Kitces and Carl - Real Talk for Real Financial Advisors How Do You Know When You Are Adding Value Versus Just Trying To Justify Your Fees?: Kitces & Carl Ep 155
Jan 9, 2025
The hosts explore how personal interests can influence client engagement. They tackle the challenge of distinguishing between adding value and merely justifying fees in a competitive landscape. The discussion highlights the importance of understanding client preferences versus advisors' assumptions. Effective communication and tailored services are key to enhancing client satisfaction. Additionally, they delve into the need for effective feedback mechanisms to eliminate unnecessary offerings and truly meet client needs.
AI Snips
Chapters
Transcript
Episode notes
The Tech Client's Perspective
- Michael Kitces shares a story about a tech-savvy client who felt burdened by having to drive to in-person meetings.
- This client preferred virtual communication, highlighting that perceived value can differ from actual client needs.
The Engagement Fallacy
- Carl Richards introduces the "engagement fallacy," the misconception that clients always want more engagement.
- He suggests that some clients hire advisors specifically to minimize their involvement with financial matters.
Dr. Terry's Ideal
- Carl Richards recounts a story about "Dr. Terry," a client who preferred minimal communication.
- Dr. Terry's ideal scenario was to have his advisor handle everything without frequent interaction.