Clients, Financial Advice and Planning - Financial Advisor Source

The Future Of Financial Advice: How Tech and Approaches In 2030 Will Differ From Today

Nerd's Eye View

JANUARY 8, 2024

For instance, the financial advice industry has seen many changes to regulations (for both advisors and their clients), advisor business models, and the advisor technology landscape. The changing patterns in how financial advice is delivered can be compared to the similar trends seen in the evolution of medicine.

Financial Advice

Financial Advice Medicine Financial Planning Estate Planning

Quantifying (More Accurately) The Real Impact Of A Financial Advisor’s Costs On Their Clients’ Nest Eggs

Nerd's Eye View

OCTOBER 23, 2024

While the financial advice industry has transformed in many ways over the past several decades, one aspect that has remained relatively constant is the use of the Assets Under Management (AUM) fee model as a common way for many advisors to get paid. So too does the impact of the infamous daily latte.

Clients

Clients Financial Advice Financial Planning Financial Advisor

Promoting The Financial Advice Industry ‘Sport’ Positively To Build Trust In The Client ‘Fan Base’

Nerd's Eye View

JUNE 24, 2024

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.,

Financial Advice

Financial Advice Clients Financial Planning Planning

Webinars

Confronting the Change Challenge

MORE WEBINARS

A 90-Day Onboarding Plan To Train Your New Superstar Client Service Associate (CSA)

Nerd's Eye View

OCTOBER 21, 2024

For small advisory firms that are beginning to grow and ready to add new staff, a Client Service Associate (CSA) or similar support role is a common early hire. Much of this frustration can be avoided with a clear onboarding plan. the firm's schedule, processes, and people), getting to know the clients (e.g.,

Clients

Clients Planning Financial Advice Management

Unlocking Accessible Financial Advice The Garrett Planning Network Advantage

MainStreet Financial Planning

FEBRUARY 1, 2024

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.

Financial Advice

Financial Advice Planning Fee Only Financial Planning

Adviser links: exciting plans

Abnormal Returns

SEPTEMBER 18, 2023

Podcasts Daniel Crosby talks with Michael Kitces about automation and the future of financial advice. kitces.com) Brendan Frazier talks with Samantha Lamas and Danielle Labotka about why clients hire and fire their financial advisers. wsj.com) Advisers How to speak to clients in a way that they understand.

Planning

Planning Financial Advice Wealth Management Math

AI-Generated Financial Advice And The Fiduciary Catch-22

Nerd's Eye View

DECEMBER 27, 2023

Financial advisors have a fiduciary obligation to act in their clients' best interests, and at the same time are prohibited by state and SEC rules from making misleading statements or omissions about their advisory business.

Financial Advice

Financial Advice Communication Compliance Clients

Adviser links: helping clients feel secure

Abnormal Returns

FEBRUARY 19, 2024

downtownjoshbrown.com) How indexing has made for a better financial advice industry. morningstar.com) The biz Creative Planning was able to retain some 60% of the United Capital assets. riabiz.com) XY Planning Network is launching a new in-house RIA, XYPN Sapphire. citywire.com) A lot of RIAs are in that in-between stage.

Clients

Clients Estate Planning Wealth Management Financial Advice

#FA Success Ep 381: Helping Clients Go Beyond The Plan To Actually Implement As A Fractional Financial Behavior Officer, With Ashley Quamme

Nerd's Eye View

APRIL 16, 2024

Ashley is the Founder of Beyond The Plan, a consulting firm based in Evans, Georgia, that offers a Fractional Financial Behavioral Officer service including consulting and training to advisory firms and even direct meeting support for new or existing clients. My guest on today's podcast is Ashley Quamme.

Clients

Clients Planning Financial Advisor Consulting

The 5 Dysfunctions Of Client/Advisor Relationships: How Advisors Can (Re-)Build Trust And Spur Clients Into Action

Nerd's Eye View

AUGUST 12, 2024

In the modern era of financial advice, the advicer/client relationship is tightly centered on trust. Then, because the client isn't "bought in" to the recommendations, they simply don't act on what the advisor recommends.

