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Michael Kitces
Registrace 5. 02. 2013
One nerd's perspective on the financial planning world... Publisher of The Kitces Report and the blog Nerd's Eye View at www.kitces.com
Ep 398: Building A $2.5B AUM Advisory Enterprise Under The Umbrella Of A National CPA Firm With E...
Eric Wulff is the CEO of Marcum Wealth, an RIA based out of Cleveland that oversees $2.5 billion in assets under management for approximately 2,700 households. Eric has uniquely developed Marcum Wealth into a multi-billion-dollar firm under the umbrella of a national accounting firm, largely by fostering mutually beneficial relationships with internal CPAs to secure referrals of their accounting clients to his financial planning business. This strategy has effectively integrated and leveraged the firm's existing services to expand its client base and enhance its financial planning division.
Listen in as Eric shares his strategic approach to generating internal referrals at his firm, using a "give to get" philosophy with CPAs to ensure his advisors are top of mind for financial planning referrals, especially through exit planning services that help maintain CPA-client relationships beyond traditional business needs. He also explains how his firm standardizes financial planning across national offices through a centralized team, the effectiveness of presenting detailed financial plans to prospects before they commit, and his targeted acquisition strategy focusing on growth-minded mid-career advisors.
For show notes and more visit: www.kitces.com/398
Headers:
What Marcum Wealth Looks Like Today [6:35] Using A Team-Based Approach To Building Financial Plans [16:10] Linking Marcum Wealth's Planning Process To Its Asset Allocation Frameworks [28:44] Converting Prospects Into Clients Through The Plan Delivery Process [33:06] How Marcum Wealth Generates Referrals From Its Attached CPA Firm [46:10] Dividing Advisory Teams By Geography And Client Segments [57:43] Marcum Wealth's Strategic Approach To Acquisitions [1:04:21] What Surprised Eric The Most Building An Advisory Business [1:15:40] The Low Point On Eric's Journey [1:17:34] What Eric Would Tell His Younger Self [1:22:58] Eric's Advice For Younger Advisors [1:24:15] What Success Means To Eric [1:27:25]
The following contains the thoughts and opinions of Eric Wulff, CEO, of Marcum Wealth, LLC. Marcum Wealth is an investment adviser registered with the United States Securities and Exchange Commission. Registration does not imply a certain level of skill or training. The statements herein are intended as brand and general educational and informational content only, and no viewer should construe any statements as an offer of Marcum Wealth’s advisory services. Viewers are encouraged to discuss the content of this broadcast with, and direct any questions to, the financial professional of their choosing.
Listen in as Eric shares his strategic approach to generating internal referrals at his firm, using a "give to get" philosophy with CPAs to ensure his advisors are top of mind for financial planning referrals, especially through exit planning services that help maintain CPA-client relationships beyond traditional business needs. He also explains how his firm standardizes financial planning across national offices through a centralized team, the effectiveness of presenting detailed financial plans to prospects before they commit, and his targeted acquisition strategy focusing on growth-minded mid-career advisors.
For show notes and more visit: www.kitces.com/398
Headers:
What Marcum Wealth Looks Like Today [6:35] Using A Team-Based Approach To Building Financial Plans [16:10] Linking Marcum Wealth's Planning Process To Its Asset Allocation Frameworks [28:44] Converting Prospects Into Clients Through The Plan Delivery Process [33:06] How Marcum Wealth Generates Referrals From Its Attached CPA Firm [46:10] Dividing Advisory Teams By Geography And Client Segments [57:43] Marcum Wealth's Strategic Approach To Acquisitions [1:04:21] What Surprised Eric The Most Building An Advisory Business [1:15:40] The Low Point On Eric's Journey [1:17:34] What Eric Would Tell His Younger Self [1:22:58] Eric's Advice For Younger Advisors [1:24:15] What Success Means To Eric [1:27:25]
The following contains the thoughts and opinions of Eric Wulff, CEO, of Marcum Wealth, LLC. Marcum Wealth is an investment adviser registered with the United States Securities and Exchange Commission. Registration does not imply a certain level of skill or training. The statements herein are intended as brand and general educational and informational content only, and no viewer should construe any statements as an offer of Marcum Wealth’s advisory services. Viewers are encouraged to discuss the content of this broadcast with, and direct any questions to, the financial professional of their choosing.
