Behind The Advisor

We're very excited to have Chris Rodriguez of the National Disability Institute with us to teach us about ABLE accounts, a relatively new benefit for people with disabilities and their families. Chris talks about the core mission of the National Disability Institute, and how he and his colleagues collaborate with other organizations to craft progressive policies that help people with disabilities become more financially independent. Then we talk in depth about ABLE accounts themselves and what you as an advisor should know about them. We compare ABLE accounts with the Special Needs Trust and discuss the importance of financial literacy, while also touching on how you can get involved with the NDI's great work. You can find show notes and more information by clicking here: www.xyplanningnetwork.com/92

Scott and First Ascent are blowing up industry norms on the asset management side of financial planning, freeing the firm from the legacy data that holds others back. Scott talks about what pushed him to start his own firm after helping get several other small firms off the ground. He shares his thought process about the flat-fee model that First Ascent uses and why there's less incentive today to use an AUM fee structure. We also dig how technology is streamlining so much of the back office work in financial planning. Since Scott's firm can outsource much of the administrative work, they have more time to focus on excellent client service. You can find show notes and more information by clicking here: www.xyplanningnetwork.com/91

Fee compression might sound like a strange or complicated term, but it's basically the idea that as the financial planning/asset management space becomes more crowded, advisors with smaller firms will have to reduce their fees and eventually go out of business. Kitces and Alan break down the different versions of fee compression that they do and don't see in the financial advisory marketplace, and they talk about why they think niched advisors are going to continue to succeed. They also touch on the legitimacy that big companies like Vanguard and Schwab are bringing to our profession, making financial advising more familiar and accessible to more people. Alan highlights the benefits these big moves will have for younger advisors, who will be able to get legitimate financial planning experience much earlier in their careers. Long story short: we'll be just fine, and a niche is (almost) always a good idea. You can find show notes and more information by clicking here: www.xyplanningnetwork.com/90

Nancy Bleeke is the founder of Sales Pro Insider and the developer of the Genuine Sales Process. Nancy is a goldmine of great information and has an exciting announcement about her sales course which explores distractions that present as obstacles to our ability to generate sales. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/89

Chloé graduated from the University of Alabama and immediately started studying to become a CFP. After several jobs as an associate planner and manager at various firms throughout the southern U.S., Chloé decided to start her own consulting and advising businesses. Chloé and I talk about the brilliant path she's taken as a financial planner, starting her career by advising high net-worth clients with complex needs. She also talks about some of the challenges she's faced as a young woman of color in a predominantly older and white male industry, how organizations like the Association of African American Financial Advisors are working to support each other, and how we can all contribute to making the industry more diverse. You can find show notes and more information by clicking here: www.xyplanningnetwork.com/88

On today's episode we hear from André Novaes, founder and CEO of Life FP. Life FP is a monthly retainer firm in Brazil with about 3,000 clients, 45 advisors, and a grand vision. If André had his way, 95% (or more) of Brazil's population would have the opportunity to design their lives with great financial planning. In this interview, André talks about his journey to establish Life FP and build the financial planning landscape in Brazil. He discusses why they don't have assets under management at Life FP, just dreams under management, and the tools he uses to build strong rapport with clients. André also shares how he makes the monthly retainer model work for him and his advisors, and how he gets clients to pay 5% of their income for financial planning services. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/87

Virtual paraplanning is probably the most requested interview topic from listeners. Jennifer Pritchard has one of the most unique and awesome jobs in financial planning. She's a financial planner who's been mentioned on the podcast before because she's built a virtual paraplanning business working with a number of our XYPN members. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/86

Brian is the owner of Face 2 Face Financial Planning, a fee-only RIA in Kalamazoo, Michigan. He's a second generation planner who was introduced to the industry by his father. In 2007, he started his career in a wirehouse, but found the work unsatisfying after two years. He ultimately learned that he could serve customers in a way that provides value and while he earned a living. His experience is a wonderful case study describing how to establish a new firm, convince clients to join you, and transition from an existing RIA without burning bridges. You can find show notes and more information by clicking here: https://www.xyplanningnetwork.com/85

Today we're talking about some topics that don't often get discussed in the financial planning space: how your mental health and business are related, and what happens when you struggle with them both. Dave Grant, now the head of Retirement Matters, shares his journey as a financial planner and entrepreneur, and opens up about his recent experience with depression. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/84

Rick Frisbie, the newly minted CEO of Robust Wealth, offers a thoughtful take on the state of technology in the financial services industry and what we can expect in the next 18 - 24 months. Robo-advisors, or automated wealth platforms, are here to stay. However, advisors will appreciate the suggestions Rick to best incorporate these tools in a way that drives growth. You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/83