Clients

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How Financial Advicers Can Write, Publish, And Distribute Their Own Book To Create A More Effective Impression On Prospective Clients

Nerd's Eye View

NOVEMBER 27, 2023

One of the main goals of financial advisors who market themselves is to build a foundation of trust with their prospective clients so that they feel comfortable in discussing often-sensitive financial topics and ultimately acting on the advisor's recommendations.

Distribution

Distribution Financial Advice Clients Financial Advisor

Advice Engagement Tools For A More Dynamic VIP (Visualization, Interaction, and Process) Planning Experience

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

Planning Financial Planning Clients Communication

Using Reflection Questions To Help Prospects Find Clarity And Focus On A Shared Planning Vision

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.

Planning

Planning Financial Advice Financial Planning Clients

Adviser links: building an enduring franchise

Abnormal Returns

OCTOBER 7, 2024

frazerrice.com) Creative Planning TPG just bought a big stake in Creative Planning. thinkadvisor.com) Creative Planning shows 'institutional investors are placing a premium on integrated wealth management businesses relative to aggregators.' citywire.com) How to help clients understand the state of Social Security.

Compliance

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Kitces & Carl Ep 134: Helping Clients Who Can’t Ever Get To ‘Enough’ (And When They Don’t Really Want To)

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. And by ensuring that their clients are equipped with (and know how to follow!) Read More.

Clients

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#FA Success Ep 325: Building Success In The Financial Advice Business From A Financially Challenged Upbringing, With Brenda Hiscock

Nerd's Eye View

MARCH 21, 2023

Brenda is a financial planner with Objective Financial Partners, an advice-only advisory firm based in Ontario, Canada, that works with clients on project-based financial plans, and also offers outsourced paraplanning to other Canadian advisory firms. My guest on today's podcast is Brenda Hiscock.

Financial Advice

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#FASuccess Ep 401: One-On-One Advice Through Financial Wellness Programs To (Profitably) Expand The Reach Of Financial Planning, With Zack Hubbard

Nerd's Eye View

SEPTEMBER 3, 2024

Zack is the Director of Financial Planning and Participant Engagement of Greenspring Advisors, an RIA based in Towson, Maryland, that manages $2 billion of private wealth assets under management for 1,300 client households and advises on an additional $5 billion in retirement plan assets.

Financial Planning

Financial Planning Planning Retirement Planning Financial Advisor

Kitces & Carl Ep 100: Is Advisor Technology Really About Making Planning Faster… Or Better?

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

Planning Financial Planning Financial Advice Clients

Kitces & Carl Ep 142: Carl’s 13 Magical Questions Of Conversational Goodness With (New) Clients

Nerd's Eye View

JULY 11, 2024

Being able to initiate and lead those conversations has become an important aspect of any financial advicer's skill set , but for many, it's one that isn't always as straightforward or easy to learn … particularly for advicers who might be happiest when nerding out with spreadsheets and flowcharts!

Clients

Clients Communication Financial Planning Financial Advice

Adviser links: staffing a growing firm

Abnormal Returns

SEPTEMBER 9, 2024

Podcasts Michael Kitces talks financial wellness with Zack Hubbard. Zack is the Director of Financial Planning and Participant Engagement of Greenspring Advisors. youtube.com) Brendan Frazier talks with Michael Kitces about mastering the human side of financial advice.

Financial Planner

Financial Planner Estate Planning CFP Financial Advice

Tom Rieman on Accelerating Organic Growth and Elevating the Financial Advice Experience

Steve Sanduski

MAY 29, 2024

In a Nutshell: Tom and I explore three themes that are crucial to all advisors’ success: organic growth; bridging the advice-experience gap between what your clients want and what you’re delivering; and what an ideal advice experience looks like from the client’s perspective.

Financial Advice

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Serving Pro Bono Clients As A Busy Advisor: How Advisers Give Back Makes Volunteering Easy

Nerd's Eye View

AUGUST 15, 2022

Working as a financial advisor can be both financially rewarding and emotionally satisfying. By helping clients develop financial goals, creating a financial plan, and supporting the implementation and monitoring of the plan, advisors help clients live their best lives.

