Elementality for Financial Advisors | Elements of Financial Planning System™: Recent Episodes
Reese Harper, CFP®
Portfolio management is becoming a commodity. So how will you set yourself apart and add value? What is your niche? What is your planning process? And how will you deliver better advice to more people?
Join Reese Harper, CFP®, as he explores the Elements® of financial planning that helped the Dentist Advisors team build their niche, planning process, and cutting edge technology. Enjoy stories, expert interviews, and case studies to help you build a next-gen practice.
Jordan explores a unique, 12-month new client onboarding process with Thomas Meek, Director of Operations and Financial Planning at PandoWealth, an RIA that works exclusively with Chick-Fil-A franchise owners and corporate employees.
During this conversation we discuss a three meeting onboarding process, a detailed description of a 12-month onboarding engagement, and why PandoWealth does a full relationship refresh every 5 years with their clients.
Jordan discusses a transformative shift in his sales approach, focusing on the power of the "desired future state" question in prospect conversations. He shares how asking prospects to envision their success three years into the future helps uncover both intangible long-term goals and specific tangible needs, allowing for more meaningful and client-centered financial planning discussions.
Jordan welcomes Abby Morton to the program to talk about how to sell an employee financial wellness program to employers. In this episode you’ll learn the data behind the opportunity for employer-sponsored financial wellness programs as well as…
- What motivates employers to purchase a financial wellness service
- What motivates employees to engage with a wellness program
- And what motivates advisors to build this service in the first place
Sign up for the webinar on June 10 using this link.
Building something that is relevant and valuable to clients take a period of inconsistency that can oftentimes feels chaotic. Today, Jordan advocates for inconsistency in a “pre-scale” phase of developing effective services for clients—an effect.
Jordan describes how to get started building a stand-alone coaching service for clients that may not be a good fit for traditional financial planning services. Jordan explores why these questions must be answered before you build anything:
- What is your motivation for this program?
- Why would someone need this service over your core financial planning service?
- What is the clients’ core job to be done?
- How will you know if your program is successful for you and for the client?
Carl Richards shares his innovative approach to getting client referrals, moving away from traditional uncomfortable methods to a more authentic strategy that focuses on genuine conversations over coffee.
Through real examples and success stories, Carl demonstrates how asking clients for business development advice can lead to unexpected opportunities and valuable relationships.
Jordan explores "The Four Conversations" by Blair Enns, focusing on the qualifying and value conversations in the sales process. He talks about transforming sales from presentations to meaningful dialogues, examining how to qualify prospects and understand what truly constitutes value for clients.
Jordan explores the power of prototyping in financial planning, drawing inspiration from James Dyson's journey of creating the perfect vacuum cleaner. Jordan breaks down his prototyping process to help financial advisors become more comfortable with testing and iterating new ideas before scaling them.
Jordan explains how advisors can implement a quarterly service calendar to proactively monitor client financial health through address 4 key questions about retirement readiness, asset mix, income usage, and risk management. advisors can create an efficient system of verifying, analyzing, and reporting on their clients' financial progress.
Jordan explains how financial advisors can implement a monthly service calendar to proactively monitor and communicate with clients about their financial health. The episode breaks down a three-step process - verify, assess, and report - that advisors can use to efficiently review and provide feedback on specific financial elements like savings rate and liquidity, typically taking no more than 4-5 hours per month for a client base of 100-150 people.
Jordan explores why financial professionals need to intentionally position themselves to avoid being mentally categorized alongside other financial specialists. Learn how to differentiate yourself through clear contrasts and category ownership, transforming from a commodity into a true decision-making partner who delivers cohesive, designed experiences for clients.
Reese Harper and Abby Morton break down how to help young professionals just starting their financial journey. Through the case study of a young working professional they discuss practical strategies for building wealth, from establishing emergency savings to growing income potential.
The conversation offers valuable insights for both advisors working with early-career clients and young professionals seeking to establish a strong financial foundation.
Jordan explores the concept of "solving for chaos" in financial advisory services. Drawing from his experience at Dentist Advisors, Jordan discusses how identifying and addressing financial chaos through organized, intentional processes can transform client relationships and deliver meaningful value.
Jordan dives into the fourth and final component of client perceived value: price. He explores why pricing isn't usually the real problem when clients object to costs, but rather a symptom of not effectively communicating value. Through personal experiences at Elements and as a financial advisor, Jordan demonstrates how understanding and confidently solving core client problems leads to natural price justification.
This episode completes a four-part series examining the essential components of client perceived value: understanding the problem, providing the right solution, establishing trust, and justifying price.
Jordan discusses the third component of client-perceived value: people. In addition to building trust and confidence with prospects, a financial advisors objective is to generate certainty that you and your firm will apply your services to solve their problems.
Jordan also discusses the importance of positioning you and your firm in the minds of prospects compared to other financial professionals.
Jordan explores how to help prospects understand how a financial advisor’s service can solve their core job to be done, rather than just treating symptoms.
In this episode you’ll learn the importance of sequencing your service description after problem diagnosis, how to effectively position yourself in the minds of your prospects, and how to achieve service clarity through the three-ten framework.
Jordan explores the first of four components of customer perceived value: identifying and isolating the core problem. Through relatable examples and personal experiences, Jordan discusses why understanding the fundamental problem, rather than just addressing symptoms, is crucial for clients to see the true value in financial services.
In this episode, Jordan discusses the importance of orienting prospects to their financial situation. Specifically, he walks through the three questions he seeks to answer for prospects that help guide the conversation and address the things that prospects most commonly think about as it relates to their finances.
In this episode Jordan reorients advisors to consider data gathering as an inherently valuable process for prospects. He dives into 4 tips to make a first-time data gathering less intimidating and more approachable for clients. These tips include:
- Encouraging prospects to be less precise in the information they add
- Sending a short video explaining the process
- The “trojan horse” of data gathering
- Requiring less from people.
Jordan shares insights from his recent presentation at a dental conference where he introduced a unique approach to financial consulting inspired by Patrick Lencioni's book "Getting Naked". Rather than leading with firm credentials and services, Jordan demonstrates how starting with clarity about clients' current financial health and actively listening to their concerns creates more meaningful connections.
The episode highlights how this consultative approach, combined with practical tools for assessing financial health, helped dentists better understand their current financial situation, even those who already had financial advisors.
Jordan discusses the crucial balance between offering enough features to meet client needs while avoiding the trap of overcomplicating services, using an insightful analysis of the relationship between added features and perceived client value.
Jordan discusses key insights from the book "Demand Side Sales 101" by Bob Moesta, which challenges three common sales myths and introduces a fresh perspective on selling financial advice.
The book emphasizes that sales aren't random but rather caused by specific struggling moments in clients' lives, and that people buy for their own reasons rather than being convinced by salespeople. Jordan illustrates how understanding these principles can transform how financial advisors approach and connect with potential clients.
In this episode, Jordan interviews Brandon Galici who shares his unique approach to using Smart Asset for lead generation, focusing on clients with assets under $100,000 to maximize potential opportunities. He discusses his systematic follow-up strategy, which includes a seven-day email sequence and automated marketing campaigns, creating multiple touchpoints with potential clients before personal contact.
Through a detailed case study, Brandon demonstrates how this approach helped transform a client's initial investment inquiry into a comprehensive financial planning relationship, addressing deeper financial needs beyond the presenting problem.
Jordan challenges the assumption that human advisors must always be the first point of contact, and discuss how AI and tech tools could provide a less scary entry point for people hesitant to discuss their finances.
Jordan explores the relationship between theory and experience through the lens of a quote he shared on LinkedIn recently.
He makes a case for why both elements are essential - theory provides the framework for learning from experience, while testing theories through action leads to true wisdom. Drawing from his reading of "Demand-Side Sales 101" and the Jobs to be Done framework, Jordan encourages listeners to approach theories with curiosity and be willing to test new ideas, regardless of their source.
Jordan shares a sneak peek of an exciting new show called The Elements of Money, where CEO Reese Harper and Abby Morton simplify real-world financial questions using the Elements framework.
Listen in as they discuss the ins and outs of building an emergency fund, distinguishing between short-term savings accounts and long-term investments, and how to figure out exactly how much liquid cash you need.
Whether you’re new to Elements or a long-time user, this client-focused demo reveals how the methodology “acts in the wild” and helps everyday people gain clarity around their finances.
Jordan continues his conversation with Abby Morton about developing a financial coaching offering that effectively engages participants—especially in an employer-sponsored context. They delve into the challenges of capturing and sustaining employee interest, even when initial enthusiasm is high.
Jordan and Abby explore a framework that includes uncovering and articulating the true pain points clients experience. By helping clients name and understand their financial anxieties, advisors can foster trust, encourage action, and bring meaningful value at scale. Tune in to learn how focusing on the underlying financial “pain” can enhance your coaching approach and drive better engagement.
Jordan Haines explores how comprehensive financial planning can sometimes distract from the core value proposition that clients truly seek.
