Exploring Financial Planning Models and Client Relationships

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Different financial planning models cater to varying client needs, with advisors adapting their approaches accordingly. Some clients prefer minimal engagement, seeking occasional advice, making hourly or subscription models suitable for them. In contrast, clients looking for comprehensive portfolio management benefit from Assets Under Management (AUM) fees, ensuring alignment of interests as advisors share in the risk inherent to investment outcomes. Advisors who neglect performance-based fees due to industry history can lead to risky behaviors detrimental to clients during market downturns. Subscription-based models are gaining traction, allowing for ongoing advisory relationships without the necessity of large asset portfolios, making them attractive to clients seeking consistent support. While hourly models can be appealing, they struggle to maintain sustainability and scale, prompting many advisors to shift towards subscription or AUM structures for deeper, more meaningful client relations. Advisors inherently drawn to service and assistance often find fulfillment in long-term client connections, reinforcing the importance of understanding client preferences and tailoring financial planning services to meet diverse demands.

Today Dr. Dahle talks with Michael Kitces, creator of the popular blog Nerds Eye View. He is a CFP (along with many other designations) who has a passion for educating. His platform is huge and he knows more about financial planning and the financial planning industry than just about anyone out there. Today they tackle a range of topics with the higher level focus on the state of the financial planning industry. Michael shares valuable insight on how to find a trust worthy advisor, why he thinks there are so many fewer women working in the financial advising industry, if therapy training should be required for financial advisors and if the good guys in the industry are winning in the court of public opinion. We know you will love those topics and so many others from todays conversation.

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