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How I Built A Custom AI Agent For My RIA – And What It’s Changing About How We Work

June 29, 2026 07:03 am 0 Comments CATEGORY: Practice Management, Technology & Advisor FinTech

One of the biggest challenges in scaling up an advisory firm beyond the founder is figuring out how to ensure that all the new and future team members of the firm will deliver advice consistent with the founder's approach. Historically, this has meant training advisors largely through osmosis; associate advisors were expected to be part of client meetings alongside the founder, to not just capture notes for CRM, compliance, and follow-up purposes, but to be present and absorb and learn by seeing and hearing (and eventually, supervised doing). Yet with the arrival of AI notetakers, many advisory firms have begun to question whether it's even a good use of time for team members to still be in client meetings when notetaking can occur automatically. While at the same time, the question arises: if team members aren't in client meetings, how else can they possibly learn the founder's approach and planning philosophy? (Unless they go separately to the founder with each and every planning question, which ironically can take even more of the founder's time!)

In this guest post, Jake Northrup, founder of Experience Your Wealth, shares how his 3-person advisory firm built their own custom AI assistant, not as a means to replace team members but a way to teach, train, and support their advisors and ensure advice is delivered more deeply and consistently to clients… while reducing how often the team comes to Jake as the founder for direct input.

Of course, the starting point for any AI-related initiative in an advisory firm – especially when it involves client-specific situations and therefore client data – is how to do so securely. Which Jake ultimately solved for by transitioning to a new CRM system (Slant) that has securely integrated Claude directly into its own client database. Additionally, with support from the firm's outsourced IT and Cybersecurity provider, CyberSecureRIA, Jake was able to set up a secure private cloud environment – dubbed "Rocky" – where the firm's IP can be uploaded and utilized safely (after trying a smaller-scope setup with a contractor on Upwork that failed!).

Once the client and firm data was secured in a safe environment, Jake shares how he utilized Claude to develop a "Standard Operating Procedure" (SOP) document that could be used to teach their AI-assistant Rocky how the firm handles any particular planning situation based on the AI-generated notes and transcripts of various internal firm and client meetings (already held safely in their Slant CRM or secure private server), along with other firm data.

Once trained, Rocky is now able to act like a thinking partner for the firm, allowing them to more consistently create the deep advice that Experience Your Wealth provides to its clients while reducing how often the team needs to come back to Jake for input. With the caveat that Rocky isn't expected to be (and isn't) perfect, and some issues will still need to be escalated for input from the founder. Which means that from the team perspective, the focus can shift from memorizing what the firm's standard approach is for certain client scenarios (since Rocky can quickly make those connections), to exercising judgment about when to trust Rocky's output, when to push back, and when to bring it to the founder for further (albeit still less frequent and time-saving) input.

An interesting side-effect of Jake's efforts is to find that 'just' consolidating the firm's information into their CRM system has been enough to apply Rocky as their own AI assistant "lens" through which client scenarios can be analyzed. In other words, it wasn't necessary for them to go through the complexity of creating their own "data warehouse" as some larger firms have done; instead, Jake's firm achieved their AI unlock by switching to a new CRM system (Slant) that was able to bring together all of their client relationship and meeting data (e.g., AI notes and transcripts) into one central CRM location.

Ultimately, the key point is that building an AI assistant tool, trained on your firm's individual data, is something that can be accomplished even in a solo advisor or small team environment, as long as some outside help is used for the initial technical setup. And doing so is arguably especially helpful for smaller/solo advisors, where training team members – who otherwise crave the founder's input and time – can create growth bottlenecks that an AI trained on the firm's planning approaches can help to solve. Which in the long run doesn't only help the firm to train and develop team faster, but also helps them more quickly go deeper with each client, supporting the firm's ability to continue to grow without needing to hire additional team as rapidly, thanks to the technology support!

