Scaling Advisory Success with Kitces & Bowen
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When Prospects Say No As They’re Not Ready To Break Up With Their Advisor - Kitces & Carl Ep 173
In this 173rd episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards explore how to handle the disappointment of a promising prospect who chooses to stay with their current advisor, and how these situations can still create opportunities to strengthen the relationship and improve the advisor’s own process. While the initial ‘no’ may sting, it also offers an opportunity to reflect, adjust, and position more effectively for the future. For more, see https://www.kitces.com/blog/173-michael-kitces-carl-richards-financial-advisor-prospecting-client-relationship/ and https://www.thesocietyofadvice.com/ Unpacking A Prospect's Soft No When They Choose To Stay With Their Current Advisor [01:33] When The Client’s Current Relationship With Their Advisor Is Complicated [14:08] Demonstrating Quality Without Being Too “Sales-y” [21:30]
Scaling Financial Planning: Client Affluence vs Technology Efficiencies - Kitces & Carl Ep 172
In the 172nd episode of Kitces and Carl, Michael Kitces and client communication expert Carl Richards discuss the limitations of advisor productivity relative to technology and how advisors can scale up instead. In practice, productivity gains through technology tend to yield relatively incremental results compared to that of client affluence. The data shows a steep curve: revenue per advisor accelerates dramatically as client affluence increases, because wealthier clients both need and can afford more comprehensive services – and are willing to pay premium fees for them. While servicing high-net-worth clients may require more time, it does not scale linearly with revenue. Instead, advisors working with affluent households tend to earn much higher hourly rates, which compounds the financial leverage of moving upmarket. For more, see https://www.kitces.com/blog/172-michael-kitces-carl-richards-scaling-financial-planning-client-technology-efficiencies/ and https://www.thesocietyofadvice.com/ How Revenue Per Advisor Changes With Client Affluence (Not Technology) [00:17] The Challenges Of Scaling Many (Less Affluent) Clients [08:21] Moving Upwards In Revenue By Taking On Fewer, Higher-Paying Clients [15:08] The Future Of The Advisor Profession: Affluence Vs Service [25:25]
The 3 Concerns Keeping $25M+ Families Up at Night - Michael Kitces & John Bowen
Michael Kitces and John Bowen, CEO and founder of CEG Worldwide and CEG Insights (formerly Spectrem Group), dive into CEG's extensive data on what ultra-high net worth (UHNW) families are really worried about and how advisors can serve this group more effectively. Three Core Dimensions Of Ultra-Wealthy Client Concerns [08:40] Macroeconomic Concerns And The Gap Of What Ultra-HNW Clients Want From Advisors [12:33] Security Of Legacy And ‘Wasteful’ Heirs [19:20] The Outcome Of A Great Life: Aligning Values With Planning Process [27:10] Building The Elite Team To Move ‘Upmarket’ And Address Ultra-HNW Needs [30:38] Full transcript and resources: https://www.kitces.com/blog/ultra-high-net-worth-family-concerns-25m-advisor-services-upmarket/ https://www.cegwin.com/ultra-kitces
Evolving From Dysfunctional Team To Advisory Dream Team - Michael Kitces & John Bowen
Michael Kitces and John Bowen, CEO and founder of CEG Worldwide and CEG Insights, dive into the data on what makes advisory teams work, how strong teams can help firms attract high-net-worth clients, and how a team-based approach – despite the higher complexity and managerial duties involved – can actually improve the well-being of advisors who are stressed beyond their capacity on their own. Benefits Of A Team: Scaling, Efficiency, And Better Client Services [04:00] Teams Rated "Critical" For Business Development [09:33] Unhappy Advisors And High Turnover In Sizeable Teams [12:20] Building A Team For Transitioning Out Of Your Practice [14:55] The Evolutionary Hierarchy Of Team Development From Dysfunctional To High-Performance To Dream Team [19:16] The Dream Team Framework To Motivate, Engage, And Execute [24:17] 9 Accelerators For Dream Teams To Drive Success [30:28] Full transcript and resources: https://www.kitces.com/blog/advisory-team-retention-better-fit-capacity-productivity-turnover-john-bowen-ceg/
What It Takes To Attract HNW Entrepreneurs As A Financial Advisor - Michael Kitces & John Bowen
Michael Kitces and John Bowen, CEO and founder of CEG Worldwide and CEG Insights (formerly Spectrem Group), dive into CEG's extensive data on what HNW entrepreneurs are looking for in a financial advisor, how advisors serving this group can differentiate themselves, and what advisors can do to connect with prospective clients in this demographic. The Unique Challenge Of Working With High-Net-Worth Business-Owner Clients [1:55] What Entrepreneurs Want From Their Financial Advisor [9:13] Why Succession Planning Is A High-Value Service For HNW Entrepreneurs [16:04] Repackaging The Firm As A “Virtual Family Office” To Attract HNW Entrepreneurs [20:41] Where Advisors Can Find Business-Owner Clients [30:42] Full transcript and resources: https://www.kitces.com/blog/high-net-worth-hnw-entrepreneurs-attract-prospects-financial-advisor-john-bowen-ceg/
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