Elementality for Financial Advisors | Elements Financial Vitals System™

In the past 20 years, digital innovations have transformed the financial planning industry. Unfortunately, RIA firm owners have failed to keep up with changes that could make their businesses more efficient and able to scale faster. On this episode of the Elementality podcast, Reese Harper interviews technology expert Tim Welsh of Nexus Strategy. An industry veteran, Tim explains how understanding innovation is a key to being an effective advisor and owner.

Periodic calendared meetings allow you to deepen client relationships, but they are no longer the best way to demonstrate your value. On this Elementality podcast, Reese Harper and Chad Jardine discuss why meetings should focus on therapy as you use other proactive interactions to show clients how planning is moving their finances forward.

There are not many careers that require so many diverse talents as financial planning. For today’s advisor, technical, coaching, and listening skills are all crucial to success. Then add in the challenge of running your own business. On this episode of the Elementality podcast, Reese Harper interviews Jim Crider of Intentional Living FP. Hear how Jim put his firm on the fast-track, and why his background, self-discipline, and anchoring to Elements® is leading to success.

In the age of Netflix-type pricing, it shouldn’t be surprising people want a flexible approach when accessing financial services. On this Elementality podcast, Reese Harper and Chad Jardine look at why subscription fees might make sense for advisors who are adapting their offerings to meet the changing needs of younger clients.

There’s a wide divide between people who can afford money management and those who want help managing their money. Wealth accumulation is only one facet of planning for a growing number of people looking for help to understand money better. Mac Gardner, well-known author, speaker, and founder of FinLit Tech joins Reese Harper on this Elementality podcast. They explain why expanding financial literacy and developing better financial tools are more important today than ever.

Investment management has driven our industry’s tech innovations since the internet first gave us cash-based planning in the 1990’s. Today, a transformation in financial planning itself is taking the creators of technology in a new direction. On this Elementality podcast, Chad and I discuss past planning technology, which has given us great cash-based and goal-based tools. And then we look at future trends to see how the shift towards more traditional financial planning is affecting innovation.

Financial planning is much more than managing assets for the wealthy. In fact, when done right, financial planning can transform a client’s life. As Hannah Moore, CFP® and founder of Amplified Planning, puts it, “financial advisors are the money experts, but clients are the experts on their life.” Hannah is Reese’s guest on this episode of the Elementality podcast, and explains why she believes optimizing money with client core values for a wider market of people is the future for our industry.

In an effort to get prospects to buy their services, some advisors lead with free advice. But how much should you give away? What kind of advice? Should you be giving away anything at all? To sell your planning services, prospects do need to know something about what you are going to deliver. On this episode of Elementality, Reese and Chad take a look at why putting your focus on the process of planning may be more effective than delivering any pieces of a plan itself.

What describes your advisory approach? Are you the “hero” who has the optimal financial solution for clients? Or, are you the “guide” who helps align a client’s finances with their life? Reese’s guest on this episode of the Elementality podcast is Scott Frank of Stone Steps Financial. Scott explains how guiding clients to first focus on what they want from life creates an emotional connection to their finances that motivates them to follow through with your planning advice.

Pricing is becoming a major issue for planning firms. While managing client portfolios doesn’t carry the value it used to, finding the right fee structure for traditional planning—which takes many hours of work each year—can be difficult. On this episode of Elementality, Reese and Chad take a look at the future of AUM and retainer fee models. They discuss what you need to consider prior to making a pricing decision, plus how to match the value you deliver with a fee that fits your clientele.