Nerd's Eye View blog

#FA Success Ep 266: Reinventing The Wirehouse Model As An Employee-Owned Locally-Managed Partnership, With Jim Gold

February 1, 2022 07:06 am 0 Comments CATEGORY: Financial Advisor Success Podcast

Welcome back to the 266th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Jim Gold. Jim is the CEO and Co-founder of Steward Partners Global Advisory, an independent advisory firm that supports nearly 180 financial advisors managing more than $16B of assets under management and serving close to 10,000 client households in multiple locations around the country.

What’s unique about Jim, though, is how he and his firm are attempting to re-create the wirehouse model of old, by offering locally-managed ‘large firm’ infrastructure to financial advisors but utilizing an employee-owner partnership model to provide all the benefits of independence.

In this episode, we talk in depth about how Jim and Steward Partners offer financial advisors the wirehouse framework of access to proprietary investment products, research, and technology, but without the constraints of large firm compliance and the conflicts of a parent firm trying to manage its own risk over its clients, how the firm leverages its partnership equity plan to give a wide base of employees a stake in the company and its culture, and how the firm’s foundation is built to grant flexibility to advisors, allowing them to affiliate as W2 or 1099 employees and to still take their book of business with them if they ever decide to leave.

We also talk about how Jim’s firsthand experience as a complex manager of a major wirehouse helped him realize how the national wirehouses were evolving from a connection-focused support system into more impersonal and overly systematized corporation, how the benefits advisors gained from associating with the wirehouse were becoming increasingly outweighed by a lack of growth opportunities and an excess of damage control from corporate scandals, and how these realizations inspired Jim to build his own firm based on a partnership model akin to the true Wall Street and Big-8 accounting firm partnerships of old.

And be certain to listen to the end, where Jim shares how he has found delight in creating a business model that gives advisors opportunities to go beyond large firm red tape, the challenges that Jim faced in spending down his personal assets and mortgaging his house to build the firm he dreamt of, and how Jim believes having a clear vision, confidence, and motivation to push past unforeseen challenges is what leads to better, more fulfilling accomplishments.

So whether you’re interested in learning about how Jim and Steward Partners built an advisory firm with the benefits of a wirehouse without intrusive large firm compliance and risk management, how Jim has created a true partnership culture for financial advisors, or how he follows inspiration to create the opportunities he wants to see in the world, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Jim Gold.

Announcing The New Kitces AdvisorTech Directory And The State Of The (Nerd’s Eye View) Blog

January 31, 2022 12:35 pm 0 Comments CATEGORY: Nerd's Eye View

While 2020 was the year that the pandemic disrupted everything, 2021 seems to have been the year where we all collectively tried to adapt to a more virtual working world and return to some semblance of normal. Which, in the financial advisor world, that benefitted from the dual tailwinds of rising markets and increased demand from consumers for financial advice, meant a new wave of growth for most advisory firms. Here at Kitces.com, we too adapted to the more virtual world of advisor education in 2021, culminating in what ultimately was a near-doubling of the platform and Kitces team, and the opportunity to reinvest even more into both our Members Section, and the broader Financial Advicer community that reads the Nerd’s Eye View blog.

And as a result of these reinvestments, I’m excited to announce the launch of our new Kitces AdvisorTech Directory. The Directory was built as an extension of our popular AdvisorTech Solutions Map, which originally started out as a way to categorize the breadth of advisor technology tools to make it easier to find and select what an advisory firm needed, but over the past 4 years has grown so much that now it has a nearly overwhelming number of solutions! Now, with the Directory, advisors will be able to search directly by category, see both the primary and ‘secondary’ categories that a software solution can address, and even build (and save and share) their own hypothetical tech stack. In the coming year, we expect to add even more to the Kitces AdvisorTech Directory, including pricing and major feature details of vendors, ratings on AdvisorTech integrations, and data on advisor adoption and satisfaction ratings from our recent Kitces Research study on AdvisorTech usage!

In the meantime, we’re also rolling out a number of new features for both our Members Section, and our broader readership, including the most-requested “Save Favorite Articles” feature (and a process to create a Reader account so you can come back to your saved articles later!), a new “Suggest Topics” area of the Members Section to request what you’d like us to Nerd Out on for you with a future Nerd’s Eye View blog post, and the upcoming rollout of Kitces CE credits for the new state IAR CE requirements that are beginning for some RIAs in 2022.

