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There's an old joke in the financial planning industry that the ideal client is "anyone with a pulse". However, as their firms mature, advisors often notice a divide manifesting between newer clients paying higher fees and 'legacy clients' from the early days paying discounted rates. take a physical and emotional toll.
Early in a firm's life cycle, a founder might take on nearly any client (and their fees) just to generate enough revenue to 'keep the lights on'. However, as the firm grows, some of those early clients may no longer be profitable to serve – especially if they generate lower fees than newly onboarded clients.
In a firm's early years, there tends to be more room for experimentation, with advisors adding new services to provide value and attract clients. The best roadmap for focusing an advisory firm will reflect how to do more of what clients value and scale back on what they don't use or appreciate.
Anjali is the Founder of FIT Advisors, an RIA based in Torrance, California (but works virtually with clients nationwide) and oversees $65 million in assets under management for 45 client households.
Speaker: Wayne Spivak, President and CFO of SBA * Consulting Ltd., Industry Writer, Public Speaker
If you’re lost in the world of spend management needs and your GAP analysis is lacking perspective on the future state of your business performance, listen up! With the advancement of technology, the implementation of spend management best practices and concrete GAP analyses is more streamlined and accessible than ever before.
Pete is the Director of Sustainable Investing of Earth Equity Advisors, an RIA based in Asheville, North Carolina, that oversees approximately $200 million in assets under management for 250 client households. Read More.
Fun conversation in Barron’s about Steering Clients Away From Bad Investing Mistakes. billion in assets under management. billion in assets under management. By John Kimelman Barron’s May 01, 2025 The post Steering Clients Away From Investing Mistakes appeared first on The Big Picture. Check it out here.
While a contractor's hourly rate is often higher, the firm foregoes the additional cost of benefits, downtime, and in-depth people management. So, how can advisors best leverage contractors, and how can they evaluate the value of such work (especially against the prospect of hiring a full-time employee)?
When a client first begins working with an advisor, the relationship is often marked with a flurry of onboarding tasks, immediate issues to resolve, and long-term planning goals to establish. And as clients come into monitoring meetings, they may increasingly describe their situation as "fine", with no pressing issues to address.
Speaker: Rita Keller - President of Keller Advisors, LLC
You're known as the “go-to” person when a client is faced with tax and financial decisions. You've worked diligently and have built a glowing reputation grounded in your excellent skills in tax, accounting, and auditing. You have a very successful firm -- but that’s not enough.
According to the new Capgemini World Wealth Report, advisors and families offices are eyeing the same pool of ultra-wealthy clients. By working together, they could both benefit.
Mandell Crawley, a 32-year veteran of the firm and one of its senior-most Black executives, will run the integrated firm management organization as chief client officer.
TFO Family Office Partners' Chris Erblich details the purpose-driven evolution of the firm into three entities: a full-service multi-family office, a wealth management firm and a South Dakota public trust company.
When onboarding new clients, financial advisors often use a three-meeting cadence: a Discovery Meeting to gather information, a Presentation Meeting to discuss the plan, and an Implementation Meeting to finalize it. while also setting the tone for a long-term planning relationship built on trust and deeper client engagement.
When onboarding new clients, financial advisors often use a three-meeting cadence: a Discovery Meeting to gather information, a Presentation Meeting to discuss the plan, and an Implementation Meeting to finalize it. while also setting the tone for a long-term planning relationship built on trust and deeper client engagement.
This lack of specificity can result in regulatory deficiencies or scrutiny, even for firms providing substantial financial planning value to clients, if records fail to consistently demonstrate that fees are 'reasonable' in relation to the services provided. A client service calendar can be an excellent tool to illustrate these services.
Despite persistent concerns from clients about the state of the economy, indicators are either fine or improving, according to Cetera Chief Market Strategist Brian Klimke.
Over the past decade, a growing number of advisors have expanded into offering comprehensive financial planning services, reflecting a shift that not only helps them stand out from (increasingly commoditized) portfolio management offerings but also supports clients' broader financial goals.
(podcasts.apple.com) Michael Kitces talks with Kevin Leahy, CEO of Connecticut Wealth Management, about building an effective internal adviser training program. podcasts.apple.com) The biz Fidelity's move to sweep client cash into FCASH, making more work for RIAs. citywire.com) How to reframe financial planning around client happiness.
While financial advisors offer valuable services for their clients, it can sometimes be challenging to gauge how much clients actually value those services. On one hand, a client's willingness to pay an ongoing fee for financial advice suggests that they find the advisor's services worthwhile.
