Nerd's Eye View

DECEMBER 21, 2022

Monte Carlo simulations have become the dominant method for conducting financial planning analyses for clients and are a feature of most comprehensive financial planning software programs. Read More.

Financial Planning 246

Financial Planning Planning Retirement Portfolio 246

Nerd's Eye View

NOVEMBER 14, 2023

What's unique about Eric, though, is how he leverages a custom-built financial planning assessment he calls their Financial Prosperity Index, which he gives to both prospective and ongoing current clients so that they can better understand their financial health, target the financial planning domains where clients need the most help, and even more (..)

Financial Planning 246

Financial Planning Clients Planning Financial Advisor 246

Nerd's Eye View

SEPTEMBER 21, 2022

So for advisors, it may be worth exploring whether there is anything to be learned from Ramsey's approach to financial advice – even if they may disagree on the details, advisors may find in Ramsey's advice a new and perhaps better way to communicate with (and motivate) clients.

Financial Planning 246

Financial Planning Planning Financial Advice Clients 246

Nerd's Eye View

APRIL 24, 2023

But by focusing on advice engagement strategies and encouraging clients to become more engaged in the planning process, advisors can help clients become more motivated to take action, which will ultimately serve to improve their planning outcomes. Read More.

Financial Planning 246

Financial Planning Clients Planning Education 246

Nerd's Eye View

JULY 25, 2024

In reality, the process of transitioning clients from one advisor to another is often challenging, especially when the legacy advisor and the next-gen advisor approach financial planning from different angles.

Communication 169

Communication Clients Financial Planning Planning 169

Nerd's Eye View

SEPTEMBER 13, 2023

Ultimately, the key point is that selling products and selling services are 2 very different processes, and encouraging prospects to "think it over", while perhaps an effective product-sales tactic, is a less effective way to close a service-based financial planning relationship.

Financial Planning 246

Financial Planning Sales Planning Financial Advisor 246

Abnormal Returns

MAY 13, 2024

riabiz.com) Creative Planning is exploring its custody options. riabiz.com) Archive Intel has entered the adviser communications archiving space. blogs.cfainstitute.org) How life events affect retirement planning. blogs.cfainstitute.org) How life events affect retirement planning.

Math 287

Math Retirement Planning Financial Advice Retirement 287

Nerd's Eye View

NOVEMBER 29, 2023

The traditional way that most financial planning has been offered was for an advisor to create "The Plan": a comprehensive document outlining a client's financial strategy that was delivered either on a one-time basis or updated annually.

Planning 246

Planning Financial Planning Clients Communication 246

Abnormal Returns

JANUARY 30, 2023

standarddeviationspod.com) Michael Kitces talks Jennifer Climo, the CEO and a Senior Advisor for Milestone Financial Planning, about the logistics of merging two practices in just 7 years. kitces.com) How to communicate with a client leaving your practice. riabiz.com) Why the CFP is splitting into two organizations.

Management 241

Management Nonprofit Financial Planning Communication 241

Nerd's Eye View

JUNE 3, 2024

This month's edition kicks off with the news that 'startup' custodian Altruist has completed a $169 million fundraising round as it continues to rebuild the RIA custodial tech stack layer-by-layer while positioning itself as the biggest RIA custodian built from scratch and solely for advisors – which, while making it the clear #3 custodian behind (..)

Risk Tolerance 246

Risk Tolerance Communication Startup Financial Planning 246

Nerd's Eye View

OCTOBER 16, 2023

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.

Financial Planning 246

Financial Planning Marketing Marketing Financial Advice 246

Nerd's Eye View

OCTOBER 5, 2023

For many financial advisors, 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.,

Clients 246

Clients Financial Planning Communication Financial Advisor 246

Nerd's Eye View

JUNE 15, 2023

For many financial advisors, 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.

Clients 242

Clients Investing Investments Communication 242

Nerd's Eye View

OCTOBER 20, 2022

And though clients may mean well, making changes to investments based on political events is often not a good idea for the long-term health of their financial plans, as well-designed portfolios are designed to safeguard against market turbulence that might result from those events.

Portfolio 246

Portfolio Clients Financial Planning Communication 246

Nerd's Eye View

AUGUST 26, 2024

Over the last 50 years, even the most substantial changes to occur – such as the movement away from commissions and towards fee-based compensation, and the shift from an investment-centric approach to more holistic financial planning – have taken place over decades and, in many cases, are still ongoing.

Communication 161

Communication Commission Financial Advice Planning 161

Nerd's Eye View

JULY 13, 2023

Establishing successful client relationships as a financial advisor 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.

Clients 246

Clients Financial Planning Financial Planner Communication 246

Nerd's Eye View

APRIL 26, 2024

Also in industry news this week: The Federal Trade Commission released a final rule that would ban most non-compete agreements, which could lead to an increasing number of non-solicit agreements (and, potentially, lawsuits regarding their enforcement) between financial planning firms and their advisors The Securities and Exchange Commission issued (..)

Financial Planner 246

Financial Planner Commission Communication Financial Advisor 246

Abnormal Returns

OCTOBER 30, 2023

(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. thinkadvisor.com) Blended families don't plan their money lives in advance. marketwatch.com) Aging at different rates can put a strain on a relationship.

Wealth Management 263

Wealth Management Retirement Planning Financial Advising Financial Advice 263

Abnormal Returns

SEPTEMBER 4, 2023

(thinkadvisor.com) Advisers Scott MacKillop, "Start thinking about yourself as a financial physician rather than a financial cobbler. Communicate your understanding of the client’s underlying issues and concerns in terms that the client can understand. thereformedbroker.com) IPO wealth is a unique financial planning opportunity.