zhlédnutí: 181
Video
The Success Trap Of Boutique Practices And Building With Intentionality - Kitces & Carl Ep 144
zhlédnutí 448Před 14 hodinami
In our 144th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss how advisors can navigate the ‘calculus’ between growth, time, and margins to define success on their own terms, then build a firm to fit their vision. For more, see www.kitces.com/blog/ and www.thesocietyofadvice.com/. The Business Calculus Around An Advisory Practice’s Margins, Hours, A...
Ep 397: Powering Growth To $1.2B Of AUM With An Intentional Focus On (Local) Acquisitions Of Reti...
zhlédnutí 229Před 19 hodinami
Jaime Benedetti is the Managing Principal of Benedetti, Gucer, and Associates and BEAM Wealth Advisors, hybrid advisory firms based out of Georgia and Louisiana that oversee a total of $1.2-billion in assets under management for approximately 900 households. Jaime's firm has uniquely expanded to over $1 billion in AUM over the last 20 years, largely through six strategic acquisitions of mixed f...
Ep 396: Leveraging Business Coaches To Delve Deep Into A Divorce Specialization That Brings A Ste...
zhlédnutí 199Před 14 dny
Michelle Klisanich is a Wealth Advisor for Financially Wise Divorce, a hybrid advisory firm based out of Minnesota that oversees $87-million in assets under management for 91 households. Michelle stands out by effectively applying insights gained from multiple business coaches throughout her career, enabling her to precisely target and market to her desired clientele-women undergoing divorce. T...
Taking Over Clients From An Advisor With Different Personality & Communication- Kitces & Carl Ep 143
zhlédnutí 457Před 14 dny
In our 143rd episode of Kitces and Carl, Michael Kitces and client communication expert Carl Richards explore the ways that next-gen advisors can navigate transitioning clients who may be accustomed to a more quantitative approach to financial planning, the 3 dimensions that the legacy and next-gen advisors should have alignment in order to increase the odds of a smooth transition, and the impo...
Ep 395: The Rise Of Bank Financing To Fund Independent Advisor Acquisitions And Succession Plans ...
zhlédnutí 274Před 21 dnem
Dustin Mangone is the Director of Investment Advisor Services of PPL Loan, a firm based out of Texas that facilitates conventional bank loans to financial advisors. Dustin's firm uniquely enables financial advisors to access bank lending-a traditionally difficult source of debt capital in the advisory industry-for financing various transactions, including RIA and independent broker-dealer acqui...
Evolving From Dysfunctional Team To Advisory Dream Team - Michael Kitces & John Bowen
zhlédnutí 727Před 21 dnem
Michael Kitces and John Bowen, CEO and founder of CEG Worldwide and CEG Insights, dive into the data on what makes advisory teams work, how strong teams can help firms attract high-net-worth clients, and how a team-based approach - despite the higher complexity and managerial duties involved - can actually improve the well-being of advisors who are stressed beyond their capacity on their own. B...
Ep 394: Launching An Administrative Family Office Practice To Deliver Your Best Support To (HNW) ...
zhlédnutí 273Před 28 dny
Christi Van Rite is the Founder of White River Consultants, a firm that provides administrative family office services to 17 ultra-high-net-worth households. Christi, whose firm is on track to generate nearly $1.5M in revenue this year, offers her insights into the complexities of managing extensive personal finances. You'll learn about the four primary pillars of Christi's services-personal bo...
Carl's 13 Magical Questions Of Conversational Goodness With (New) Clients - Kitces & Carl Ep 142
zhlédnutí 780Před měsícem
In our 142nd episode of Kitces & Carl, Michael Kitces and aforementioned client communication expert Carl Richards discuss Carl's "Magical Questions Of Conversation Goodness", how an advicer can 'move through time' to help clients make meaningful connections around their relationships with money, and how advicers can effectively implement those questions in their own practices. For more, see ww...
