How To Improve Your Financial Advisory Business One Week At A Time
Brian Margolis from Productivity Giant joins Mike Langford to discuss the importance of a simple weekly strategy for financial advisors to improve their productivity and achieve their goals. Brian emphasizes the need to focus on the right things and prioritize activities that provide the biggest return on investment.
If you would like to follow up with Brian Margolis, shoot him an email.
Key Takeaways From This Episode:
A simple weekly strategy can help financial advisors improve their productivity and achieve their goals.
Focusing on the right things and prioritizing activities that provide the biggest return on investment is crucial for success.
Effective messaging and choosing what to get better at can significantly improve an advisor's effectiveness.
Implementing a simple weekly strategy can lead to significant growth or a more streamlined business for a better work-life balance.
Resources Mentioned In This Episode:
Brian's previous episode of the Modern Financial Advisor Podcast way back in 2019.
Brian's Book - "The Index Card Business Plan For Sales Pros and Entrepreneurs"
Chapters
00:00 Introduction and Background
04:24 The Importance of a Simple Weekly Strategy
09:07 Focusing on the Right Things for Maximum ROI
28:57 Common Pain Points and Symptoms
31:20 Differentiating Between Being Good and Being Successful
39:05 Success Stories and Implementing the Simple Weekly Strategy
45:10 Conclusion
How Financial Advisors Can Use Proxy Voting As A Service To Level Up
Simon Zais, a senior manager at Egan-Jones Proxy Services, joins Mike Langford on the Modern Financial Advisor Podcast to discuss the importance of "proxy voting as a service" for financial advisors. They explore how proxy voting can help advisors deliver a higher level of service to their clients and align their portfolios with their clients' values and goals.
If you would like to follow up with Simon Zais, shoot him an email.
Key Takeaways From This Episode:
Proxy voting is an opportunity for financial advisors to deliver a higher level of service to their clients and align their portfolios with their clients' values and goals.
Proxy advisory firms provide guidance on voting and execute the voting process, making it easier for advisors to engage in proxy voting.
Proxy voting can have a significant impact on sustainable investing and shareholder activism, allowing investors to use their ownership stake to drive change in companies.
Having deeper conversations with clients about their worldview and investment stewardship can set advisors apart and add value to their practice.
The proportion of shares held by retail investors is growing, giving retail votes more weight in influencing company behavior. Proxy voting is no longer just for institutional shareholders; retail investors now have a voice in corporate governance.
Financial advisors should incorporate proxy voting into their conversations with clients to align investments with clients' values and goals.
Having meaningful conversations with clients about their values and goals can lead to stronger relationships and client satisfaction.
Advisors should take action based on these conversations and proactively engage with clients on proxy voting issues.
Resources Mentioned In This Episode:
Engine No. 1 vs Exxon - Simon mentioned this case as an example of proxy voting driving change at a company.
Simon's article titled "Hearts, Minds, and Votes: Where Smarter Wealth Managers Win"
Chapters
00:00 Introduction: Proxy Voting as a Service
06:03 Aligning Portfolios with Values and Goals
10:22 Proxy Voting and Making an Impact
23:04 The Growing Influence of Retail Votes
23:34 The Growing Influence of Retail Investors in Proxy Voting
26:01 Aligning Proxy Voting with Client Values and Goals
28:18 The Importance of Meaningful Conversations with Clients
31:38 Taking Action on Proxy Voting to Deepen Client Relationships
What Exactly Is Sustainable Investing? And Why Are Today's Clients Demanding It?
In this episode of the Modern Financial Advisor podcast, Mike Langford interviews Pete Krull, CEO of Earth Equity Advisors, about sustainable investing. They discuss the importance of sustainable investing for financial advisors and their clients, debunk common myths about sustainable investing, and explore the growth opportunities in the field.
Pete and Mike also touch on the role of ESG metrics, the future of the insurance industry in the face of climate change, and the increasing demand for sustainable investing among different generations.
If you would like to follow up with Pete Krull, shoot him an email.
Key Takeaways From This Episode:
Sustainable investing is an important aspect of a financial advisor's role in helping clients have a vibrant and sustainable future.
ESG metrics are a set of metrics that assess risks on companies related to environmental, social, and governance factors.
Sustainable investing is not just about avoiding certain sectors, but also about investing in solutions for a cleaner, more equitable future.
The insurance industry plays a crucial role in pricing climate risk and is an important sector to consider in sustainable investing.
