Nerd's Eye View

APRIL 2, 2024

Welcome everyone! Welcome to the 379th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Hans Blake. Hans is the founder of Intelligent Investing, an RIA based in Greenville, South Carolina, that oversees $50M in assets under management for 40 client households. What's unique about Hans, though, is how through a desire to create a more centralized dashboard to help his clients understand their financial health, coupled with a deep fascination with technology and i

Clients 163

Clients Financial Advisor Assets Retirement 163

Nerd's Eye View

APRIL 1, 2024

Welcome to the April 2024 issue of the Latest News in Financial #AdvisorTech – where we look at the big news, announcements, and underlying trends and developments that are emerging in the world of technology solutions for financial advisors! This month's edition kicks off with the news of an emerging wave of price increases from long-term AdvisorTech vendors like Orion and InvestCloud, which the companies are positioning as a necessary response to the impact of inflation on their underlyi

Estate Planning 180

Estate Planning Financial Advisor Startup Clients 180

Nerd's Eye View

MARCH 29, 2024

Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that a recent survey suggests Americans are increasingly prioritizing work-life balance over higher salaries, with 2/3 of respondents indicating that they would rather work at a job that they loved rather than a job they disliked but paid more money.

Financial Planner 188

Financial Planner Insurance Coverage Financial Advisor Communication 188

Nerd's Eye View

MARCH 27, 2024

One way financial advisors can add value for retiring clients is to estimate how much they can spend sustainably during their retirement years without depleting their investment portfolio. Advisors in this position have several options to help them determine a client's initial spending level, from 'static' approaches like the 4% Rule to more dynamic approaches that allow for higher initial withdrawal rates (but introduce the possibility of spending cuts during retirement).

Retirement 186

Retirement Portfolio Clients Financial Advisor 186

Nerd's Eye View

MARCH 26, 2024

Welcome back to the 378th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Michael Collins. Michael is the CEO & Founder of WinCap Financial, an RIA based in Boston, Massachusetts, that oversees $80M in assets under management for 70 client households. What's unique about Michael, though, is that since 2021 he has been able to grow WinCap Financial at a rate of more than $10M of AUM per year through consistently reaching out to leads purchased through SmartAs

Financial Advisor 130

Financial Advisor Clients Wealth Management Communication 130

Nerd's Eye View

MARCH 19, 2024

Welcome back to the 377th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Meredith Moore. Meredith is the Founder & CEO of Artisan Financial Strategies, a hybrid advisory firm based in Alpharetta, Georgia, that oversees $77M in assets under management for 120 client households. What's unique about Meredith, though, is how she was able to keep her firm open, navigating through and ultimately growing to more than $1M of annual revenue, despite a diagnosis in 2

Financial Advisor 177

Financial Advisor Recruitment Clients Assets 177

Nerd's Eye View

MARCH 18, 2024

Soliciting prospect referrals can often be an effective way for financial advisors to grow their firms with clients who are ready to act and who will benefit from the firm since many referrals come from sources that are familiar not just with the advisor and the services they offer, but also with the prospect being referred and the needs they seek. This is particularly true when referrals come from Centers of Influence (COIs) – professionals who are trusted by their circles to influence id

Assets 241

Assets Media Financial Advisor Professional Services 241

Nerd's Eye View

MARCH 15, 2024

Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that the final version of the Department of Labor’s (DoL) new “Retirement Security Rule” has been sent to the Office of Management for review, with the rule potentially going into effect in early 2025.

Financial Planner 212

Financial Planner CFP Taxes Tax Planning 212

Nerd's Eye View

MARCH 13, 2024

Most of the time, people are subject to state taxes in the states where they live and/or earn their income. So when moving to a lower-tax state or another, their income tax burden likewise shifts to the new state along with them. Which is, for example, why so many people opt to move to lower-tax or no-tax states like Florida or Texas in retirement, where they can enjoy lower state income taxes and preserve more of their retirement savings for use by themselves or their heirs.

