Weekend Reading For Financial Planners (February 24-25)
Kitces Nerd's Eye View » Financial Marketing
by Adam Van Deusen
2d ago
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that while both the total number of RIAs and advisor headcount have seen significant gains in recent years, client assets remain concentrated among the largest firms, according to data from Cerulli Associates, with the 7% of RIAs with at least $1 billion of AUM managing 71% of total RIA assets. Which suggests that instead of trying to go head-to-head with these larger firms (and their heftier marketing budgets) in attracting clients, smaller firms might instead demonstrate ho ..read more
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Kitces & Carl Ep 132: What Drives Real Advisor Marketing Success: Vanity Metrics Vs Engaged Prospects
Kitces Nerd's Eye View » Financial Marketing
by Michael Kitces
4d ago
At the end of each calendar year, social media platforms compile a wrap-up of each user's metrics, showing a theoretical reach for every account's best-performing piece of created media content and highlighting the "Best Of The Best" on the web, while revealing social media 'superstars' who have millions of impressions and followers. But how much do these numbers really matter for financial advisors driving the growth of their businesses? While some advisors may be naturally inclined to compare these figures with the actual reach of their own content getting in front of their target client bas ..read more
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Highlights From The 2024 T3 Advisor Conference
Kitces Nerd's Eye View » Financial Marketing
by Craig Iskowitz
1w ago
The 2024 Technology Tools for Today (T3) Advisor Conference, held last month in Las Vegas, Nevada, featured a large gathering of financial advisors and representatives from across the fintech industry. Hosted by Joel Bruckenstein and his team from T3 Consulting, the conference focused heavily on the relationship between financial advice and its accompanying fintech, covering everything from how AI and other tech developments are changing the advisor landscape in unprecedented ways to the importance of stringent cybersecurity measures, tech-stack integrations that actually work together cohesiv ..read more
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Weekend Reading For Financial Planners (February 17-18)
Kitces Nerd's Eye View » Financial Marketing
by Adam Van Deusen
1w ago
Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that a study from Cerulli Associates indicates a lack of fee transparency represents a significant hurdle for many investors when considering working with a financial advisor. Which suggests that while advisors might be hesitant to publish their fees on their website before being able to meet face-to-face with prospects, doing so (and linking the fees to the value proposition they offer their ideal clients) could help certain consumers overcome their reluctance and start the ..read more
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A Proposed Salesperson’s Exemption To The DoL’s Retirement Security Rule?
Kitces Nerd's Eye View » Financial Marketing
by Michael Kitces
1w ago
When an investor is seeking to work with a financial professional, there's a substantial difference in expectations about the nature of the relationship when the professional being consulted is an advisor versus when they're a salesperson. In hiring an advisor, the investor is presumably seeking to put their trust and confidence in someone with their best interests in mind who can advise them on a course of action. Whereas in a sales transaction, the investor is most likely aware that a salesperson's job is simply to sell a product, which puts the onus on the investor (rather than the professi ..read more
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#FA Success Ep 372: Quadrupling Revenue By Restructuring Your Business Model To Reflect Your Entire Value To Clients, With Melody Townsend
Kitces Nerd's Eye View » Financial Marketing
by Michael Kitces
1w ago
Welcome back to the 372nd episode of the Financial Advisor Success Podcast! My guest on today's podcast is Melody Townsend. Melody is the president of Townsend Financial Planning, an RIA based in Lexington, KY, that oversees $112 million in assets under management for 160 client households. What's unique about Melody, though, is how after her first decade in practice, she quadrupled her revenue in the subsequent 2 years by restructuring her business model from standalone hourly engagements and project planning fees to a more holistic wealth management offering that combined investment manageme ..read more
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The Importance Of Employee Appreciation (Going Beyond Just Recognition) For Advisory Team Satisfaction And Retention
Kitces Nerd's Eye View » Financial Marketing
by Paul White
2w ago
While there is a plethora of ways that financial advisory firm owners can build and run their practices (from service models to specialties to fee structures and beyond), one of the most complex activities shared by many growing firms are those that involve hiring, training, managing, and retaining employees. And with the increasing shift to remote and hybrid work in recent years, these skills have become even more important. The reality is that advisory firms that help their employees thrive in these shifting work models will more likely be the ones to attract and retain top talent. In a worl ..read more
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Weekend Reading For Financial Planners (February 10-11)
Kitces Nerd's Eye View » Financial Marketing
by Adam Van Deusen
2w ago
Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that a recent survey sponsored by CFP Board demonstrates the upsides of a career in financial planning, from a median salary of nearly $200,000 to flexible work schedules and a strong sense of purpose among advisors. In addition, related research suggests further opportunities for firms looking to acquire and retain talent, from providing a greater sense of autonomy to building effective service teams. Also in industry news this week: A recent study finds that having a defin ..read more
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Kitces & Carl Ep 131: What’s The Real Purpose Of (New Year’s) Goals And Finding The Next Best Action To Move Forward
Kitces Nerd's Eye View » Financial Marketing
by Michael Kitces
2w ago
When a new year comes around it is often customary to set new personal and professional goals. Yet, in the midst of the tradeoffs that come with balancing new goals and their required behaviors, the challenge of creating sensible targets with flexibility and grace can be confounded by the reality of living in a world where uncertainty abounds and complex life situations are difficult (and sometimes even impossible) to map out. In our 131st episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss the value of setting goals even when our circumstances ma ..read more
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Fact, Situation, Feeling – Using The Iceberg Follow-Up Model To Connect With And Motivate Clients
Kitces Nerd's Eye View » Financial Marketing
by Meghaan Lurtz
2w ago
The need for financial professionals to ask prospects and clients questions has a long history in the industry. In earlier days, questions simply facilitated the process of gathering information in order to open accounts and recommend the appropriate products to be sold. However, as the industry evolved from being primarily transaction-based to relationship-based, it has become increasingly important for advicers to become less sales-oriented and more focused on how they can better develop deep, long-term connections with their clients. One of the best ways to accomplish that goal is not to as ..read more
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