Weekend Reading For Financial Planners (June 27–28)

June 26, 2026 02:00 pm 0 Comments CATEGORY: Weekend Reading

Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that a recent study from The Ensemble Practice finds that while surveyed advisory firms posted profit margins in excess of 38% for fiscal year 2025 (a figure up nearly 15 percentage points over the past decade), organic growth rates have lagged, with strong market performance being a key contributor to both (serving as a revenue driver for AUM-based firms, but also leading some consumers to continue managing their own investments). Which suggests that during a future market downturn, firms that do invest in pursuing organic growth (e.g., by engaging in multiple tactics and creating a structured marketing and sales process) could be better positioned to reach consumers who are newly incentivized to seek out an advisor, ultimately weather the storm that could otherwise significantly erode their revenue, and emerge even stronger when the market eventually recovers.

Also in industry news this week:

NAPFA announced a new fiduciary standard for its registered advisors this week, going beyond SEC and CFP Board fiduciary requirements, particularly when it comes to advisor compensation
A recent survey indicates that financial advisors on the whole are largely upbeat when it comes to their growth prospects over the next few years and are leaning into the human element of advice as they prepare for greater competition from AI-powered self-directed advice tools

From there, we have several articles on retirement planning:

A rule from "SECURE Act 2.0" restricts the type of catch-up contributions that can be made to workplace retirement plans for certain high-income earners, though these contributions could still be valuable despite the absence of an immediate tax deduction
How individuals can gain early retirement flexibility using the "Rule of 55" to make penalty-free withdrawals from their workplace retirement plans
A study finds that married couples sometimes don't maximize the employer matches available to them, in part because of concerns about how workplace retirement plans would be treated in a potential divorce

We also have a number of articles on insurance planning:

When long-term care insurance might (and might not) make sense for clients in the current challenging environment for the product
How financial advisors have responded when clients face sharp premium hikes on their long-term care policies
Why individuals might want to seek out insurance policies that are expected to lose them money (on average)

We wrap up with three final articles, all about the future of content in a "Zero-Click" world:

17 types of content that could continue to perform well at a time when fewer individuals are actually clicking through to websites from Google searches
Why nurturing a highly tailored audience could help content creators (including financial advisors) succeed amidst the centralization of information
While "how-to" books have experienced a sharp decline in sales amidst the growing popularity of AI chatbots, those dedicated to consuming long-form content (and/or who have an accountability partner) might be more likely to succeed in their fitness, financial, or other goals

Enjoy the 'light' reading!

When Clients Would Rather Feel More Financially Successful Than Take Action To BE More Successful: Kitces & Carl 193

June 25, 2026 07:06 am 0 Comments CATEGORY: Kitces & Carl Podcast

Helping clients become more financially successful is a multi-faceted process, but much of it ultimately comes down to implementation. The challenge is that for clients (and advisors themselves!), "implementation" is more than 'just' point-and-go, where a direction is determined, then everyone executes perfectly. Instead, motivating clients towards action requires multiple steps of goal-setting, then dissecting why those goals are those goals, adjusting accordingly, then creating clear steps… and even then, the client may not act. Yet for some clients, is the feeling of progress enough?

In this 193rd episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss the difference between feeling productive, being perceived as productive, and actually being productive – and the place that each of the three states plays in motivation. Whether a client (or advisor) is focused on productivity, creativity, fitness, or financial success, it is easier to feel that they are being creative than it is to actually go forth and create (let alone publish something for public consumption). Self-help books and the like proliferate in part because they provide helpful frameworks and thought leadership… and in part because they can create a sense of process without requiring sustained effort.

Similarly, clients may enjoy the feeling of being financially responsible – they have an advisor and a financial plan! – yet may not implement the goals they appear to agree with. Some of this, undoubtedly, is due to the fact that many of the actions associated with financial planning are tedious at best – even if the advisor tries to make them clear and pleasant, and even if the client likes the financial advisor. Some of this may be because the client gets 'enough' from feeling responsible. And some inaction may come due to an unspoken unwillingness to act due to 'something else'. Advisors may be able to diagnose and address some of these tactics by using scaling questions ("On a scale of 1–10, how ready are you to implement this? If you're a 6, what would it take for you to reach a 7?") and other communication strategies.