Clients

Clients Financial Advice Financial Planning Fee Only

How Marketing With The CFP Marks Reduces Client Acquisition Costs And Accelerates Revenue Growth

Nerd's Eye View

MARCH 27, 2023

According to the 2022 Kitces Research study, “How Financial Planners Actually Market Their Services”, advisors without the CFP marks typically spend more of their time on marketing activities relative to CFP practitioners (allowing them to spend more time on higher-value tasks).

CFP

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Kitces & Carl Ep 145: Explaining The Value Of Financial (Life) Planning By Unlocking The Emotional Job To Be Done

Nerd's Eye View

AUGUST 22, 2024

The unique dynamic of presenting fees to clients can be heightened when an advisor offers life planning, which may involve multiple meetings to truly understand the prospect's situation before the advisor even presents the fee for an in-depth plan.

Planning

Planning Financial Advice Communication Clients

Why Checklist-Style Financial Planning Works: What Advisors Can Learn From Dave Ramsey’s Baby Steps

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. Though many potentially valid criticisms of this process tend to concern technical details (e.g., Read More.

Financial Planning

Financial Planning Planning Financial Advice Clients

Serving Pro Bono Clients As A Busy Advisor: How Advisers Give Back Makes Volunteering Easy

Nerd's Eye View

AUGUST 15, 2022

Working as a financial advisor can be both financially rewarding and emotionally satisfying. By helping clients develop financial goals, creating a financial plan, and supporting the implementation and monitoring of the plan, advisors help clients live their best lives.

Clients

Clients Financial Advice Financial Planning Fee Only

#FA Success Ep 346: Moving Procrastinating Clients To “Yes” Instead Of Selling As A Fee-Only Advisor, With Jim Ludwick

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

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Kitces & Carl Ep 96: Handling Politically Charged Clients Who Make It Uncomfortable To Be Their Advisor

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

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Weekend Reading For Financial Planners (September 14–September 15)

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

Financial Planner Compliance Fee Only Communication

Adviser links: after-tax returns

Abnormal Returns

AUGUST 26, 2024

Podcasts Jill Schlesinger talks with Blair duQuesnay of RWM about her path as a financial adviser. youtube.com) Michael Kitces talks with Kelli Kiemle, Managing Director of Growth and Client Experience of Halbert Hargrove, about maintaining culture across a remote firm. advisorperspectives.com) A look at a succession planning playbook.

Taxes

Taxes Financial Advising Financial Advice Assets

Adviser links: objectives and aspirations

Abnormal Returns

MAY 13, 2024

riabiz.com) Creative Planning is exploring its custody options. blogs.cfainstitute.org) How life events affect retirement planning. papers.ssrn.com) Advisers There is an tension inherent in the practice of financial advice. papers.ssrn.com) Advisers There is an tension inherent in the practice of financial advice.

Math

Math Retirement Planning Financial Advice Communication

The Market For “Lemons” In Financial Advice: How Higher Standards Can Lower Costs And Increase Access To Advice

Nerd's Eye View

SEPTEMBER 26, 2022

In fact, even a relatively modest shift to a higher-trust environment (which may be achieved by enacting higher standards) that just partially reduces the incredibly high client acquisition costs of financial advisors could more than offset the entire cost of fiduciary liability insurance from those higher standards!

Financial Advice

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#FA Success Ep 290: Serving Neurodivergent Clients As A Financial Advisor With Autism, With Andrew Komarow

Nerd's Eye View

JULY 19, 2022

Andrew is the founder of Tenpath Financial Group and Planning Across the Spectrum, a hybrid firm based in Farmington, Connecticut that oversees $100 million in assets under management for 100 client households.

Financial Advisor

Financial Advisor Clients Financial Planning Insurance

Kitces & Carl Ep 123: Does Every Prospective Client Fit A Niche, Or Do Advisor Specializations Leave More Underserved?