There is a growing demand for sustainable investing among different generations, with millennials and Gen X showing high interest.
Traditional advisors can explore opportunities in sustainable investing and engage with clients and prospects on this topic. Financial advisors need to understand the values and preferences of their clients, particularly the younger generations who are interested in sustainable investing.
The next generation of investors will have a significant amount of wealth to invest, and advisors need to be prepared to meet their needs.
Electric vehicles are becoming increasingly popular, and the availability of charging infrastructure is an important factor to consider.
Real estate can play a role in sustainable investing, as energy-efficient and environmentally-friendly buildings can attract higher rents.
When planning for retirement, it is important to consider climate readiness and resilience of the location.
Financial advisors can benefit from connecting with influencers in the sustainable investing space to expand their network and reach a wider audience.
Resources Mentioned In This Episode:
Cross Country Race in EV Pickup Trucks - Out of Spec YouTube and Out of Spec Podcast
Book - Cradle to Cradle
DEI Episode of The Modern Financial Advisor Podcast with Laura Gregg
Chapters
00:00 The Role of Sustainable Investing for Financial Advisors
03:47 Debunking Myths About Sustainable Investing
12:23 The Future of the Insurance Industry in the Face of Climate Change
25:01 The Increasing Demand for Sustainable Investing Among Different Generations
29:16 Engaging with Clients and Prospects on Sustainable Investing
30:10 Meeting the Needs of Next Gen Investors
32:07 The Growth of Electric Vehicles and Charging Infrastructure
35:19 The Role of Real Estate in Sustainable Investing
43:30 Considering Climate Readiness in Retirement Planning
51:18 Connecting with Influencers in Sustainable Investing
Why Financial Advisors Should Provide Simple Financial Health Metrics To Their Clients
Reese Harper, CEO of Elements, joins Mike Langford to discuss how financial advisors can use vital signs to improve client conversations and increase their comfort level around financial advice.
Reese explains that vital signs are objective scores that measure various aspects of a client's financial health, such as liquidity, debt-to-income ratio, and savings rate. By using vital signs, advisors can provide personalized advice and help clients make informed decisions about their finances.
Reese also emphasizes the importance of specializing in a niche market and using vital signs to demonstrate value to prospective clients. Lastly, Reese shares how Elements can be used to accelerate the closing process for new clients.
If you would like to follow up with Reese Harper, shoot him an email.
Key Takeaways From This Episode:
Vital signs are objective scores that measure various aspects of a client's financial health, such as liquidity, debt-to-income ratio, and savings rate.
By using vital signs, financial advisors can provide personalized advice and help clients make informed decisions about their finances.
Specializing in a niche market and using vital signs can help advisors demonstrate value to prospective clients.
Elements, a financial vitals software, helps advisors streamline their processes and provide meaningful financial care.
Resources Mentioned In This Episode:
Elementality Podcast - With Reese Harper and Carl Richards
Dentist Advisors - This is Reese's RIA which influenced his founding of Elements
Chapters
00:00 Introduction and Overview
02:56 The Concept of Vital Signs
10:05 Improving Financial Behaviors with Vital Signs
28:31 Using Vital Signs in a Niche Market
35:23 The Birth of Elements and the Importance of Vital Signs
41:06 Accelerating Client Onboarding with Elements
How Advisors Can Tap the Hidden Growth Potential in Their Clients’ Communities
What if you could expand your client roster by 300% without having to spend a fortune on marketing? This week's guest Beatriz Acevedo and her team at SUMA Wealth discovered a hidden growth gem by serving the Latinx community.
It turns out, people in the community tend to bring other clients with them. And as you'll hear Beatriz discuss with Mike Langford, this growth concept is present in many communities.
If you would like to follow up with Beatriz Acevedo, shoot her an email.
Key Takeaways From This Episode:
Serving specific communities requires a community-first approach that understands their unique needs and priorities.
Using culture to explain financial concepts can help build trust and emotional connection with customers.
Understanding the needs and priorities of younger generations, such as Gen Z, is crucial for financial advisors and for developing effective financial products and services.
Adapting strategies and learning from mistakes is essential in connecting with younger generations and embracing change. Pay attention to the younger generation and their financial needs.
Transitioning to a new career requires taking a leap of faith and learning new skills.
A community-first approach is crucial in the FinTech industry.
Life experience plays a significant role in making smart decisions.