Ep 393: Taking The Risk Of A Multi-Million-Dollar Succession Loan To Make The Business What You W...
zhlédnutí 268Před měsícem
Alex Lewis is the owner of Blackbridge Financial, a hybrid advisory firm based out of South Carolina that oversees approximately $330 million in assets under management for 415 households. At just 29 years old, Alex boldly acquired his firm through a multi-million-dollar loan, stepping in as the successor to the founder. Over the past four years, he has transformed the business by overhauling t...
Ep 392: Crafting Your Specialization When There Is No Standard Playbook To Learn It with Kristoph...
zhlédnutí 258Před měsícem
Kristopher Heck is a Founding Partner of Tanager Wealth Management, an RIA based out of London that oversees approximately $1.1 billion in assets under management for 630 households. Kristopher's firm stands out by scaling to over a billion dollars in AUM, specializing in serving clients with financial and personal ties to both the United States and the United Kingdom, a niche lacking a standar...
Creating The Space To Have More Meaningful Money Conversations With Clients -Kitces & Carl Ep 141
zhlédnutí 502Před měsícem
In our 141st episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards explore some key concepts around facilitating meaningful conversations, ways advicers can help clients take time to focus on more foundational topics (so they can have a clearer picture around where they want to go), and some conversational strategies to give clients the 'permission' to open up. ...
Ep 391: Improving Efficiency (In A Solo Practice) By Eliminating What Clients Don’t Really Care A...
zhlédnutí 467Před měsícem
Christopher Jones is the Founder of Sparrow Wealth Management, an RIA based out of Orlando that oversees approximately $110 million in assets under management for 69 households. Chris has distinguished himself by building a highly efficient solo practice that operates under 25 hours per week, enabling him to spend more time with his family. He achieved this by concentrating solely on the most c...
Ep 390: Helping Prospects Find Their Way To You Online With (Local) SEO with Brent Carnduff
zhlédnutí 303Před měsícem
Brent Carnduff is the Founder of Advisor Rankings, a marketing firm based out of Idaho that specializes in search engine optimization for financial advisors. Brent's firm uniquely assists advisors by enhancing their organic SEO through targeted content creation, designed to attract prospects with specific planning needs, and also boosts advisors' local SEO, ensuring top placement in Google rank...
Are You Worrying About Scale Before You Even Have A Scale Problem - Kitces & Carl Ep 140
zhlédnutí 474Před 2 měsíci
In our 140th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss how early-career advicers can sometimes get distracted by questions around how they can scale their practices, the issues they should really be focusing their time and energy on instead, and strategies they can use to identify what sort of business they want to build in the first place. F...
Ep 389: Generating $5M In Hourly Planning Fees In The Blue Ocean Of Consumer Demand with Mark Berg
zhlédnutí 421Před 2 měsíci
Ep 389: Generating $5M In Hourly Planning Fees In The Blue Ocean Of Consumer Demand with Mark Berg
Ep 388: Transitioning To Independent RIA With Only $7M Of AUM To Turbocharge Growth With Website ...
zhlédnutí 445Před 2 měsíci
Ep 388: Transitioning To Independent RIA With Only $7M Of AUM To Turbocharge Growth With Website ...
When Have You Done 'Enough' For Clients (And How Do You Know) - Kitces & Carl Ep 139
zhlédnutí 611Před 2 měsíci
When Have You Done 'Enough' For Clients (And How Do You Know) - Kitces & Carl Ep 139
Ep 387: Merging A Fast-Growth Firm Into A Much Larger One To Get The Operations Monkeys Off Your ...
zhlédnutí 259Před 2 měsíci
Ep 387: Merging A Fast-Growth Firm Into A Much Larger One To Get The Operations Monkeys Off Your ...
Ep 386: Turning Impostor Syndrome Anxiety Into A Strength That Drives Client Referrals with Dann ...
zhlédnutí 451Před 2 měsíci
Ep 386: Turning Impostor Syndrome Anxiety Into A Strength That Drives Client Referrals with Dann ...