Ultimately, though, we are still just getting going with the ongoing growth of the Kitces platform. In fact, in 2021 alone, our team working behind the scenes to make it all happen nearly doubled (from 11 to 21!), and there are now 3 new openings to join the Kitces Team of Nerds (an Education Systems Manager, an Associate Curriculum DesigNerd, and a new Director of Advisor Research opportunity!), as we continue to execute on our four strategic pillars of Navigational resources for advisors, Education for advisors, Research on advisors, and skills training for the Development of advisors (and yes, our organizational strategy really does spell out N-E-R-D!).

All in pursuit of our mission: Making Financial Advicers Better, And More Successful. I hope you’ll continue the journey along with us in 2022 and beyond!

Weekend Reading for Financial Planners (Jan 29-30)

January 28, 2022 02:03 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 SEC is considering updating several of its regulations regarding cybersecurity to address modern threats and vulnerabilities, which for SEC-registered investment advisors, could lead to increased preparedness and reporting requirements (though it remains to be seen whether any new rule would constitute a more clear and comprehensive policy than the current patchwork of cybersecurity regulations that RIAs must follow).

Also in industry news this week:

The SEC has started sending deficiency letters to broker-dealers who fail to comply with Reg BI’s requirements to assess and document rollovers to ensure they are in clients’ best interests – which portends even greater issues with the DOL set to enforce its own rollover rules starting February 1
The Public Investors Advocate Bar Association (PIABA) is lobbying the SEC to prohibit forced arbitration clauses in RIA advisory contracts and require firms to cover more of the costs of arbitration (which currently can run upwards of $30,000 for clients just to start the arbitration process)

From there, we have several articles on Medicare strategies:

How advisors can help their clients select the best Medicare agent
Why it is important for clients to look past the premiums and consider the total potential costs when selecting Medicare plans
How Medicare’s general enrollment period, which runs through March, is an opportunity for eligible clients to sign up for Medicare if they missed their initial enrollment period (but still comes with late enrollment penalties)

We also have a number of articles on advisor-client communication:

A new study assessing the role of qualitative data gathering in developing client trust and commitment shows that most planners overestimate how much effort they’re really putting in to learn about their clients (at least when compared to their clients’ perception of those efforts)
Why financial advisors often cost themselves business by focusing more on themselves and their expertise in conversations with prospects, when in reality most prospects are more interested in what the advisor can do to make them feel important
Why the phrase “financial planning” itself can cause resistance to financial planning conversations by conjuring unpleasant feelings about change, aging, and death; while reframing those conversations around “investing” (e.g., in oneself for the future) can make clients feel more positive about planning and saving

We wrap up with three final articles, all about self-improvement:

How you can more effectively ask for feedback
How we can combine seemingly unremarkable skills to produce extraordinary outcomes
Why creating a ‘personal monopoly’ of leveraging your best personal properties is a better option than trying to win the ‘metagame’ by chasing the latest advisory industry trend

Enjoy the ‘light’ reading!

Kitces & Carl Ep 78: Communicating Hard News To Clients (When You Plan To Relocate The Business)

January 27, 2022 07:05 am 1 Comment CATEGORY: Kitces & Carl Podcast

When financial advisors are faced with the decision to relocate their firm to another state, there is often an immediate tendency for the advisor to worry about losing clients who signed on with the expectation of being able to meet with the advisor in person throughout the engagement. But in today’s environment, with the availability of convenient virtual meeting technology and the increasing normality of working from home, do advisors really need to worry that much about losing their clients due to relocation? Even with the accommodations to conduct remote meetings, advisors can still find it difficult to have the conversation of ‘leaving’ clients behind when they need to relocate – even when they intend to maintain the relationship remotely.

In our 78th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss how advisors can approach the conversation with confidence and honesty to quell the fears and anxiety of their clients, while remaining calm themselves.

As a starting point, it’s important to put the idea of jeopardizing client relationships into perspective, because even though clients may have been onboarded in person, many will likely be open to continuing the relationship on a virtual basis, especially in our current era of remote work and digital communication. And while it is easy to imagine any number of scenarios where clients may want to leave their advisor, unless there are serious issues in the advisor-client relationship itself, clients actually tend to prefer staying with an advisor they trust – regardless of where their physical office may be – and aren’t generally looking for a reason to leave the relationship at any given moment. Because the trust a client has in their advisor is usually a function of the advisor’s ability to provide outstanding service… and not so much of the physical location of the advisor’s office.