Ultimately, the key point is that effective financial advice is as much about client behavior as it is about actions and solutions. Sometimes the most valuable contribution an advisor can make is helping clients feel understood, supported, and capable of making progress, even if that progress initially appears small. By recognizing that the desire to feel successful often precedes the willingness to become successful, advisors can approach advice adherence with greater patience and compassion. In doing so, they create an environment where clients can gradually build confidence, readiness, and momentum… allowing meaningful financial change to emerge over time!

The (Unexpected) Registration Responsibilities When Engaging In Paid Referrals

June 24, 2026 07:02 am 0 Comments CATEGORY: Regulation & Compliance

As part of a broader marketing strategy, RIAs might work with "solicitors" or "promoters" (e.g., accountants, online advisor matching platforms, and compensated bloggers) who refer prospective clients in exchange for compensation. While the SEC's Marketing Rule sets forth rules requiring RIAs to disclose their compensation arrangements with any paid promoters and the potential conflicts they entail, some firms might not realize that, depending on the relationship between the RIA and the promoter and the extent to which the promoter provides 'advice' to prospective clients, disclosure alone might not be enough for the RIA to be fully in compliance.

In this guest post, Isaac Mamaysky, Partner of Potomac Law Group and Cofounder and COO of QuantStreet Capital, explains the requirements for paid referrals under the SEC Marketing Rule, why paid promoters may need to register as RIAs (or IARs), and whether the registration burden lies in the hands of the promoter or the RIA that's compensating them.

To start, an RIA engaging with a promoter will want to ensure compliance with the Marketing Rule (and provide the required Form ADV disclosures) for the testimonials and endorsements themselves. For example, the Marketing Rule requires that advisers disclose, among other items, whether cash or non-cash compensation was provided for the testimonial or endorsement and any material conflicts of interest arising from the adviser's relationship with the promoter.

Next, the RIA can determine whether the promoter is a supervised person of the firm, defined by the Investment Advisers Act as "any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment adviser". If a promoter is determined to be a supervised person, the RIA must determine whether the promoter is required to register as an investment adviser representative (IAR) under applicable state law.

If, instead, a promoter is acting independently of the adviser (i.e., not as a supervised person), while there is no explicit requirement for advisory firms to confirm their unaffiliated promoters' registration status, prudent firms may choose to conduct due diligence into the promoter's compliance with their standalone registration obligations (if any).

Ultimately, the key point is that while the Marketing Rule made it easier to use both paid and unpaid promoters for business development, there are still compliance obligations regarding their use that could trip up advisors who don't have a full understanding of their requirements. Nevertheless, by determining whether they have made sufficient disclosures regarding the use of a solicitor, as well as whether a solicitor is a supervised person (and following the relevant Federal and state registration requirements depending on the solicitor's status), firms can ensure that they comply with not only the requirements of the Marketing Rule itself, but also those under the Advisers Act, SEC, and state regulations that make up the full compliance landscape for testimonials and endorsements.

Scaling To $3.5M Of (Flat-Fee) Revenue By Leaning Into A Unique Retirement Income Approach: #FASuccess Ep 495 With Bradley Clark

June 23, 2026 07:05 am 0 Comments CATEGORY: Financial Advisor Success Podcast

Bradley Clark Podcast Featured Image FAS

Welcome everyone! Welcome to the 495th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Bradley Clark. Bradley is the founder of Clark Asset Management, an RIA that operates remotely and oversees $1.6 billion in assets under management for 340 client households.

What's unique about Bradley, though, is how he has grown his firm by charging flat fees to clients nearing and in retirement who benefit from his unique approaches to generating retirement income and portfolio management.

