Michael Kitces on the Secrets to Accelerating Growth and Maximizing Efficiency
The Diamond Podcast for Financial Advisors
Optimizing Financial Advisory Teams
This chapter explores the ideal team structure for financial advisory services, advocating for a 'one plus two' model for enhanced productivity and revenue efficiency. It highlights the drawbacks of larger teams and emphasizes the importance of maintaining a smaller, effective team to better serve clients.
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Overview
The industry thought leader shares insights on the factors that impact efficiency and growth, citing research from his latest Productivity study, and weighs in on launching a firm, building a team, the role of technology and AI, and much more.
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NOTE: The views and opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views and opinions of Diamond Consultants. Neither Diamond Consultants nor the guests on this podcast are compensated in any way for their participation.
About this episode…
Few individuals in the wealth management industry have a name that holds as much significance as Michael Kitces.
Many undoubtedly recognize him from his website, Kitces.com, his industry-leading Financial Advisor Success podcast, research reports, and his extensive media presence. Yet many may not realize that Michael’s advice and narratives come from deep-rooted industry experience.
Michael serves as the Head of Planning Strategy at Buckingham Wealth Partners, an independent RIA managing over $50 billion in assets. Additionally, he is a co-founder of XY Planning Network, AdvicePay, New Planner Recruiting, and several other firms related to the industry.
Through all of this, Michael somehow finds the time to be a gracious guest, willing to share his time and knowledge with the rest of us. This is the fourth time that Michael has joined us on this show, so be sure to check out the other episodes, the links to which you’ll find on this episode’s page.
Today, we tackle a few key business topics that many advisors frequently seek guidance on. That is, growth and productivity—and how the two go hand-in-hand when building a successful wealth management business.
Michael shares actionable advice and insights from his recent Productivity Study with Mindy Diamond, including:
- The key drivers of productivity—and how each relates to an advisor or firm’s success.
- The sweet spot of growth and efficiency—and how best to strike a balance.
- Launching a firm from scratch—and what you need to know to structure it for maximum efficiency and client impact.
- The AI revolution—and how he sees it impacting advisors and the wealth management industry.
- The role of staff and team members—and what needs to be considered to maximize productivity.
- Industry predictions—and which you should pay the most attention to.
- And much more!
Michael always shares a wealth of knowledge with key takeaways for every advisor and business owner, so be sure to tune in.
Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002.
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Michael E. Kitces
Industry Thought Leader from Kitces.com
Michael E. Kitces, MSFS, MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL, is the Head of Planning Strategy at Buckingham Wealth Partners, an independent RIA with more than $50 billion of assets under management, that provides private wealth management to consumers and turnkey asset management platform services to advisors.
In addition, he is a co-founder of the XY Planning Network, AdvicePay, New Planner Recruiting, fpPathfinder, and FA BeanCounters, the former Practitioner Editor of the Journal of Financial Planning, the host of the Financial Advisor Success podcast, and the publisher of the popular financial planning continuing education blog Nerd’s Eye View through his website www.Kitces.com, all dedicated to advancing knowledge in financial planning.
Beyond his website, Michael is an active writer and editor across the industry and has been featured in publications including Financial Planning, the Journal of Financial Planning, Journal of Retirement Planning, Practical Tax Strategies, and Leimberg Information Services, as well as The Wall Street Journal, BusinessWeek, CNBC PowerLunch, NBC Nightly News, and more. In addition, Michael has co-authored numerous books, including “The Annuity Advisor” with John Olsen (now in 5th edition), the first balanced and objective book on annuities written for attorneys, accountants, and financial planners, and “Tools & Techniques of Retirement Income Planning” with Steve Leimberg and others.
Michael is one of the 2010 recipients of the Financial Planning Association’s “Heart of Financial Planning” awards for his dedication to advancing the financial planning profession. In addition, he has variously been recognized as financial planning’s “Deep Thinker,” a “Legacy Builder,” an “Influencer,” a “Mover & Shaker,” part of the “Power 20,” and a “Rising Star in Wealth Management” by industry publications. These awards were presented to honor Michael’s active work in the financial planning community, including numerous other boards and committees for the Financial Planning Association, the Investments and Wealth Institute, and the Society of Financial Services Professionals, at both the local and National levels. Michael is also a co-founder of NexGen, a community of the next generation of financial planners that aims to ensure the transference of wisdom, tradition, and integrity, from the pioneers of financial planning to the next generation of the profession.
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