Elementality for Financial Advisors | Elements Financial Vitals System™

Unlock Growth By Serving The Underserved w/ Michael Kitces [164]

May 9, 2024

Michael Kitces joins Elementality to discuss trends in advisory firm growth, writing impactful content, and serving underserved markets. They explore subscription-based service models, setting fees based on income levels, and strategies for scaling financial advisory firms.

01:01:41

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Episode guests

Michael Kitces

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Quick takeaways

Subscription-based models lead to higher growth rates in advisory firms.

Writing helps in processing thoughts, organizing ideas, and effective communication.

Advisory industry should focus on enhancing clients' income and financial mobility.

Deep dives

Growth Rates and Subscription Models

Advisory firms in subscription models like XYPN experience significantly higher growth rates than the industry at large. The success of these models indicates a growing demand from consumers seeking advice without additional products or services.

Balancing Affluent Clients and Accessibility

00:43

Revenue Cap and Advisor Compensation

01:22

Scaling a Business: The Importance of Addressing Weaknesses

01:34

Balancing High-Paying Clients with Pro Bono Work

01:29

Intro

3min

Curiosity and Motivation in Writing

9min

Evolution of Blog Specializations Over 16 Years

3min

Evolution through Research, Tech, and Business Models in the Financial Advisory Field

3min

Strategies for Scaling Financial Advisory Firms and Wealth Concentration

25min

Setting Financial Advice Fees Based on Income Levels

16min

Reevaluating Goals and Motivations in the Financial Advisory Field

3min

In this episode of Elementality Reese Harper is joined by Michael Kitces, Chief Financial Planning Nerd, and co-founder of XY Planning Network as they discuss trends in advisory firm growth.

Michael shares his personal journey and strategies for writing impactful content, growing a financial advisory practice, and exploring new service models like the subscription-based approach. Discover how serving underserved markets can lead to substantial business growth and why adapting to client needs is more crucial than ever.

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Elementality for Financial Advisors | Elements Financial Vitals System™

Unlock Growth By Serving The Underserved w/ Michael Kitces [164]

Episode guests