Taxes 212

Taxes Compensation Planning Retirement Retirement Planning 212

Nerd's Eye View

MARCH 12, 2024

Welcome back to the 376th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Eric Simonson. Eric is the Founder & CEO of Abundo Wealth, an Advice-Only RIA based in Minneapolis, Minnesota, that oversees $600M in assets under advisement for 420 client households. What's unique about Eric, though, is that Abundo has grown its base of 420 clients, and is on pace for well over $1M of revenue in 2024, despite having launched barely 4 years ago… with an "advice-

Clients 130

Clients Financial Advisor Financial Planning Media 130

Nerd's Eye View

MARCH 11, 2024

Referrals can play a vital role in the growth of financial advisory firms since finding prospective clients via referral requires virtually no hard-dollar costs, and it takes only a fraction of the time needed for other marketing channels like social media, blogging, and seminars. However, finding reliable sources of referrals can sometimes be challenging for advisors: Centers of Influence (COIs) like accountants and attorneys may not be as attuned to the advisor's services as the advisor's clie

Clients 233

Clients Media Accounting Management 233

Nerd's Eye View

MARCH 8, 2024

Enjoy the current installment of “Weekend Reading For Financial Planners” – this week’s edition kicks off with the news that RIA clients of an insurance broker providing Errors & Omissions (E&O) coverage saw a 213% increase in claims paid in 2023, attributed to significant jumps in suitability claims (likely stemming from the 2022 market downturn) and claims related to wire fraud.

Financial Planner 200

Financial Planner Asset Allocation Clients Risk Management 200

Nerd's Eye View

MARCH 7, 2024

For many financial advisors, the traditional way of doing business has generally been based on a transaction-based service model involving functional solutions to clients' practical problems. In more recent years, though, advisors have begun to focus on developing stronger and more meaningful relationships, recognizing the advantage of better understanding clients' values and priorities when it comes to solving for their long-term goals.

Financial Planning 130

Financial Planning Planning Marketing Marketing 130

Nerd's Eye View

MARCH 1, 2024

Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that the Biden administration could seek to release the final version of the Department of Labor (DoL)'s proposed "Retirement Security Rule" this year, potentially with a January 1 effective date, to ensure it goes into effect before a potential change in administration.

Financial Planner 221

Financial Planner Retirement Retirement Planning Wealth Management 221

Nerd's Eye View

FEBRUARY 27, 2024

Welcome back to the 374th episode of the Financial Advisor Success Podcast ! My guest on today's podcast is Dianne Nolin. Dianne is the Managing Partner of Argent Bridge Advisors, a hybrid advisory firm based in Vienna, Virginia, that oversees $500 million in assets under management for 350 client households. What's unique about Dianne, though, is how she has been able to both expand the marketing of her firm, and its profitability, by taking the divorce financial planning work that has been a l

Financial Advisor 130

Financial Advisor Communication Clients Financial Planning 130

Nerd's Eye View

FEBRUARY 26, 2024

In the early days of the financial advice industry, an advisor's options for generating new business were somewhat limited. Cold calls, country club memberships, Chamber of Commerce networking, and referrals (from clients or centers of influence) were staples for growth, and determining how successful those sales-centric efforts were was rather straightforward.

Marketing 195

Marketing Marketing Sales Clients 195

Nerd's Eye View

FEBRUARY 23, 2024

Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that while both the total number of RIAs and advisor headcount have seen significant gains in recent years, client assets remain concentrated among the largest firms, according to data from Cerulli Associates, with the 7% of RIAs with at least $1 billion of AUM managing 71% of total RIA assets.

Financial Planner 212

Financial Planner Certification CFP Financial Advice 212

Nerd's Eye View

FEBRUARY 22, 2024

At the end of each calendar year, social media platforms compile a wrap-up of each user's metrics, showing a theoretical reach for every account's best-performing piece of created media content and highlighting the "Best Of The Best" on the web, while revealing social media 'superstars' who have millions of impressions and followers. But how much do these numbers really matter for financial advisors driving the growth of their businesses?

