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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 financial advisors looking to improve their sales skills. Read More.
Others may align with broader industry trends, like transitioning to fee-only structures to buffer against market volatility. Still others may choose a hybrid model, combining AUM fees with additional charges for other services like tax planning.
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that the SEC this week fined 4 RIAs for violations of its marketing rule related to their claims that they offered 'conflict-free' financial advice.
And while providing fee-only advice or highlighting service as a fiduciary may have once been a fair differentiator, these services are now often considered table stakes, necessitating financial advisors to find more creative solutions that show current and prospective clients that they provide more value than other advisors.
Which led many firms to market all the ways they were 'better' than other sources of financial advice by highlighting their status as fiduciaries, fee-only advisors, or by offering (more) comprehensive financial planning services beyond investment management, as just a few examples.
But while new fee models have allowed fee-only advisors to reach an expanding range of potential clients, there are many Americans who could benefit from professional financial advice but might not have sufficient income or assets to pay for it.
The truth is, as a firm owner, your success depends just as much on your ability to effectively communicate your value proposition with your ideal client as it does on you delivering that value. It can be tempting to think of your marketing activities as aside from your actual firm and what it is you do day to day.
Sarah-Catherine is the founder of Aptus Financial, a fee-only financial planning firm based in Little Rock, Arkansas, that is approaching $2M in revenue and works with over 480 client households. Welcome to the 356th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Sarah-Catherine Gutierrez.
But while new fee models have allowed fee-only advisors to reach an expanding range of potential clients, there are many Americans who could benefit from professional financial advice but might not have sufficient income or assets to pay for it.
In this episode, we talk in-depth about how after working for years in the financial industry, Amy realized there was a missed opportunity in working with career-driven Gen X women like her and decided to focus on serving that type of clientele she knew so well, how the initial fear of launching a firm on her own initially led Amy to partner with another (..)
Having clarity and an authentic brand communicated succinctly is the most powerful and strategic way to gain confidence, make an impact, and grow your business to life-changing levels. Branding isnt just about a visual identity for your business; its about defining the core of your business.
In this episode, we talk in-depth about how Freeman used a customized spreadsheet to analyze the financials that ended up favoring operating as an independent RIA rather than under a broker-dealer’s grid and platform fees (in particular the ability to boost long-term profitability by paying expenses as a flat cost rather than as a percentage (..)
In this episode, we talk in-depth about how Freeman used a customized spreadsheet to analyze the financials that ended up favoring operating as an independent RIA rather than under a broker-dealer’s grid and platform fees (in particular the ability to boost long-term profitability by paying expenses as a flat cost rather than as a percentage (..)
So, whether you're interested in learning about merging with a larger firm to achieve operational efficiencies, how to overcome the technical and emotional challenges of selling a firm, or how to develop better client communication skills, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Jenny Martella.
So, whether you're interested in learning about merging with a larger firm to achieve operational efficiencies, how to overcome the technical and emotional challenges of selling a firm, or how to develop better client communication skills, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Jenny Martella.
During recent conversations, I’ve come across several people unfamiliar with the concept of fee-only financial planning, let alone considering it as a feasible choice. To shed light on this, I want to articulate the distinctive approach we use at MainStreet Financial Planning.
What's unique about Melody, though, is how after her first decade in practice, she quadrupled her revenue in the subsequent 2 years by restructuring her business model from standalone hourly engagements and project planning fees to a more holistic wealth management offering that combined investment management and financial planning for a single AUM (..)
I cringe as I write the words “how to fly under the radar,” but unfortunately, we live in a world - and you work in an industry - that doesn’t always allow for smooth, transparent, and easy communication about exits and pivots.
Choosing the right email campaign software is crucial for maximizing these benefits and ensuring effective client communication. Despite the rise of social media, email campaigns continue to deliver high engagement rates due to the trusted relationships financial advisors build with their clients.
He asked for help and found a support community Right now Thomas is a fee-only fiduciary financial advisor. He stumbled across a man named Russ Ford who was a fee-only flat fee advisor, and he liked the message. This article says it all: the first line in any marketing communication means everything.
Without a doubt leading to a subtle way to entice visitors into signing up for email communication. How has virtual communication affected the way you do business? One of the best homepage features is the interactive quiz which “Tests Your Investing IQ.” ” In this case, the quiz asks for both your name and email.
Article is a general communicationonly and should not be used as the basis for making any type of tax, financial, legal, or investment decision. Darrow Wealth Management is a financial fiduciary and fee-only registered investment advisor in Boston and Needham, MA. About Darrow Wealth Management.
