Nerd's Eye View blog

Comparing Alternative RIA Custodians: The List To Consider Beyond The Big 2

October 24, 2022 07:06 am 0 Comments CATEGORY: Practice Management

The choice of an advisory firm’s custodial affiliation is easily one of its most important business decisions. The advisory firm is the front end of the client relationship, but it entrusts client assets, and key aspects of their service, to a custodian that safeguards the money and provides the underlying platform. And given the logistical challenges of switching between custodians, inertia often leads firms to stick with the same custodian for years or decades, even when a better fit might exist.

Many firms have chosen to work with the largest players in the RIA custodial space, benefiting from their size and scale. But the impending merger of Schwab Advisor Services and TD Ameritrade Institutional will reduce the number of options available for RIAs and force firms currently on TD’s platform either to be subsumed into Schwab’s platform or to switch to an alternative custodian. And while RIAs that take no action might face the specter of being relocated to a custodial platform they didn’t choose, other firms might take a more active approach in considering whether a move to one of a growing number of custodial options might be in their best interest.

In this guest post, industry commentator Bob Veres explores the range of considerations for firms thinking about moving on from “Schwabitrade” or from their current custodian, offering profiles of seven alternative platforms and reviews from advisors currently using them.

As a starting point, advisory firms can evaluate custodians on several levels based on their specific needs, from the cultural fit to their technological capabilities to the customer service a firm can expect to receive by determining whether the platform has a tiered structure where the largest firms get the best levels of service. An additional consideration is whether the custodian has a retail presence, as those without one won’t be competing directly with advisors in the marketplace (and the custodian’s management will be focused on the needs of advisors on the platform rather than spending much of their time trying to bring in more retail business).

Another differentiator between custodial platforms is their pricing structures. While some of the largest platforms may (nominally) offer their service for ‘free’, they still need to bring in revenue somehow (often in the form of below-market-rate cash sweep accounts). Other custodians offer a range of fee options, from ticket charges to flat subscription fees. This optionality can give fee-conscious advisors (and their clients) the ability to choose what makes the most sense for them.

Ultimately, the key point is that a growing number of custodial platform options are available for advisory firms, and the range of unique service cultures, technological capabilities, and pricing structures offers firms the opportunity to find the one that best suits their (and their clients’) specific needs!

Weekend Reading For Financial Planners (Oct 22-23)

October 21, 2022 02:03 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 Congress appears poised to pass a series of changes affecting retirement planning, dubbed “SECURE ACT 2.0”, by the end of the year. Provisions in the proposed legislation include gradually increasing the age for RMDs from 72 to 75, allowing extra ‘catch-up’ contributions to workplace retirement plans, and permitting companies to make retirement plan matching contributions for employees who are paying off student loan debt.

Also in industry news this week:

The wealth of those in the Millennial and Generation Z cohorts increased by 25% in 2021 and members of these generations are willing to pay for financial advice, according to a new study
New research demonstrates the importance for advisors of helping clients understand why they need to make certain decisions in the first place before giving planning recommendations

From there, we have several articles on retirement planning:

A discussion of the potential options for shoring up the Social Security trust fund as it is poised to be strained further by the recently revealed 8.7% Social Security COLA for 2023
How advisors can help clients review their Medicare coverage as the annual open enrollment period begins
How individuals can purchase more than the $10,000 individual limit of I Bonds, which continue to offer relatively high rates of return

We also have a number of articles on insurance and annuities:

As the number of RIA-friendly annuity products increases, advisors remain sharply divided regarding their value for clients
A Morningstar study suggests that annuities deliver ‘meaningful’ value to only about 5% of affluent investors, though annuity proponents suggest they also come with significant psychological benefits
Consumer satisfaction with life insurance and annuity companies dipped in 2022, reflecting a lack of understanding with the products they purchase and misaligned communication practices, offering lessons for financial advisors

We wrap up with three final articles, all about how to live a meaningful life:

Why outsourcing all of your non-work responsibilities is not a guaranteed formula for happiness
How advisors can help clients balance the tradeoff between time and money over the course of their lives
How psychological research suggests that individuals might want to consider changing the type of work they do in the second half of their careers

Enjoy the ‘light’ reading!

