How To Grow Your Financial Advisory Business By Helping Business Owners Sell Theirs
Tim Vorhoff, Vice President of CreoValo joins Mike Langford for an exploration of a growth strategy that many financial advisors are ignoring: helping private business owners sell their businesses to unlock their tied-up value. The conversation explores the opportunity for financial advisors to partner with investment banks to assist business owners in selling their companies. They discuss the scale of the opportunity, the average value of small businesses, and the importance of having conversations with business owner clients about their future plans for their businesses.
Sponsored By:
PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.
If you would like to follow up with Tim, shoot him an email.
Key Takeaways From This Episode:
Many wealthy individuals in communities are private business owners with a significant portion of their net worth tied up in their businesses.
Financial advisors have the opportunity to partner with investment banks to help business owners sell their companies and unlock their tied-up value.
Having conversations with business owner clients about their future plans for their businesses is crucial for advisors to understand their clients' needs and provide relevant advice.
Organizing a competitive process to sell a company can result in better valuations and terms for business owners. Financial advisors can help business owners maximize the outcome of selling their businesses by providing education and guidance.
Building a strong network of professionals who can solve business owners' problems is crucial for advisors.
Succession planning and creating a transferable business are important for attracting potential buyers.
Advisors should focus on solving business owners' problems and building trust to establish themselves as a resource in the community.
Chapters
00:00 Introduction: Unlocking Tied-Up Value
02:25 The Opportunity for Financial Advisors
04:21 Partnering with Financial Advisors
09:31 Understanding the Scale of Small Businesses
17:45 The Benefits of Organizing a Competitive Process
23:23 Having Conversations with Business Owner Clients
25:19 Maximizing the Outcome of Selling a Business
35:27 The Importance of Succession Planning
41:34 Building Trust as a Resource for Business Owners
Reimagining Estate Planning As Helping Clients Make Premade Decisions For Their Loved Ones
Andrew Crowell, Vice Chairman of Wealth Management at D.A. Davidson returns to the show to explore a new perspective on estate planning: pre-making decisions for heirs and loved ones. Andrew and show host Mike Langford emphasize the importance of having conversations early and often to prevent emotional duress and ensure that family members are aware of the individual's wishes. They also discuss the significance of planning for digital assets, including passwords and online accounts. The conversation highlights the need for clear instructions on how to handle sentimental or private items after someone's passing.
Sponsored By:
PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.
If you would like to follow up with Andrew, shoot him an email.
Key Takeaways From This Episode:
Estate planning should involve pre-making decisions for heirs and loved ones to alleviate stress and emotional duress.
Having conversations early and often about end-of-life wishes and asset distribution can prevent confusion and conflict.
Planning for digital assets, such as passwords and online accounts, is crucial to ensure smooth transitions and access to important information.
Consider the disposition of sentimental or private items and communicate preferences to avoid misunderstandings or disputes. Open communication and having conversations about wealth transfer are crucial in estate planning.
Individuals without biological heirs need to plan intentionally and consider who they want to inherit their assets.
The concept of an ethical will can be used to pass on values and intentions to future generations.
Remarriage later in life can complicate estate planning, and it is important to consider the impact on existing assets and family dynamics.
Senior investor protections are necessary due to the increase in life expectancy and the complexities introduced by digital assets.
Seeking professional advice from estate attorneys and financial advisors is essential in navigating the complexities of estate planning.
Resources Mentioned In This Episode:
Why Financial Advisors Should Teach Financial Literacy - Andrew's first appearance on the Modern Financial Advisor podcast.
Protecting Your Clients And Your Firm From Financial Fraud - Andrew's second episode of the Modern Financial Advisor podcast.
"Life's Key Moments" - This is the D.A. Davidson resource Andrew mentioned toward the end of the episode.