Nerd's Eye View

OCTOBER 19, 2023

Niching offers several advantages, allowing advisors to be more specific in their marketing, more targeted in their prospecting calls, and more efficient in their processes (since clients within a similar niche are likely to have similar problems, especially in niches of profession).

Clients

Clients Financial Advisor Financial Advice Financial Services

Choosing the Right Financial Planning Software for Your Practice: RightCapital vs. eMoney

XY Planning Network

JULY 8, 2024

The rise of new tools, such as the Elements Financial Vitals System and AssetMap, aims to move from complex, comprehensive projections to more digestible summaries that facilitate great client conversations. So, which planning software should you use? Let's take a look!

Financial Planning

Financial Planning Planning Financial Advice Clients

Is AI taking over financial advice? Not so fast!

Sara Grillo

MARCH 8, 2024

Is AI taking over financial advice? Join Sara Grillo & Eric Negron today for the Truth Bomb as they break down how artificial intelligence is likely to impact the future of financial advising. How to ditch the complex jargon and connect with clients on their terms. ? I think they want to be working with clients.

Financial Advice

Financial Advice Financial Advising Risk Tolerance Clients

Kitces & Carl Ep 143: Taking Over Clients From An Advisor With A Different Personality And Communication Style

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

Communication Clients Financial Planning Financial Advice

Financial Planning Tips For Advisors with Special Needs Clients

BlueMind

FEBRUARY 15, 2023

Category: Client Relations Financial planning is difficult for anyone, and even more so for someone who is a special needs person or has such a family member. Throughout your career as a financial advisor, many opportunities may arise for you to take on special needs clients.

Financial Planning

Financial Planning Clients Planning Financial Advisor

Weekend Reading For Financial Planners (October 28-29)

Nerd's Eye View

OCTOBER 27, 2023

Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that the shift in financial advice from pure investment management to comprehensive financial planning continues, with more individuals becoming CFP professionals than CFAs in the past few years as consumers increasing the diversity (..)

Financial Planner

Financial Planner Financial Advice Financial Advisor Tax Planning

Adviser links: demonstrating confidence

Abnormal Returns

OCTOBER 30, 2023

Podcasts Brendan Frazier talks with Jake Northrup of Experience Your Wealth about how he infuses the human side to help clients live their ideal life. podcasts.apple.com) Michael Kitces talks with Sarah-Catherine Gutierrez, founder of Aptus Financial, about operating as a flat-fee advice-only firm.

Wealth Management

Wealth Management Retirement Planning Financial Advising Financial Advice

Accelerating Growth By Marketing How Your Advisory Firm Is Different (Instead Of Better)

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

Financial Planning Marketing Marketing Financial Advice

Adviser links: loving encouragement

Abnormal Returns

JULY 29, 2024

Podcasts Josh and Michael talk with Alec Crawford, CEO of AI Risk, about the future of financial advice, how AI will be used by most advisors, and the critical role of AI cybersecurity in the financial industry (youtube.com) Michael Kitces talks with John Bowen, CEO and founder of CEG Worldwide and CEG Insights, about what makes advisory firms work.

Financial Advice

Financial Advice Clients Retirement Management

Adviser links: getting really clear

Abnormal Returns

APRIL 1, 2024

(youtube.com) Christine Benz and Amy Arnott talk with Peter Mallouk, President and CEO of Creative Planning, about the 'messy' business of financial advice. podcasts.apple.com) Jordan Haynes talks with Justin Castelli about the important role of life planning. thinkadvisor.com) Not everyone is happier in retirement.

Wealth Management

Wealth Management Math Retirement Retirement Planning

Adviser links: limited progress

Abnormal Returns

JANUARY 15, 2024

(riabiz.com) Why women are still struggling to make progress in the world of financial advice. riaintel.com) HNW clients want additional services. city-journal.org) Delayed Social Security claiming requires an explicit bridge plan. kitces.com) Client's lives are growing more complex. It hasn't happened.