Guest: Benjamin Brandt , a CERTIFIED FINANCIAL PLANNER and Founder/President of Capital City Wealth Management, a Bismarck, ND fee-only financial planning company. ” Why Benjamin “graduates” clients if he feels his firm no longer delivers enough value for their fees.
When I started Vincere Wealth as a fee-only practice, the vision was to become the go-to place for Millennials who need help with their money. Respond on Their Terms My best advice for this clientele is that it’s going to be a completely different mentality than working with retirees when it comes to communication.
Communication skills are very important in this industry and in a diverse country like India proficiency in different languages is an added advantage. There are two types of Financial Advisors in India – Fee-Only Advisors and Commission Only Advisors. Numerous software and tools can do these jobs right now.
I would argue that the holy grail of the communication hub role is successfully facilitating a shared sense of community among the members. The CFA Institute and the Investments & Wealth Institute facilitate their own professional designations, while NAPFA enforces fiduciary and fee-only membership criteria.
Dorsey Wealth Management offers fee-only wealth management and retirement planning for women and couples, and they do a great job of creating and sharing content that answers pressing questions and pertains to their clients, as well. An example of this could be the recent bear market. How will your clients be impacted by this?
Another uncomfortable fact is that these BDs have enormous compliance departments which supervise all of the communications put out by the reps and their offices—which is required by FINRA. The compliance people have to pre-approve their communications. Sales are important, but the BD executives won’t be talking about that.
A well-defined value proposition helps you: Communicate more effectively. Go for Fee-Only Financial Advisors. Fee-only financial advisors charge their clients a flat fee for providing advice. Financial advisors today are better equipped to help their clients make informed choices about their finances.
6 MIN READ. The first job I had after college was as an advisor associate, tasked with answering phone calls from clients in a small independent RIA. They encouraged me to politely take questions and provide answers—with the mission to solve whatever problems or issues might arise and protect the firm co-founders from interruptions to their work.
Specific examples: Educating financial advisors of all business models (AUM, feeonly, commission, etc.) Executing outreach to college students to encourage them to avoid predatory wirehouse and insurance training programs and pursue fee-only paraplanning jobs instead. Regulators’ worries are justified.
7 MIN READ. Global capital markets are performing poorly, and many clients of ours are anxiously looking for expert guidance. Once again, advisors are facing an opportunity now to prove their value, build stronger relationships, and—most importantly—make sure clients are faring well despite the current economic situation.
Darrow Wealth Management is a financial fiduciary and fee-only registered investment advisor. Information in this article is for informational purposes only and should not be misinterpreted as personalized advice of any kind or a recommendation for any specific investment product, financial or tax strategy.
Percentage-based fee or fee-only Some charge a percentage-based fee, which is a percentage of the amount you have invested. How does communication work? For example, if you notice any red flags like a lack of communication. It can be useful because having a plan can help you take action.
Percentage-based fee or fee-only Some charge a percentage-based fee, which is a percentage of the amount you have invested. How does communication work? For example, if you notice any red flags like a lack of communication. It can be useful because having a plan can help you take action.
Rostad adds that there is anecdotal evidence that disclosure of fees and costs may be different from (more effective than) disclosures of conflicts of interest or who regulates whom. “A A professional organization is interested in ensuring that everybody under the umbrella meets a clear set of standards.”.
So let’s just suppose that I’m Mr. And Mrs. Financial advisor, and let’s just even suppose I’m a fee-only advisor just for the purpose of simplicity, I do not sell insurance, I don’t get compensated for insurance, I can accept commissions if someone needs term life, I refer them to the insurance agent down the street.
It’s a million dollars all going to that one fun company, so you don’t get a commission on that, the clients aren’t charged a commission to get in a front-end load, but you do get a trailing 12-1 fee. That’s how you get paid. It was very successful. SARA GRILLO, CFA: Okay, so what happens after that?
Transparency is the single most powerful force that exists in realm of human communication. Flat fee advisor “The best part was just being around quality advisors/people.” The way we avoid sexual harassment is through clarity and communication about boundaries. Hotel details to be announced later.
What is an advice-only financial planner? Advice-only financial planning is fee-only comprehensive financial planning without the expectation or even the option to manage any client investments. Financial planning is offered as a stand-alone product; it is the only thing that an advice-only financial planner does.
I think that we do need sales people to sell things, I think sales is just the expression of value, the expression and the communication of value. Now, granted, I don’t think that that’s true. What’d ya think of my blog and podcast debate on whether or not the CFP Board stinks? Was this helpful?
You could probably build a better communications strategy. But keep in mind, you said, well, if I leave FINRA, if I no longer am a broker and I decide to go feeonly, they can go pound sand. And quite often, when you find a dispute with a client, it comes down to poor communications. Probably insert some AI.
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