Chapters
00:00 Introduction: Improving Sound Quality with PodBox
01:26 A New Perspective on Estate Planning
03:53 Pre-Making Decisions for Heirs
07:06 Avoiding Emotional Duress
09:44 Disposition of Sentimental Items
16:30 Planning for Digital Assets
23:27 Privacy Concerns and Personal Journals
28:12 Having a Partner to Dispose of Sensitive Items
29:09 The Importance of Conversations in Estate Planning
31:37 Challenges Faced by Individuals without Biological Heirs
34:27 The Concept of an Ethical Will
37:19 The Impact of Remarriage on Estate Planning
46:51 Senior Investor Protections and the Complexity of Digital Assets
53:13 The Role of Professional Advice in Estate Planning
One Man's Mission To Make It Easy For Financial Advisors To Go RIA
Chuck Failla, Founder and CEO of Sovereign Financial Group returns to the Modern Financial Advisor Podcast to share some updates on the goRIA initiative he launched in partnership with InvestmentNews. Chuck also shares his journey of going RIA and the motivation behind creating goRIA as a media outlet to educate advisors about the benefits of the RIA space.
Sponsored By:
PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.
If you would like to follow up with Chuck, shoot him an email.
Key Takeaways From This Episode:
The importance of having a high-quality microphone setup for podcasting. Just listen to how great Chuck Failla sounds in this episode.
The motivation behind creating goRIA as a media outlet to educate advisors about the benefits of the RIA space
The value of networking and learning from other advisors at conferences
The need for integration and future-proofing technology in the RIA industry, including the concept of a data warehouse or data lake When choosing an RIA firm, it is important to do thorough research and speak with other advisors who have experience with different firms.
The RIA industry needs to improve training programs to better prepare new advisors for the job.
Succession planning and ownership transition are important considerations for RIAs, and options like minority stakes and internal ownership can be explored.
There is a growing interest in RIAs advising on alternative investments beyond marketable securities.
AI can be used to streamline processes in the RIA industry, such as portfolio analysis and presentation creation.
Resources Mentioned In This Episode:
Chuck Failla on LinkedIn - https://www.linkedin.com/in/charlesfailla/
Sovereign Financial Group - https://www.sovereignadvisorsolutions.com/
goRIA with InvestmentNews - https://inpartners.investmentnews.com/goria/p/1
Modern Financial Advisor Podcast EP75 - When Chuck was just getting RIA Labs off the ground
Modern Financial Advisor Podcast EP108 - With Gauthier Vincent of Deloitte where we discuss end-to-end digital transformation of wealth management
Jeff Benjamin on LinkedIn - https://www.linkedin.com/in/jeff-benjamin-9427728/
AngelSpan - This is the solution Mike Langford mentioned that makes it easier for investors and private companies, like startups, to get structured financial reporting on their portfolio companies.
Beautiful AI - https://www.beautiful.ai/presentations
Saifr - An AI-powered compliance review solution launched by Fidelity Labs
Chapters
00:00 Introduction and The Importance of a High-Quality Microphone Setup
03:27 Educating Advisors about the Benefits of the RIA Space
15:26 Networking and Learning at Conferences
19:07 Integration and Future-Proofing Technology in the RIA Industry
29:22 Choosing the Right RIA Firm
30:18 The Need for Better Training
32:44 Succession Planning and Ownership Transition
38:21 Expanding Services: Advising on Alternative Investments
52:32 The Role of AI in the RIA Industry
Why Financial Advisors Should Focus On Serving The Unique Needs Of Childfree Clients
Dr. Jay Zigmont, Founder and CEO of Childfree Wealth joins Mike Langford for a fascination conversation about the intricacies of providing comprehensive financial advice to childfree clients. They discuss the significant population of adults who do not have children and the unique needs that are not being met by traditional financial planning methods. They also explore the reasons why people choose to be childfree and the challenges faced by financial advisors in serving this niche. The conversation covers topics such as dying with zero, long-term care planning, estate planning, retirement, and the importance of understanding the goals and desires of childfree clients.
Sponsored By:
PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.
If you would like to follow up with Jay, shoot him an email.
Key Takeaways From This Episode:
Child-free individuals make up a significant population of adults who have unique financial needs that are not being met by traditional financial planning methods.