To maintain that trust, advisors can arrange a meeting or phone call with the client to discuss the transition and reassure the client that they can still expect the same level of service and attention as before. Sending an email prior to the meeting to initiate the conversation can be a good opportunity for the advisor to reassure the clients that the relationship will, in fact, continue, and to provide an overview of what, if anything, will need to change. This gives clients a chance to absorb the news and identify any questions or concerns they may have that can be discussed in more depth during the meeting.

Ultimately, the key point is that communicating with clients about intentions to move a firm begins with being honest, compassionate, and confident. Even if a few clients may be lost in the process, advisors will undoubtedly have opportunities to find more clients in their new location. But by taking to heart the tremendous value they offer to clients, advisors can trust that they will always be able to maintain their client relationships potentially anywhere they may choose to go!

Why High Equity Valuations And Low Bond Yields Won’t (Necessarily) Break The 4% Rule

January 26, 2022 07:03 am 6 Comments CATEGORY: Retirement Planning

For nearly 30 years, the so-called ‘4% rule’ has been a starting point for retirement planning conversations between financial planners and their clients. But as equity valuations such as the Shiller CAPE ratio have ratcheted up to nearly all-time highs in recent years, with bond yields simultaneously reaching all-time lows (suggesting below-average future returns in both asset classes), some experts have questioned whether a 4% initial withdrawal rate will continue to be ‘safe’ in the future. A new white paper by Morningstar feeds into this speculation, with its much-publicized conclusion stating that, given today’s market conditions, the future safe withdrawal rate should be lowered to 3.3%.

The Morningstar paper’s key insight is that expectations for future safe withdrawal rates should be adjusted based on current market conditions (which other research has supported). Accordingly, the paper’s authors use forward-looking return projections to calculate their future safe withdrawal rate estimates. But the investment return assumptions that Morningstar used for its analysis were so low – with real returns averaging just 5.7% for equities and 0.5% (!) for fixed income over 30 years – that, if those projections were to come to pass, the next 30 years would be among the very worst market environments in U.S. history.

While such conservative return estimates might make sense over a 10- to 20-year time horizon (since research has shown that CAPE ratios are strongly predictive of returns over that time range), extending those assumptions out to 30 years is arguably unrealistic. This is because there is no precedent – even in other eras with high equity valuations – for 30-year returns that low (other than the period spanning the late 19^th and early 20^th centuries, when financial panics and global war created a far more tumultuous and unpredictable environment than the comparatively stable world today). In reality, markets tend to revert to the mean, meaning that even the periods with the worst safe withdrawal rates in history contained intervals of offsetting below- and above-average returns, causing each to end out with near-average returns over the full 30-year horizon.

In this way, Morningstar’s choice to focus on (historically low) 30-year returns for its analysis disregards the evidence of what really drives safe withdrawal rates, which is the sequence of returns. Because the periods that have tested the 4% rule in the past were not necessarily those with the worst 30-year returns, but those whose returns in the first 10-15 years were so bad that retirees needed to withdraw too much of their portfolio to be able to recover once conditions improved. So in reality, Morningstar’s results may have been more realistic if they had only forecast 15-year instead of 30-year returns, since the 15-year period is both easier to predict on current market data and more predictive of safe withdrawal rates.

Ultimately, however, Morningstar’s conservative return assumptions – which are comparable to some of the worst periods in the past 140 years – actually serve to highlight the strength of the 4% rule, which was created to withstand just those types of worst-case scenarios. Which means that, even if their historically low projections do come to pass, resulting in returns equal to the worst return scenarios in history, a 4% initial withdrawal rate would still hold up. And while today’s market conditions do merit caution (as there is reason to believe that the next 15 years could experience below-average portfolio returns), in reality, such conditions were precisely what the 4% rule was created for, to begin with!

#FA Success Ep 265: Connecting With Ultra-HNW Next Generation Heirs By Fostering Real Family Trust And Communication, With Amy Castoro

January 25, 2022 07:08 am 0 Comments CATEGORY: Financial Advisor Success Podcast

Welcome back to the 265th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Amy Castoro. Amy is the president and CEO of The Williams Group, a coaching and consulting firm based out of San Clemente, California, that helps financial advisors engage with more than 800 high-net-worth families to develop solid foundations in heir preparedness and ensure their wealth can actually be transferred beyond three generations.

What's unique about Amy (and the Williams Group), though, is their coaching approach to family dynamics with ultra-high-net-worth clients, recognizing that avoiding the “shirtsleeves to shirtsleeves in three generations” phenomenon isn’t about the tax-efficient distribution of family assets, but whether the family can learn to effectively communicate in a manner that preserves their relationships as they inherit the family wealth.