Kitces & Carl Ep 97: Talking Clients Down From Making Politically Motivated Portfolio Changes

October 20, 2022 07:06 am 0 Comments CATEGORY: Kitces & Carl Podcast

In recent years, politically charged topics have become the forefront of news and media, and with the rise of access to digitally distributed media, it has become commonplace for clients to have concerns about the possible impact of political events on their portfolios. These concerns have compelled many clients to reach out to their advisors, urging them to make changes in response to the political environment. And though clients may mean well, making changes to investments based on political events is often not a good idea for the long-term health of their financial plans, as well-designed portfolios are designed to safeguard against market turbulence that might result from those events. Importantly, political topics can often be emotionally charged and tied directly to a client’s core beliefs, which can make it challenging for advisors to convince their clients to stay the course and to reassure them they have an optimal portfolio strategy in place.

In our 97th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss how advisors can address clients who want to change their portfolio strategy in response to the political environment and offer ways to communicate with clients about how their current investment strategy is the most optimal plan.

As a starting point, it’s important for advisors to have a defensible portfolio strategy that they can explain to the client, walking them through the investment choices made and why they should stay the course. When having the conversation, listening carefully and empathetically to the client’s apprehensions to understand their motivation is key. Some clients may just want to express their fears to someone who understands their situation and is willing to listen, as the information they are reacting to may be scary for them and the outlook for their future. But when clients feel strongly about taking action to protect their portfolio, the advisor can continue the dialogue – after listening to the client’s concerns – by suggesting a step-by-step review of the financial plan and the client’s initial statement of financial purpose, giving the client and advisor an opportunity to review and reconfirm all the choices that have been made. This allows the advisor to present a logical case that the plan is solid, built to protect against market turbulence, and designed to meet the client’s stated goals. At the same time, this process allows the client to express their concerns and feel heard, and be reminded of the important financial goals they wanted their plan to help them achieve.

Ultimately, the key point is that when clients are overwhelmed with concerns about external events that can impact their investment portfolio, advisors have a valuable opportunity to support their clients and to help them understand how their financial plan is designed to meet their goals even in times of political turmoil. And as new issues arise between meetings with clients, listening and connecting with empathy can give advisors the chance to alleviate their clients’ escalating anxieties by reassuring them that their financial plan is still in a good place!

How To Register Your RIA: State Vs SEC Registration And When Notice Filing Is Required

October 19, 2022 07:08 am 1 Comment CATEGORY: Regulation & Compliance

In the United States, Registered Investment Advisers (RIAs) are required to register in one of 2 ways: with the Federal government (namely the SEC) or with one or more state securities regulatory agencies. While SEC-registered RIAs are governed by the Investment Advisers Act of 1940 (and its associated regulations), state-registered RIAs are subject to the individual rules of the states (which have their own securities laws and regulations) where they are registered. So RIAs not only face a different set of regulations depending on whether they are Federally or state-registered, but state-registered RIAs, in particular, can also face a widely varying set of rules depending on which state they are registered in.

In this guest post, Chris Stanley, investment management attorney and Founding Principal of Beach Street Legal, breaks down some of the key differences between Federal and state registration, including who needs to register as an RIA, when an RIA can (or must) register with the SEC versus state authorities (including notice filings and unique state circumstances for RIAs with clients in certain states), and registration requirements for RIA firms’ Investment Adviser Representatives (IARs) at the Federal and state levels.

One of the first determinations an RIA owner must make is whether they must register with the SEC or state authorities, and if the latter, which state (or states) they must register with. In general, unless they meet one of a handful of qualifications for an exception (most commonly by having over $100 million in AUM or being registered in 15 or more states), RIAs must register at the state level. State-registered RIAs usually must register in the state(s) where they have a place of business, plus any state where they have more than a ‘de minimis’ number of clients (usually 5) – though notably, Louisiana requires registration from every state-registered RIA with clients in state, regardless of the number, and Texas requires state-registered RIAs to ‘notice file’ if they have less than the de minimis threshold. Several other states additionally require notice filings from SEC-registered advisors with clients in those states, meaning that even for SEC-registered RIAs, staying compliant with filing requirements requires them to understand the filing rules for each state in which the firm does business.

