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Ep #15: Financial Planning for Young Clients – How Most Advisors Get It Wrong

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We’re getting a little ranty on #XYPNRadio this week, but for good reason. We’re covering financial planning for young clients: why it matters and how to do it.

A recent article in Financial Advisor magazine sparked a strong reaction from both Michael Kitces and myself. In fact, we felt so strongly that we had to write back a response.

The article stated that Gen Y and Gen X don’t need financial advice, and Michael and I just couldn’t help ourselves.

Today, we decided to come together to talk about the article as well as the rebuttal article that we wrote in response. Listen in as we share our views on why financial planning is important to the next generation of clients.

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 Listen to the Full Episode:

What You’ll Learn From This Episode:

  • The questions we typically get about planning for young clients.
  • The biggest issues we have with the thought that young clients don’t need financial advisors.
  • Why millennials do need financial planning.
  • Why the AUM model is not the only means to getting paid.
  • Why even financial planners need financial planning help.
  • How your service model should look if you are looking to work with millennials.

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Ep #11: Crisis of Differentiation and the Niche Imperative

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We’re changing things up a little bit this week on #XYPNRadio! Michael Kitces and I co-host this episode about the crisis of differentiation and the niche imperative.

Differentiation and niches in business are an incredibly important topic that ultimately comes down to the question of whether or not your firm is different from the many other financial planning firms out there. If you answered in the affirmative, you then must ask yourself if you are properly communicating those differences to prospective clients and centers of influence.

If you are one of those financial planners who believes niches don’t matter, this episode might just convince you to take a hard look at that belief.

Along with a few predictions on how the industry will change in the near future, Michael and I share our sometimes-conflicting views on why having a niche is so important and how to set up your business to cater to a niche that will make you the advisor your ideal clients naturally flock to.

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Listen to the Full Episode:

What You’ll Learn From This Episode:

  • What is the crisis of differentiation?
  • Why having a niche may save your business.
  • Why it’s no longer effective to call yourself a comprehensive financial planner.
  • Who we’re competing against.
  • How to avoid becoming a “me-centric” advisor.
  • Why you can’t rely on saying you “give great service” as a differentiator.
  • The two important factors to niche.
  • How to build your firm to best suit your niche.

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