In this episode, we talk in depth about the Williams Group’s research into what actually leads to the loss of multi-generational family wealth (which in 85% of the cases is due to breakdowns in family trust or a lack of preparedness of the heirs, and only 5% of the time is actually a result of investment or business challenges), how Amy and her firm works closely with ultra-high-net-worth families to learn the essential skills in strengthening relationships with each other (and with their advisors), and the 10 questions the Williams Group uses to help raise families’ awareness on these topics and gauge family readiness for passing on their wealth from one generation to the next.

We also talk about how Amy uses somatic coaching to guide her clients in taking a deeper look at what they’re saying and how they say it, how her skills as a coach are regularly challenged as she helps ultra-high-net-worth clients solve their own issues and realign family patterns of communication, and how Amy focuses on communication and trust building and not the dollar amounts when discussing estate plans.

And be certain to listen to the end, where Amy shares her suggestions of books to read and education to pursue for advisors who want to learn more about serving clients with true multi-generational wealth challenges, how advisors can deepen their own motivation for helping their clients by going beyond their inner why and asking how to serve ultra-high-net-worth clients, and why there’s so much opportunity in working with very affluent families that have complex family dynamics… because in the end, most families really do want to function better together as a family, they may just need a little help to resolve some of their existing family tensions with facilitated conversations, which is a value proposition that trained financial advisors can provide.

So whether you’re interested in learning about how Amy and the Williams Group emphasize connections to help their ultra-affluent client families keep their wealth past the typical three-generation cycle, how she prepares the family’s younger generation for the effects of wealth transfer, or how she navigates ultra-high-net-worth families’ communication and trust issues, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Amy Castoro.

5 Design Tips To Boost Trust And Credibility On Your Advisor Website

January 24, 2022 07:02 am 0 Comments CATEGORY: Marketing

In recent years, the evolution in digital marketing for financial advisors has transformed advisor websites from a static, online version of the advisor's sales brochure into a crucial part of the marketing funnel and a place where many visitors actually decide whether or not to become clients (or at least to contact the advisor about talking further). But as the role of advisor websites in the marketing process has increased, so too have the standards for website design – since, in order to entice visitors to stay and (ideally!) engage with the advisor, the site needs to be a place where visitors actually want to stay to begin with. The ability to establish trust and credibility is one of the critical components of a website that creates a favorable impression for visitors – an impression that often extends to the advisor themselves.

In this guest post, Mikel Bruce, CEO of TinyFrog Technologies, explains why trust and credibility matter for financial advisor websites, what strategies can help with establishing trust and credibility, and how advisors can implement these strategies into their own sites.

First impressions tend to have a lasting impact on how a person views a business, so the earlier in the visitor's experience that the website can establish a baseline level of trust, the easier it is to build on that foundation until the visitor feels comfortable enough to take action. This is particularly important in the COVID era, where many potential clients rely solely on the internet for finding an advisor, because the advisor's website may be the only physical manifestation of the business for potential clients. And while it is difficult to objectively measure trust and credibility with website visitors, one way for advisors to know whether their site is effective at establishing trust and credibility is to track the site's conversion rates (e.g., the percentage of website visitors who submit a contact form), because website visitors who do "convert" are likely to be those who feel comfortable enough with their impression of the advisor to do so.

As humans, most of us rely heavily on our vision for sensory information; accordingly, one of the most immediate ways to establish a baseline level of trust in a website is to create 'visual trust' – which can be as simple as having a clean, modern-looking site, but can also involve creating a visual hierarchy that subtly emphasizes the most important information for the visitor to know. Another element, 'social trust', creates the reassuring impression to visitors that other people similar to them find the advisor trustworthy; this can be established by highlighting metrics about the advisor's existing clientele (such as the number of clients served or assets under management) as well as the advisor's prominence within the industry (for example, by showcasing the advisor's industry awards or media appearances). Finally, firms can seek to create 'longevity trust' by emphasizing the expertise and experience of the advisor (e.g., how long they have been in business or which industry credentials they hold) and reminding visitors of the advisor's stability, reliability, and professionalism.

