Financial Advisor Success

Today we have a different kind of guest on the show, and he offers a unique perspective for more reasons than one. Not only is Dan Egan a representative of the so-called “robo-advisor” Betterment, but, ironically, he also serves as their Director of Behavioral Finance and Investments. Given that the primary criticism robo-advisors get is for their supposed inability to help clients with their behavioral issues when it comes to investing, Dan provides an interesting viewpoint that is also very informative. In this episode, Dan shares the real picture of how things work for onboarding clients at businesses like Betterment, how his company tests behavioral finance interventions using a robust scientific process, and what we can all learn from their findings. Listen in to hear the insights they’ve gained, as well as advice that all advisors can apply to improve their own services. For show notes and more visit: https://www.kitces.com/51 

Our guest today is one of the very first coaches to specialize in working with financial advisors. For nearly 20 years, Tracy Beckes has helped her clients navigate the common challenges of trying to run what she calls an “effortless, outrageous advisory practice.” What’s even more impressive about Tracy is the way she has been able to systematize her coaching strategies into concrete tools and templates. In this episode, Tracy shares these coaching tools and how she sets up engagement standards with clients in order to set the terms of the client/advisor relationship. She also talks about the importance of regular meetings within an advisory firm, as well as how to set up these meetings to target the most important issues. Listen in to hear her valuable insight and what she says is the real secret to advisory firm growth. For show notes and more visit: https://www.kitces.com/50 

Anna Sergunina is the owner of Mainstreet Financial Planning, an hourly-based financial planning firm under the Garrett Planning Network. Not only has her company grown to more than $600,000 of revenue, but it has done so from simply getting paid to provide hourly financial planning advice with no income at all from insurance products or managing investment portfolios. What’s also fascinating about Anna’s business is the way that she’s figured out how to communicate the value of hourly financial planning by creating very specific financial advice packages for various types of prospective client profiles. In this episode, we talk in depth about Anna’s five-meeting process for financial planning, how she uses her website to both explain the value of those financial planning packages to prospects and to screen out those who aren’t really likely to take the process seriously, and why she charges $100 as an upfront deposit for an initial inquiry approach meeting with prospects. We also discuss how Anna sets the level for her financial planning fees and the sources of new business that has her firm on track to add more than 100 new hourly financial planning clients this year. For show notes and more visit https://www.kitces.com/49

Today’s guest is the CEO of Graham Strategy, a marketing consulting firm that helps financial advisors craft relevant marketing messages to reach their target clientele. Gail Graham has had a fascinating career spanning a wide range of advisory businesses, and she has held a similar marketing role as she moved from the private wealth division of PNC Bank to Fidelity’s Private Client Group, and later to her position as Chief Marketing Officer for United Capital. The experience she has gained over the years means she truly understands what it takes to successfully market an intangible like financial planning services. In this episode, we talk in depth about how to more effectively communicate financial planning and its value, as well as why financial advisors need to get clear about who their ideal client is. We also discuss why it’s absolutely essential to focus in order to find the right marketing messages that really resonate and Gail’s process for finding and refining your own value proposition. For show notes and more visit https://www.kitces.com/48

Today’s guest is the Director of Operations for Sequoia Financial Group, a hybrid RIA that manages more than $3.7 billion and spans four office locations. Shaun Kapusinski started out in the industry over fifteen years ago as a financial advisor selling life insurance, but made a shift early in his career to the operations side of the business. Since then, he has been able to grow his career by following an operations career track instead of the more traditional paths. In this episode, we talk about the organizational structure of his mega advisory firm, how they split apart a division of shared services, and why the firm is looking to make a shift to Salesforce Financial Services Cloud for their next stage of growth. We also talk about Shaun’s own unique career path, as well as why he believes that getting an MBA may be more valuable for those in the operations side. Tune in to hear Shaun’s valuable insight as he shares what he has learned throughout his impressive career. For show notes and more visit: https://www.kitces.com/47 

Today’s guest, Susan Bradley, is the founder of Sudden Money Institute, which trains financial advisors to work with clients who experience an abrupt increase in their finances. These so-called “sudden money transitions” can come from a personal injury settlement, an inheritance, a divorce settlement, or any other swift influx of money, and they require a unique skill set from advisors. That’s why Sudden Money Institute trains advisors through a designation program called The CeFT (Certified Financial Transitionist). In this episode, we talk in depth about why advisors need to understand how to help clients through sudden money transitions, the requirements and benefits of earning a CeFT, how Sudden Money Institute facilitates productive conversations with clients, and more. For show notes and more visit https://www.kitces.com/46

Today’s guest is Rebecca Pomering, the Chief Practice Officer of Moss Adams, a mega accounting firm with more than $600 million in revenue and 2,800 employees, as well as a wealth management division with more than $2.1 billion in assets under management. After starting in the financial advisor consulting division at the age of 23, Rebecca took over the firm’s wealth advisors by the time she turned 30—right before the 2008 financial crisis—and has since nearly tripled the size of the firm. Rebecca’s fascinating personal career spans consulting, leadership, and executive roles, and today you’ll hear the lessons she learned along the way. Listen in to hear how she managed to grow a wealth management firm within an established accounting firm, changes she had to make to keep Moss Adams on track during the market crash, her advice for young advisors, and so much more. For show notes and more visit: https://www.kitces.com/45 

At the age of 30 he has already executed a successful succession plan and more than doubled the size of the practice. He explains the unique structure of the company and goes into detail about the succession plan he was a part of. Jake talks about the up-front payment system they have and how it works for the variety of clients they serve. services they provide and how they help both the client and them as a business. He also talks about how important tracking, systematizing and creating processes is crucial to the success of the practice. For show notes and more visit https://www.kitces.com/44

Selling your business is like handing off your child in a way and it is well known that succession plans can often be messy, confusing and hard to navigate. Marty Kurtz is on the show today to share his impressive journey. We get to hear the details from the beginning stages of building a successful company with strong partnerships, to handing off the baton and creating a succession plan that is best for everyone involved. For show notes and more visit: https://www.kitces.com/43

Carol Craigie is to co-founder of the Fiscal Fitness Clubs of America, a financial wellness company that aims to expand the reach of financial advice using a combination of online education and group classes.