Gideon is the CEO of Drucker Wealth, a hybrid advisory firm based in New York City, that oversees approximately $1 billion in assets under management for 800 client households.
Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that while overall financial advisor headcount remains relatively flat, the RIA channel continues to gain share in terms of both headcount (as brokers break away to start their own independent firms and aspiring advisors seek (..)
For many financial advisors, an early planning conversation often includes asking clients to identify financial goals. Which can leave both client and advisor feeling stuck: The client doesn't have the motivation to act, and the advisor struggles to guide the plan forward in a way that connects.
These results largely match results from the recent Kitces Research Study on Advisor Productivity, which found that the typical fee schedule for firms charging on a graduated basis remains at 100 basis points (bps) for client assets up to $1 million, then declines to 90 bps at $2 million, 75 bps at $5 million, and 60 bps at $10 million in assets.
Sebastian is the President of Guerra Wealth Advisors, a hybrid advisory firm based in Miami, Florida, with nearly $15M of revenue and almost 60 team members, supporting over 1,700 client households.
In the early days of financial planning, serving clients often meant developing transactional relationships focused on facilitating trades and selling insurance. Over time, advisors shifted toward more analytical approaches, such as investment management and retirement planning.
Jennifer is the CEO of The Mather Group, an RIA based in Chicago, Illinois, that oversees $15 billion in combined assets under management and advisement for approximately 4,400 client households. My guest on today's podcast is Jennifer des Groseilliers.
By Anthony Matthews Jones, BSc (Hons), QFA As more countries ban cold calling, its become more important than ever for financial advisors to build a steady source of referrals from their clients. To do this without having to always ask for referrals, encourage clients to become your advocates. I dont push it hard.
Advisors might consider outsourcing roles such as social media management, search engine optimization, web development, event management, and performance analytics, among other options. As a starting point, understanding the wide variety of marketing tasks that can be outsourced can be beneficial.
Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that a report from Cerulli Associates found that, amidst an industry-wide trend towards comprehensive financial planning and away from pure transaction-based investment management, asset-based fees currently represent 72.4%
FINNY AI, an AI-powered prospecting tool, has raised $4.2 FINNY AI, an AI-powered prospecting tool, has raised $4.2 FINNY AI, an AI-powered prospecting tool, has raised $4.2
TAG Intel is led by Jack Devine, a 32-year veteran of the CIA, who aims to democratize the information he’s been bringing to global corporate clients since 2000.
This is an opportunity to show clients why they pay us a fee, to navigate difficult times with a rock steady approach.” Financial advisors view the market correction as a normal course of events and a good buying opportunity. Market volatility is my best friend,” one advisor said.
Daniel is the CEO of WMGNA, a hybrid advisory firm based in Farmington, Connecticut, that oversees approximately $270 million in assets under management for 200 client households.
Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that at a time when brokerage firms' cash sweep programs come under increased scrutiny (and as the Federal Reserve has cut interest rates), Charles Schwab (the largest RIA custodian) continues to slash sweep rates for client (..)
Wealth management firms traditionally work with older clients, for good reasons. However research suggests these firms increasingly risk losing future business to robos, fintechs and non-AUM planners.
Which could prove to be a boon for the financial advice industry as more consumers are willing to entrust their assets to an advisor (while at the same time possibly making it tougher for some advisors to differentiate themselves primarily by how they put their clients' interests first?). Read More.
Which suggests that, amidst ongoing debate over fiduciary-related regulations, an advisor's status as a fiduciary could both lead to greater client trust (both in their individual advisor relationship and perhaps in the financial advice industry as a whole) and, ultimately, higher client retention rates. Read More.
Numerous speakers at Wealth Management EDGE said buyers would want to see that its AUM wasn’t primarily tied to a small number of clients and that its growth wasn’t spurred mainly by the market.
Fran is the CEO of Toler Financial Group, an RIA based in Silver Spring, Maryland, that oversees nearly $200 million in assets under management for 280 client households. My guest on today's podcast is Fran Toler.
Cristina is the CEO of Mana Financial Life Design, an RIA based in Los Angeles, California (but works virtually with clients nationwide), that oversees approximately $70 million in assets under management for 119 client households. Read More.
Mason of Rubicon Wealth Management defrauded at least 13 advisory clients out of more than $20 million, spending it on country club dues and a miniature golf course in New Jersey, the regulator claims.
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