Younger generations often manage family finances and can be a valuable target audience for financial advisors.
Using culture can make finance more accessible and engaging.
Expanding the SUMA Wealth app and focusing on enterprise sales are key goals for the future.
Resources Mentioned In This Episode:
How I Built This - Beatriz was a guest on HIBT Lab! with Guy Raz in which she shared more about her journey that led her to starting SUMA Wealth.
Is Your Credit Guacaready? - This is a great example of the culturally relevant marketing that the SUMA Wealth team is using to build a community of over a million people.
Chapters
00:00 Introduction and Background
03:23 Summa Wealth's Community-First Approach
06:09 The Aha Moment for Summa Wealth
10:18 Understanding the Target Audience
13:40 Learning from Mistakes and Adjusting
22:01 Adapting to Changing Consumer Behavior
25:22 Learning from Younger Generations
26:10 The Value of Different Perspectives
27:06 The Importance of Embracing Change and Learning from Younger Generations
29:03 Transition from TV Producer to FinTech Founder
31:16 Recognizing the Lack of Financial Education in Latino Communities
33:01 The Role of Culture and Community in Fintech
36:00 The Power of Life Experience in Decision-Making
37:26 The Opportunity of Connecting with Younger Generations
43:25 Attracting Non-Latinx Users to Summa Wealth
48:39 Future Plans for Summa Wealth
Cracking The Code On Organic Growth For Financial Advisors
The lack of robust organic growth for financial advisors' businesses has been a key concern for industry leaders for years.
On this episode of the podcast Tom Rieman, CEO and Founding Partner of Practice Intel shares what he believes is the key to cracking the code on organic growth for financial advisors.
If you would like to follow up with Tom Rieman, shoot him an email.
Resources Mentioned In This Episode:
Bridging The Gap Podcast - Tom joined Matt Reiner on this podcast recently and we hit on one of the points from that episode to tip off our conversation.
Data from PriceMetrix by McKinsey - Mike mentioned the study and an MFA Podcast episode with Kieran Bol.
The Augmented Advisor Podcast - James Lee, the former President of the FPA discussed his conviction that "Financial Planner" is the 4th Great Profession.
SkyView Partners - Their focus on organic growth as a key driver for business valuation.
Appreciating How Modern The Profession Of Financial Advisor Actually Is
There are financial advisors working today who are members of the first generation of people to ever call themselves financial advisors. Think about that!
On this episode of the show, Matt Reiner returns to nerd out with Mike Langford about some of the exciting innovations that are creating new opportunities for modern financial advisors.
If you would like to follow up with Matt Reiner, shoot him an email.
Resources Mentioned In This Episode:
The Circle - Matt and his team have created a vibrant community to share actionable strategies, weekly, to enhance your life, elevate your business and enrich your client experience.
"Your Future Self" by Hal Hershfield - Matt recommended this book in the context of understanding our decision making process.
Harry Markowitz - The father of modern portfolio theory passed away in 2023. The guy who created the foundation for the models that financial advisors use for managing their clients' assets only recently passed away!
When Ideas Have Sex - A TED Talk by Matt Ridley that inspired a fun conversation in this episode.
Protecting Your Clients And Your Firm From Financial Fraud
Andrew Crowell, Vice Chairman of Wealth Management at D.A. Davidson returns to the show to share some eye popping facts about the prevalence of financial fraud. Andrew and Mike Langford also explore what financial advisors can do to protect their clients for becoming victims of fraud and how to help clients recover if they are victimized.
Toward the end of the episode Andrew and Mike dive into the mechanisms financial advisors can use to protect their firm from fraudsters. Because like the famous bank robber Willie Sutton said when asked why he robs banks, financial advisors are "where the money is."
If you would like to follow up with Andrew Crowell, shoot him an emaill.
Resources Mentioned In This Episode:
Americans Are Not Adequately Prepared To Detect Or Prevent Financial Fraud - Scroll down about 3/4 of the way down on this page to see the results of the fraud study.
Fraud Prevention: A Guide for Senior Investors - This is a helpful guide created by the team at D.A. Davidson
Willy Sutton Rule - https://www.investopedia.com/terms/w/willie-sutton-rule.asp
How Financial Advisors Can Boost Business Development
Dr. Jean Oursler "The Results Queen" explains how our caveman brains often get in the way of our ability to develop our businesses to the fullest. However, simple changes to a financial advisor's approach to his or her business development process can lead to dramatic improvements in a short time.