When it comes to the individual IARs employed by advisory firms, the registration requirements also fall along Federal and state lines. State-registered firms generally must have at least one IAR registered in each state where the firm itself is registered, and SEC-registered firms need only register IARs who work with a certain number of clients. The key difference between firm and IAR registration is that, regardless of whether the RIA firm is Federally or state-registered, IARs always register at the state level.

Ultimately, the key point is that the idiosyncrasies between state registration and filing requirements for firms and individuals warrant paying close attention to the rules of each state in which an RIA does business, regardless of whether the firm is Federally or state-registered. This is particularly relevant not only for startup firms but also for those that are expanding or adding clients in new states via new virtual meeting capabilities. By more deeply understanding the nuances of Federal and state filing rules, advisers can be better positioned to stay compliant while managing their changing circumstances!

#FA Success 303: Pivoting From ‘Robo’ Investment Management To Financial Planning In South Africa, With Louis van der Merwe

October 18, 2022 07:09 am 0 Comments CATEGORY: Financial Advisor Success Podcast

Welcome back to the 303rd episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Louis van der Merwe. Louis is the Director of WealthUp, an independent advice practice based in Cape Town, South Africa, that oversees the U.S. equivalent of nearly $60 million in assets under management for 115 client households.

What's unique about Louis, though, is how he and his partner (in anticipation of a shift in the financial advisory industry to more automated client services nearly 10 years ago) developed a robo-advice technology prototype to help clients have their investments managed at a very low cost… which then struggled to gain traction with consumers, inadvertently giving them the inspiration to launch their own ‘fully human’ financial planning practice instead.

In this episode, we talk in-depth about how, after 4 months of development, the robo-advice prototype Louis and his partner created was not seeing the rate of success they had hoped (as most clients were not completing the process because they actually wanted and needed more investment advice than what self-directed technology could offer) which made them realize what consumers really needed was better financial planning. We also explore how, even though the auditing firm where Louis and his partner were employed was very interested in the prototype they built, they refused to purchase the product, which led Louis to a crossroads that ultimately led him to the decision to leave the firm and start his own financial planning practice, and how, even though Louis and his partner built their business based on how they could offer better portfolio management to their clients, they ultimately decided to employ a discretionary fund manager to outsource their investment management so that they could have more capacity to fully focus on their financial planning advice and the client experience.

We also talk about how, at just 24 years old, Louis decided to launch his own practice as he realized, if he was going to take a big risk, his age gave him the advantage to do so while avoiding the regrets that many successful entrepreneurs have of not starting their businesses earlier in life, how, while being considered for an “approved practice” award through South Africa’s Financial Planning Institute, their in-depth review process highlighted how Louis’ practice was not really following their 6-step process and motivated Louis to go even deeper with more financial planning services like estate planning and better demonstrating the impact of financial decisions to clients, and why Louis finds running an independent practice challenging as even though it has been 10 years and the practice has come a long way, there is always room to grow and new practices and skills to discover that can help transform the way he delivers advice to his clients and manages his team.

And be certain to listen to the end, where Louis shares why he feels that the financial planning profession is a helping profession and as an advisor it’s important to recognize that providing value in a client’s life can be as simple as giving one’s time and energy to help the client (as that is a rare commodity in life), why Louis believes it's valuable for advisors entering the financial services industry to spend time discovering their individual strengths and find employment or build a practice that focuses on their own individual strengths to have a more fulfilling and successful career, and how Louis’ own definition of success has changed from early on when he hoped to build a big robo-advice technology enterprise to today where he can instead maintain a tight-knit group of clients so that he can have more time and capacity to make a difference in their lives (and be compensated well for his value) while still being able to spend meaningful time with his family… and have some fun, too.

So, whether you’re interested in learning about how the financial services industry and its regulations differ in South Africa, why Louis decided to focus more on financial planning and less on investment management, or how, even though Louis did not start a fintech company, he still integrates as much technology as possible to automate his back-office, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Louis van der Merwe.

The 9 ‘Best’ Financial Advisor Conferences (For Scaling Up) In 2023

October 17, 2022 07:06 am 2 Comments CATEGORY: Conferences

After more than 2 years of ongoing disruptions, from the original COVID-19 outbreak, to wave after wave of variants as the pandemic rolled on, 2022 proved to be the year that advisor conferences were “back”, as events ceased canceling or rescheduling in response to new variants and powered forward… often with virtual options for those who still felt uncomfortable traveling, but with most events actually reaching or even exceeding their pre-pandemic highs as advisors showed that they, too, are hungry to re-connect and re-engage.