Drawing from his recent prospecting experiences, Jordan discusses the importance of focusing on clients' acute financial concerns rather than overwhelming them with a broad array of services.
Jordan shares how simply helping prospects understand their financial situation can create those powerful "aha" moments.
Jordan dives into why orientation might just be your new secret sauce, offering a fresh value proposition that cuts through the noise. Tune in to discover how explaining over advising can transform your practice and foster deeper client relationships.
Carl Richards and Reese Harper talk about the opportunity advisors have to simplify their services and concentrate on the core value of human interaction.
They discuss how the traditional comprehensive financial planning model may not meet the needs of most people and how reimagining the delivery of financial advice can help advisors reach a broader market and make a greater impact. If you're interested in learning how to serve more clients by honing in on what truly matters, this episode is a must-listen.
In this episode Jordan explores whether every client truly needs a full-fledged financial plan or if advisors are simply wielding a hammer that makes every problem look like a nail.
He shares insights into how he identified Elements’ core value proposition from interviews with top advisors who identified the Elements Scorecard as their most valuable tool. Advisors should ask themselves and their clients two critical questions: What is the most valuable thing you do, and why is it valuable?
Tune in to discover how focusing on what clients genuinely need can transform your practice and client relationships.
Jordan Haines and Abby Morton dive into the emerging field of financial coaching as a standalone service. Abby shares a compelling story of how a simple one-hour coaching session transformed her friend's financial outlook without the need for ongoing planning or comprehensive wealth management.
Together, they explore the differences between financial coaching and traditional financial advising, discussing how coaching focuses on immediate client needs like cash flow management, debt reduction, and financial health, without delving into investments or insurance.
They address the industry's need to define financial coaching clearly and consider how it can be integrated into existing practices or offered as a separate service. If you're a financial advisor looking to expand your services, reach a broader audience, and provide value in new ways, this episode offers valuable insights into the potential of financial coaching.
Jordan discusses why adding too many "value-adds" to your financial advisory services might actually be hurting your clients and your business.
Drawing from his experience working at a hot dog shop famous for its special sauce and simple menu, Jordan illustrates the power of a focused core value proposition. During this episode you’ll learn:
- The importance of identifying what truly makes your services unique
- Why your clients need to understand that value
- How to reliably and consistently deliver that value.
Before you jump into offering additional features or services, Jordan challenges you to consider whether these value-adds support or distract from your core offering. Tune in to learn how simplifying your services can enhance client satisfaction and make your business more referable.
Jordan Haines shares his experiences from the recent XYPN Live conference, where he joined Reese Harper and Carl Richards to lead a four-hour session on accelerating the pace of financial advice. Jordan reflects on how the traditional financial planning process—often taking up to 10 hours per client—may not meet the needs of modern consumers seeking quicker, more accessible advice. He explores innovative ways advisors can expand their services beyond the conventional model, such as offering simplified coaching programs or financial wellness initiatives for employers. Jordan invites listeners to think differently about serving clients and to share their ideas on delivering valuable advice more efficiently. Tune in to discover how you can help more people by reimagining your approach to financial planning.
What if you could cut your client meeting prep time in half and double the number of people you serve without feeling overwhelmed? In this episode of Elementality, Jordan Haynes shares a transformative conversation between Reese Harper and Carl Richards. They dive into the costly and time-consuming nature of traditional financial planning and unveil how Elements simplifies data gathering and analysis. Learn how to deliver personalized advice efficiently, scale your impact, and make financial planning accessible to more people. If you're ready to give advice really fast and revolutionize your practice, this episode is a must-listen!
In this episode of Elementality, Jordan Haines, financial vitals expert at Elements, dives into his favorite part of the financial planning process—data gathering! Discover how simplifying your data collection and focusing on what's "good enough" can supercharge your 30-minute consultations with clients and prospects. Jordan shares practical tips to make the data-gathering process less intimidating for clients, so you can both get the most out of every high-impact meeting. Tune in to learn how a streamlined approach can transform your client interactions and make financial planning feel effortless.
Host of Elementality, Jordan Haines, CFP®, discusses the difference between foundational finance and fancy finance, emphasizing the importance of having financial conversations at scale. He introduces the 'Four Foundations of Finance': saving enough, spending with clarity, managing debt wisely, and maintaining enough liquidity. Using personal anecdotes and practical advice, Jordan explains how focusing on these core principles can help financial advisors provide valuable service to the majority of their clients. Tune in to learn how to effectively engage clients and ensure their financial well-being through foundational financial principles.
Host of Elementality, Jordan Haines, CFP® continues his thoughts on the 30-minute financial consultation. Building on last week's discussion, Jordan outlines the three essential phases of the consultation: uncovering client information, orienting clients to their financial situation, and providing a clear direction for improvement. He explores the application of this template through synchronous interactions, such as prospecting and client check-ins, and asynchronous interactions like email and video assessments. Learn practical strategies to deliver significant value in a short timeframe and discover ways to scale these financial conversations effectively.
Host of Elementality, Jordan Haines, CFP® outlines a three-phase approach to structure the perfect 30-min consultation. He emphasizes important preparatory steps, such as understanding qualitative, quantitative, and contextual information about clients. Jordan also parallels effective financial consultations with best practices from the medical field, underscoring the importance of validated information and mutual understanding. The episode concludes with practical advice on being directional rather than prescriptive, ensuring that clients leave with actionable steps.
In this episode of Elementality, Abby Morton sits down with Katie Braden, a video marketing expert for financial advisors, to discuss the transformative power of video marketing in the financial industry. Katie shares her unique journey from photography to financial planning and how she now helps advisors leverage video to connect with clients and grow their businesses. This episode dives into practical tips on getting started with video, overcoming the fear of being on camera, and using AI tools to enhance marketing efforts. Tune in to learn how video can set you apart in a crowded market and help you build genuine connections with your target audience.
Host of Elementality, Jordan Haines, CFP®, reveals 6 secrets to create amazing client deliverables, and how the best deliverables can be used to prospect new clients. Ranging from making data gathering easier for clients to enabling more “A-HA!” moments, killer client deliverables can be a game changer in your business.
In this episode hosts Jordan Hanes and Reese Harper discuss the core mission behind Elements and the inspiration for creating the technology that powers it.
They explore four significant problems affecting a majority of Americans, including the growing liquidity crisis, the pervasive fear and anxiety surrounding money, the lack of wealth-building models for people in their accumulation years, and the inadequacy of current financial technology. The conversation highlights the importance of building liquidity, overcoming fear-driven financial decisions, providing tailored advice early in one's career, and leveraging client-centric technology.
Host of Elementality, Jordan Haines, CFP®, uncovers the financial topics that actually matter to the next generation of wealth builders. Calling these the “foundations of finance” he explores the diet and exercise equivalent of personal finance.
These topics include:
- Save enough
- Spend with clarity
- Manage debt wisely
- Maintain adequate liquidity
Hosts Jordan Haines and Reese Harper discuss insights from their recent webinar, examining how comparing oneself to peers can drive financial behavior change. Learn about the limitations of probability of success metrics and explore effective strategies for motivating clients by using comparative data. This episode offers valuable perspectives for financial advisors aiming to enhance client engagement and support better financial outcomes.
01:28 Probability of Success vs. Social Comparison
04:28 The Role of Social Comparison in Financial Advice
10:21 Using Data to Motivate Behavioral Change
13:58 Challenges and Solutions for Younger Generations
19:23 Concluding Thoughts and Next Steps
Host of Elementality, Jordan Haines, CFP®, explores the natural human tendency to compare ourselves to other people and how advisors can lean into that tendency to produce positive outcomes for their clients. He identifies things an advisor can focus on to help clients compare themselves to something that is productive and will produce positive results.
Host of Elementality, Jordan Haines, CFP®, is joined by Adam Frederico, a personal finance outsider and EOS Implementer. Adam runs and operates a landscaping business and has become an expert in all things EOS (Entrepreneur Operating System).
During this discussion Jordan and Adam talk about how financial advisors can get their business out of their head and implement a system to turbocharge their business. They also discuss how advisors could use EOS as a tool to help their clients get things done.
Host of Elementality, Jordan Haines, CFP®, outlines how financial advisors often miss the opportunity to articulate real value to people by just focusing on the future benefits of financial planning. Benefits liek increased net worth, higher probability of success, and future peace of mind are often hard for people to internalize.
Instead, financial advisors should focus on how financial planning and advice will benefit people today. This leads to increased client satisfaction and success.
Brett Maikowski, CFP® LinkedIn Post
Host of Elementality, Jordan Haines, CFP®, invites Ashley Quamme, founder and Fractional Financial Behavior Officer at Beyond The Plan, to talk about the most important emotional jobs that advisors need to be aware of when serving clients.
In a world where personal finances and emotions are so intertwined, Jordan and Ashley explore some important considerations including:
- Making sure your curious enough to identify when an emotional thread may need to be pulled.
