Elementality for Financial Advisors | Elements Financial Vitals System™

Depending on the advice you’re after, you hire a personal trainer, or a lawyer, or a therapist … or a financial “advicer.” That’s the term Michael Kitces’ coined to clarify the difference between fiduciaries and commission-driven advisors. Michael is Reese’s guest on this episode of the Elementality podcast. XY Planning Network co-founder and iconic thought-leader, Michael explains why the financial services ecosystem is changing as we move from being product-centric to being advice-centric.

Too many advisors make the mistake of not telling clients it takes time to deliver the value they offer. A good financial plan needs to take into consideration a client’s aspirations. And it takes a steady stream of client interactions over a long period of time to help them reach those dream desires. On this episode of Elementality, Reese and Chad discuss how your real value is reinforced when you take the role of ongoing advisor, behavioral coach, and even counselor for your clients.

The financial advice industry is steadily shifting away from portfolio management to financial planning. Positioning your firm to make sure you join the new era of wealth management will be critical. On this episode of the Elementality podcast, Reese and Douglas A. Boneparth of Bonefide Wealth, discuss why focusing on the next generation may be the only way to survive—and thrive—as a planning firm owner. The trends are clear. What can you do to make sure your firm is part of the future?

As a fiduciary advisor, you put client needs first as you help them gain confidence in their plan. But how do they know you care about their progress? On this episode of the Elementality podcast, Reese and Chad explain why you need to take all client financial data seriously as you track net worth growth. Too many advisors don’t have a process to monitor progress. To build closer relationships you need to be able to acknowledge the milestones clients reach as they work towards their goals.

The financial services landscape continues to evolve as more companies develop technology that appeals to a wider audience. A glimpse into a futurist’s crystal ball reveals that what is coming next could change fintech … and advisory services as well. On this episode of the Elementality podcast, Reese welcomes Natalie Taylor who has spent the bulk of her career trying to disrupt the fintech status quo. Financial service innovations are coming, how will those changes affect advisors?

Does it fluster you when a client doesn’t implement their financial plan? The planning process grinds to a halt and you’re left wondering what more you could do to motivate them. On this episode of the Elementality podcast, Reese and Chad discuss why each client should feel they are a crucial part of the planning process. Find out how clear communication from you and open collaboration with them results in clients who are more involved in their own financial health.

With both product salespeople and RIAs labeled as “Financial Advisors” it’s difficult for a general audience to really understand the difference. Fiduciaries educate prospect-by-prospect—it’s vital when selling our services—but does the RIA vs product pitch debate have any public advocates? On this Elementality podcast meet Carl Richards. Known for his “Sketch Guy'' New York Times column, Carl explains his passion for both fiduciary advice and client planning that helps align money with purpose.

It’s easy to understand why we are so fascinated with technology. In the last decade we’ve seen the rise of the smartphone, the Cloud, and we live in a world that has become increasingly connected. With so much cool stuff, it’s easy to make a mistake when you’re over eager about your own firm’s technology. Making sure the apps you want actually provide the right solution is not easy. On this episode of the Elementality podcast, Reese and Chad explain how you can make sure your technology is targeted.

Are you still using prospecting strategies from the 1980’s—leveraging family and friends and cold calling? In 2021 there are better ways to reach people. Reese’s guest on this episode of the Elementality podcast is Paul Thompson, Founder of Advisor Accelerator. A digital marketing master, Paul shares his ideas about the efficiency of niches; about branding with a message that sells you as an expert; and about how to find high-value prospects using 21st century digital marketing strategies.

As an advisor, you have superior quantitative skills. Your understanding of finances is advanced well beyond your clients. Unfortunately, that can often result in you overwhelming your clients with data and numbers. To communicate financial planning principles to your clients, it may be time to take a different approach.  On this episode of the Elementality podcast, Reese and Chad explain how a little creativity and a few simple design tips can help you improve your communication skills