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For instance, the financialadvice industry has seen many changes to regulations (for both advisors and their clients), advisor business models, and the advisor technology landscape. The changing patterns in how financialadvice is delivered can be compared to the similar trends seen in the evolution of medicine.
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The requirements to run a successful, growing advisory firm are often less about doing the technical work with clients and more about marketing value to get prospects in the door in the first place. Which means that advisors should not be expected to champion the planning industry alone when prospecting for clients. Read More.
Financial advisors have a fiduciary obligation to act in their clients' best interests, and at the same time are prohibited by state and SEC rules from making misleading statements or omissions about their advisory business.
While the financialadvice industry has transformed in many ways over the past several decades, one aspect that has remained relatively constant is the use of the Assets Under Management (AUM) fee model as a common way for many advisors to get paid. So too does the impact of the infamous daily latte.
One of the main goals of financial advisors who market themselves is to build a foundation of trust with their prospective clients so that they feel comfortable in discussing often-sensitive financial topics and ultimately acting on the advisor's recommendations.
How much to charge for financialadvice is rarely a decision made lightly. This fee confidence gap has large ramifications in the long term, as firms with higher revenues can reinvest in growth – with hiring, marketing, and process improvements – that enhance their value proposition and attracts more prospective clients.
In the modern era of financialadvice, the advicer/client relationship is tightly centered on trust. Then, because the client isn't "bought in" to the recommendations, they simply don't act on what the advisor recommends.
According to the 2022 Kitces Research study, “How Financial Planners Actually Market Their Services”, advisors without the CFP marks typically spend more of their time on marketing activities relative to CFP practitioners (allowing them to spend more time on higher-value tasks).
The possibilities at the intersection of AI and financialadvice are exciting – faster processes, better connections, less time on ‘busy work’ – but also come with uncertainty about the future of the field. What might the field of financialadvice even look like in 10 years? Read More.
When it comes to politically charged discussions, financial advisors generally try to stay neutral and focus on providing clients with objective financialadvice. This can make it increasingly difficult for the advisor to work with these clients.
For many financialadvicers, helping long-time clients identify and progress toward their goals eventually transitions into conversations around the best ways to enjoy the fruits of their labor once they reach them. And by ensuring that their clients are equipped with (and know how to follow!) Read More.
Andrew is the founder of Tenpath Financial Group and Planning Across the Spectrum, a hybrid firm based in Farmington, Connecticut that oversees $100 million in assets under management for 100 client households.
Working as a financial advisor 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.
Just a few decades ago, giving financialadvice was largely a manual process – printing lengthy financial plans, processing physical checks, and managing paper files. Many client concerns are deeply personal, requiring empathy, trust, and a nuanced understanding of complex emotional and financial situations.
and how hiring not just an assistant, but someone with a strategy mindset who was determined to grow in and with the company, proved pivotal to the growth of MainStreet Financial and led to a successful, naturally integrated succession plan when Jim's assistant-turned-partner eventually bought him out nearly 8 years later.
While financial advisors offer valuable services for their clients, it can sometimes be challenging to gauge how much clients actually value those services. On one hand, a client's willingness to pay an ongoing fee for financialadvice suggests that they find the advisor's services worthwhile.
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Which could prove to be a boon for the financialadvice industry as more consumers are willing to entrust their assets to an advisor (while at the same time possibly making it tougher for some advisors to differentiate themselves primarily by how they put their clients' interests first?). Read More.
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Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with a recent survey indicating that a majority of advisors are viewing new client acquisition as their primary challenge in the current competitive environment for financialadvice (followed by compliance and technology management) and suggests (..)
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).
Working as a financial advisor 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.
advisorservices.schwab.com) Advisers More people say they are willing to pay for financialadvice. citywire.com) How to help clients understand the state of Social Security. (riabiz.com) The Schwab Independent Advisor Outlook Study 2024 on the importance of technology decisions.
Podcasts Brendan Frazier talks with Jake Northrup of Experience Your Wealth about how he infuses the human side to help clients live their ideal life. podcasts.apple.com) Michael Kitces talks with Sarah-Catherine Gutierrez, founder of Aptus Financial, about operating as a flat-fee advice-only firm.
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standarddeviationspod.com) Compliance Jason Zweig, "In 30 years of writing about the financial-advice industry, I never learned that advisers can provide less-comprehensive disclosures than stockbrokers." advisorservices.schwab.com) Insights from the Schwab study including why firms that have an 'ideal client persona' tend to thrive.
youtube.com) Christine Benz and Amy Arnott talk with Peter Mallouk, President and CEO of Creative Planning, about the 'messy' business of financialadvice. getelements.com) Brendan Frazier talks about the importance of listening as a financial adviser. citywire.com) How to leverage your client base to help find new hires.
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that the shift in financialadvice from pure investment management to comprehensive financial planning continues, with more individuals becoming CFP professionals than CFAs in the past few years as consumers increasing the diversity (..)
In fact, even a relatively modest shift to a higher-trust environment (which may be achieved by enacting higher standards) that just partially reduces the incredibly high client acquisition costs of financial advisors could more than offset the entire cost of fiduciary liability insurance from those higher standards!
Being able to initiate and lead those conversations has become an important aspect of any financialadvicer's skill set , but for many, it's one that isn't always as straightforward or easy to learn … particularly for advicers who might be happiest when nerding out with spreadsheets and flowcharts!
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Initial outreach to a financialadvicer rarely (if ever) results from a prospective client waking up in the middle of the night in a cold sweat because they just figured out that they're in desperate need of a comprehensive financial plan. Read More.
As financial planning has evolved over the years, better tools have become available to help advisors maximize their impact with more clients by increasing their efficiency. However, as advisor technology continues to evolve, many tools have focused on helping advisors scale their financialadvice to accommodate growing businesses.
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Few service industries have as much potential to impact lives as financialadvice, and it's that very ability for financialadvicers to help their clients achieve positive outcomes that can often compound for decades and beyond that make the profession deeply satisfying for so many.
Fran is the CEO of Toler Financial Group, an RIA based in Silver Spring, Maryland, that oversees nearly $200 million in assets under management for 280 client households. My guest on today's podcast is Fran Toler.
Hannah is a partner and financial advisor at Lomanto Provost Financial Advisors, a hybrid advisory firm based in Plattsburgh, New York, that oversees approximately $150 million in assets under management for about 380 client households.
Podcasts Jill Schlesinger talks with Blair duQuesnay of RWM about her path as a financial adviser. youtube.com) Michael Kitces talks with Kelli Kiemle, Managing Director of Growth and Client Experience of Halbert Hargrove, about maintaining culture across a remote firm. riabiz.com) How AI could be deployed in financialadvice.
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