Solutions, explains why change (e.g.,
A cornerstone service that many financialadvisors provide is education. This puts advisors in a challenging situation to re-educate or redirect the client without becoming combative or condescending.
Also in industry news this week: A CFP Board study indicates that financial planners with the certification earn 10% more than other advisors and show very high levels of career satisfaction A Morningstar study has identified 4 main areas where investors find value from their financialadvisors, which might not match an advisor's own list of top ways (..)
Also in industry news this week: A recent survey indicates that about 98% of clients are at least somewhat satisfied with their financialadvisor and that an advisor’s ability to provide peace of mind when it comes to finances is a key driver of this satisfaction A study indicates that advisors can potentially boost client referrals by using (..)
Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news of a survey indicating that about 90% of financialadvisors would switch firms based on bad technology at their current firm, and that 44% have already done so. Read More.
Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that a recent benchmarking study suggests that a number of RIAs are looking to move 'upmarket' and work with wealthier clients by expanding their service menu to include family office services, investment banking, and/or trust (..)
For many next-gen financialadvisors who start with or move their careers to an established firm, eventually earning an equity stake in that firm can be an exciting prospect and is often a major career goal that many advisors aspire to achieve.
Working as a financialadvisor can be both financially rewarding and emotionally satisfying. By helping clients develop financial goals, creating a financial plan, and supporting the implementation and monitoring of the plan, advisors help clients live their best lives.
Communicating ongoing value to clients and prospects can be a challenge for financialadvisors. Although there are many ways to articulate how an advisor can create value for a client, there is no guarantee that any one particular method will resonate with every potential client.
Welcome back to the 349th episode of the FinancialAdvisor Success Podcast ! Olivia is the Founder of Lexicon Advisor Marketing, a virtual outsourced digital marketing company that specializes in working with financialadvisors to generate a steady flow of prospects. My guest on today's podcast is Olivia Luper.
Welcome to the 413th episode of the FinancialAdvisor Success Podcast ! Kevin is the CEO of Connecticut Wealth Management, an RIA based in Farmington, Connecticut, that oversees approximately $4 billion in assets under management for 1,100 client households. Welcome everyone! My guest on today's podcast is Kevin Leahy.
Financialadvisors will sometimes talk about ‘bad’ clients who don’t act on the advice being provided. Advice Engagement is a framework that can help advisors address the challenge of motivating clients.
We organize all of the trending information in your field so you don't have to. Join 36,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content