Kitces and Carl - Real Talk for Real Financial Advisors
Helping Everyone You Can Vs Getting Paid What You're Really Worth: Kitces & Carl Ep 130
Jan 25, 2024
The podcast explores the tension between helping clients and getting paid well as a financial advisor. It discusses the importance of aligning wealth with values and attracting more profitable clients for greater happiness. The concept of the 'barbell approach' in balancing affluent clients and limited means is explored, highlighting the need for setting boundaries. Additionally, the importance of creating high-value products and getting paid what you're worth is emphasized.
31:09
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Quick takeaways
- Financial advisors who prioritize serving their clients and have a service-oriented mindset tend to be happier than those who are primarily motivated by income.
- Thriving advisors generate more revenue and profit per client by working with fewer clients, resulting in higher profitability and improved overall satisfaction.
Deep dives
Happier financial advisors prioritize service over income motivation
Financial advisors who prioritize serving their clients and have a service-oriented mindset tend to be happier than those who are primarily motivated by income. The study found a negative relationship between income motivation and happiness, suggesting that playing the income game can be challenging and unsatisfying. However, the happiest advisors were those who combined a service orientation with working with affluent clients who could pay them well for their services.
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