- Why advisor may not need to be the person that navigates the emotional side of money, but why advisors should have someone available to navigate that job
- And the importance of advisors doing their own work with a behavioral specialist so they can be aware of their own emotional reactions to money
Host of Elementality, Jordan Haines, CFP®, discusses the importance of being curious with clients even in the most functional of interactions. It’s often while discussing financial data, presenting the financial plan, or even just chatting with a client that an emotional response will be triggered. But if you’re not looking for it, you may miss an opportunity to change a client’s life.
Host of Elementality, Jordan Haines, CFP®, and Josh Humada, founder of Boundless Wealth, discuss the value of focusing on core financial behaviors with clients rather than over-optimizing each person we work with.
They explore the question “what if we could build a successful financial advice business by only delivering on these core habits and behaviors?”
If you’re an advisor thinking about how you can scale your advice, deliver the value your clients actually want, or want to scale your personal time then this episode is for you
Host of Elementality, Jordan Haines, CFP®, discusses two things every financial advisor should do with a client before they engage in financial planning with them:
Step 1: Ensure the client is sufficiently oriented to their financial situation
Step 2: Ensure the client has the foundational financial behaviors in place
Jordan explores why every advisor should have specific steps in their process to account for these things and tactical way an advisors can assess whether these things have been done for a client.
In this episode of Elementality Jordan Haines talks with Brandon Galici, founder of Galici Financial, about the standalone value of orienting people to their financial situation. In particular, they explore real-life examples of when orienting someone to their financial situation may be the very thing that they want from a financial advisor, and not all the additional things many advisors provide.
If you’re interested in how you can deliver on the things your clients actually care about, then this episode is for you
To register for the workshop go here:
https://getelements.com/resources/webinar/how-to-choose-the-right-marketing-strategy/
In this episode of Elementality Abby Morton, CFP®, Director of Advisor Success at Elements, and Jeff Morgan, our head of marketing get ready for our upcoming Marketing Strategy Workshop and explore how advisors can lay the foundation for a successful marketing strategy.
They discuss four questions that every advisor needs to answer:
- Why am I in business?
- Who am I serving?
- What is my audience’s unique pain?
- How will I solve that problem?
In this episode of Elementality, Jordan Haines, CFP® chats with Taylor Westergard, CFP®, AFC®, founder and financial coach at Evolving Money - a financial coaching firm focused on helping people understand their cashflow and be more intentional with their spending.
They discuss the difference between a financial coach and a financial advisor, specifically when financial coaching may be more approrpriate than financial planning. They also discuss how advisors can introduce other services to introduce value sooner in a client’s journey
If you’re wondering if financial coaching is right for your practice, then this episode is for you!
In this episode of Elementality Jordan Haines talks with Erik Baskin, founder of Baskin Financial, about client spending. After discussing Erik’s journey into financial services and why experimenting has brought him explosive growth, they discuss how to incorporate budgeting and spending tracking into his process.
In this episode of Elementality Abby Morton, CFP®, Director of Advisor Success at Elements, and Jeff Morgan, our head of marketing talk about the six things advisors can implement to enhance their marketing efforts.
These tips include:
- Help prospects know, like and trust you
- Identify your prospects’ pain points
- Know your prospects’ language
- Stay top of mind
- Have a unique call to action
- Do what’s easiest for you
In this episode of Elementality Reese Harper is joined by Michael Kitces, Chief Financial Planning Nerd, and co-founder of XY Planning Network as they discuss trends in advisory firm growth.
Michael shares his personal journey and strategies for writing impactful content, growing a financial advisory practice, and exploring new service models like the subscription-based approach. Discover how serving underserved markets can lead to substantial business growth and why adapting to client needs is more crucial than ever.
In this episode of Elementality Jordan Haines, CFP® is joined by Abby Morton, CFP®, Director of Advisor Success at Elements. They discuss an important aspect of a new client’s and a prospect’s initial journey with a financial advisor: time to value.
Listening to this conversation you’ll learn that while taking a long time (i.e. 45 days) to deliver a comprehensive financial plan may be necessary, there are other value points before this that advisors can lean into. You’ll learn from Abby and Jordan the types of activities you can focus on, how to identify the right activities, and the importance of getting feedback to make sure you’re focusing on the right things.
Today Reese Harper talks with Robert Sofia, CEO and founder of Snappy Kraken, a marketing automation tool for financial advisors.
Reese and Robert explore Robert's unique journey to starting Snappy Kraken. They also discuss the type of content that Robert has seen work with financial advisors, and they unique tips and tricks advisors can implement to make interacting with them at the top of the funnel easier for people. And finally, Reese and Robert discuss how small financial advisor firms can prioritize who their next hire should be to set them up for success in the long-run.
If you’re a financial advisor interested in making their marketing better, then this episode is for you.
Today we talk with Denis Konoplev, co-founder of paraplanner.ai, an AI tool for advisors to use in place of a traditional paraplanner.
In this show we talk about Denis’s journey from a financial planning client to creating AI technology for financial advisors. We discuss where AI makes the most sense in an advisor’s workflow, and where a human advisor is absolutely essential. If your an advisor curious about how AI can help you save time data gathering and processing data, then this episode is for you.
Show Notes:
- Paraplanner.ai
Today we talk with Bill Cates, the original referral coach and client acquisition expert, about his new book “The Language of Referrals.”
In this show we discuss the general trends in new client acquisition, the most important characteristics of successful advisors when it comes to growth, and we explore the 6-part framework presented in his book.
We welcome a repeat guest to the show - Jeff Morgan, CMO and AI connoisseur at Elements.
In this show we discuss the tools that Jeff uses today to help him not only write compelling marketing materials, but also sift through and analyze data, and research ever-changing topics in the industry.
Justin Castelli opens up about his latest venture into life planning, aiming to revolutionize the way financial advisors engage with clients and themselves. By shedding light on his own transformative experience and the impact of helping others align their financial strategies with their genuine life goals, Justin advocates for a more authentic, fulfilling approach to financial advising. This episode is an essential listen for advisors seeking to navigate the emotional aspects of finance, providing insights into the future of advisory services where life planning plays a pivotal role.
Colin Day, advisor at Correct Capital, shares how he uses Elements and social media to attract and prospect potential clients. In this episode you'll learn:
- How to think about "client engagement"
- How Colin leveraged bad luck to create an intersting story
- How to use Elements to attract and qualify potential clients
How do you monitor and communicate the progress your clients are making? In this episode you’ll learn how Physicians Thrive leverages the Elements platform to fill critical gaps in financial monitoring and planning, ensuring ongoing improvement in their clients' financial health.
The path to financial security is never linear—unforeseen circumstances make every person’s journey different. That’s why so many people want to know “Am I doing OK?” as they confront life’s financial twists and turns. On this Elementality, Reese and Carl explain why consumers are looking for someone who can assess and then monitor their financial vital signs.
Traditional methods to deliver financial advice take a lot of time. Reese Harper and Carl Richards share insights on the limitations of traditional advice delivery and introduce a novel method that transcends time constraints, offering more accessible and efficient financial advice. Learn how to adapt and thrive in the evolving landscape of financial advisory services.
Explore the power of LinkedIn in financial advising with Ken Anderson of Advisor Appointments. Learn about connecting with the right clients, a four-phased messaging strategy, and how to use a framework like Elements to unlock prospecting online.
Learn how you can integrate a cohesive marketing story into your firm with David Roberson of Azella. Discover how advisors can create a more accessible and cohesive service through technology and personalized branding. Learn about the power of storytelling in creating a seamless journey from the first ad to the final meeting.
In this replay of Elementality, Reese and Carl illustrate the power of a single answer. By having their most acute problem solved first, a prospective client is often eager to begin more involved planning discussions. Money is the top cause of stress for Americans. As they look for answers, advisors have a unique opportunity to provide needed guidance.
Discover the impact of sharing your work publicly. Join Josh Passler as he shares his journey from advisor to “The FinArtist,” revealing the power of building in public and showcasing work online.
Explore the role of financial advisors as guides, uncover the art of identifying client archetypes, and learn how to choose the right tools for effective behavior change in this Elementality episode. Dive into personalized financial guidance for impactful client journeys.
Discover why client validation is a crucial first step before giving financial advice. Reese Harper and Jordan Haines discuss how financial vitals play a key role in this process and why advisors must transition from controllers to coaches for effective behavior change.
Discover the journey of Elements from its inception at Dentist Advisors to becoming a key tool for many financial advisors. Reese Harper and Ryan Isaac share their insights on the system's impact, its role in enhancing client interactions, and its evolution from manual efforts to sophisticated technology.
Discover how small- to mid-sized events can be game-changers for advisors. Reese shares tactical advice on leveraging these events for deeper prospect conversations. Learn the key to intimate prospect engagement and strategies for increasing prospect interactions effectively. Tune in to transform your prospecting approach through events!
“Everyone needs a discussion partner and my role is to help clients as their partner. Elements helps me get those discussions started as clients begin to visualize why their financial picture isn’t in line with their values.” On this Elementality, Abby welcomes Angela Johnson who explains how she uses Elements throughout her onboarding and planning process.
