Being an independent advisor is often the second, third, or even fourth stop in many advisors' careers. Sean Kernan, independent RIA owner and host of the How to Go Independent podcast, joins us today to talk about what the transition from employee advisor to independent business owner looks and feels like.
Sean talks about his time as a broker dealer for Edward Jones at the beginning of his career and how he slowly built a more independent business model over time. We also dive into some of the nitty gritty details of broker dealers and debate the best way of dealing with trails and moving your book of business as you become more independent.
You can find show notes and more information by clicking here: www.xyplanningnetwork.com/93
We're very excited to have Chris Rodriguez of the National Disability Institute with us to teach us about ABLE accounts, a relatively new benefit for people with disabilities and their families.
Chris talks about the core mission of the National Disability Institute, and how he and his colleagues collaborate with other organizations to craft progressive policies that help people with disabilities become more financially independent.
Then we talk in depth about ABLE accounts themselves and what you as an advisor should know about them. We compare ABLE accounts with the Special Needs Trust and discuss the importance of financial literacy, while also touching on how you can get involved with the NDI's great work.
You can find show notes and more information by clicking here: www.xyplanningnetwork.com/92
Scott and First Ascent are blowing up industry norms on the asset management side of financial planning, freeing the firm from the legacy data that holds others back.
Scott talks about what pushed him to start his own firm after helping get several other small firms off the ground. He shares his thought process about the flat-fee model that First Ascent uses and why there's less incentive today to use an AUM fee structure.
We also dig how technology is streamlining so much of the back office work in financial planning. Since Scott's firm can outsource much of the administrative work, they have more time to focus on excellent client service.
You can find show notes and more information by clicking here: www.xyplanningnetwork.com/91
Fee compression might sound like a strange or complicated term, but it's basically the idea that as the financial planning/asset management space becomes more crowded, advisors with smaller firms will have to reduce their fees and eventually go out of business.
Kitces and Alan break down the different versions of fee compression that they do and don't see in the financial advisory marketplace, and they talk about why they think niched advisors are going to continue to succeed. They also touch on the legitimacy that big companies like Vanguard and Schwab are bringing to our profession, making financial advising more familiar and accessible to more people.
Alan highlights the benefits these big moves will have for younger advisors, who will be able to get legitimate financial planning experience much earlier in their careers. Long story short: we'll be just fine, and a niche is (almost) always a good idea.
You can find show notes and more information by clicking here: www.xyplanningnetwork.com/90
Nancy Bleeke is the founder of Sales Pro Insider and the developer of the Genuine Sales Process. Nancy is a goldmine of great information and has an exciting announcement about her sales course which explores distractions that present as obstacles to our ability to generate sales.
You can find show notes and more information by clicking here: http://www.xyplanningnetwork.com/89