Running Around With Your Hair on Fire Is Not Attractive in a Financial Planner

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It’s clear that with roboadvisors and automation, people expect more if they are paying you more. With investment management fees going to zero faster than the speed of light, financial planning is where it’s at.

But how do you deliver this without running yourself into the ground?

  • I’ve seen advisors running around like their hair is on fire.
  • I’ve heard of advisors shoveling snow, going to the DMV with clients, driving four hours to go to a family event for a client.
  • I’ve seen planners take it to the extent that they are no longer being compensated for their time.
  • I’ve had financial advisors haggle with me over the $35 a month cost of my membership service. No offense, but are you serious? And you’re serving affluent people? What would your clients think if they saw that?

Do you really think that clients don’t notice the stress it causes you when you’re running a business that doesn’t pay you what it should? And how do you think it makes them feel about what you do?

This improves credibility?

I’m all for the human touch and going above the call. The personal attention is, to be honest, why most advisors have a business. However, here’s what can happen if you don’t pay attention to yourself first and what all of the time is costing your business.

You can get trapped.

The experienced financial advisor makes around $90k a year according to some measures. Many make more, some make less. Nothing wrong with $90k a year at face value, but at that level of pay you are vulnerable given this is a serious kind of business. Lose a client who trashes you to the country club, security breach, new technology emerges. Now all of a sudden you could actually be out of business.

Or worse.

Let’s be real: the margins matter.

If you are not running a business the scales well enough so that you can grow faster than your costs are, then you are in trouble. And with the technologies available to you, there’s no reason why you can’t. This episode we have Matt Regan, President of Wealthcare Capital Management, who has some of the answers to questions about how to do this. Join us to hear about:

  • What is considered light planning vs. heavy planning?
  • What is goals-based vs. cash flow planning?
  • Charging for planning on a stand alone basis vs. bundling it
  • Hourly fees, asset based fees, retainer fees
  • Where advisors get into profitability problems with financial planning, and how to avoid it
  • The three things advisors can do to improve the efficiency of their financial planning

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Resource mentioned in this show:

Kitces, Michael. (2017, October 16th). 2017 Financial Advisor Compensation Trends And The Emerging Shortage Of Financial Planning Talent. Retrieved from



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