For RIAs with limited resources, how to market your services can seem daunting. Where do you begin? How do you get followers? Despite the obvious obstacles, these ideas can help you kickstart your marketing efforts. On this Elementality, Abby talks with Jeff Morgan, Head of Marketing at Elements, about how to build an audience on a minimal budget.
When advising clients on how to build their net worth, reducing the cost of their debt is an essential part of the equation. Surveys show the majority of clients want liability optimization … but few advisors offer it. On this Elementality, Abby welcomes Rohit Argawal of Sora Finance, a firm that allows advisors to add liability planning to their services.
There are few channels as versatile as podcasting. It’s an excellent marketing tool, a great way to build an audience, and it’s easy to start one. But there are some things you need to know before you decide to go live. On this Elementality, Reese Harper offers tips he has gleaned from his experience as a host and guest on how to succeed as a podcaster.
Is marketing at the bottom of your to-do list? There are a million things that need to be done for clients, but let’s be honest, marketing would get more attention if you were more confident that you could do it effectively. On this Elementality, Abby talks with Jeff Morgan, Head of Marketing at Elements, about how his FIRE process can ignite your marketing efforts.
You want clients to bridge the financial gap between today and the future. A one-page plan gives them a roadmap for getting from here to there and answers their core questions: "How am I doing?" and "What should I do next?" On this Elementality, Abby welcomes David Hughes who explains how the Elements' One-Page Plan helps him launch clients on their financial journey.
Every client has this one thing in common … they want to reduce their taxes. And tax planning is immediate, it’s tangible, it’s one of the few things you can do for clients that’s not based on helping them make behavioral changes. On this Elementality, Abby interviews Roger Pine of Holistiplan, a company that helps advisors simplify tax planning for their clients.
“When can I retire?” It may be the #1 question planners get asked. And an answer like, “Just save this much monthly” won’t do since lifestyle choices and economic uncertainty mean the answer isn’t easy to project. On this Elementality, Reese explains to the clients of his RIA why there’s a complexity to the question that needs an in-depth examination.
In an era defined by tweets, does a white paper offer any value to a small RIA firm? The answer is a resounding ‘yes’! White papers persuade like an article, offer information like a brochure, educate, and promote your services. On this Elementality, Carl explains how you can write a white paper that builds your reputation, your brand, and a library of marketing content.
Most people are more concerned about what is going to happen in the next few years, not the next 50 years. They want to enjoy the present. On this Elementality, Abby welcomes Eric Rodriguez of Wealth Builders LLC, who explains how to empower clients to make informed decisions by using Elements to tell a visual story of how the present and future are interconnected.
Many people say nothing makes them feel more confident in life than to have their financial house in order. And for some, to accomplish it, they need to rely on help. So how do we get the option of good fiduciary planning to everyone? On this Elementality, Reese interviews Rob Rickey of StraightLine, a firm that works with employers to bring financial education and advice to employees who are participating in their employee-sponsored retirement plans.
Prospecting still requires some level of personal connection. Gone are the days of cold calling—now social media offers that link to prospects and lets you target your customers, connecting with them at your fingertips. On this Elementality, Abby talks with Colton Etherton of Out of Office Planning about why Instagram is his choice for social prospecting.
How am I doing? Getting that question answered is often on the mind of people who seek out a financial advisor. Helping them articulate and define their financial purpose so you can provide the best answer is your challenge. On this Elementality, Abby welcomes Dale Shafer, of Life Moves Wealth Management, who explains how Elements gives clients financial clarity.
In our digital age, social media is a central ingredient for most marketing plans. But with so many options, where to start can be confusing. On this Elementality, Abby talks with Jeff Morgan, Head of Marketing at Elements, about social strategies—how to start; the power of paid social; and why content creation needs to be part of your social marketing game plan.
When making decisions, we lean towards the familiar. It’s in our nature as change often seems too uncomfortable. From ordering food to choosing apps, we want what’s familiar. But to thrive, you need to innovate. On this Elementality, Reese welcomes Matt Reiner, CEO at Wela Strategies, who explains why maintaining the status quo results in stagnation.
How are advisors using Elements with clients, and to grow their RIA? We decided to find out! Ben Stewart, of Stewart Wealth Management, shares with Abby the specific benefits he has seen from using Elements to grow his firm this past year.
On this Elementality, Abby welcomes Ben to talk about the specific benefits he has seen from using Elements as he grows his firm.
In the age of email, smart phones, and social media, it’s easy to forget the power that comes from directly connecting with people. Prospect events can work, but discovering the best approach often takes too much guesswork. On this Elementality, Carl explains why breakfast meetings make the ideal prospecting event and provides the recipe for putting one together.
Partnerships between advisors, CPAs, and attorneys should be a natural fit because their roles all involve handling the flow of client assets. But just because they should fit together doesn’t mean they always do fit together.
On this Elementality, Abby talks with Kent Owings of Ironstone Financial about what he does to find success as he works with other professionals.
Do you know what a PINO is? Not pinot, but P-I-N-O. An acronym coined by Chuck Failla, it distinguishes a “planner-in-name-only” salesperson from a fiduciary who is ethically bound to act in their clients’ best interests.
On this Elementality, Reese welcomes Chuck. Discover how Chuck’s career has taken him from conflicted stockbroker to an influential RIA.
Managing wealth has often been compared to managing health. You have honest conversations about priorities, share personal information, and come up with a diagnosis to help reach your goals. And it is all about numbers.
On this Elementality, Billy Zerillo, of TerraWeath, explains how Elements helps him as a diagnostics tool for checking a client’s financial health.
If you never examine how your clients spend money, there’s really no need to make a financial plan. It can be a challenging conversation, but clients need to recognize the connection between spending, budgeting, and saving.
On this Elementality, Reese explains to the clients of his RIA why spending and saving are the yin and yang of a good financial plan.
If prospective clients are hesitant, you need to better understand the factors they normally consider before they make a buying decision.
On this Elementality, Abby and Jake Larsen, VP of Sales at Elements, discuss the art of selling, the role of financial anxiety, and why certainty is the catalyst that turns a prospective client's hesitancy into action.
It isn’t earth-shattering news that the purpose of marketing is to attract an audience. But by casting a wide net, it is easy to forget that the goal is to attract the best clients, not just anyone who will pay attention.
On this Elementality, Reese and Emlen Miles-Mattingly of Gen Next Wealth talk about how to make sure you are attracting the clients you want.
Many of the efforts advisors undertake fail before they reach the finish line—and it’s not because of flawed strategies. Too often an advisor lacks the commitment to follow through on what’s required to achieve the objective.
On this Elementality, Abby and David DeCelle, of Model FA, talk about your need for commitment and consistency as you build a business. As an advisor, commitment and consistency are two of the most powerful tools you have. They build the confidence you need for success. Prospects rely on a predictable flow of information from you as you try to establish your expertise. To gain their trust, your clients need to know you will do the things you say you are going to do.
Creating a clear understanding of your target market is crucial for effective marketing so marketers segment by demographics, geography, age, etc. But defining a profile of your ideal client can hyper-focus your marketing.
On this Elementality, Abby and Grant Botma of Stewardship Financial look at why there are benefits to creating an “ideal client avatar.”
Popular culture seems to support the perception that social media is the ultimate marketing solution and email is just plain old-fashioned. But when it comes to return on your marketing investment, the winner is clear.
On this Elementality, Carl tells Abby why he believes email is the most underutilized, and powerful, marketing tool available to advisors.
You already write … a lot. From social posts to daily emails, there is a continual demand for you to organize words to communicate. If becoming a good writer takes practice, you’re already practicing. So how do you get better?
On this Elementality, Reese explains to Abby why the best writing is open and accessible, and what can be done each day to improve writing skills.
As a fee-only advisor, not taking commissions is central to how you define your services. But here’s the dilemma: your clients still need commission-based products like life, disability, and long-term care insurance.
On this Elementality, Abby interviews Broc Buckles of BC Brokerage, an independent insurance brokerage for the clients of fee-only planners.
Choosing which social media channel might work best for you can be daunting. And you know putting a little content on each one isn’t effective.
On this Elementality, Abby talks with Thomas Kopelman about how he became known as “The King of Twitter for Financial Advisors.” Discover why he focused on Twitter and how his business exploded since making that commitment.
To grow an advisory firm, seminars or workshops have proven to be a consistent way to get new clients. But marketing one can be challenging.
On this Elementality, Abby talks with Colton Etherton of Out of the Office Planning about his first seminar experience. Find out how hard it was to set up, what issues came up, and what role Elements played in its success.
Referrals. They’re the #1 way to grow, require little expense, and result in extremely valuable clients. So why is it so hard to ask for them? On this Elementality, Carl and Abby reveal how to get referrals without being too pushy. Build your foundation of ideal clients by using an approach that excites current clients to join with you in growing your business.
“You are here.” Any financial roadmap to the future starts by pinpointing the place where you need to begin. By identifying that place for a prospective client, advisors can illustrate why their guidance has value.