Financial Planner

Financial Planner Wealth Management Retirement Planning Financial Advising

The Future Of Financial Advice: How Tech and Approaches In 2030 Will Differ From Today

Quantifying (More Accurately) The Real Impact Of A Financial Advisor’s Costs On Their Clients’ Nest Eggs

Webinars

Trending Sources

Promoting The Financial Advice Industry ‘Sport’ Positively To Build Trust In The Client ‘Fan Base’

Webinars

A 90-Day Onboarding Plan To Train Your New Superstar Client Service Associate (CSA)

Unlocking Accessible Financial Advice The Garrett Planning Network Advantage

Adviser links: exciting plans

AI-Generated Financial Advice And The Fiduciary Catch-22

Adviser links: helping clients feel secure

#FA Success Ep 381: Helping Clients Go Beyond The Plan To Actually Implement As A Fractional Financial Behavior Officer, With Ashley Quamme

The 5 Dysfunctions Of Client/Advisor Relationships: How Advisors Can (Re-)Build Trust And Spur Clients Into Action

How Financial Advicers Can Write, Publish, And Distribute Their Own Book To Create A More Effective Impression On Prospective Clients

Advice Engagement Tools For A More Dynamic VIP (Visualization, Interaction, and Process) Planning Experience

Using Reflection Questions To Help Prospects Find Clarity And Focus On A Shared Planning Vision

Adviser links: building an enduring franchise

Kitces & Carl Ep 134: Helping Clients Who Can’t Ever Get To ‘Enough’ (And When They Don’t Really Want To)

#FA Success Ep 325: Building Success In The Financial Advice Business From A Financially Challenged Upbringing, With Brenda Hiscock

#FASuccess Ep 401: One-On-One Advice Through Financial Wellness Programs To (Profitably) Expand The Reach Of Financial Planning, With Zack Hubbard

Kitces & Carl Ep 100: Is Advisor Technology Really About Making Planning Faster… Or Better?

Kitces & Carl Ep 142: Carl’s 13 Magical Questions Of Conversational Goodness With (New) Clients

Adviser links: staffing a growing firm

Tom Rieman on Accelerating Organic Growth and Elevating the Financial Advice Experience

Serving Pro Bono Clients As A Busy Advisor: How Advisers Give Back Makes Volunteering Easy

How Marketing With The CFP Marks Reduces Client Acquisition Costs And Accelerates Revenue Growth

Kitces & Carl Ep 145: Explaining The Value Of Financial (Life) Planning By Unlocking The Emotional Job To Be Done

Why Checklist-Style Financial Planning Works: What Advisors Can Learn From Dave Ramsey’s Baby Steps

Serving Pro Bono Clients As A Busy Advisor: How Advisers Give Back Makes Volunteering Easy

#FA Success Ep 346: Moving Procrastinating Clients To “Yes” Instead Of Selling As A Fee-Only Advisor, With Jim Ludwick

Kitces & Carl Ep 96: Handling Politically Charged Clients Who Make It Uncomfortable To Be Their Advisor

Weekend Reading For Financial Planners (September 14–September 15)

Adviser links: after-tax returns

Adviser links: objectives and aspirations

The Market For “Lemons” In Financial Advice: How Higher Standards Can Lower Costs And Increase Access To Advice

#FA Success Ep 290: Serving Neurodivergent Clients As A Financial Advisor With Autism, With Andrew Komarow

Kitces & Carl Ep 123: Does Every Prospective Client Fit A Niche, Or Do Advisor Specializations Leave More Underserved?

Choosing the Right Financial Planning Software for Your Practice: RightCapital vs. eMoney

Is AI taking over financial advice? Not so fast!

Kitces & Carl Ep 143: Taking Over Clients From An Advisor With A Different Personality And Communication Style

Financial Planning Tips For Advisors with Special Needs Clients

Weekend Reading For Financial Planners (October 28-29)

Adviser links: demonstrating confidence

Accelerating Growth By Marketing How Your Advisory Firm Is Different (Instead Of Better)

Adviser links: loving encouragement

Adviser links: getting really clear

Adviser links: limited progress

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