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
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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.
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Service Orientation Boosts Happiness
- Advisors with a strong service mentality tend to be happier than those primarily income motivated.
- A negative relationship exists between income motivation and happiness due to constantly moving goalposts in finances.
Thriving Advisors Serve Affluent Clients
- Happier advisors serve more affluent clients and charge significantly higher revenue per client.
- The difference in client wealth between struggling and thriving advisors is about 40%, not extreme.
Fewer Hours Correlate With Happiness
- Happier advisors tend to work fewer hours per week, about four instead of five days.
- They achieve this with fewer clients, higher revenue per client, and often less staff overhead.