On this Elementality, Reese and Abby look at why using Elements to complete quick, remote assessments is an effective conversion tool.
The plan-in-a-binder era has ended. Today people want ongoing help with the complexities of their modern finances. But even with a greater focus on the present, preparing for retirement remains a key ingredient to good planning. On this episode of Elementality, Reese explains to the clients of his RIA where qualified plans (Qt) fit within the financial planning puzzle.
“Holistic.” “Comprehensive.” As an advisor you know these words are used … a lot. Have they been so overused as to render them meaningless? On this Elementality, Reese and Carl look at why explaining that planning is “holistic” or “comprehensive” is crucial to defining what you do—and how the Elements scorecard helps clients visualize what those terms mean.
Financial planning can be hard to describe, but people love it when they experience it. So how can you speed things up and provide prospective clients fast, insightful answers that give them a taste of what planning can do? On this Elementality, Reese and Carl explain how using Elements as an assessment tool allows you to quickly gauge a person’s financial status.
The path to financial security is never linear—unforeseen circumstances make every person’s journey different. That’s why so many people want to know “Am I doing OK?” as they confront life’s financial twists and turns. On this Elementality, Reese and Carl explain why consumers are looking for someone who can assess and then monitor their financial vital signs.
The challenges of growing an RIA are myriad. And the greatest obstacle may be trying to market your services while remaining focused on the work your clients expect from you. No one said you have to do it all yourself. On this Elementality, Abby talks with DJ Highum of Snappy Kraken about how to market effectively with plenty of time left to serve clients.
Not many people can actually speak ‘finance.’ Unfortunately, it’s the language used by planners and can seem like bewildering jargon that confuses clients who simply want to understand how to apply the advice they receive. On this Elementality, Reese and Carl talk about why Elements uses new terminology that is more relatable—and more motivational.
Financial stress pushes people to search for advice—they say they want functional solutions, but they also want to ease their anxiety. On this Elementality, Reese and Carl discuss a factor advisors tend to overlook when trying to quiet client financial worries. Good design principles calm tensions, inspire tranquility, and are integral to the Elements Way.
Planning requires a significant focus on money and clients expect you to demonstrate your financial expertise. But they also want to find financial purpose and peace-of-mind. That makes their well-being a critical variable. On this Elementality, Reese and Carl discuss why clients are also looking for guidance about issues that financial calculations can’t solve.
Identifying the jobs that need to be done is the first step in delivering a service that prospective clients want. Just remember, for every client there are functional and emotional jobs which are interwoven together. On this Elementality, Reese and Carl explain why proving your value hinges on giving thoughtful attention to a client’s emotional needs.
Beyond having an emergency fund, are there other advantages to having adequate liquidity? And what criteria is used to define liquid cash? On this episode of Elementality, Reese explains to the clients of his RIA why understanding their Liquid Term (Lt) helps them resolve immediate cash needs and allows them to make more rational financial decisions.
At that moment of epiphany, when you’ve inspired a client to make their best financial decision, that’s when you know you’re succeeding as an advisor. So how do you create conversations where real financial planning happens?
On this Elementality, Reese and Carl look at how the Elements scorecard provides advisors a framework for deeper planning discussions.
Your clients want to collaborate with you. And why not? They feel empowered as they get to know their financial data better, and best of all, it reduces your onboarding work. They just need to know which jobs to do. On this Elementality, Reese and Carl look at how using the client as co-pilot allows them to feel like the hero of their financial journey.
The financial-plan-in-a-binder doesn't help clients change their behavior. Real change only happens when a client can get their values, purpose, and finances to align. Your role in connecting those together is pivotal. On this Elementality, Reese and Carl look at how to help clients better understand the relationship between values, money, and happiness.
The danger of making financial projections for the future is that clients then tend to live for the future, which creates anxiety and doubt. On this Elementality, Reese and Carl look at why too much emphasis on forecasting can fail to create the desired result—and how Elements calms client worries by getting them more focused on what they can control today.
Uncovering client money worries by asking the right objective questions is never easy. It’s why many advisors rely on fpPathfinder's checklists and flowcharts to help ensure planning opportunities are never missed. On this Elementality, Abby talks with Mike Lecours, co-founder of fpPathfinder, about how diligent advisors build long-term client trust.
Money is never simple. It’s tied to complex emotions. It can lead to power, bring happiness or headaches. And unfortunately, our past experiences with money shape our current attitudes and anxieties about finances. On this Elementality, Carl and David Hunter talk about why advisors need to help clients find financial purpose when it comes to their money.
While you may prefer to focus on numbers, how a client’s finances look on a spreadsheet and their story as it relates to money rarely line up.
On this Elementality, Carl and Dan Rooker, of Rook Financial, discuss why you need to first understand what causes a client anxiety about their money before offering them solutions that can help them move forward.
Helping clients live with more intention means helping them identify their own core values and then aligning those values with the way they live. It’s about showing them that they are the masters of their own destiny. On this Elementality, Carl talks with Jeff Wolniewicz of Under Par Planning about how to help clients live with greater purpose.
You’re improving the lives of your clients and want to reach even more people who could use your expertise. It’s clearly time to grow but how do you scale up and still preserve your ideals that have been so impactful? On this Elementality, Carl talks with Matt Mulcock of Dentist Advisors about what his firm is doing to maintain their vision and culture as they grow.
Does writing intimidate you? Or, maybe you fear public speaking? Perhaps you just worry about being rejected? Overcoming whatever keeps you from creating content is a must as content converts prospects into clients. On this Elementality, Reese and Carl join several of their peers in a roundtable discussion addressing common challenges facing advisors.
There’s a lot to consider when growing a firm—branding, demand generation, and of course how your values fit into what you want to accomplish. When it comes time to put it all together, what’s the correct sequence? On this Elementality, Reese and Carl join several of their peers in a roundtable discussion addressing common challenges facing advisors.
If it seems like it’s time to grow your firm, there are several ways to go about it. But before deciding to scale up, the first question you should be asking is whether growth is actually the right choice for you.
On this Elementality, Reese and Carl join several of their peers in a roundtable discussion addressing common challenges facing advisors.
Looking to inspire clients to get on the right track with their personal finances? Whether measuring against their peers, or themselves, benchmarks can motivate them to become more accountable to their goals. On this episode of Elementality, Reese explains to the clients of his RIA how benchmarks can push people to reach their potential.
The role of teacher hasn’t changed much over time. Teachers help learners master new concepts—something every advisor needs to do as well. And one measure of a great teacher is they can make the complex seem simple. On this Elementality, Carl and Mike Johnson, of Teacher Wealth, explore why “teaching” is integral to inspiring clients to take action.
Money matters. It gives you freedom and control, provides a family security, and allows for more options in life. But, if you don’t understand its complexities, it can result in hardships that affect generations.
On this Elementality, Carl and Justin Green discuss how helping clients alter their financial trajectory can change numerous lives.
Past money memories have a significant effect on client financial decisions and are a reason why money and anxiety are closely tied together. To be a more emphatic advisor, learn about your clients history with money.
On this Elementality, Carl talks with Chelsea Rude of Rude Wealth Advisory, about the long-lasting effects of the past on client decisions.
Small RIAs who want to expand face significant challenges. Hiring brings with it HR concerns, and managing back office logistics becomes more time intensive—when your attention needs to focus on adding more clients.
On this Elementality, Abby talks with Michelle Wong whose firm, Nifty Advisor Support, fills in growth gaps by providing numerous services.
Silence. You know, the awkward space where, before answering a question, a client ponders what was asked. That silence is your friend.
On this Elementality, Carl and Elements client Brandon Galici, look into how to get clients to share their feelings about money, what role silence plays, and what transition questions result in deeper reflection.
Prospective clients come to you with a presenting problem, an issue causing them urgent financial pain. The questions you ask—and where they help lead the prospect—are pivotal to establishing a long-term relationship.
On this Elementality, Carl and Elements client Phil Telpner of Breakout Private Wealth, discuss ideal questions for new prospects.
“What does money mean to you?” It’s a great question to ask as you help clients begin to express their values. But to get to the heart of what really matters to them about money takes more time and patience.
On this Elementality, Carl interviews Elements client Ryan Kilkenny of Atomic Planning, who explains how he gets clients to open up.
No one likes to budget, in fact, even using the word “budget” can emote negative reactions. Of all of the Elements, Burn Rate (Br) may be the least sexy. However, it’s foundational to all other financial elements.
On this episode of Elementality, Reese tells the clients of his RIA how to manage their spending without having to pinch pennies.
How people live, work, and spend continues to evolve. Today, a smooth job path is rare as careers now take many unpredictable turns. As a result, prospects have more questions and need more answers, more frequently.
On this episode of Elementality, Reese and Carl explain why using planning tools that assume life is lived linearly no longer work.
When planning, we are used to doing everything all at once and all up front. The result is that the outputs of the work we do, and what we deliver to the client, are too complex and too focused on one event—retirement.
