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Just a few decades ago, giving financialadvice was largely a manual process – printing lengthy financialplans, 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.
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.
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.
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.
There are many financial advisors who take issue with the financialadvice offered by popular personal finance personalities such as Dave Ramsey. Though many potentially valid criticisms of this process tend to concern technical details (e.g., Read More.
How much to charge for financialadvice is rarely a decision made lightly. Still others may choose a hybrid model, combining AUM fees with additional charges for other services like tax planning. Still others may choose a hybrid model, combining AUM fees with additional charges for other services like tax planning.
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.
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).
(blogs.cfainstitute.org) How life events affect retirement planning. papers.ssrn.com) Advisers There is an tension inherent in the practice of financialadvice. investmentecosystem.com) Reflections on eight years of running a financialplanning practice. kitces.com) How one advisory firm uses Salesforce.
Welcome back to the 346th episode of the Financial Advisor Success Podcast ! Jim is the founder of MainStreet FinancialPlanning, an hourly, fee-only financialplanning firm, and also created Procrastination Junction, a coaching program for fee-only financial advisors looking to improve their sales skills.
Instead, advisors can take a more direct approach in introducing the next steps to becoming a client during a discovery meeting to keep the momentum going and potentially increase the chances that the prospect will become a client. Read More.
Podcasts Michael Kitces talks financial wellness with Zack Hubbard. Zack is the Director of FinancialPlanning and Participant Engagement of Greenspring Advisors. youtube.com) Brendan Frazier talks with Michael Kitces about mastering the human side of financialadvice.
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.
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.
Podcasts Daniel Crosby talks with Michael Kitces about automation and the future of financialadvice. kitces.com) Brendan Frazier talks with Samantha Lamas and Danielle Labotka about why clients hire and fire their financial advisers. wsj.com) Advisers How to speak to clients in a way that they understand.
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.
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.
(riabiz.com) Why women are still struggling to make progress in the world of financialadvice. riaintel.com) HNW clients want additional services. city-journal.org) Delayed Social Security claiming requires an explicit bridge plan. kitces.com) Client's lives are growing more complex. It hasn't happened.
Working as a financial advisor can be both financially rewarding and emotionally satisfying. By helping clients develop financial goals, creating a financialplan, and supporting the implementation and monitoring of the plan, advisors help clients live their best lives.
Consumers have a wide range of options when it comes to choosing a provider of financialadvice, from larger wirehouses and asset managers to smaller Registered Investment Advisers (RIAs). This lets prospective clients know what to expect (and helps them understand the value they will be receiving in exchange for their fees!).
As financialplanning has evolved over the years, better tools have become available to help advisors maximize their impact with more clients by increasing their efficiency. robo-advisors) might someday replace human advisors, there are still many elements of financialplanning that benefit from engagement with a human advisor.
But in reality, none of these advances meant the end for the advice industry; rather, they often made financial advisors more productive by increasing their efficiency with back-office tasks from producing financialplanning calculations more quickly and accurately to being able to serve more clients across the country.
The traditional way that most financialplanning has been offered was for an advisor to create "The Plan": a comprehensive document outlining a client'sfinancial strategy that was delivered either on a one-time basis or updated annually.
Working as a financial advisor can be both financially rewarding and emotionally satisfying. By helping clients develop financial goals, creating a financialplan, and supporting the implementation and monitoring of the plan, advisors help clients live their best lives.
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 financialplan.
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!
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 financialplanning continues, with more individuals becoming CFP professionals than CFAs in the past few years as consumers increasing the diversity (..)
Traditionally, financialadvice and tax preparation have existed as 2 related, but separate, services. Besides the fact that many financial advisors don’t hold the necessary credentials (e.g., by tailoring client data-gathering worksheets to focus on the information that is relevant to a client’s tax situation).
I help clients in retirement by doing X, Y, and Z."). However, not all prospects have immediate financial concerns. While these individuals may genuinely be interested in financialadvice, they might also feel ambivalent about the timing, relevance, or ultimate value of working with an advisor. Read More.
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.
While it remains to be seen whether the measures will actually be enacted, proposed measures include raising income and capital gains tax rates, instituting wealth taxes, and reducing the state estate tax exemption, potentially creating future planning opportunities for advisors with clients in those states. Read More.
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). Read More.
Thomas is the co-founder of AllStreet Wealth, a financialplanning 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.
During recent conversations, I’ve come across several people unfamiliar with the concept of fee-only financialplanning, let alone considering it as a feasible choice. To shed light on this, I want to articulate the distinctive approach we use at MainStreet FinancialPlanning.
Of an estimated 104 million households seeking some level of financialadvice, 88 million of those households want that advice from a financial professional. In this overview, we will explore the demographics of each stage, the financialplanning needs of people in each stage, and strategies for serving them.
is perhaps the most fundamental question a client brings to their advisor. Advisors want to help clients set a secure, reliable retirement plan, yet even the most comprehensive assumptions will inevitably deviate from reality at least to some degree. "How much can I spend in retirement?"
Notably, while the rule will create an additional compliance burden, the due diligence advisers offering comprehensive planning services (as well as their investment custodians) are likely already conducting on their clients to create an effective financialplan could be a 'defense mechanism' for these firms against criminals looking to take advantage (..)
The rise of new tools, such as the Elements Financial Vitals System and AssetMap, aims to move from complex, comprehensive projections to more digestible summaries that facilitate great client conversations. So, which planning software should you use? Let's take a look!
Ultimately, the key point is that there are a number of ways that the financialplanning industry can tackle the looming spike in demand for new advisors without imposing an artificial obligation on advisors, which, if not met, would imply a deficiency in professional duty. Read More.
For many financial advisors, the most valuable part of what they offer comes down to the financialadvice that they give, whether it be the expert guidance they give to a certain niche or a unique point of view that presents unique insights to an individual client. developing a valuable offering for consumers.
Natalie is the owner of Natalie Taylor Consulting Services, an independent virtual RIA, and is also the Head of FinancialAdvice for Monarch Money, a personal financial management tool that helps consumers track their spending and net worth over time.
For most financial advisors, 2023 was a year of rebound and reinvestment, as markets bounced back from the turbulence of 2022, and expanded profit margins allowed advisory firms room to reinvest back into the services and value they're providing clients to make sure their retention stays strong in the future.
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