However, not all advisor conferences have recovered, and, instead, the pandemic seems to have operated as a catalyst that took ongoing shifts in the conference landscape and accelerated them. As while conferences in the past were primarily a combination of ‘trade shows’ (where advisors could see the latest products and services from the vendors who exhibited) and educational content for CE, the conferences that have been the fastest to rebound are either built around their communities that also offer education and networking (as advisors still have a desire to ‘go home’ to their communities, from RIA custodians to broker-dealers, to advisor networks and associations they’re connected with) or those that are built around practice management.

In fact, with the astonishing success of advisory firms through the pandemic – as nearly all firms held onto and still managed to grow their client count despite the disruption, and saw revenue reach new highs as AUM was largely buoyed by market growth (recent market volatility notwithstanding) – in the new conference landscape, the challenges that advisors face when trying to “scale up” through the growth have become a major focus. Leading to an expansion in various ‘niche’ conferences that specialize in particular challenges that advisors face as they follow the growth journey. Which, in turn, is spawning even more hunger for specialized practice management conferences in 2023.

As someone who has been speaking at 50-70 conferences a year for 18 years myself, I’ve seen the good and bad of our wide range of industry events, which are spread across membership associations, broker-dealers, insurance companies, RIA custodians, product manufacturers, media companies, private events, and more. And as a result, I am often asked for my own suggestions of what, really, are the industry’s ‘best’ conferences to attend.

Accordingly, back in 2012, I started to craft my own annual list of ’best-in-class’ top conferences for financial advisors, allocated across a range of different categories (as what’s best for solo advisors isn’t the same as what’s best for larger advisor enterprises, what’s best for fee-for-service advisors isn’t the same as what’s best for AUM firms, more technically-oriented advisors will prefer different conferences than those seeking practice management or marketing ideas, etc.).

Having updated our annual conference list every year since, I’m excited now to present my newest list of “Top Financial Advisor Conferences” for the upcoming 2023 year, with a particular focus on the best conferences for advisors facing various “scaling up” challenges – from solo advisors who have gotten ‘stuck’, advisors looking to transition to become a multi-advisor boutique, navigating the unique human capital and growth challenges that founders face when scaling up an enterprise, as well as the best conferences for scaling up advisor marketing, advisor technology, and the advice delivery process itself. Along with a few other notable conferences for those looking for a good overall educational experience (for those who don’t yet want to get their CE online!), those who need a ‘recharge’, and those who are just looking for something new and different (who may want to check out Future Proof’s new ‘un-conference’ wealth festival!).

In addition, we've also updated our popular "Master Conference List" of all financial advisor conferences in 2023, for both advisors looking for a wider range of events to attend (if you want to delve deeper into a particular topical area), and for vendors looking for more conferences to exhibit at!

So I hope you find this year’s 2023 top conferences list (and our new Master Conference List) to be helpful as a guide in planning your own conference budget and schedule for next year, and be certain to take advantage of the special discount codes that several conferences have offered to all of you as Nerd’s Eye View readers!

Weekend Reading For Financial Planners (Oct 15-16)

October 14, 2022 02:04 pm 1 Comment CATEGORY: Weekend Reading

Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that the Cost Of Living Adjustment (COLA) for Social Security beneficiaries will be 8.7% for 2023, the largest COLA since 1981. While this will help seniors keep pace with rising prices, it also creates tax planning opportunities for advisors and raises the possibility that the Social Security Trust Fund could be depleted sooner than expected.

Also in industry news this week:

The IRS released a notice this week indicating that RMDs will not be required for inheritors of retirement accounts subject to the SECURE Act’s 10-year rule
A recent study suggests that advisors can regain about 20% of their time by outsourcing investment management responsibilities

From there, we have several articles on cashflow management and spending:

The many ways advisors can support clients looking for a home at a time when mortgage rates are reaching levels not seen in more than a decade
How the Common Data Set can help advisors and families compare the actual cost of attendance across a range of colleges
How advisors can use the principles of ‘self-centered’ shopping to build a loyal client base

We also have a number of articles on practice management:

Why small financial advisory firms continue to thrive amid competition from the largest players in the industry
Why accounting firms have become hot acquisition targets for RIAs
How advisory firms can provide an extraordinary client experience that differentiates them from the pack

We wrap up with three final articles, all about time management:

Why optimization is almost impossible in a world of inherent uncertainty (or why achieving an extra 1% Monte Carlo success rate might not be worth it)
Why managing energy might be more important than managing time when it comes to improving productivity
How advisors can help clients discover their true priorities, without having to receive a terminal diagnosis

Enjoy the ‘light’ reading!