On this episode of Elementality, Reese and Carl examine this output challenge and reveal quicker ways to involve prospects in planning.
The job we do as advisors is complex … and costly. We gather data, analyze it, and we make various decisions while working through the process. We then help clients act on our recommendations. And it takes a lot of time.
On this episode of Elementality, Reese and Carl explain why this cost/complexity problem prevents us from reaching out to more people.
Why does our industry, with its business model, processes, and tools seem to only work effectively for the wealthiest 1% of Americans?
On this episode of Elementality, Reese and Carl explain why more innovation is needed to reach a wider audience who want and need financial help—and why the established system ends up introducing greater complexity.
Perhaps it’s a fear of failure. Or, you’ve had a crazy idea about a niche—and you just can’t commit to it. Whatever is holding you back, Colton Etherton will help you think more creatively about narrowing your market.
On this episode of Elementality, Reese and Carl talk with Colton, the Tattoo Artist Advisor, about how to overcome narrow niche fears.
Money is the top cause of stress for Americans. As they look for answers, advisors have a unique opportunity to provide needed guidance.
On this episode of Elementality, Reese and Carl illustrate the power of a single answer. By having their most acute problem solved first, a prospective client is often eager to begin more involved planning discussions.
Financial planning remains expensive as it mainly targets the needs of the richest 1%. And unfortunately the technology we use was tailored for a passing era and has not kept up with today’s changing planning demands.
On this episode of Elementality, Reese and Carl discuss right-sized planning and bringing the cost of advice down so we can impact the 99%.
The market of people needing answers to their financial questions is enormous. But what works for the top 1% does not work for everyone.
On this episode of Elementality, Reese and Carl look at the issues preventing advisors from going downmarket—and explain why there’s a need to rethink how to capture this massive market that’s looking for our help.
As an advisor, you help your clients work towards many financial goals. One should be ensuring they aren’t overpaying the IRS.
On this episode of Elementality, Abby welcomes Steven Jarvis, founder of Retirement Tax Services. Find out what services can help grow your tax expertise and how to work more closely with CPAs to benefit your clients.
Money is the source of anxiety and angst for the great majority of Americans. So how can you provide guidance that helps clients improve their relationship with money, which is vital to finding financial peace?
On this episode of Elementality, Reese and Carl reveal why, from the start, you need to alleviate client emotional worries about money.
A single asset, a house, can become deeply tied to a person’s identity. Then, after excessive funds are committed towards the home, it is almost impossible to think objectively when it comes to wealth optimization.
On this episode of Elementality, Reese and Matt talk about the Elements Real Estate (Rt) ratio and where a home fits in the measurement.
To trust you and your advice, clients need to know that you genuinely understand what matters to them when it comes to their money.
On this episode of Elementality, Reese and Carl reveal why advisors need to ask good questions, intently listen, and then probe even further into the responses to unearth the core purpose that person has for their wealth.
What do baseball cards, consistent tracking of net worth, and the question, “Am I doing OK?” have to do with the evolution of Elements?
On this episode of Elementality, Reese talks to the clients of his RIA, Dentist Advisors, about the ideas that became Elements. It’s a unique look at the origins of the innovative system that’s changing financial planning.
Carl Richards coined the term “real financial planning” years ago. Since then industry influencers have tried to explain what it means.
On this episode of Elementality, Reese and Carl talk about the factors that might help provide a definition—an element of trust, technical chops, emotional IQ—and ask if we, as advisors, are getting any better at it?
Sales success begins with conversations that build rapport and allow both parties to communicate what they are really thinking.
On this episode of Elementality, Reese interviews Jake Larsen, VP of Sales at Elements. Jake explains how to build trust by educating prospects about your services and aligning their needs with your value proposition.
Can you help clients make good decisions today—keeping the future in mind—while also helping them live with greater happiness in the present?
On this episode of Elementality, Reese and new co-host Carl Richards discuss why your biggest challenge is helping clients make optimal decisions throughout their lives, while ensuring they enjoy the here and now.
Don’t let prospects languish in the middle of your sales funnel because they lack engagement. Elements assessments keep them involved in the sales process as you demonstrate your value and they experience your advice.
On this episode of Elementality, Reese and Matt illustrate how Elements creates numerous opportunities for you to keep prospects engaged.
Trends show that the planning industry is going to look a lot different in the future. Here’s why finding a good niche could be the way to go.
On this episode of Elementality, Reese and Adam Cmejla talk about the success Adam has found focusing on a highly-specialized niche market. Find out why specializing increasingly makes sense in our evolving industry.
Knowledge was once difficult to obtain, so we went to college to get it. Now access to information is almost immediate, yet we still use just-in-case learning when just-in-time learning is much more effective.
On this episode of Elementality, Reese and Matt explain how you can leverage just-in-time learning methods when training new advisors.
Many retirees will be in retirement for 20 to 30 years, yet most financial plans take a person to the point of retirement and no further.
On this episode of Elementality, Reese interviews Blain Pearson PhD, CFP®, from the Department of Financial Planning at Kansas State to discuss the financial challenges people face throughout retirement.
As people make more, building wealth through an increase in savings is directly tied to whether they can decrease their spending rate.
On this episode of Elementality, Reese and Matt examine the Burn Rate (Br) Element. By using different incomes as examples, they illustrate what they would consider to be high, low, and healthy spending rates for each.
When planning, you’ve got the functional side of advice down. But people also have emotional needs tied to their money. Using these principles of behavioral psychology can help you with “the human side of money.”
On this episode of Elementality, Reese welcomes podcast host Brendan Frazier, to discuss the therapeutic side of the advisory relationship.
As an advisor, you motivate clients to think about financial health and they count on you to occasionally remind them of its importance.
On this episode of Elementality, Reese and Matt discuss financial salience and why the more often you take time to discuss even small financial issues with clients, the better they will become at managing their money.
This small RIA owner reevaluated her firm’s model, took a step back to reset, and then found success focusing on a very specialized niche.
On this episode of Elementality, Reese welcomes Leah Coleman of the Orchard Financial Group. Niche marketing is gaining popularity and Leah shares the twists and turns her firm took before she found niche success.
Beyond keeping enough money in an emergency fund, at what point are clients accumulating too much cash and need to put some of it to work?
On this episode of Elementality, Reese talks to the clients of his RIA about the advantages of maintaining adequate liquidity. Hear the type of advice you can offer your own clients about the Liquid Term (Lt) Element.
Because of how the pandemic disrupted the way people learn, new just-in-time learning methods are being used to train advisors.
On this episode of Elementality, trainer extraordinaire Brett Danko joins Reese to discuss new strategies used to teach advisors. Financial education should be constant, find out how it is changing to fit your needs.
As large, subscription-based advisory brands find significant growth with the average consumer, what could it mean for small RIAs? On this episode of Elementality, Reese and Matt look at the success of fee-based firms—focused on giving no-commission advice—who are finding significant traction marketing to consumers who have never used an advisor.
Clients want to stay in touch, but too many meetings can be burdensome. Here’s how to stay connected while demonstrating your expertise.
On this episode of Elementality, Reese and Paco de Leon, of The Hell Yeah Group, explain why it’s critical to interact with clients by creating content and offer their tips so you have the confidence to publish.
Looking for the right niche market for your business? The opportunity is exciting, but there is work to be done if you want to find success.
On this episode of Elementality, Reese and Matt talk about the allure of niche markets. Finding the right niche leads to faster firm growth, but you’ll first need to become a specialist at the jobs within that niche.
Advisors have sometimes been called financial physicians. After all, you know finance like a physician knows medicine. But how good are your therapeutic skills? An attentive doctor also has a good bedside manner.
On this episode of Elementality, Reese hosts Beverly Flaxington of The Collaborative, to discuss the emotional side of giving advice.
Clients rely on you to ease some of their stress by taking on their financial jobs. You need to help them see your value through that lens.
On this episode of Elementality, Reese and Matt explain why the term “financial planning” doesn’t reflect all of the work being done—and why you need to detail the jobs you do for clients so they realize the value you provide.
As their advisor, you create roadmaps to a better future for clients. Discover why your marketing plans need to be just as deliberate.
On this episode of Elementality, Reese interviews Marie Swift, CEO of Impact Communications. While you’re a skilled planner, Marie offers her tips on how to avoid traps that can trip you up as you market that expertise.
Most of your clients have negative feelings about their finances. Encouraging them as they take positive steps is a big part of your job.
On this episode of Elementality, Reese and Matt look at why positive energy plays an integral role in making client meetings successful. Clients read your energy as much, if not more, than they hear your words.
How do you engage your clients in a conversation about their spending habits and the effect it has on other parts of their life?
On this episode of the Elementality podcast, hear Reese talk to the clients of his RIA about the things they should guard against as they develop spending habits that will affect their finances over a lifetime.
Asset management software was created for an industry focused on product sales. Is technology keeping pace now the value prop is changing?
On this episode of the Elementality podcast, Reese and Matt discuss why traditional planning software is good at projections, but why something new is also needed to provide indicators for ongoing financial health.
