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A part of this process might include hiring a financialadvisor or hiring a new financialadvisor if you have decided to move on from your current advisor. Hiring the right advisor for your needs is critical. Here are six questions to ask when choosing a financialadvisor: How do you get paid?
This week, we speak with Thomas Rampulla, managing director of Vanguard’s FinancialAdvisor Services. The division provides investments, services, education and research to more than 1,000 financial advisory firms representing more than $3 trillion in assets. in client funds. Tom Rampulla’s favorite books.
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.
Financialadvisors add value for their clients not only by helping them grow their wealth, but also by working with them to create a plan for how to use it. While much of this process may focus on the client's own lifetime planning needs (e.g.,
When it comes to focusing on a niche for financialadvisors, 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.
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.
Firms that were returning to the office have done so, those that are staying remote are remaining as such, and either way most advisory firms have figured out how to continue to service and retain clients, and are slowly adapting to finding new (or reinvigorating old) paths to grow at least slowly once again.
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.
Welcome to the 412th episode of the FinancialAdvisor Success Podcast ! Anjali is the Founder of FIT Advisors, an RIA based in Torrance, California (but works virtually with clients nationwide) and oversees $65 million in assets under management for 45 client households. Welcome everyone!
Welcome to the 385th episode of the FinancialAdvisor Success Podcast ! Danielle is the owner of Wealth By Design, a hybrid advisory firm based in Glenwood Springs, Colorado, that oversees about $35 million in assets under advisement for 35 client households. Welcome everyone! My guest on today's podcast is Danielle Howard.
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).
In initial discovery meetings, financialadvisors face the challenge of eliciting specific goals from new clients – a crucial step for crafting a comprehensive financial plan.
Welcome back to the 358th episode of the FinancialAdvisor Success Podcast ! Veronica is a Senior FinancialAdvisor at CAPTRUST and works from the RIA's Lake Success, New York, office, where she oversees $360 million in assets under management for about 200 client households. Read More.
The announcement of the merger between Charles Schwab and TD Ameritrade in November 2019 kicked off a marathon of preparation for advisory firms to transition their clients on the TD Ameritrade custodial platform to Schwab. Additionally, any open trade orders (e.g., Read More.
Welcome to the 409th episode of the FinancialAdvisor Success Podcast ! 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).
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.,
Welcome to the 419th episode of the FinancialAdvisor Success Podcast ! Pete is the Director of Sustainable Investing of Earth Equity Advisors, an RIA based in Asheville, North Carolina, that oversees approximately $200 million in assets under management for 250 client households. Welcome everyone!
In this environment, financialadvisors have the opportunity to add value for their clients not only by giving a clear explanation about the current status of Social Security and the potential legislative changes that could improve its solvency, but also by modeling what (realistic) changes would mean for their clients' financial plans.
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.
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 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.
Welcome back to the 360th episode of the FinancialAdvisor Success Podcast ! Suzanne is a Senior FinancialAdvisor at Meridian Wealth Management, an RIA based in Lexington, Kentucky, where she oversees approximately $110 million in assets under management for nearly 150 client households.
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.
Welcome back to the 338th episode of the FinancialAdvisor Success Podcast! Tony is the Co-founder and COO for Hixon Zuercher Capital Management, an independent RIA based in Findlay, Ohio, that oversees more than $300 million in assets under management for nearly 330 client households. My guest on today's podcast is Tony Hixon.
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.
From an advisor's perspective, TCJA's impending expiration raises the importance of planning for clients who will potentially be impacted, which, given the law's broad scope, could be nearly every client. Read More.
Welcome back to the 334th episode of the FinancialAdvisor Success Podcast ! Meg is the Founder and Lead Financial Planner for Flow Financial Planning, a virtual RIA serving mid-career women in tech that oversees almost $60 million in assets under management for 60 client households.
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.,
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.
One of the most important parts of a financialadvisor’s value proposition is time spent meeting with their clients. These meetings allow advisors to listen to their clients’ concerns, make planning recommendations, and chart a course for the coming months.
Welcome to the 391st episode of the FinancialAdvisor Success Podcast ! Chris is the founder of Sparrow Wealth Management, an RIA based in Orlando, Florida, that oversees approximately $110 million in assets under management for 68 client households. Welcome everyone! My guest on today's podcast is Christopher Jones.
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).
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.
When deciding on a marketing strategy to pursue, one of the key factors for financial advisory firms to consider is efficiency. Notably, the point of an SEO strategy is to drive users to an advisory firm's website so that those visitors can eventually be converted into paying clients.
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.
Risk management is a key part of many financialadvisors’ value propositions. For instance, ensuring clients maintain the proper insurance coverage based on their needs is an important part of the financial planning process. stealing a client’s financial assets that are accessible online), identity theft (i.e.,
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.
Welcome to the 389th episode of the FinancialAdvisor Success Podcast ! Mark is the Founder of Timothy Financial Counsel, an RIA based in Wheaton, Illinois, that is on track to generate approximately $5 million in annual revenue this year serving 800 client households. Welcome everyone!
Financial advisory clients are routinely concerned about lurking threats to their hard-earned wealth in the form of a large unforeseen judgment on a liability claim. Notably, certain client assets have built-in creditor protection without the use of (often expensive) products or tools. For instance, qualified plan assets (e.g.,
For financialadvisors, understanding the upcoming rule changes around AMT can help with identifying which clients might be subject to AMT starting in 2026. For example, clients with unexercised ISOs could exercise those options prior to TCJA's sunset without AMT exposure.
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 financialadvisors!
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.
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In this guest post, Kathleen Rehl, a semi-retired financialadvisor and educator now focusing on her own estate planning considerations, shares her experience with creating her "Legacy IRA" rollover to a Charitable Gift Annuity to support her chosen nonprofits after Congress passed the SECURE 2.0 But the SECURE 2.0 Read More.
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