Implementing a strategy to create trust and credibility begins with choosing which areas are the most relevant to the niche or target client that the advisor seeks to serve, which will then drive the decision of which elements to emphasize. For example, a "trust and credibility panel" located in a hard-to-miss place on the advisor's main landing page, with the information the advisor wants to highlight most (e.g., an "As Seen In…" section highlighting the advisor's media appearances), puts the most important information in the place where it is most likely to create a first impression. From there, advisors can build other credibility-generating elements into the site (such as a resource page or a case study), with the caveat that these sections will most likely build credibility only if they are well-organized and easy to navigate (and that cluttered, busy site can actually have the opposite effect of reducing trust!).

Ultimately, it's important to remember that building trust is a gradual process, and that a well-designed advisor website can establish a baseline foundation of trust with a positive first impression, gradually building layers of additional trust by incorporating other trust-building elements. And because trust and credibility are such crucial components of a website – since, after all, people naturally want to feel confident in the advisor to whom they entrust their finances – advisors who invest the resources to build those elements into their websites can boost engagement, bring in more prospects, and potentially grow their business!

Weekend Reading for Financial Planners (Jan 22-23)

January 21, 2022 02:07 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 subscription-based advisory firm Facet Wealth has raised $100 million from venture capital firms in a Series C funding round. At a time when private equity firms are buying up AUM-based RIAs for their current income generation, the venture capital firms’ huge investment in Facet suggests that they see the real potential for Facet’s subscription fee model to become the next big business model for financial advisors in the future.

Also in industry news this week:

Advocates for the fiduciary standard have sent a letter to the SEC requesting that it adjust its guidance to allow RIAs to specifically use the word “fiduciary” on their form CRS to better differentiate themselves from broker-dealers who are not full-time fiduciaries
A study finds that higher-income individuals have better investment returns in their Roth IRAs, suggesting that they (and their advisors?) are more often leveraging best practices in asset location to use the tax-free accounts to hold assets expected to appreciate the most

From there, we have several articles on advisor technology:

Cryptocurrency exchange Gemini’s acquisition of digital asset portfolio management platform BITRIA will give advisors a new way to invest client assets directly in cryptocurrencies (not just crypto futures) via SMA or TAMP structures
Fidelity plans to introduce a direct indexing product for retail customers with a $5,000 minimum investment, in a sign of the strategy’s growing popularity not only for tax benefits but also for allowing investors to adjust indexes based on ESG/SRI or other preferences
Four years after acquiring Junxure CRM, AdvisorEngine has released AdvisorEngine CRM, an upgraded cloud-based offering that perhaps signals a bet on the growing importance of CRM at the center of the advisor tech stack

We also have a number of articles on advisor marketing:

Why specializing in a niche can help an advisory firm overcome many of the challenges of marketing to prospective clients
How serving a niche can help advisors focus their communications, be more intentional with their marketing budget, and scale their practices more effectively
Why being bold in marketing may seem scary but ultimately helps advisors stand out from the rest in a crowded marketplace

We wrap up with three final articles, all about how to enhance your lifestyle:

The steps you can take during the daytime to sleep better at night
How to design a home gym that is both functional and aesthetically pleasing
How living a ‘rich’ life does not necessarily involve significant assets or material possessions, but rather features the experiences that are important to you

Enjoy the ‘light’ reading!

Reducing Digital Miscommunication By Setting Clear Expectations And Appropriate Tone

January 19, 2022 07:08 am 0 Comments CATEGORY: Client Trust & Communication

Communicating clearly and effectively online can often be a challenge, and the surge in digital communication during the pandemic has increased the potential for misinterpreting messages. Without the verbal inflection available in oral communication, conveying tone through written communication is much more difficult. In the absence of these tonal clues, our brains fill in the gaps with our own assumptions, which may not match up with the intended meaning!

Furthermore, online messages can lack mutually agreed-upon expectations for how to communicate; in a face-to-face meeting there is an immediate back-and-forth exchange of ideas with the opportunity to notice body language and facial gestures, but when communicating online, the time between responses (and the recipient’s unwritten/unspoken reactions) can be much more ambiguous. This can lead to anxiety and frustration, which can, in turn, lead to a passive-aggressive tone-deaf dance of digital (mis)communication. Stress related to online communication can lead to general unhappiness in an advisor-client relationship, which can adversely affect client satisfaction and retention. This is a particularly important risk to be aware of now, with the skyrocketing rise of digital communication!

Two simple changes – clearly stating what is needed and offering a concrete time frame to work with – can make a huge difference in setting clear expectations and reducing any potential stress that would otherwise arise from misinterpreting ambiguous expectations. One effective method of setting expectations for responding to email is using an email signature to outline what clients can expect from you. For example, you could write in your signature that you only check email on certain days of the week or do not respond to emails after 4 pm. Additionally, it helps the recipient understand expectations when messages include explicit descriptions of what is needed, and a deadline for when they are needed.

