Nerd's Eye View

JULY 25, 2024

About a decade or so ago, one of the most pressing issues facing the financial advice industry was the threat of an imminent deluge of advisor retirements coupled with a paucity of succession plans to transition clients to the next generation.

Communication 169

Communication Clients Financial Planning Planning 169

Abnormal Returns

DECEMBER 4, 2023

standarddeviationspod.com) Brendan Frazier on getting clients to actually implement your advice. podcasts.apple.com) The biz Software is eating financial advice. thereformedbroker.com) How financial advisers can publish their own book. riabiz.com) Demand for financial advice is only increasing.

Wealth Management 258

Wealth Management Financial Advice Financial Advising Communication 258

Abnormal Returns

NOVEMBER 7, 2022

standarddeviationspod.com) Compliance Jason Zweig, "In 30 years of writing about the financial-advice industry, I never learned that advisers can provide less-comprehensive disclosures than stockbrokers." advisorperspectives.com) Tax-loss harvesting requires proactive client communication. thinkadvisor.com).

Compliance 279

Compliance Wealth Management Advertising Financial Advice 279

Abnormal Returns

OCTOBER 30, 2023

(podcasts.apple.com) Michael Kitces talks with Sarah-Catherine Gutierrez, founder of Aptus Financial, about operating as a flat-fee advice-only firm. riaintel.com) How AI will play a role in the provision of financial advice. wsj.com) Family Communication is important for every family, but especially for the wealthy.

Wealth Management 263

Wealth Management Retirement Planning Financial Advising Financial Advice 263

Nerd's Eye View

AUGUST 26, 2024

For most of its history, the financial advice industry has been very slow to change. In this model, the groundwork for change is first established by assessing the situation (e.g.,

Communication 161

Communication Commission Financial Advice Planning 161

Nerd's Eye View

MARCH 6, 2025

In the 159th episode of Kitces & Carl , Michael Kitces and client communication expert Carl Richards discuss how to navigate the ethics and logistics of fee increases for a firm's first clients – especially when the advisor previously promised them their fees would stay the same.

Clients 109

Clients Ethics Financial Advice Budgeting 109

Nerd's Eye View

SEPTEMBER 13, 2024

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.

Financial Planner 246

Financial Planner Compliance Fee Only Communication 246

Nerd's Eye View

OCTOBER 16, 2023

Consumers have a wide range of options when it comes to choosing a provider of financial advice, 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!).

Financial Planning 246

Financial Planning Marketing Marketing Financial Advice 246

Nerd's Eye View

AUGUST 15, 2022

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. Read More.

Clients 239

Clients Financial Advice Financial Planning Planning 239

MainStreet Financial Planning

FEBRUARY 1, 2024

Planning for college Taking a gap year Relocating to another state or country Retirement income planning And so much more In embracing the Garrett Planning Network model, clients gain not just financial advice, but a partnership built on trust, transparency, and a commitment to their financial well-being.

Financial Advice 98

Financial Advice Planning Fee Only Financial Planning 98

Nerd's Eye View

MAY 2, 2024

A career as a financial advicer can be remarkably rewarding, as it offers the opportunity to have a meaningful impact on clients' lives all while making a good living. The financial advice industry is notorious for having a high failure rate among new entrants, which makes getting through the first few years crucial.

Financial Advice 239

Financial Advice Clients Communication Numbers 239

Nerd's Eye View

DECEMBER 1, 2022

Financial planning technology, in particular, has allowed advisors to automate time-intensive back-office tasks and delegate routine analyses to support staff, freeing up their time to engage more personally with clients.

Planning 246

Planning Financial Planning Financial Advice Clients 246

Nerd's Eye View

AUGUST 15, 2022

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. Read More.

Clients 225

Clients Financial Advice Financial Planning Planning 225

Nerd's Eye View

SEPTEMBER 21, 2022

There are many financial advisors who take issue with the financial advice offered by popular personal finance personalities such as Dave Ramsey.

Financial Planning 246

Financial Planning Planning Financial Advice Clients 246

Nerd's Eye View

MARCH 21, 2024

For many financial advicers, 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.

Clients 246

Clients Financial Planning Financial Advice Retirement 246

Nerd's Eye View

OCTOBER 6, 2022

When it comes to politically charged discussions, financial advisors 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.

Clients 246

Clients Financial Advisor Financial Advice Financial Planning 246

Nerd's Eye View

NOVEMBER 29, 2023

Broadly, advice engagement tools incorporate 3 key elements that enhance the process of financial planning: First, they use visualization tools to simplify complex and abstract financial planning concepts for clients.

Planning 246

Planning Financial Planning Clients Communication 246

Nerd's Eye View

SEPTEMBER 1, 2023

Also in industry news this week: A legal challenge to FINRA's operations as a self-regulatory organization has the potential to upend the current regulatory system for broker-dealers and their registered representatives A recent study indicates that while many consumers appear confident handling their finances on a 'DIY' basis during their careers, (..)

Financial Planner 246

Financial Planner Strategic Planning Retirement Planning Retirement 246

Nerd's Eye View

JULY 8, 2024

Additionally, the upcoming Kitces Value Summit, coming December 12 , 2024, will tackle how real advisors provide and communicate their ongoing value to their clients. Along with the expanded CE offerings, we've also been reinvesting heavily into making the Kitces platform easier to use.