Crafting Your Own Stop-Doing List To Create Capacity For What Really Matters - Kitces & Carl Ep 138
zhlédnutí 612Před 2 měsíci
Crafting Your Own Stop-Doing List To Create Capacity For What Really Matters - Kitces & Carl Ep 138
Ep 385: Unblocking Clients That Won’t Implement With A Journey Of Financial Health with Danielle ...
zhlédnutí 252Před 3 měsíci
Ep 385: Unblocking Clients That Won’t Implement With A Journey Of Financial Health with Danielle ...
Ep 384: Growing An Advisor Career From (Bank) Assistant To Partner While Also Growing A Family wi...
zhlédnutí 326Před 3 měsíci
Ep 384: Growing An Advisor Career From (Bank) Assistant To Partner While Also Growing A Family wi...
When Does Your Career Transition From Saying "Yes" To Opportunities, To "No" - Kitces & Carl Ep 137
zhlédnutí 540Před 3 měsíci
When Does Your Career Transition From Saying "Yes" To Opportunities, To "No" - Kitces & Carl Ep 137
Ep 383: Leveraging YouTube Videos To Organically Grow 9X To $750M In Just 5 Years with Troy Sharpe
zhlédnutí 614Před 3 měsíci
Ep 383: Leveraging CZcams Videos To Organically Grow 9X To $750M In Just 5 Years with Troy Sharpe
Ep 382: Helping Clients Stay The Course With A More Total Relationship Approach To Their Near-Ter...
zhlédnutí 343Před 3 měsíci
Ep 382: Helping Clients Stay The Course With A More Total Relationship Approach To Their Near-Ter...
Should Internal Succession Plans Provide A G2 Discount? - Kitces & Carl Ep 136
zhlédnutí 587Před 3 měsíci
Should Internal Succession Plans Provide A G2 Discount? - Kitces & Carl Ep 136
Ep 381: Helping Clients Go Beyond The Plan To Actually Implement As A Fractional Financial Behavi...
zhlédnutí 274Před 3 měsíci
Ep 381: Helping Clients Go Beyond The Plan To Actually Implement As A Fractional Financial Behavi...
Ep 380: Expanding Capacity For $500M Of Organic AUM Growth In Just 4 Years By Increasing The Dens...
zhlédnutí 379Před 4 měsíci
Ep 380: Expanding Capacity For $500M Of Organic AUM Growth In Just 4 Years By Increasing The Dens...
What It Takes To Attract HNW Entrepreneurs As A Financial Advisor - Michael Kitces & John Bowen
zhlédnutí 1,6KPřed 4 měsíci
What It Takes To Attract HNW Entrepreneurs As A Financial Advisor - Michael Kitces & John Bowen
Thanks Michael and Carl, really enjoyed this episode. Got me thinking. Would you agree that it is the "Grow Fast" element of those three practice dynamics (High Margins / Lifestyle Hours / Grow Fast) that is the most likely to disrupt either of the other two? I can't imagine Fast Growth and Lifestyle Hours or Fast Growth and High Margins, given the need to support the growth with additional staffing. Also interested in your take on the "Rule of 40" as being a reasonable objective, where Profitability + Growth is at least 40%? e.g. Profit (EBIT) of 30% and Growth (Revenue) of 10%.
@Rob I do think it's true to some extent that the choice to grow fast/expand fast is more of a driver, in that it's more of the decision that is in your control, and the other two have to adapt (at least to some extent) to the growth choice. But it's not the sole factor. You absolutely can have Fast Growth and Lifestyle Hours. But you have to sacrifice Margins (by hiring a lot of staff to handle the fast growth while you're life-styling!). That's the point. Similarly, you can have Fast Growth and High Margins... it just likely means you're working 70 hours/week to be able to sustain faster growth while you have less staff headcount (which is what keeps the margins up). The scenarios you're highlighting here DO illustrate the trade-offs well I think! In terms of Rule-of-40, it originated for SaaS technology businesses, not necessarily for advisory firms. But I actually do think it's a pretty good baseline for a recurring revenue advisory business as well. (With the caveat that you have to pay the founder/owner a 'normalized' salary to get an accurate reflection of EBIT to calculate the margins properly.)