Estate Planning 264

Estate Planning Retirement Financial Planning Planning 264

Nerd's Eye View

NOVEMBER 28, 2024

Still others may choose a hybrid model, combining AUM fees with additional charges for other services like tax planning. Pricing the impact of financial planning can be challenging, because many of its benefits – like peace of mind – are intangible, compelling in value but difficult to match with an exact price.

Clients 246

Clients Financial Planner Fee Only Financial Planning 246

Nerd's Eye View

AUGUST 11, 2022

And for clients who don’t understand the mechanics of these factors and potential outcomes, the uncertainty of where their financial plans stand can be very uncomfortable. As a starting point, it’s important to understand that there is a difference between risk and uncertainty. Read More.

Clients 189

Clients Financial Planning Communication Financial Advisor 189

Nerd's Eye View

APRIL 6, 2023

One of the benefits of owning a financial planning business is an advisor’s ability to control their work schedule. But some advisors who choose to take more time off from their schedules might be concerned that prospects and clients will consider them to be less committed to serving their planning needs than other advisors.

Clients 243

Clients Communication Financial Planning Numbers 243

Nerd's Eye View

JANUARY 12, 2023

As comprehensive financial planning has become more widely adopted, many financial advisors have felt pressure to find new ways to differentiate themselves by demonstrating their unique value to clients. frequent communication, satisfied in knowing that if any financial issues arise, the advisor will be there to help them.

Clients 244

Clients Communication Fee Only Financial Advisor 244

Abnormal Returns

FEBRUARY 12, 2024

Podcasts Brendan Frazier talks with Sten Morgan, the founder of Legacy Investment Planning, about better communicating with clients. msn.com) Why follow-up questions are crucial in financial planning. investmentnews.com) Don't let a lack of fee transparency prevent you from gaining new clients. thinkadvisor.com)

Wealth Management 262

Wealth Management Retirement Communication Investment Planning 262

Nerd's Eye View

JULY 28, 2022

Financial advisors are often innately inclined to set long-term goals and stay on the course to help their clients achieve their goals, as the advisor understands the bigger picture of having a financial roadmap and its benefits.

Financial Planning 246

Financial Planning Financial Advisor Clients Planning 246

Nerd's Eye View

JANUARY 15, 2024

For financial advisors, 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. The key point is that newsletters can be a valuable tool even for advisors who aren't naturally inclined to write.

Clients 246

Clients Communication Financial Advisor Wealth Management 246

Nerd's Eye View

DECEMBER 1, 2022

As financial planning has evolved over the years, better tools have become available to help advisors maximize their impact with more clients by increasing their efficiency. robo-advisors) might someday replace human advisors, there are still many elements of financial planning that benefit from engagement with a human advisor.

Planning 246

Planning Financial Planning Financial Advice Clients 246

Nerd's Eye View

AUGUST 15, 2023

Welcome back to the 346th episode of the Financial Advisor 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 financial advisors looking to improve their sales skills.

Fee Only 246

Fee Only Clients Financial Planning Financial Advisor 246

Nerd's Eye View

JULY 29, 2024

Most financial advisors strive to provide excellent client care and prioritize a systematic process to maintain regular communication with their clients both on a scheduled (e.g., annual meeting) and an "on demand" basis. Other benefits also manifested from tracking the firm's progress as processes and standards were gradually refined.

Clients 246

Clients Communication Healthcare Planning 246

Nerd's Eye View

MARCH 21, 2024

Alternatively, some clients may be anxious or fearful about transitioning to a new stage due to concerns about their financial situation and whether they truly have the means to stop working. In these instances, it may be worthwhile to investigate these reasons, which may even necessitate professional counseling or therapy.

Clients 246

Clients Financial Planning Financial Advice Retirement 246

Million Dollar Round Table (MDRT)

FEBRUARY 13, 2024

The key fundamental difference for successful financial advisors is offering emotionally compelling advice to their clients. How many advisors communicate is uninspiring, offering clients financial plans that look like instruction manuals or, worse, spreadsheets. Likely, they don’t.

Communication 105

Communication Clients Financial Advisor Financial Planning 105

Nerd's Eye View

OCTOBER 24, 2023

Welcome to the 356th episode of the Financial Advisor Success Podcast ! 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.

Financial Advisor 246

Financial Advisor Financial Planning Planning Clients 246

Abnormal Returns

JULY 24, 2023

washingtonpost.com) Advisers Financial planning is a very specific field. marknewfield.substack.com) Why open communication is vital when it comes to inheritance dynamics. (content.schwab.com) Family offices Alternative managers, like Apollo ($APO), are focusing more on the family office market.

Communication 243

Communication Valuation Financial Planning Management 243

Nerd's Eye View

NOVEMBER 11, 2024

To sustain firm growth, financial advisors often face a dilemma: to focus on what originally drew them to the profession – like financial planning – they often must first do an extensive amount of business development.

Marketing 246

Marketing Marketing Communication Engineering 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. More often, initial outreach from a prospect occurs because there's some urgent issue they need help with.

Clients 189

Clients Communication Financial Planning Financial Advice 189

Nerd's Eye View

FEBRUARY 9, 2023

Importantly, even though a working relationship may not make sense, advisors can still offer to help the prospect move forward with their financial planning needs.

Assets 246

Assets Communication Financial Advisor Financial Planning 246

Nerd's Eye View

MARCH 7, 2024

providing hope and motivation, reducing anxiety, promoting wellness) may need to find a comfortable balance between explicitly communicating the intent to provide such services, versus relying on the client to recognize the added benefits as an organic by-product of the advisor's standard process.

Financial Planning 130

Financial Planning Planning Marketing Marketing 130