Ethics 239

Ethics Education Financial Advice Taxes 239

Nerd's Eye View

MAY 15, 2023

But despite this history of technological advances actually benefiting the financial advisory industry, the emergence of powerful Artificial Intelligence (AI) systems, such as ChatGPT, has raised fresh questions about the future of human-provided financial advice.

Financial Advisor 246

Financial Advisor Financial Planning Financial Advice Clients 246

Nerd's Eye View

JULY 11, 2024

Meaningful communication is crucial to building strong, durable relationships, and asking effective questions is an essential part of facilitating impactful conversations.

Clients 189

Clients Communication Financial Planning Financial Advice 189

Nerd's Eye View

OCTOBER 21, 2022

Also in industry news this week: The wealth of those in the Millennial and Generation Z cohorts increased by 25% in 2021 and members of these generations are willing to pay for financial advice, according to a new study.

Financial Planner 233

Financial Planner Retirement Planning Retirement Insurance 233

Nerd's Eye View

APRIL 4, 2024

Which, in turn, has prompted some to wonder if firm owners have a specific obligation to their profession to hire and train next-gen talent.

Financial Planner 246

Financial Planner CFP Professional Services Financial Planning 246

Nerd's Eye View

SEPTEMBER 8, 2022

For many financial advisors, the most valuable part of what they offer comes down to the financial advice 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.

Financial Planner 189

Financial Planner Financial Advice Financial Advisor Financial Planning 189

Nerd's Eye View

MARCH 23, 2023

Offering financial advice can mean many things for different financial advisors, and there are many reasons that advisors choose to join the planning profession.

Financial Advice 130

Financial Advice Communication Financial Planning Marketing 130

Nerd's Eye View

AUGUST 15, 2023

Read More.

Fee Only 246

Fee Only Clients Financial Planning Financial Advisor 246

Nerd's Eye View

JANUARY 22, 2024

If clients and advisors approach issues with a fundamentally different psychology, then an advisor's 'comprehensive' advice may not address the client's actual problems. Fortunately, financial advicers can bridge these communication gaps in a few ways, starting with their discovery process.

Financial Advisor 246

Financial Advisor Insurance Coverage Estate Planning Charitable Planning 246

Nerd's Eye View

AUGUST 24, 2022

While many IRAs include a clause in their advisory agreements limiting their liability in giving financial advice in good faith, the SEC and state regulators have recently been scrutinizing such ‘hedge clauses’ to the extent that they may be found impermissible going forward.

Electronics 242

Electronics Clients Retirement Planning Financial Advice 242

Nerd's Eye View

AUGUST 24, 2022

While many IRAs include a clause in their advisory agreements limiting their liability in giving financial advice in good faith, the SEC and state regulators have recently been scrutinizing such ‘hedge clauses’ to the extent that they may be found impermissible going forward.

Electronics 238

Electronics Clients Retirement Planning Financial Advice 238

Nerd's Eye View

SEPTEMBER 13, 2023

In particular, financial advisors who offer ongoing services to clients can focus on 3 key areas that are unique to service-based sales as part of a successful sales strategy.

Financial Planning 246

Financial Planning Sales Planning Financial Advisor 246

Nerd's Eye View

OCTOBER 19, 2023

In our 123rd episode of Kitces and Carl, Michael Kitces and client communication expert Carl Richards discuss the validity of the implicit assumption that as advisors niche, every future client will fit into a niche of some sort, and whether this assumption potentially promotes an exclusionary model of providing financial advice, leaving out individuals (..)

Clients 246

Clients Financial Advisor Financial Advice Financial Services 246

Abnormal Returns

OCTOBER 17, 2022

Podcast Barry Ritholtz talks with Thomas Rampulla, managing director of Vanguard’s Financial Advisor Services. ritholtz.com) Brendan Frazier talks with Derek Tharp about the psychology of delivering financial advice. thinkadvisor.com) Advisers How to set expectations with clients about communication.

Wealth Management 130

Wealth Management Financial Advisor Communication Financial Advice 130

Nerd's Eye View

FEBRUARY 28, 2024

Initial outreach to a financial advicer 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 financial plan. Read More.

Planning 246

Planning Financial Advice Financial Planning Clients 246

Abnormal Returns

MARCH 6, 2023

Podcasts Christine Benz and Jeff Ptak talk with Stacy Francis who is president and CEO of Francis Financial about working with female clients. morningstar.com) Brendan Frazier talks with Ted Klontz about how to better motivate, communicate and connect with clients and prospects.

Compliance 147

Compliance Wealth Management CFP Financial Advice 147

Nerd's Eye View

JUNE 13, 2024

As the financial advice industry continues to move toward providing full-blown professional services rather than focusing primarily on product sales, advisory (advicery?) firms are increasingly experiencing similar stages of growth in their practices.

Professional Services 189

Professional Services Financial Advice Clients Communication 189

Midstream Marketing

OCTOBER 29, 2024

Key Highlights Millennials can benefit a lot from getting financial advice. You should change your marketing approach to meet the specific financial needs and interests of millennials. Listen to their concerns and adjust your financial advice to align with their goals. Right now, few of them use advisors regularly.

Financial Advisor 52

Financial Advisor Financial Advice Marketing Marketing 52

Nerd's Eye View

AUGUST 22, 2024

As a starting point, providing a fee minimum on their website lets advisors communicate the lowest amount that would still be economically viable for them (and explaining that the fee may change based on complexity). Read More.

Planning 100

Planning Financial Advice Communication Clients 100