@@MichaelKitces Yep ok, and you did say as much in the Episode, including what you mean by "High Growth" 8:55. Any thoughts on what level all three become achievable for the group of business owners you classify as "Enterprise Builders" 16:30 ? And do Enterprise Builders even WANT to work less hours in your experience?
@@RobPyne23 In my experience, Enterprise-Builders don't tend to want to work less. Doing the work of building the enterprise IS fun. Not that they want to blow out their work/life balance (at least not indefinitely, that gets tiring after a while :) ), but I find Lifestyle firms run as such because they intentionally prioritize non-work activities they enjoy more over growing the business (to create more-more money they don't actually need to do those things anyway), while Enterprise builders tend to prioritize the work activities of building the business because that IS what they enjoy doing in the first place!
Thanks @@MichaelKitces, I can relate. 🙂
This was a phenomenal conversation. Thank you for sharing!
Happy to be of service! Hope it was helpful food for thought!
This was 100% on point.
A designation to give you the foundation to be a great advisor/planner is the WMCP. The courses transfer over to your CFP education requirement also. Thanks, Michael. You always have amazing and coherent advice.
I can see how on the other side of asking more of these questions are answers that lead to rapport and better understanding of the client’s world. Honestly, I find myself asking the safe questions that feel the most on topic.
Thanks for holding nothing back...❤
Terrific info. Thank you. By the way, I am very excited about the TPCP Tax Planning Certified Professional course.
Keep it up man!
This week on 50 Fires Carl pulls a righteous trick and goes deep with Kitces.
Have been at Ameriprise for 9 years and have always been able to charge a fee just for advice and not necessary to sell a product. This video was 6 years ago and still makes sense but most novice programs dont force people to sell proprietary products other than the insurance firms. Love Michael's advice though. Have followed the blog for a long time.
Michael Kitces.......A Legendary figure!
The biggest scammer I lost 10k and he fake his own dead to not pay the lost
I fear that you may be referring to a recent scammer who impersonated me on WhatsApp to scam people. I do not have a WhatsApp account, and do not run a stock recommendation group; our industry is highly regulated, and it would be a violation of my licenses to even try to do so. Any/all advice services regarding investments are provided by our advisory firm, and we manage portfolios on behalf of clients using primarily ETFs. I do not and never have made any individual stock recommendations. I'm sorry that this individual has been taking advantage of people. We have repeatedly reported this to WhatsApp as well, but would suggest that you report the imposter account to WhatsApp as well.
The bog scammer he fake his own dead after scamming and made me loose big money
I fear that you may be referring to a recent scammer who impersonated me on WhatsApp to scam people. I do not have a WhatsApp account, and do not run a stock recommendation group; our industry is highly regulated, and it would be a violation of my licenses to even try to do so. Any/all advice services regarding investments are provided by our advisory firm, and we manage portfolios on behalf of clients using primarily ETFs. I do not and never have made any individual stock recommendations. I'm sorry that this individual has been taking advantage of people. We have repeatedly reported this to WhatsApp as well, but would suggest that you report the imposter account to WhatsApp as well.