Add Value To Client Relationships And Uncover New Goals By Asking: “What’s Possible Now?”

October 12, 2022 07:05 am 0 Comments CATEGORY: Client Trust & Communication

Prospective clients often approach a financial advisor because they have a problem. Perhaps they are approaching retirement and do not know whether their current path is financially sustainable, or maybe they have a complicated equity compensation problem to sort through. But after this initial problem is solved, long-term goals are discussed, and a financial plan is implemented, what comes next? Sometimes the advisor and their client can fall into a complacent routine, with annual check-ins that confirm that the client is on track to meet their long-term goals. However, advisors can add further value by helping them explore new goals to help them not just survive, but also thrive!

One method for getting clients out of their comfort zone to think about goals they might find exciting but were unsure about being realistic is for the advisor to ask the question, “What’s possible now?”. This question can have several benefits, from spurring clients to think about options they might not have previously considered, to energizing the client and giving them ideas for new goals to chase. For example, in conjunction with their advisor, a client might have created a long-term retirement goal but might not have thought much about potential near-term goals such as a sabbatical from work or a major vacation. Furthermore, framing the conversation as an exploration of potential outcomes that are meaningful to the client can be a good way for advisors to strengthen the bond they have with clients; not only does it let the advisor serve as a problem solver, but it also positions them as a confidant who the client can trust with sharing their big (and even not-so-big) dreams!

In terms of implementation, an advisor can choose to ask their client, “What’s possible now?” either by giving the client advance notice or by spontaneously bringing the discussion up during a meeting. One way the advisor can naturally introduce the question is to note how far the client has come since they started working with the advisor and, now that their financial plan is in order and they are on track with what has been put in place, how they now have the flexibility to consider new possibilities. And while additional goals or plans might come easily to some clients, others might respond that everything is going well and they have no other ideas; at this point, the advisor can ask follow-up questions (e.g., What have you not done, but have always wanted to do?) to help them explore new options and keep the conversation moving forward.

Ultimately, the key point is that financial planning is not just about solving problems but also about exploring new opportunities that are meaningful to clients. And given that many clients might not regularly think about new experiences they might want to pursue or goals they want to achieve, financial advisors can add value and reinforce their bond with their clients by helping them explore what’s possible!

#FA Success Ep 302: Structuring Your Ideal Week To Become A Highly-Leveraged Individual Advisor, With Libby Greiwe

October 11, 2022 07:06 am 0 Comments CATEGORY: Financial Advisor Success Podcast

Welcome back to the 302nd episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Libby Greiwe. Libby is the owner of The Efficient Advisor, a financial advisor coaching and consulting business based out of Loveland, Ohio, that’s focused on helping advisors create systems and processes for themselves so that they can run their businesses in less time and with less stress.

What's unique about Libby, though, is how she developed the efficiency systems she coaches on by having lived it herself, growing to a $1M revenue practice that she was able to support with a lean team while working just 25 hours per week as a busy Mom, built primarily around creating what Libby calls an “Ideal Week” where she modeled exactly how she wanted to focus her time for maximum efficiency, and then put the team and systems in place to make it happen.

In this episode, we talk in-depth about how, while working for a broker-dealer, Libby realized their internal ‘structure for success’ was entirely built around working more to earn more and realized that she would need to build her firm with a different kind of mindset if she wanted to earn more while working less (so that she could have the time she wanted to start a family and take care of herself), why, in order to create even more efficiency, Libby decided to implement a tiered service model, which she created based on the amount of revenue per hour she wanted to generate from herself and her team, so that she could determine exactly how many hours of service a particular client would get, and how, by implementing workflow systems that were especially proactive in client communication, Libby was able to systematize a client experience that led her practice to actually be able to grow entirely on a referrals-only basis and no other marketing.

