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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?
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.
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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.
The increasing popularity of financialplanning has led to a growing awareness of how important managing finances and planning for the future can be. For most financialadvisors today, a website is a critical tool that allows them to market their services and communicate their fees to potential clients.
When it comes to focusing on a niche for financialadvisors, business owner clients can be an appealing target as they can have complex financialplanning problems ranging from cash flow management to tax planning to acquisition strategies.
Financialplans play an important role for both clients and advisors, as they not only help clients gain a clear perspective of their current financial position, but also provide advisors with a systematic way to organize their analyses and communicate their recommendations to the client.
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 financialplanning (as well as consulting with over 15,000 clients on student loan debt).
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.,
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.
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.
Many financialadvisors take pride in the comprehensive nature of the advice they provide to clients and use the variety of services offered as a point of differentiation between themselves and other types of advisors.
Taxes are a central component of financialplanning. Almost every financialplanning 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.
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 financialplanning to add-ons like tax preparation).
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!
For many financialadvisors, financialplanning 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 financialplan (e.g.,
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 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' financialplans.
Welcome back to the 295th episode of the FinancialAdvisor Success Podcast ! Shari is the Co-Founder and Chief Visionary Officer of Rappaport Reiches Capital Management, an independent RIA based in Skokie, Illinois, that oversees more than $800 million in assets under management, for 350 client households.
There are many financialadvisors who take issue with the financial advice 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.
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 back to the 346th episode of the FinancialAdvisor 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 financialadvisors looking to improve their sales skills.
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.
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.,
Welcome back to the 348th episode of the FinancialAdvisor Success Podcast ! Jeff is the Owner and Founder of Cypress FinancialPlanning, an independent RIA based in Haddon Heights, New Jersey, that oversees $275 million in assets under management for 380 client households.
Welcome back to the 292nd episode of the FinancialAdvisor Success Podcast ! Matthew is the Founder and CIO of Lansing Street Advisors, an independent RIA based in Ambler, Pennsylvania that oversees $160 million in assets under management for 60 client households. My guest on today's podcast is Matthew Topley.
In initial discovery meetings, financialadvisors face the challenge of eliciting specific goals from new clients – a crucial step for crafting a comprehensive financialplan.
For financialadvisors, dealing with issues concerning clients’ children, from education costs to legacy goals, is a common part of the planning process. And no matter the reason, clients without children have unique planning needs that are important for advisors to recognize.
While it can be easy for financialadvisors to recognize the wide range of ways they add value for clients throughout the year, clients themselves might not be aware of what their advisors do for them behind the scenes outside of their annual meetings (e.g.,
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.
Welcome back to the 296th episode of the FinancialAdvisor Success Podcast ! Ed is the founder of Healthy Love & Money, a financial therapy practice in Charlotte, North Carolina that helps couples and families uncover and understand the roots of their underlying financial conflicts.
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.
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.
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.
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 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 336th episode of the FinancialAdvisor Success Podcast ! Adam is a principal with RubinGoldman and Associates, and the Founder and CEO of Asset-Map, a financialplanning tool that helps financialadvisors create a visual representation of their clients’ financial situation, reaching over 1.25
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 back to the 334th episode of the FinancialAdvisor Success Podcast ! Meg is the Founder and Lead Financial Planner for Flow FinancialPlanning, a virtual RIA serving mid-career women in tech that oversees almost $60 million in assets under management for 60 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?"
Welcome to the 420th episode of the FinancialAdvisor Success Podcast ! Michelle is the Founding Principal of Paradigm Advisors, an RIA based in Dallas, Texas, that oversees approximately $110 million in assets under management for 80 client households. Welcome everyone!
As comprehensive financialplanning 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 to the 356th episode of the FinancialAdvisor Success Podcast ! Sarah-Catherine is the founder of Aptus Financial, a fee-only financialplanning firm based in Little Rock, Arkansas, that is approaching $2M in revenue and works with over 480 client households. Welcome everyone!
Working as a financialadvisor 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.
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