You send your card number this was your text
Now send screenshots of all your positions and I will make a payout now 7:29 AM DaCK LOTS FUSE GRP HLDG INC FUST Price Change $0.90 -$0.69 (-43.26%) Updated: 04/24 09:52 AM EDT Short Term Qty Cost per Share 04/24/2024 500 $1.42 04/23/2024 1,500 $1.49 04/23/2024 1,000 $1.37 Long Term Qty Cost per Share No lots 7:30
A Michael fake his own dead to not take the responsibility off Now send screenshots of all your positions and I will make a payout now 7:29 AM DaCK LOTS FUSE GRP HLDG INC FUST Price Change $0.90 -$0.69 (-43.26%) Updated: 04/24 09:52 AM EDT Short Term Qty Cost per Share 04/24/2024 500 $1.42 04/23/2024 1,500 $1.49 04/23/2024 1,000 $1.37 Long Term Qty Cost per Share No lots 7:30 AN
I Now send screenshots of all your positions and I will make a payout now 7:29 AM DaCK LOTS FUSE GRP HLDG INC FUST Price Change $0.90 -$0.69 (-43.26%) Updated: 04/24 09:52 AM EDT Short Term Qty Cost per Share 04/24/2024 500 $1.42 04/23/2024 1,500 $1.49 04/23/2024 1,000 $1.37 Long Term Qty Cost per Share No lots 7:30 AN😅😅
Michael the big scammer of a broker fake his own dead to not support the damage that gave to customers. Are you live
I fear that you may be referring to a recent scammer who impersonated me on WhatsApp to scam people. I do not have a WhatsApp account, and do not run a stock recommendation group; our industry is highly regulated, and it would be a violation of my licenses to even try to do so. Any/all advice services regarding investments are provided by our advisory firm, and we manage portfolios on behalf of clients using primarily ETFs. I do not and never have made any individual stock recommendations. I'm sorry that this individual has been taking advantage of people. We have repeatedly reported this to WhatsApp as well, but would suggest that you report the imposter account to WhatsApp as well.
This is basically the concept of social proof. And in our industry, its pretty difficult to do that considering the regulations in place. But I’ve always thought about what are some ways I can communicate that social proof through media so that people might be inspired to realize they have more goals than just retirement/being rich. What are some of these other goals we need to factor into the plan, so that we are hitting all the things important to you.
Awesome! Thank you!
Thank you 🙏🏽
Eğer bana geriye dönmezseniz yasal haklarımı kullanacağım SKYP de açtığınız sahte hesaba dönün.İnsanların paralarını alıp ortadan kayboldunuz
Holy crap this was incredibly helpful. You have saved me a ton of time trying to research all these custodians, thank you.
Good stuff. I’m more or less a virtual advisor and don’t have a physical office. For now, I’ve marked “service based business” and I show up in the left panel list of financial advisor near me but not as a pin on the map. Google doesn’t allow for home addresses being used as business.
I wish it wouldve gone to the next level and looked at, in the cases where the advisor SAID they were providing the mentioned services, but it wasnt perceived, the commonalities of those advisors communications to clients. And on the other hand, the 20% of advisors who consistently offered what the clients perceived them to be offering, what specifically communicated that to the client. What was the PROOF that made those clients feel that they had received ample “tax planning” or “estate planning”. Thats a rabbit hole that would demonstrate to alot of advisors what we need to be communicating or where we need to emphasize/focus our efforts so that the client feels their time is being spent on the items they really want to achieve. Because literally everyone asks the client what their objectives are and we do needs based analysis, but clearly we’re getting lost in translation.
Sales is part of being a financial advisor. You need clients to talk to in order to help them. I think I’m more confused now
Would love to see an update on this video.
He fallow you at what up and push to trade and guarantee the gain a Big liar
@flora I do not and have never had an account at WhatsApp. We only engage in investment and trading recommendations through our advisory firm (as required by law). That is unfortunately a fraudster who is impersonating me. :(
The biggest scam broker he keeps pushing tooting trade and if you loose good luck
@flora I do not and have never had an account at WhatsApp. We only engage in investment and trading recommendations through our advisory firm (as required by law). That is unfortunately a fraudster who is impersonating me. :(
I get a notification for kitces and carl. I know it’s going to be a good morning. Awesome topic!
Thanks for the content!!
👍
Thank you, I am in the process of a career shift from A/P support to financial planning. I have been taking classes in finance and now studying for the SIE. But I don't want to get bogged down in a sales job, I've lost too many years moving from one entry level position to the next. My end goal is a financial analyst for a specific industry segment. Any advice or mentoring would be most appreciated. 😊
Thank you for providing more top shelf content!
ChFC= I didn’t graduate from college. CFP will never be required.
Very helpful - thanks!
This resonates. I gradually moved away from emoney over several years and virtually no one cared.