Child-free individuals often have different goals and desires, such as wanting to die with zero and focusing on experiences and passions rather than retirement.
Long-term care planning and estate planning are important considerations for child-free individuals, as they may not have the same support system as parents.
Financial advisors should be aware of the assumptions and biases they may have when working with child-free clients and should tailor their services to meet their specific needs.
There is a lack of resources and dedicated financial planning firms that focus on serving child-free clients, despite the significant size of this population. Child-free individuals face unique challenges in financial planning and end-of-life care.
There is a lack of resources and services available to child-free individuals.
Financial advisors need to understand and serve the child-free demographic better.
Legal and societal biases against child-free individuals need to be addressed.
There are opportunities for financial advisors to specialize in serving child-free clients.
Resources Mentioned In This Episode:
Jay Zigmont's Book - "The Childfree Guide to LIfe and Money"
The Fixed-Index Annuity with a Health-Activated Income Multiplier - This the annuity Jay mentioned during the show.
Long Term Care for Childfree Individuals - An article Jay wrote on the topic.
Fidelity Investments (FCAT) study on soloists - "A Family of One: The Ascendance of Solo Households"
Jay's guest article on Michael Kitces' blog - "Why Childfree People Require A Unique Financial Planning Process"
Rajini Kodialam - Mike mentioned how Rajini urged financial advisors to stop calling women a segment. "Any group that makes up over half of the population cannot be a segment."
Chapters
00:00 Introduction to Child-Free Financial Advice
03:45 The Size and Significance of the Child-Free Population
08:07 Understanding the Choice to Be Child-Free
13:25 Dying with Zero: A Different Approach to Financial Planning
15:23 The Life of Child Wealth: Redefining Retirement
27:43 Addressing the Unique Needs of Child-Free Individuals
36:44 Creating Communities and Support Networks
46:25 Challenges and Biases Faced by Child-Free Individuals
53:48 Opportunities for Financial Advisors in the Child-Free Market
Exploring The End-To-End Digital Transformation Of Wealth Management
Gauthier Vincent (GV), Senior Consulting Partner at Deloitte joins Mike Langford for an exploration of the digital transformation taking place in the wealth management industry. The conversation explores the impact of AI on wealth management, covering topics such as personalizing client experiences, efficiency, data infrastructure, compliance, and the modernization of core wealth platforms. It also delves into the challenges and considerations for wealth management firms in adopting AI and modernizing their tech stack.
Sponsored By:
PodBox - Help your guest sound as good at GV with a PodBox microphone setup.
If you would like to follow up with GV, shoot him an email.
Key Takeaways From This Episode:
The wealth management industry is undergoing an end-to-end digital transformation, impacting front, middle, and back office operations.
The urgency for modernization is driven by the need to deliver compelling digital experiences for clients and advisors, aligning with the evolving nature of advice.
AI has a significant impact on manufacturing better advice, learning faster, and knowledge, making it crucial for the wealth management industry.
The convergence of consumer finances with advice at the center has led to the democratization of holistic advice, requiring a comprehensive modernization of technology platforms.
Client sentiment and risk preference are key areas where AI can be leveraged to enhance the client-advisor relationship and improve service delivery. AI applications in wealth management include personalizing client experiences, improving efficiency, and modernizing core wealth platforms.
Regulators have a cautious view on AI in wealth management, leading to a focus on using AI in the middle and back office rather than the front office.
Wealth management firms need to carefully consider data governance, ownership, and integration when adopting AI and modernizing their tech stack.
Resources Mentioned In This Episode:
Deloitte Report - "The Digital Wealth Manager Of Today"
SkyView 1 - A fiduciary first banking solution for your financial advisory clients.
Nitrogen (formerly Riskalyze) - The comprehensive client engagement platform for wealth management firms
Chapters
00:00 The Digital Transformation in Wealth Management
11:49 The Urgency for Modernization and Impact of AI
27:17 The Impact of AI on Wealth Management
41:24 Challenges and Considerations in Adopting AI for Wealth Management Firms
49:52 Modernizing the Tech Stack in Wealth Management
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.