In this discussion, Michael Kitces, the Chief Financial Planning Nerd at Kitces.com, reveals key insights from his recent marketing study for financial advisors. He shares how advisors can reduce client acquisition costs from up to $10,000 and avoid the 'anti-scale' trap that threatens profitability. Kitces emphasizes the 'Transfer of Trust' technique to expedite client onboarding and highlights proven marketing strategies backed by data. Valuable tips on leveraging personal strengths and the importance of storytelling in client relationships round out this must-listen conversation.

Michael Kitces joins Elementality to discuss trends in advisory firm growth, writing impactful content, and serving underserved markets. They explore subscription-based service models, setting fees based on income levels, and strategies for scaling financial advisory firms.

Today on the podcast, we welcome back financial planning guru and Michael Kitces. I recently had the chance to catch up with Michael to get his take on asset allocation, specifically whether higher yields should have an impact on where investors hold their money. Today’s podcast is a recording of that conversation. Michael is the head of planning strategy for Buckingham Strategic Wealth, co-founder of XY Planning Network and AdvicePay and is the chief financial planning nerd—and yes, that’s his real title—for the advisor education platform Kitces.com and the Nerd’s Eye View blog. You can follow him via Twitter @MichaelKitces or on LinkedIn.BackgroundBioXY Planning NetworkAdvicePayBuckingham Strategic WealthKitces.com@MichaelKitcesInvesting Safe Assets“Where Should Investors Stash Their Safe Money Today?” Video interview with Michael Kitces and Christine Benz, Morningstar.com, April 19, 2023.“Kitces: Where to Park 3 Types of Client Cash,” by Dinah Wisenberg Brin, thinkadvisor.com, April 20, 2023.“Client Cash Management: Why It’s Important, and the Next Generation of Technology to Make It Better,” by Ben Henry-Moreland, kitces.com, Aug. 22, 2022.MaxMyInterestRising Yields, Asset Allocation, Retirement Withdrawals“How Rising Yields Should Affect Asset Allocation for Retirees, Preretirees,” Video interview with Michael Kitces and Christine Benz, Morningstar.com, May 3, 2023.“The ‘Yield-Split’ Method of Asset Allocation to Improve Tax Efficiency of Index Funds,” by Chris Murray, kitces.com, March 30, 2022.“Increasing Retirement Withdrawal Rates Through Asset Allocation,” by Michael Kitces and Wade Pfau, aaii.com.“8 Inflation Conversations for Financial Advisors to Have With Clients,” by Ben Henry-Moreland, kitces.com, April 27, 2022.“Is Private Debt Worth Considering as an (Alternative) Asset Class in Client Portfolios?” by Larry Swedroe, kitces.com, Jan. 18, 2023.“The Extraordinary Upside Potential of Sequence of Return Risk in Retirement,” by Michael Kitces, kitces.com, Feb. 20, 2019.Other“Kitces: ‘The Model Has to Change Again,’” The Long View podcast, Morningstar.com, June 5, 2019.“Michael Kitces: Does Portfolio Customization Pay Off?” The Long View podcast, Morningstar.com, Aug. 23, 2022.

Michael Kitces, a CFP and creator of the popular blog Nerds Eye View, shares his deep insights into the financial planning industry. He discusses how to find trustworthy advisors and explores the gender gap in the profession, revealing why only 23% of CFPs are women. Kitces emphasizes the importance of relationship dynamics in financial advising, suggesting therapy training for advisors. The conversation also touches on how consumer protection and coaching can enhance the advisory experience, making financial wellness accessible for everyone.

My guest this week is Michael Kitces, who is one of our industries go-to experts on all things financial advise and financial planning. We discuss the past, present, and future of financial advise, financial technology, and investing. If you are a financial advisor or use one, this conversation is full of great history and perspective. Please enjoy. For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes 1:08 - (First Question) – History of financial planning/advice model 5:26 – Fee changes in the 1970’s 10:01 – The start of the AUM model 10:44 – Value proposition for financial advisors beyond trading vs robo-advsiors             11:49 – Why Robo-Advisors Will Be No Threat To Real Advisors 18:20 – Why are humans still dominating the space 23:58 – Future of advisor fees 32:50 – Viability of the human driven flat fee model 37:50 – The dominance of flat fee models 43:13 – What services are financial advisors offering to justify their fees 47:17 – Dimensions to divide potential customers 52:20 – Exciting updates on the investment side that will help differentiate managers 55:37 – Any investment function beyond the basics that is intriguing to him 58:45 – Most interesting problems to be solved on the investing and non-investing sides 1:04:52 – Advice for young advisors 1:09:24 – How does he invest his own money 1:11:31 – Kindest thing anyone has done for Michael   Learn More For more episodes go to InvestorFieldGuide.com/podcast.  Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub Follow Patrick on twitter at @patrick_oshag

Financial advisor Michael Kitces joins the podcast to discuss whether to invest in oneself or the market, exploring the benefits of developing skills, side hustles, and education for long-term income potential. They also cover maximizing human capital, balancing career advancement with side hustles, managing major expenses, and navigating lifestyle creep for financial independence.

Michael Kitces, Head of Planning Strategy at Buckingham Wealth Partners and co-founder of XY Planning Network, shares invaluable insights into financial advising. He discusses the crucial skills needed to master the human side of advice, emphasizing the importance of empathy and understanding clients' true goals. Kitces reveals the reasons clients might not communicate their needs effectively and highlights the impact of branding choices—like his signature blue shirts—on professional identity. Learn how the three-year mark reshapes advisory practices and the delicate balance between technical knowledge and emotional intelligence.

Michael Kitces, Dana Anspach, and in-house CFP OG discuss where to find true financial advice. They explore the positives and negatives of financial Facebook groups, webinars, and masterclasses. The panel emphasizes the importance of psychology in financial planning and creating a personal financial "board of directors." They also touch on the consequences of bad financial advice and the success of Michael Jordan's endorsement deals.

Renowned financial advisor Michael Kitces discusses the dominance of tech giants in the stock market and the importance of long-term growth over market timing. He emphasizes the benefits of index investing, proper asset allocation, and focusing on career advancement for financial health. Kitces also talks about the significance of diversification in an unpredictable market and the need to spread investments across different sectors and asset classes for better risk management.

Michael Kitces and Carl Richards discuss the professional obligation of financial planners to create job opportunities for the next generation. They explore mentorship, succession planning, and the challenges faced by new entrants in securing jobs. The conversation advocates for residency programs and efficient task delegation to enhance job opportunities within the financial planning sector.