We also talk about how, while she was still working for a broker-dealer, Libby learned to differentiate herself not by learning to better sell her firm’s products but instead by diving deep into contract language of her clients’ insurance and annuity policies to find the gaps where those products didn’t really fit their financial planning needs, how after finding out she was pregnant and realizing she would need to change how she was using her time, Libby went through a process of relentlessly scrutinizing everything the firm did for clients to figure out what they could actually stop doing that no one would likely notice or miss, and why, even though Libby reached a point of efficiency where she was serving 285 clients while maximizing her recurring revenue, she decided to sell her practice and semi-retire at 37 so that she could focus on starting a new consulting business… to have an even greater impact on even more client households by teaching and coaching other advisors on her methods so that they can develop more efficient and effective practices, too.

And be certain to listen to the end, where Libby shares how she began to track time and energy she was spending on each client, which allowed her to right-size her client load to only serve the ones that she truly enjoyed working with (and not just the ones that were profitable), why Libby believes that, while it is important for advisors to absorb as much knowledge as possible and learn what other advisory firms are putting into practice, it is even more important to take the time to discern which pieces actually work for their individual practices and not try to just blindly replicate exactly what they see (as there is no perfect practice to copy because each advisor is a unique human being), and why Libby believes that because the financial services industry can be tumultuous, it can be easy for advisors to be derailed from their core visions of success, but by finding support in like-minded advisor communities, advisors can realize they are not alone and refocus their energy into following through with their own definitions of success.

So, whether you’re interested in learning about how Libby implemented her ideal week which led to more efficient, template-able processes, how Libby helps other advisors put into practice more efficient processes for their firms, or how shifting the focus of her service model to revenue per hour helped her maintain revenue for the firm while working less, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Libby Greiwe.

Communicating Client Value By Articulating Your Solution To Their ‘Job To Be Done’

October 10, 2022 07:05 am 0 Comments CATEGORY: Marketing

Communicating ongoing value to clients and prospects can be a challenge for financial advisors. Although there are many ways to articulate how an advisor can create value for a client, there is no guarantee that any one particular method will resonate with every potential client. An expression of value that works for one prospect might fall completely flat with another – and for advisors, it might feel like guesswork to find out what message will be the most effective for a particular client.

In this guest post, Michael Lecours, financial advisor and co-founder of fpPathfinder, introduces an approach for advisors to define their value for clients based on the “Jobs To Be Done” framework – that is, the specific outcome that the prospect wants from engaging with an advisor.

The concept behind the Jobs To Be Done framework lies in the insight that prospective clients often want something specifically unique beyond just the service provided by the advisor. For example, one client hiring an advisor to manage their investments might actually be seeking more free time from not having to manage their own portfolio, whereas another client might seek the advisor’s help because they want to reduce their stress level and fear making the wrong investment decisions. While the actual service performed by the advisor might be the same for both clients, the different ‘jobs’ of getting more free time and reducing stress levels reflect unique aspects of the advisor’s value that are most important to each client. While there are countless potential reasons that a client would seek an advisor, the Jobs To Be Done that clients generally need can be grouped into four categories: Functional (relating to the advisor’s knowledge and technical skills); Emotional (relating to the peace of mind created by professional advice); Social (relating to the ability to keep up or fit in with friends and peers); and Aspirational (related to achieving a certain future goal or status).

For advisors to convey their value in terms of a client’s Jobs To Be Done, they must first identify what those jobs are. One way to do this is to use a job-mapping approach to help identify where in the financial planning process the client or prospect became stuck, and what triggered their search for help. For instance, do they need help defining their big-picture goals? Are they too disorganized to put together the necessary documents for creating a plan? Or do they know what they need to do but want help executing their plan? Assessing the client’s challenges in each job-mapping stage – from Pre-Execution, Execution, and Post-Execution – can help the advisor determine the actual job that will help the client overcome the obstacle blocking them from finishing the process.

Ultimately, the key point is that advisors can convey their value to clients in terms of what clients really want from the relationship. And by assessing the different reasons that clients may be unable or unwilling to do their own financial planning and finding out where in the process the client may be stuck, advisors may find valuable insights into the actual job a client needs to be done. And when advisors understand the real Jobs To Be Done that clients are seeking, they can create a compelling value proposition based on what will help them complete those jobs!