Media 154

Media Numbers Clients Marketing 154

Nerd's Eye View

FEBRUARY 21, 2024

In 2021, Congress passed the Corporate Transparency Act, which, for the first time, required small business entities such as LLCs and corporations to report identifying information on their "beneficial owners" (i.e., those who own at least 25% of, or who otherwise exercise substantial control over the business). The law's provisions became effective on January 1, 2024, and so many small businesses – including a good number of RIA firms – will be required to submit a Beneficial Owners

Insurance 176

Insurance Numbers Clients Business Planning 176

Nerd's Eye View

FEBRUARY 19, 2024

The 2024 Technology Tools for Today (T3) Advisor Conference, held last month in Las Vegas, Nevada, featured a large gathering of financial advisors and representatives from across the fintech industry. Hosted by Joel Bruckenstein and his team from T3 Consulting, the conference focused heavily on the relationship between financial advice and its accompanying fintech, covering everything from how AI and other tech developments are changing the advisor landscape in unprecedented ways to the importa

Consulting 187

Consulting Financial Advice Engineering Financial Advisor 187

Nerd's Eye View

FEBRUARY 16, 2024

Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that a study from Cerulli Associates indicates a lack of fee transparency represents a significant hurdle for many investors when considering working with a financial advisor. Which suggests that while advisors might be hesitant to publish their fees on their website before being able to meet face-to-face with prospects, doing so (and linking the fees to the value proposi

Financial Planner 225

Financial Planner Fee Only Compliance CFP 225

Nerd's Eye View

FEBRUARY 14, 2024

When an investor is seeking to work with a financial professional, there's a substantial difference in expectations about the nature of the relationship when the professional being consulted is an advisor versus when they're a salesperson. In hiring an advisor, the investor is presumably seeking to put their trust and confidence in someone with their best interests in mind who can advise them on a course of action.

Retirement 121

Retirement Financial Advisor Insurance Sales 121

Nerd's Eye View

FEBRUARY 12, 2024

While there is a plethora of ways that financial advisory firm owners can build and run their practices (from service models to specialties to fee structures and beyond), one of the most complex activities shared by many growing firms are those that involve hiring, training, managing, and retaining employees. And with the increasing shift to remote and hybrid work in recent years, these skills have become even more important.

Communication 230

Communication Clients Management Business Planning 230

Nerd's Eye View

FEBRUARY 9, 2024

Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that a recent survey sponsored by CFP Board demonstrates the upsides of a career in financial planning, from a median salary of nearly $200,000 to flexible work schedules and a strong sense of purpose among advisors. In addition, related research suggests further opportunities for firms looking to acquire and retain talent, from providing a greater sense of autonomy to bu

Financial Planner 222

Financial Planner Fee Only CFP Commission 222

Nerd's Eye View

FEBRUARY 8, 2024

When a new year comes around it is often customary to set new personal and professional goals. Yet, in the midst of the tradeoffs that come with balancing new goals and their required behaviors, the challenge of creating sensible targets with flexibility and grace can be confounded by the reality of living in a world where uncertainty abounds and complex life situations are difficult (and sometimes even impossible) to map out.

Communication 151

Communication Clients Planning 151

Nerd's Eye View

FEBRUARY 7, 2024

The need for financial professionals to ask prospects and clients questions has a long history in the industry. In earlier days, questions simply facilitated the process of gathering information in order to open accounts and recommend the appropriate products to be sold. However, as the industry evolved from being primarily transaction-based to relationship-based, it has become increasingly important for advicers to become less sales-oriented and more focused on how they can better develop deep,

Clients 229

Clients Communication Financial Planning Retirement 229

Nerd's Eye View

FEBRUARY 2, 2024

Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that a Morningstar survey has found that financial advisory clients are more likely to stick with their advisor for emotional reasons rather than investment returns alone. Which suggests that building trusting relationships with their clients and giving them added confidence in their financial decision-making (rather than focusing on ways to juice investment returns) could be t