As the industry shifts towards more value-based advice, to really understand your clients, you need to understand what motivates them.
On this episode of the Elementality podcast, Reese Harper and David Dodd, of The Other 90 Financial, discuss faith-based investing, how personal values can change a client’s portfolio, and a socially conscious approach to money.
What if you could eliminate most of the pain of an initial plan? How much background would you need before you could deliver value?
Modern consumers want their lives to be as uncomplicated as possible and on this episode of the Elementality podcast, Reese and Matt look at how to make the starting point of a client relationship less overwhelming.
How will a new generation of financial advisors who look beyond numbers and help focus client goals around their passions and values affect planning?
On this episode of the Elementality podcast, Reese Harper welcomes Justin Castelli, Co-Founder at The AGC™. Hear why Justin thinks your advice shouldn’t be framed solely around money, but also on what makes a client truly happy.
Elements® drives prospect interactions while encouraging quicker commitment. But could it also motivate prospects to “do-it-yourself”?
Freemium offers are now a part of lead nurturing, but will clients eventually leave after they get used to a free app? Reese and Matt say “no.” Find out why on this episode of the Elementality podcast.
You help shape your clients’ finances around their life purpose. But are you as intentional about your own business as you are about planning?
On this episode of the Elementality podcast, Reese Harper interviews Matthew Jarvis of The Perfect RIA. You also have values and dreams and Matthew explains why it’s important to stay true to yourself as you build your firm.
Do you ever challenge prospects to think about money differently? By disrupting the status quo, you actually begin to build trust.
On this episode of the Elementality podcast, Reese and Matt explain how to take greater control of the sales experience. The results may surprise you when you compel prospects to consider a new viewpoint.
When it comes to financial forecasts, accuracy is always questionable. So what would clients lose if planners stopped using them?
On this episode of the Elementality podcast, Reese and Chad discuss why forecasting seems to be a remnant from the past—and why your clients may do better if you concentrated more on the present.
Hustling for sales works for financial products, but as a planner—whose product is advice—you have to prove why your advice is valuable first.
On this episode of the Elementality podcast, Reese Harper welcomes Sten Morgan of Legacy Investment Planning. Sten reveals why sharing your best ideas with prospects from the start builds trust and leads to higher close rates.
Systems like Elements® provide tools to help make your job easier and better, but much more is needed if you want to be a great advisor.
On this episode of the Elementality podcast, Reese and Chad examine why emphatic listening skills and an aptitude for problem-solving are vital in helping you become a first-rate financial advisor.
For the idealist, pure financial planning succumbs to a practical need to sell products which keeps it from its true potential. But times are changing.
On this episode of the Elementality podcast, Reese Harper welcomes the founder of Inside Information, Bob Veres. Bob examines the changes taking place in financial planning and shares his vision of where the industry is now headed.
Developing an accurate picture of a retiree’s assets and determining a withdrawal strategy is a good first step, but vital to a plan’s success is monitoring behaviors that can make it succeed in the long-term.
On this episode of the Elementality podcast, Reese and Chad discuss how using Elements® to precisely measure a client’s asset mix allows you to easily formulate a tax-efficient, asset liquidation strategy.
In the past 20 years, digital innovations have transformed the financial planning industry. Unfortunately, RIA firm owners have failed to keep up with changes that could make their businesses more efficient and able to scale faster.
On this episode of the Elementality podcast, Reese Harper interviews technology expert Tim Welsh of Nexus Strategy. An industry veteran, Tim explains how understanding innovation is a key to being an effective advisor and owner.
Periodic calendared meetings allow you to deepen client relationships, but they are no longer the best way to demonstrate your value.
On this Elementality podcast, Reese Harper and Chad Jardine discuss why meetings should focus on therapy as you use other proactive interactions to show clients how planning is moving their finances forward.
There are not many careers that require so many diverse talents as financial planning. For today’s advisor, technical, coaching, and listening skills are all crucial to success. Then add in the challenge of running your own business.
On this episode of the Elementality podcast, Reese Harper interviews Jim Crider of Intentional Living FP. Hear how Jim put his firm on the fast-track, and why his background, self-discipline, and anchoring to Elements® is leading to success.
In the age of Netflix-type pricing, it shouldn’t be surprising people want a flexible approach when accessing financial services.
On this Elementality podcast, Reese Harper and Chad Jardine look at why subscription fees might make sense for advisors who are adapting their offerings to meet the changing needs of younger clients.
There’s a wide divide between people who can afford money management and those who want help managing their money. Wealth accumulation is only one facet of planning for a growing number of people looking for help to understand money better.
Mac Gardner, well-known author, speaker, and founder of FinLit Tech joins Reese Harper on this Elementality podcast. They explain why expanding financial literacy and developing better financial tools are more important today than ever.
Investment management has driven our industry’s tech innovations since the internet first gave us cash-based planning in the 1990’s. Today, a transformation in financial planning itself is taking the creators of technology in a new direction.
On this Elementality podcast, Chad and I discuss past planning technology, which has given us great cash-based and goal-based tools. And then we look at future trends to see how the shift towards more traditional financial planning is affecting innovation.
Financial planning is much more than managing assets for the wealthy. In fact, when done right, financial planning can transform a client’s life. As Hannah Moore, CFP® and founder of Amplified Planning, puts it, “financial advisors are the money experts, but clients are the experts on their life.”
Hannah is Reese’s guest on this episode of the Elementality podcast, and explains why she believes optimizing money with client core values for a wider market of people is the future for our industry.
In an effort to get prospects to buy their services, some advisors lead with free advice. But how much should you give away? What kind of advice? Should you be giving away anything at all?
To sell your planning services, prospects do need to know something about what you are going to deliver. On this episode of Elementality, Reese and Chad take a look at why putting your focus on the process of planning may be more effective than delivering any pieces of a plan itself.
What describes your advisory approach? Are you the “hero” who has the optimal financial solution for clients? Or, are you the “guide” who helps align a client’s finances with their life?
Reese’s guest on this episode of the Elementality podcast is Scott Frank of Stone Steps Financial. Scott explains how guiding clients to first focus on what they want from life creates an emotional connection to their finances that motivates them to follow through with your planning advice.
Pricing is becoming a major issue for planning firms. While managing client portfolios doesn’t carry the value it used to, finding the right fee structure for traditional planning—which takes many hours of work each year—can be difficult.
On this episode of Elementality, Reese and Chad take a look at the future of AUM and retainer fee models. They discuss what you need to consider prior to making a pricing decision, plus how to match the value you deliver with a fee that fits your clientele.
Depending on the advice you’re after, you hire a personal trainer, or a lawyer, or a therapist … or a financial “advicer.” That’s the term Michael Kitces’ coined to clarify the difference between fiduciaries and commission-driven advisors.
Michael is Reese’s guest on this episode of the Elementality podcast. XY Planning Network co-founder and iconic thought-leader, Michael explains why the financial services ecosystem is changing as we move from being product-centric to being advice-centric.
Too many advisors make the mistake of not telling clients it takes time to deliver the value they offer. A good financial plan needs to take into consideration a client’s aspirations. And it takes a steady stream of client interactions over a long period of time to help them reach those dream desires.
On this episode of Elementality, Reese and Chad discuss how your real value is reinforced when you take the role of ongoing advisor, behavioral coach, and even counselor for your clients.
The financial advice industry is steadily shifting away from portfolio management to financial planning. Positioning your firm to make sure you join the new era of wealth management will be critical.
On this episode of the Elementality podcast, Reese and Douglas A. Boneparth of Bonefide Wealth, discuss why focusing on the next generation may be the only way to survive—and thrive—as a planning firm owner. The trends are clear. What can you do to make sure your firm is part of the future?
As a fiduciary advisor, you put client needs first as you help them gain confidence in their plan. But how do they know you care about their progress?
On this episode of the Elementality podcast, Reese and Chad explain why you need to take all client financial data seriously as you track net worth growth. Too many advisors don’t have a process to monitor progress. To build closer relationships you need to be able to acknowledge the milestones clients reach as they work towards their goals.
The financial services landscape continues to evolve as more companies develop technology that appeals to a wider audience. A glimpse into a futurist’s crystal ball reveals that what is coming next could change fintech … and advisory services as well.
On this episode of the Elementality podcast, Reese welcomes Natalie Taylor who has spent the bulk of her career trying to disrupt the fintech status quo. Financial service innovations are coming, how will those changes affect advisors?
Does it fluster you when a client doesn’t implement their financial plan? The planning process grinds to a halt and you’re left wondering what more you could do to motivate them.
On this episode of the Elementality podcast, Reese and Chad discuss why each client should feel they are a crucial part of the planning process. Find out how clear communication from you and open collaboration with them results in clients who are more involved in their own financial health.
With both product salespeople and RIAs labeled as “Financial Advisors” it’s difficult for a general audience to really understand the difference. Fiduciaries educate prospect-by-prospect—it’s vital when selling our services—but does the RIA vs product pitch debate have any public advocates?