In this episode, we talk in-depth about how Bradley has grown his firm with the goal of achieving “minimum efficient scale” (a level of revenue that he thinks is higher for flat-fee firms compared to those that charge on an AUM basis), how Bradley tracks key metrics and ratios to determine whether his firm remains on track to scale effectively, and how Bradley has increased his fees over time (from an annual $7,500 flat fee to $12,500 today) while being mindful of sensitivities for legacy clients (resulting in very little client attrition along the way).

We also talk about how Bradley approaches retirement income planning by dividing client spending goals into needs, wants, and wishes and then conducting a probability of success analysis on each (with the goal of achieving at least a 90% probability of success for needs but lower percentages for wants and wishes (as a higher probability of success for these might suggest that their vision of wants and wishes aren't expansive enough), how Bradley implements asset-liability matching using an income floor strategy (that can include Social Security, employer pensions, bond ladders, and/or income annuities), and how Bradley leverages investment models from Vanguard and Dimensional Fund Advisors as part of his portfolio management approach (which he has found builds credibility as clients understand that they are tapping into the collective wisdom of these firms).

And be certain to listen to the end, where Bradley shares his three-meeting client onboarding process (which is grounded in the idea that each meeting should build positive ‘momentum' towards his clients' financial goals), how Bradley has found that operating on a high-volume, flat-fee basis has allowed him and his team to get the benefit of more ‘reps' delivering their service model, and how Bradley's previous career experiences offered him valuable experiences and skills that have served him well creating and growing a financial advice business.

So, whether you're interested in learning about what it takes to scale a flat-fee advisory business, taking a granular approach to retirement income planning, or creating an onboarding process that builds momentum for a long-term client relationship, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Bradley Clark.

Real Equity, Real Buy-In: A Practical Framework For Offering Equity Ownership

June 22, 2026 07:06 am 0 Comments CATEGORY: Practice Management

Many financial advisory firms start out with a single founder – in part because, early on, the founder might also be the only employee. Over time, as the firm grows in terms of clients, revenue, and team members, the founder may consider opening up ownership opportunities to employees, whether to reward key team members, foster a greater sense of ownership among staff, or support a long-term succession plan. However, taking that step can come with challenges, from determining the appropriate buy-in structure to overcoming the mental hurdle of no longer being the firm's sole owner.

In this guest post, Tim Goodwin, founder and CEO of Goodwin Investment Advisory, discusses the strategic thinking behind offering equity ownership opportunities to employees in his firm, the framework he used to expand ownership, and how other founders can prepare to share ownership in their own firms.

At a fundamental level, Tim wanted to offer equity to his employees to foster a greater sense of ownership. Being an owner – and receiving distributions based on the firm's profitability – can heighten employees' focus on the firm's efficiency, client experience, and long-term enterprise value. For instance, his employee-owners are incentivized to identify potential cost-saving opportunities, such as whether certain subscriptions are truly necessary.

Tim found that preparation was crucial before sharing equity, as having clean books, a current operating agreement, clear buy-sell language, a reasonable valuation process, and enough financial transparency to educate employee-owners can smooth the transition and help avoid conflicts down the line. Once the business is prepared to bring on additional owners, the next steps include defining which employees can participate and when, setting guidelines for how much eligible employees can buy each year, using a repeatable valuation process to price shares, creating a simple annual process for commitments, payments, and ownership updates, and keeping the operating agreement current as the firm evolves.

In Tim's case, equity buy-in opportunities are offered to all employees who have been with the firm for at least one year, which creates greater alignment across the staff and recognizes the contributions non-advisory staff make to the firm's profitability. He allows employees to buy additional shares once per year at a revenue- and profitability-based valuation, and he also allows employees to sell their shares if, for example, they need liquidity for a major purchase. Employee-owners are required to liquidate their shares when they leave the company unless they retire, in which case they can retain ownership for no more than 10% for 10 years This helps keep ownership centered on current firm staff.

Ultimately, the key point is that allowing employees to buy equity ownership interests in the firm is not just a way to reward key personnel. It can foster a psychological sense of ownership across the team, support stronger alignment around growth and profitability, and potentially create stronger long-term outcomes for both the founder and employees!