Implementing a unique client task management system using Asana attracts high-net-worth families effectively.
Leveraging relationships with professionals like accountants and attorneys significantly grows AUM in a short period.
Focusing on technical prowess, client care, and meticulous task management creates a client-centric approach for referrals.
Deep dives
Maximizing Financial Planning Recommendations Implementation through Unique Client Task Management System
Jim Nidsinski, co-founder of Motive Wealth Advisors, discusses how their boutique firm competes with big wire houses by implementing a client task management system using Asana. They ensure that financial planning recommendations are executed effectively, attracting high net worth families by leveraging relationships with professionals like accountants and attorneys, which has significantly grown their AUM to $250 million in less than three years. The focus on Asana and client task management has helped in providing follow-ups on tasks, tracking projects, and ensuring advice implementation.
Leveraging True Independence for Back-End Support and Customized Financial Solutions
Jim details how they leverage True Independence for back-end support, allowing them more time to address complex financial issues for clients. Their personalized approach to wealth management spans from fiduciary services to family office offerings, aiming to provide comprehensive solutions with a single point of contact. By collaboratively managing investments in-house with strategic partnerships for research, they ensure tailored solutions for their clients' varying needs.
Fee Structure Adaptation and Fee Sensitivity Among Affluent Clients
Jim explains their fee schedule evolution from a competitive starting point to a progressively tailored structure meeting the needs of clients with 80 basis points on the first $5 million for new clients. The focus on premium services at a competitive fee is driven by the desire to protect profit margins enabling them to dedicate ample time to client service. Despite industry fee compression concerns, Jim notes that fee sensitivity decreases with affluent clients, attributing it to lower overall portfolio expenses compared to large firms.
Three Pillars of Success: Technical Prowess, Genuine Care, and Action-Oriented Task Management
Jim attributes their success to a combination of technical prowess matching client situations, cultivating genuine care for clients, and meticulous task management grounded in the Asana software. Their emphasis on delivering tangible results by owning tasks and project management ensures clients receive proactive and personalized financial planning services. By integrating relationship-building with technical expertise and task management, they create a client-focused approach that drives referrals and long-term client satisfaction.
Efficient Client Communication and Real-time Project Updates
Client communication and project updates have been streamlined through the implementation of a live dashboard. This dashboard allows for instant access to project summaries, open task overviews, and updates on completed beneficiary tasks. By utilizing real-time project management tools like Asana, tasks are managed efficiently and clients receive curated updates without the need for manual editing or agenda creation.
Optimizing Planning Strategies and Client Engagement
The firm focuses on creating templates for procedural and technical planning strategies to streamline processes. These templates capture recurring tasks and detailed planning steps, enhancing efficiency and consistency in client service delivery. The goal is to scale personalized client engagement by leveraging task management systems like Asana for real-time collaboration, while envisioning a client portal for interactive task assignment and follow-up. The emphasis is on deep client engagement, efficient task management, and continuous improvement in service offerings to ensure client satisfaction and retention.
Jim Niedzinski is the Co-Founder of Motive Wealth Advisors, an independent RIA based out of Detroit that oversees $250 million in assets under management for nearly 50 households. Jim and his partner have established a successful boutique firm that competes with larger firms to attract and retain ultra-high-net-worth families by implementing a unique client task management system beyond traditional CRM, ensuring their advice is followed by clients.
In this episode, Jim shares why he and his partner built their firm around Asana, a project management tool, instead of the traditional CRM system, as well as how he leveraged relationships with accountants, lawyers, and other professionals to gain a steady flow of referrals. He also talks about how they used those referrals to grow the firm from $0 in AUM to $250 million in less than 3 years and why he and his partner are intentional about serving only 25 clients each at a time.