Dr. Jean also shares some personal stories about her journey. She credits investing in herself early, even before her business was achieving real traction, as key lever for her success.
If you would like to follow up with Dr. Jean Oursler, shoot here an email.
Resources Mentioned In This Episode:
Caveman Brain - Dr. Jean's company specializes in helping financial advisors get better results in their business development.
6 Killer Questions - As Dr. Jean mentioned, this free resource outlines the key questions to ask a "potential client" through your funnel.
EOS (The Entrepreneurial Operating System) - A framework for clarifying, simplifying, and achieving your vision.
"Change Your Question, Change Your Life" by Marilee Adams - Dr. Jean recommended this book as a fantastic tool to learn how to ask better questions.
Why Every Financial Advisor Needs An Executive Assistant
It may sound hyperbolic but the reality is the advisor who tries to do everything his or herself... is bound to let some important things fall off the table. And as Gina Cotner, CEO of Athena Executive Services explains... it's not just simple "To Do" list items that an advisor might miss.
It could be important client updates or opportunities that lead to business growth.
If you would like to follow up with Gina Cotner, shoot here an email.
How Financial Advisors Can Help Clients Manage The Gap Between What They Think Is Happening And What Is Actually Happening
James Beam, President of TD Private Client Wealth breaks down a common challenge that clients of today's financial advisors face... information overload that often results in clients having a distorted picture of what is actually happening in the world.
Jim and Mike also explore the potential impact of artificial intelligence (AI) on the modern financial advisor's business and how the use of a goals based advice approach can serve as a foundation for advisors regardless of what future technologies may come their way.
Resources Mentioned In This Episode:
Mike referenced the concepts championed and powered by Vise in this episode. The startup has since pivoted a bit but the core of their AI powered solution is the same. Below are links to a few podcast episode Mike recorded with the founders of Vise, Runik Mehrotra and Samir Vasavada.
How Personalized Portfolios Powered By A.I. and Machine Learning Are Helping Advisors Attract Millennial and Gen-Z Investors ~ Augmented Advisor Podcast
Using AI to Create Custom Portfolios That Are As Easy As Model Portfolios ~ Modern Financial Advisor Podcast
How Two Gen Z Founders Built a Solution That is Being Embraced by an Industry Dominated by Gen X and Boomers ~The SoFin Podcast
Want To Offer Better Financial Advice To Your Clients? Start With Checklists And Flowcharts
Michael Lecours, CFP® says that the origin story of fpPathfinder, a company he co-founded with Michael Kitces, is a bit humbling. He found that he was routinely forgetting to ask the right questions or giving slightly incorrect answers or missing timely opportunities for recommendations when meeting with his clients.
It wasn't that Michael was incompetent or lacking in financial planning skills... he is a Certified Financial Planner with over a decade of experience. It's just that there is so many things that a client might need to know about or do or not do at any given time. And the landscape is constantly changing.
So, Michael came up with a simple idea. He made a series of checklists and flowcharts that he would use during client meeting to ensure he "checked all the boxes" and kept things on track. Suddenly, he felt like he was delivering higher quality advice to his clients and he realized he was onto something that other advisors could use with their clients.
Resources Mentioned In This Episode:
Advice Engagement Strategies: 4 Core Areas To Motivate Clients To Be More Active In The Financial Planning Process - This is a comprehensive blog post written by Michael Lecours and offers some great insight to the thought processes driving the fpPathfinder solution.
Roger Pine and his company Holistiplan were mentioned a few times on this episode. Below are links to two podcasts featuring Roger:
How to Increase Post-Acquisition Business Value by Adding Tax Planning Services on The Advisor Financial Forum Podcast by SkyView Partners
Roger Pine of Holistiplan on Speeding Up the Tax Planning Process for Financial Advisors on The SoFin Podcast.
If you would like to follow up with Michael Lecours, shoot him an email.
Why Writing A Short Book Can Help Financial Advisors Win New Clients
Paul McManus, creator of The Short Book Formula and CEO of More Clients More Fun shares how he helps financial advisors write short books to attract their ideal clients.
The concept is simple, write a short book that articulates the solution to a specific problem your ideal client is likely to have. Send the book to prospects. Ask them to read it prior to meeting with you. Then, have a productive initial meeting that is likely to result in closing a new client.
Feel free to reach out to Paul via email to learn how you can publish your own short book to use as a tool for attracting new clients.