Financial Planner 221

Financial Planner Compliance CFP Clients 221

Nerd's Eye View

JANUARY 30, 2024

Welcome back to the 370th episode of the Financial Advisor Success podcast ! My guest on today's podcast is Tim Goodwin. Tim is the founder of Goodwin Investment Advisory, an RIA based in Woodstock, Georgia, that oversees $275M in assets under management for 370 client households. What's unique about Tim, though, is how he leaned into Search Engine Optimization (SEO) – Google Reviews in particular – coupled with paid search ads to capture consumers actually searching for "financial a

Financial Advisor 204

Financial Advisor Clients Compliance Engineering 204

Nerd's Eye View

JANUARY 24, 2024

As more Americans are living well into their 80s and even into their 90s, the spectrum of risks that an aging population faces is only getting wider. The need to address longevity risk has become increasingly important, allowing financial advisors to add even more value for their clients by ensuring that their financial needs are met throughout retirement.

Clients 208

Clients Estate Planning Accounting Financial Advisor 208

Nerd's Eye View

JANUARY 29, 2024

For financial advisors, the promise of technology has always been to help advisors better leverage their time to grow their business. One possible way to do this is to use the time savings of technology to serve a higher number of clients. However, another approach advisors can take is to use their technology to do more – and better – work for the same number of clients while earning higher fees for the higher-value services they provide.

Clients 215

Clients Planning Numbers Financial Advisor 215

Nerd's Eye View

JANUARY 25, 2024

Few service industries have as much potential to impact lives as financial advice, and it's that very ability for financial advicers to help their clients achieve positive outcomes that can often compound for decades and beyond that make the profession deeply satisfying for so many. It's no wonder, then, that the profession attracts individuals who are highly service-minded and enjoy helping others.

Financial Advice 201

Financial Advice Financial Planning Clients Numbers 201

Nerd's Eye View

JANUARY 24, 2024

As more Americans are living well into their 80s and even into their 90s, the spectrum of risks that an aging population faces is only getting wider. The need to address longevity risk has become increasingly important, allowing financial advisors to add even more value for their clients by ensuring that their financial needs are met throughout retirement.

Estate Planning 215

Estate Planning Accounting Clients Financial Advisor 215

Nerd's Eye View

JANUARY 19, 2024

Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that a recent study has found that while total financial advisor headcount across all channels only increased by 0.3% in 2023, the RIA space showed significantly more strength, with 10.4% growth, as breakaway brokers and new advisors see the potential benefits of the RIA model.

Financial Planner 229

Financial Planner Fiduciary Duty Retirement Retirement Planning 229

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. For clients, more frequent communication can be a source of behavioral coaching and helpful information that can better equip them to stay the course through rocky markets.

Clients 203

Clients Communication Financial Advisor Wealth Management 203

Nerd's Eye View

JANUARY 10, 2024

In initial discovery meetings, financial advisors face the challenge of eliciting specific goals from new clients – a crucial step for crafting a comprehensive financial plan. Asking direct queries may elicit vague responses like "I want to be on track for retirement", which tends to lack the detail needed to plan effectively and spark the client's motivation to actually accomplish those goals.

Clients 224

Clients Financial Advisor Financial Planning Retirement 224

Nerd's Eye View

JANUARY 5, 2024

Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that comment letters submitted regarding the Department of Labor's (DoL) proposed Retirement Security Rule, which is intended to strengthen standards regarding the provision of certain retirement-related advice, reflect the contentious nature of the proposal, with brokerage and insurance industry groups arguing that existing regulations are sufficient to protect investors

Financial Planner 206

Financial Planner Retirement Retirement Planning Financial Advisor 206

Nerd's Eye View

JANUARY 3, 2024

Niels Bohr famously observed that "Prediction is very difficult, especially if it's about the future!" The sentiment is especially poignant when it comes to economic forecasting, as it's nearly impossible to get an accurate picture of the current state of the economy at any given moment. As a result, uncertainty about how the economy may unfold, even along the shortest time frames, is the default.

Economics 221

Economics Marketing Marketing Economy 221