Step-By-Step Process to Transition Your Clients to an Associate Advisor with Steve Sanduski and Amy Koenig
Release Date: 09/10/2024
Brendan Frazier on What AI Can and Can't Do to Improve Client Reviews and Close the Knowing-Doing Gap
Between Now and Success
Guest: Brendan Frazier, former Chief Behavioral Officer at RFG Advisory and host of The Human Side of Money podcast. In a nutshell: AI isn't just changing money management -- it's challenging the very structure of the advisor-client relationship. The client review meeting has always served as our central point of contact. But what happens to the review meeting when AI agents can continuously monitor a client's financial life, present a real-time dashboard, and proactively answer complex budget questions, on demand, at 9:30 PM? And how are advisors supposed to catch up to what AI "knows" if...
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The Punk Rock Advisor: Matt Zeigler on AI, “Scenes,” and Selling Out
Between Now and Success
Guest: Matt Zeigler, Managing Director and Wealth Advisor at Sunpointe Investments. Matt is a musician who toured in bands and worked as a music producer before pivoting to wealth management. In a nutshell: As the wealth management industry wrestles with the widespread adoption of artificial intelligence, many fear that the role of the financial advisor will become increasingly commoditized. If AI can build a financial plan, optimize tax strategies, and rebalance a portfolio instantly, what is the remaining value proposition for a human advisor? The answer might not lie in becoming larger,...
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Chris Galipeau: Two Variables Drive the Stock Market. Everything Else is Noise
Between Now and Success
Guest: Chris Galipeau, Head Market Strategist at the Franklin Templeton Institute, where he serves as one of the firm's foremost voices on global capital markets, economic trends, and investment strategy. In a nutshell: Advisor and investor alike have access to more data, research, and real-time news than at any other point in history. Which is a big reason why navigating the financial markets and maintaining client relationships have never been more difficult. The speed of information, combined with the 24/7 media cycle, make it incredibly challenging for everyday investors to maintain...
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Sean Wing on Delivering Continuous, Proactive, Hyper-Personalized Fiduciary Advice at Scale
Between Now and Success
Guest: Sean Wing, the Founder and CEO of Wing. In a nutshell: How often do you provide high-value financial advice to your clients? Monthly? Quarterly? Annually? But ... how often do their lives change? How often do their feelings about their money shift? How often are they nervously staring at market drips and trade wars on social media wondering, "Am I OK?" If you're waiting around for your clients to call you every time they're pondering a career change or confused about a new tax law, then your process might be too static, too reactive. Increasingly, AI will try fill that void in your...
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Joseph Moore: Why Timeless Financial Advice Eventually Breaks
Between Now and Success
Sometimes you have to write the book you want to read. As the 2008 financial crisis was beginning to drag millions of homeowners underwater, Joseph Moore took a personal finance class at his church. He realized that conventional wisdom about renting versus owning had put his family in a dangerous spot. "We sold our house on a Saturday," Joseph remembers. "Our neighbor put her house on the market the next Saturday. It never sold. We were the last two people off the Financial Titanic in 2008." Then a light went on in Joseph's historian brain. He wasn't the only person who followed advice like...
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John Bowen on A Strategic Blueprint to Achieve 100x Growth
Between Now and Success
Financial advisors are standing at the intersection of several historic, tectonic shifts. Over the next decade, we are poised to witness a staggering $124 trillion transfer of wealth. Simultaneously, the industry could be facing an unprecedented talent shortage, due in large part to aging boomers stepping away from their companies. And then there's the rise of AI, whose rapid advances are rocking the markets and advisors' value. Many folks I talk to believe this convergence of variables has put the whole industry on shaky ground. But today's guest shares my view that while this might be a bad...
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Duncan MacPherson on How Advisors Can Thrive in the AI Era
Between Now and Success
To borrow a phrase from recent podcast guest Alan Smith, financial advisors are facing "a Spotify moment." Just as streaming upended the traditional music business of selling records and put a premium on the live concert experience, AI is commoditizing traditional money management and raising the value of ... Well, what exactly? What is the financial advisor's equivalent of a live concert? What is that high-end experience that your prospects and clients will want to keep paying for? And how can you reframe your business around that experience so that it's replicable and scalable? On today's...
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John Scianna on Building an Authentic Enterprise-Grade RIA Brand
Between Now and Success
In the early 1980s, Al Ries and Jack Trout published the seminal marketing book Positioning: The Battle For Your Mind. They argued that marketing wasn't simply about products or services; it was about capturing a specific space in the consumer's mind. Think of Volvo and you immediately think of "safety." Think of Walmart and you think, "Low prices." If you want "fast food" you'll probably start looking for the nearest McDonald's. These principles of brand positioning still endure. For most people, Google is "search," Amazon is "shopping," and Apple is "cool tech." And these "spaces" can be...
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"Both/And" Thinking: Kelly Lewis on Navigating Polarities to Deepen Client Conversations
Between Now and Success
Are you sure? And, perhaps more importantly, are your clients? In an increasingly polarized world, folks are becoming more and more dug-in about what they believe to be true. But an "either/or" mentality can lock out important data when we're weighing complex, real-life challenges. And when we value being "right" above all else, we may fail to recognize that not every challenge is a problem we can solve. Often, what we're really confronting are polarities: a pair of opposing, interdependent values, wants, or priorities that are in a constant tug-of-war for our attention and resources. On...
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Jamie Hopkins on Exit Planning, Training New Advisors, and "Your Retirement Sketchbook"
Between Now and Success
Organic growth has been stalling for years. AI is compressing basic money management into a commodity. And in this uncertain economic environment, where even the reliability of the 60/40 portfolio is in flux, advisors can't just count on long bull runs to keep their bottom lines up and their clients happy. To blast off this plateau, advisors must fundamentally rethink how they train their teams, whom they target as clients, and how they actually deliver advice. On today's show, I talk to Jamie Hopkins, CEO of Bryn Mawr Trust Advisors LLC and Chief Wealth Officer of Bryn Mawr Trust, about how...
info_outlineIn a Nutshell: Steve and Amy Koenig, a financial advisor coach, are back for a deep dive on an issue every advisor will face at some point which is, how do you transition existing clients to another advisor and do it so the clients stay and there's no drop in service.
Sometimes there's a personality mismatch. Sometimes goals aren't aligned. Sometimes advisors need new challenges.
Or, as was the case for Heritage's Erin Scannell, sometimes an advisor has to clear the deck so that he can step into a leadership role and drive the vision for the company's growth.
Whatever the reason, there will be times when your firm needs to move clients from one advisor to another. And, on today's show, Steve and Amy detail the system they use to ensure a smooth transition and optimal results.