In addition to setting clear expectations, thoughtfully setting up the appropriate tone in digital messages can also have a tremendous impact to help mitigate potential stress and frustration that can arise from digital communication. For example, you can use punctuation marks (!!!) or emojis (😊) to convey tone. For those who feel uncomfortable using emoji faces or lots of exclamation points in their messaging, recording a simple video message (so that the recipient can hear your use of vocal expression and see your facial gestures) can also be a way to communicate tone.

Ultimately, the key point is that effective digital communication can reduce stress levels for both the sender and the recipients of the message, as good digital communication helps the recipient understand what the sender is trying to tell them and what needs to be done, without the need for body language or vocal cues. Accordingly, working to make digital communication more effective by setting clear expectations and thoughtfully setting up the appropriate tone not only helps advisors communicate with clients more effectively, but also reduces the stress levels for both advisors and their clients as well!

#FA Success Ep 264: Outsourcing Lead Generation To Accelerate Growth When Starting From Scratch, With Dan Callahan

January 18, 2022 07:05 am 0 Comments CATEGORY: Financial Advisor Success Podcast

Welcome back to the 264th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Dan Callahan. Dan is a Partner and the Chief Investment Officer at Capasso Planning Partners, a rapidly growing independent RIA based in Charleston, South Carolina that oversees about $250 million of assets under management for 300 client households across the country that are all served virtually.

What's unique about Dan, though, is the way he and his firm began with nearly zero clients but grew substantially in client acquisition over a 3-year period, especially in areas outside of the local Charleston area, by outsourcing lead generation to online third-party platforms.

In this episode, we talk in-depth about how Dan incorporates third-party lead providers like Zoe Financial, SmartAsset’s Smart Advisor, and Fee-Only Network (to name just a few) to maximize the reach of potential clients beyond his local area, how Dan highlights his firm’s fee structure and flexible meeting times to position the firm to stand out amongst a crowded marketplace of other virtual financial advisory firms pushing for the same leads, and how Dan justifies the non-trivial revenue-sharing and other marketing costs that it takes to buy leads by having gotten from $0 to almost $50 million of assets under management in barely 3 years.

We also talk about how Dan’s perseverance in client outreach allowed him to keep pace with larger firms (despite not having a business development or marketing team), how Dan’s experiences at fee-only firms gave him opportunities early in his career to experience senior-level investment and portfolio work (which lead him to acquire his CFA designation), and how those experiences and his CFA designation gave Dan the confidence to start and grow an advisory firm from the ground up.

And be certain to listen to the end, where Dan shares how developing a financial firm from scratch involved enduring a rollercoaster of fluctuations in his own satisfaction and disappointment (especially when dealing with acceptance and rejection from prospects), why Dan feels strongly about taking risks and being vulnerable to create better career goals and overall achievements, and how Dan places importance on the flexibility of meeting clients virtually to create a less stressful work-life balance for him and his firm.

So whether you’re interested in learning about how Dan leveraged online third-party platforms to generate client leads, how he aids his firm in standing out to compete with larger firms, or how he grew his firm to $50M of AUM in close to 3 years, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Dan Callahan.

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#FA Success Ep 266: Reinventing The Wirehouse Model As An Employee-Owned Locally-Managed Partnership, With Jim Gold

Announcing The New Kitces AdvisorTech Directory And The State Of The (Nerd’s Eye View) Blog

Weekend Reading for Financial Planners (Jan 29-30)

Kitces & Carl Ep 78: Communicating Hard News To Clients (When You Plan To Relocate The Business)

Want CE Credit for reading articles like this?

Why High Equity Valuations And Low Bond Yields Won’t (Necessarily) Break The 4% Rule

#FA Success Ep 265: Connecting With Ultra-HNW Next Generation Heirs By Fostering Real Family Trust And Communication, With Amy Castoro

5 Design Tips To Boost Trust And Credibility On Your Advisor Website

Weekend Reading for Financial Planners (Jan 22-23)

Want CE Credit for reading articles like this?

Reducing Digital Miscommunication By Setting Clear Expectations And Appropriate Tone

#FA Success Ep 264: Outsourcing Lead Generation To Accelerate Growth When Starting From Scratch, With Dan Callahan

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Want CE Credit for reading articles like this?

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