#FA Success Ep 378: Scaling Growth At 1/4th The Cost Of M&A By Wading Through The “No’s” Of SmartAsset Leads, With Michael Collins
Kitces
by Michael Kitces
1d ago
Welcome back to the 378th episode of the Financial Advisor Success Podcast! My guest on today's podcast is Michael Collins. Michael is the CEO & Founder of WinCap Financial, an RIA based in Boston, Massachusetts, that oversees $80M in assets under management for 70 client households. What's unique about Michael, though, is that since 2021 he has been able to grow WinCap Financial at a rate of more than $10M of AUM per year through consistently reaching out to leads purchased through SmartAsset, spending $5K/month that turns into $10K in recurring revenue in less than 100 days, an average o ..read more
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How To Bring A Team Together For A (First-Time, In-Person) Retreat
Kitces
by Sydney Squires
1d ago
For the advisor leading a virtual team, the day-to-day can offer a rewarding blend of flexibility, creativity, and productivity; at the same time, though, many of the benefits of remote work can also make it challenging to build a tight-knit team culture. For example, with flexibility comes fewer synchronous interactions, which in turn can result in less innovation, team bonding, and collaboration. While these criteria are not crucial to running a viable business, the reality is that they are still important factors in establishing a flourishing business, and face-to-face time in some form or ..read more
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Weekend Reading For Financial Planners (March 23-24)
Kitces
by Adam Van Deusen
6d ago
Enjoy the current installment of "Weekend Reading For Financial Planners" - this week's edition kicks off with the news that the SEC has recently been cracking down on firms for recordkeeping failures related to electronic communications, including their use of text messaging with prospects and clients. Which could serve as a warning to firms to heighten their supervision of their advisors' texting practices and whether they are being recorded properly (perhaps with the help of available archiving tools)!  Also in industry news this week: A recent survey suggests that advisors who best u ..read more
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Kitces & Carl Ep 134: Helping Clients Who Can’t Ever Get To ‘Enough’ (And When They Don’t Really Want To)
Kitces
by Michael Kitces
6d ago
For many financial advicers, helping long-time clients identify and progress toward their goals eventually transitions into conversations around the best ways to enjoy the fruits of their labor once they reach them. Yet, for some clients, making the shift into retirement (or any other new stage of their lives) can often be a challenge for myriad reasons, which places the advisor in a unique position to help these clients understand the roadblocks they face and explore ways to overcome these obstacles. In our 134th episode of Kitces & Carl, Michael Kitces and client communication expert Car ..read more
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Weekend Reading For Financial Planners (March 16-17)
Kitces
by Adam Van Deusen
6d ago
Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that the final version of the Department of Labor’s (DoL) new “Retirement Security Rule” has been sent to the Office of Management for review, with the rule potentially going into effect in early 2025. While the final submitted text has not been released, some experts suggest that the DoL likely made few changes to its initial proposal, despite significant opposition from broker-dealers that could lead to the judicial system deciding the rule’s ultimate fate.   Also ..read more
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How Communicating Guardrails Withdrawal Strategies Can Improve Client Experience And Decrease Stress
Kitces
by Derek Tharp
1w ago
Monte Carlo simulations have become a central method of conducting financial planning analyses for clients and are a feature of most comprehensive financial planning software programs. By distilling hundreds of pieces of information into a single number that purports to show the percentage chance that a portfolio will not be depleted over the course of a client's life, advisors often place special emphasis on this data point when they present a financial plan. However, the results of these simulations generally don't account for potential adjustments that could be made along the way (e.g., dec ..read more
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#FA Success Ep 377: Navigating A Major Health Event While Keeping Your Advisory Firm Going And Growing, With Meredith Moore
Kitces
by Michael Kitces
1w ago
Welcome back to the 377th episode of the Financial Advisor Success Podcast! My guest on today's podcast is Meredith Moore. Meredith is the Founder & CEO of Artisan Financial Strategies, a hybrid advisory firm based in Alpharetta, Georgia, that oversees $77M in assets under management for 120 client households. What's unique about Meredith, though, is how she was able to keep her firm open, navigating through and ultimately growing to more than $1M of annual revenue, despite a diagnosis in 2005 of a 7cm Glioblastoma tumor in her brain, resulting in several years of major surgeries, radiatio ..read more
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Identifying Your Own “Soft Assets” To Turn COIs Into Powerful Referral Champions
Kitces
by Michael Schein
1w ago
Soliciting prospect referrals can often be an effective way for financial advisors to grow their firms with clients who are ready to act and who will benefit from the firm since many referrals come from sources that are familiar not just with the advisor and the services they offer, but also with the prospect being referred and the needs they seek. This is particularly true when referrals come from Centers of Influence (COIs) – professionals who are trusted by their circles to influence ideal prospects to consider an advisor in the first place. Yet, many advisors might not prioritize networkin ..read more
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Weekend Reading For Financial Planners (March 16-17)
Kitces
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 the final version of the Department of Labor’s (DoL) new “Retirement Security Rule” has been sent to the Office of Management for review, with the rule potentially going into effect in early 2025. While the final submitted text has not been released, some experts suggest that the DoL likely made few changes to its initial proposal, despite significant opposition from broker-dealers that could lead to the judicial system deciding the rule’s ultimate fate.   Also ..read more
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#FA Success Ep 376: Accelerating Growth To 30 Clients/Month With Affordable Advice(-Only) Services Where Clients Can Keep Control, With Eric Simonson
Kitces
by Michael Kitces
2w ago
Welcome back to the 376th episode of the Financial Advisor Success Podcast! My guest on today's podcast is Eric Simonson. Eric is the Founder & CEO of Abundo Wealth, an Advice-Only RIA based in Minneapolis, Minnesota, that oversees $600M in assets under advisement for 420 client households. What's unique about Eric, though, is that Abundo has grown its base of 420 clients, and is on pace for well over $1M of revenue in 2024, despite having launched barely 4 years ago… with an "advice-only" business model of providing comprehensive financial planning for $189/month and helping clients imple ..read more
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