Financial Advisor Success Ep 248: Scaling Diamond Teams Profitably By Charging Separate Planning Fees with J.D. Bruce
Sep 28, 2021
J.D. Bruce, Chief of Innovation at Abacus Wealth Partners, shares insights on scaling advisory firms using the Diamond Team Model. He discusses how this approach allows for tailored client services, emphasizing the importance of segmenting clients into categories like Builders and Protectors. J.D. challenges traditional hiring practices, advocating for team members who can foster healthy conflict for growth. He also explores evolving fee structures, shifting from percentage-based to flat fees, and the necessity of adapting to clients' diverse needs.
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Values-First Planning
- Abacus centers planning on clients' values by asking "what do you care about?" before future goals.
- This shifts advice from future fantasies to present values, yielding more suitable financial actions.
Three Client Archetypes
- Abacus segments clients into builders, protectors, and changemakers aligned with needs not just assets.
- Each segment has a distinct core question: how to build, how to know I have enough, or what to do with surplus.
Price Planning Separately
- Charge separate planning retainers for lower-asset clients so planning work is covered.
- Price individually by complexity rather than a one-size AUM percentage to reflect true work.