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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?
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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.
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.
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.,
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.
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).
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 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 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.
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.
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.
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.
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.
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.,
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.
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.
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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 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!
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.
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.
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.
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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.
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!
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 back to the 335th episode of the FinancialAdvisor Success Podcast ! Tim is a Managing Partner for the Center for FinancialPlanning, a hybrid advisory firm based in Southfield, Michigan, that oversees $1.5 billion in assets under management for 1,000 client households.
Welcome back to the 289th episode of the FinancialAdvisor Success Podcast ! Kamila is the CEO and Founder of Collective Wealth Partners, an independent RIA based in Atlanta, Georgia, that oversees nearly $25 million in assets under management for almost 175 client households. My guest on today's podcast is Kamila Elliott.
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 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.
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
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.
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.,
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 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.
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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. comprehensive, planning-centric, fee-based advisors) versus 'bad guy' (e.g., Read More.
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.
Traditionally, investment planning has been at the forefront of how financialadvisors add value for their clients. But, with the rise of index funds and the commoditization of investment advice, generating sufficient investment ‘alpha’ to justify a fee has become more challenging for advisors.
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.
Screening calls are a common part of the prospecting process for financial advisory firms, particularly those that receive a large number of inquiries, and can help determine whether a prospective client might be a good fit.
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.
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