These podcasts need de-essing. The S's and T's are very distracting. I'm an audio engineer and doing de-essing to your podcasts would be very beneficial to your listeners especially when we listen on headphones. Just a tip
please don't stop making these interviews, Mr. K. These are phenomenal resources, esp for someone like me who is working at the branch level now trying go get into an RIA. People like Mr. Leonard have a ton to offer just like you. What a story.
Appreciate the feedback, Greg! We're not going anywhere... more of these podcasts to continue to come! :)
Really helpful, thanks.
Thanks Michael and Dann a lot of really good insights you two share in this episode!
Great episode!
Great perspectives. Awesome episode.
Doesn’t it make more sense to start with a firm and then take your clients with you when you start your own firm? Rather than start a firm with no clients and survive off debt
It depends on the firm, but in general if you start with a firm that pays a salary to service the clients then they're the firm's clients (and you'll have a non-solicit that prohibits you from asking them to come with you if/when you leave), or you're starting with a firm where your clients are your clients and your compensation will be whatever you bring in minus a cut to them for their platform/firm infrastructure (which means you still have to get your own clients and revenue and "survive off debt" until you get to breakeven).
Great video. I subdivide "stop doing" into a) delegate, b) automate, or c) strip from the business entirely. c) is best for me because the others entail swapping " managing" for "doing" and might still keep my mind on things that are not part of our best future path.
Michael - PLEASE look at using AI to summarize your teams. Teams with Copilot will save you lots of time on summarizing meeting and action items. Its good at it
Have been a Series 7/65 for 28 years and have worked for the biggest firms down to starting investment divisions within the smallest community banks. Started at Amer. Express/Ameriprise (VERY rigorous training), and have had every kind of client from congress people, pro athletes, multi-millionaires as well as college kids and folks with $50k in credit card debt. Other than death, I had a 97% client retention rate. I learned 2 things: 1) you will be required to produce annual revenue either by commission or AUM fees wherever you go, (no matter how much you may pride yourself as an objective "professional advisor"), and 2) NO ONE, in the thousands of meetings I've had, EVER asked me about my alphabet credentials. As a matter of fact, 99% of the public couldn't tell you the difference between a CFP, MBA, CHfC, or an ABC. Should you know your stuff and respect your client's needs and goals? Absolutely, and it's serious business. In your entire career, will you come across clients with needs that might be better served with a CFP vs. a CHfC? Perhaps, maybe a couple. Would it have been enough for me to justify having to pay for a $90,000 bachelors degree just so I could "have the respect" of other advisors I'll never meet and sit for the CFP that NO ONE has ever asked me about? Nope. Just another honest view to balance things out. The CFP isn't bad. But telling someone that they can't sit for those exams unless they have any kind of bachelor's degree in something useless or unrelated is stupid. It becomes about how they are positioning themselves to make revenue off of the advisors, not the clients. And almost no one will admit any of this if they paid that kind of money to belong to that club. It's not in our human nature to do so. Advice: get GOOD training from mentors who respect clients and don't become brainwashed into thinking that everyone needs a certain kind of permanent insurance, or a "no load/index" fund, or a hyper-detailed, $5,000 financial plan that will be thrown in a drawer and forgotten by the client 30 minutes after they leave your office. Find your clients' top 3 goals, their top 3 bad habits, their top fears and educate them on those issues in a way that THEY can digest, keep them from bad, overcharging products, and earn their trust so that they keep trusting you and coming back over the long haul as you walk out their details in the coming years.
I'm just starting my journey on becoming a CFP and I look forward to more of these Podcasts. Thanks Michael and Hannah for sharing your story.
Welcome to the financial planning profession!
Customer Confusion
UPDATE... I have been in the industry for 13 years and this video is spot on. Despite one concerning recent change. The financial product sales culture is starting to leak into the large RIA world. It is very concerning. I am seeing more and more large RIA firms structured as such, looking for sales people to drive growth. These companies are always hiring and promise unlimited earnings and freedom but as you dig deeper, you realize it is a pure sales job.
Can confirm. All these RIA's are hiring like wildfire for a "Junior Advisor". It's all the same for entry level.