On this Elementality podcast meet Carl Richards. Known for his “Sketch Guy'' New York Times column, Carl explains his passion for both fiduciary advice and client planning that helps align money with purpose.
It’s easy to understand why we are so fascinated with technology. In the last decade we’ve seen the rise of the smartphone, the Cloud, and we live in a world that has become increasingly connected. With so much cool stuff, it’s easy to make a mistake when you’re over eager about your own firm’s technology.
Making sure the apps you want actually provide the right solution is not easy. On this episode of the Elementality podcast, Reese and Chad explain how you can make sure your technology is targeted.
Are you still using prospecting strategies from the 1980’s—leveraging family and friends and cold calling? In 2021 there are better ways to reach people.
Reese’s guest on this episode of the Elementality podcast is Paul Thompson, Founder of Advisor Accelerator. A digital marketing master, Paul shares his ideas about the efficiency of niches; about branding with a message that sells you as an expert; and about how to find high-value prospects using 21st century digital marketing strategies.
As an advisor, you have superior quantitative skills. Your understanding of finances is advanced well beyond your clients. Unfortunately, that can often result in you overwhelming your clients with data and numbers. To communicate financial planning principles to your clients, it may be time to take a different approach.
On this episode of the Elementality podcast, Reese and Chad explain how a little creativity and a few simple design tips can help you improve your communication skills
The financial planning industry is flourishing and that growth affects even the smallest RIA firm. Should you hold tight or expand? It’s a question without an easy answer.
Reese’s guest on this episode of the Elementality podcast, Stephanie Bogan, knows growth. In her words, “if you can get to $500,000 in revenue, you can do anything.” On the show they discuss why finding small success can lead to greater achievements—and what you need to do to clear those first hurdles to growth.
While advisors are good at providing advice, it’s difficult to get all the data needed to formulate that advice. It’s an issue that rests as much on clients as it does their advisors. So how do you get the precise details you need?
On this episode of the Elementality podcast, Chad and Reese discuss why collecting good data is difficult—and why it is so important. Technology may be able to fix the problem, but hear why advisors are often surprised to find out what device could offer the best solution.
Daniel Hannoush, CEO of Pandowealth, had a problem. His niche firm was growing so fast they didn’t even need to market their services. At the very top of his high-growth dilemma was the need for a process that could help solve several issues.
For the first time on the Elementality podcast, Reese interviews an Elements client. You’ll relate to Daniel’s real-world problems as he explains why the solution he chose has helped solve his firm’s plan tracking, client communications, and personnel issues.
Your small business’ growth is based on bringing in more clients. That may seem obvious, but many small firms stall by not thinking through their early hires, too often duplicating skills that don’t fuel growth.
On this episode of the Elementality podcast, Chad and Reese look at some of the roadblocks to growing a financial planning firm—paying close attention to creating scale in your offering. Find out why, when they hire, advisors should carefully consider whether to create more capacity, or more volume.
Recently, many new industry ideas and innovations have centered around business models and pricing. And as the advisor landscape continues to shift, it’s important that you keep an open mind about these changes.
On this Elementality podcast, Kate Holmes, a CFP® Women’s Initiative council member, is Reese’s special guest. Kate talks about her role on the council, about the industry’s global growth, and then offers her insights about how to think about pricing as you establish your value with clients.
Are you too focused on fees? Many advisors offer planning but struggle to figure out how to charge for it. They spend too much energy trying to find the right pricing model and not enough focus establishing their value proposition.
On this episode of the Elementality podcast, Chad and Reese look at the pros and cons of the different fee models used by fiduciaries. Their discussion then shifts to why, before worrying about fees, advisors should be more concerned about finding what sets their services apart.
“There’s only one thing you ever sell a client on, it’s their dream of freedom.” This is just one bit of the wisdom George Kinder shares as Reese’s special guest on this episode of the Elementality podcast.
Called the Father of the Life Planning movement, George has helped transform financial advice over his 50-year career. While in recent decades fiduciary financial planning has gained a great deal of momentum, listen to the advice of a life-long fiduciary on how you should be counseling your clients.
With financial planning, technical skills are the minimum job requirement. Learning to do functional jobs like data gathering, analysis, and preparing the financial plan are essential.
Solving client financial anxieties is more difficult, which can leave you feeling like you aren’t bringing enough value to the client. On this Elementality podcast, Reese and Chad point out that what clients are really seeking is for their advisor to be able to balance both the functional and emotional jobs they require.
Find out why the concept of work/life balance may be a myth. With so many areas of your life that need attention, is equilibrium really possible?
On this episode of the Elementality podcast, Reese interviews Dr. Travis Parry, coach, author, influencer, and noted speaker on achieving balance in your life—and if it’s even possible. When you gain better focus on your priorities it will help you feel balanced, but Reese and Travis explain why really enjoying your life is a matter of choosing your priorities.
As advisors, we need to balance the functional jobs and emotional jobs of financial planning to build effective client relationships. Our tendency is to center these jobs around regularly scheduled client meetings.
On this Elementality, Reese and Chad explain why identifying and working on functional jobs outside of meetings allows you to focus on important client emotional financial anxieties during meetings. When you give more attention to a client’s emotional needs you start building greater trust.
Do you ever consider how money should create occasional joy for your clients? Or do you see your job as merely providing a guide map to retirement?
As advisors help counsel clients on how money can positively affect their overall well-being, they need to learn how to improve in their role as “financial therapists.” On this Elementality, Reese welcomes a real financial therapist, Dr. Meghaan Lurtz, who examines why it may be time you learn how to bring more financial happiness to your clients.
Advisors are approached by clients for a variety of reasons, but usually there's a financial pain they're trying to solve. However, one question often stands out, “How am I doing?”
On this episode of Elementality, Reese and Chad discuss why clients look for confirmation that their financial life is on track—and for reasons to be confident in the advice they are receiving. This is not a financial question with a quantitative answer. Find out how to articulate the value you provide when you answer.
As advisory firms grow, successfully attracting and hiring the right talent is essential to unlocking efficiencies and, more importantly, a positive client experience.
Attracting the right candidate starts by defining firm goals and establishing the right responsibilities that contribute to those goals. And only after this can an advisor seek candidates that are not only technically competent but also contribute in ways that enhance the client experience.
Historically client communication has revolved around meetings an advisor plans with clients. Face-to-face meetings are essential, especially early in a relationship. But over time the value of these meetings diminishes. That’s when "asynchronous" communication—like email, text, or direct messages—becomes more important.
On this episode of Elementality, Reese and Chad examine how using a process to deliver asynchronous messages builds value and increases the trust clients have in their advisor.
Clients carry a lot of emotional baggage that can hinder their financial progress. Many advisors’ initial reaction is to use facts or logic to get clients to move forward. But that reaction can actually make clients even more resistant to change. So says Dr. Daniel Crosby, behavioral finance expert and Reese’s guest on this episode of Elementality.
Daniel and Reese explore how to approach common behavioral tendencies that can keep clients from reaching their goals and improving their financial lives.
For decades financial services were driven by product sales. This led to ethical standards that guide advisor behavior but left us without functional standards for financial wellness.
What makes a healthy savings rate, ample liquidity, or the right amount of capital to use for speculation vs. consistent asset allocation? On this episode of Elementality, Reese and Chad discuss how standards of advice can positively impact clients, improve practice efficiency, and enhance the efficacy of all advisors.
Last week we wrapped up Season 1 and we hope you enjoyed it as much as we did.
If you haven't already, we hope you'll go back and listen to previous episodes where we told the story of how Reese Harper built his independent niche RIA and developed the Elements Financial Planning System—a turnkey solution for making it easier to do our work as financial advisors.
In Season 2 we’ll explore even more how financial advisors can improve the experience they deliver to clients, how to provide value that is worth charging for, and learn from a ton of awesome guests.
Season 2 is coming in early 2021. If you’re subscribed, you’ll get updates and announcements right here.
From all of us at Elementality, we wish you a safe and happy holiday season and look forward to filling your feed with more great content early next year!
As a result of new technologies, product marketers began overusing phrases like “paradigm shift.” Now we’re seeing what a real paradigm shift looks like as COVID has caused an upheaval whose effects are changing cultures across the globe.
With 2020 finally coming to a close, how can advisors absorb this “new normal” and be ready for whatever comes next? How does working from home play into the equation? What does it mean for personal relationships? How do you manage a team from a distance? With home as your office, can you ever actually relax?
On this Season 1 ending episode of Elementality, Reese sits down with his wife Barb to address some of these vexing questions. Reese and Barb share personal stories and strategies, as well as work-from-home findings, statistics, and recommendations from illuminating new research. That includes a Microsoft study done for the Harvard Business Review Big Idea Series, as well as ideas from other prominent researchers.
Of course, no one has all the answers yet, but this episode is sure to provide some good insight into how to tackle this sudden and dramatic “we’re all in this together” shift.
Running an advisory business can feel a lot like riding a roller coaster. At first, you’re in high gear trying to get some traction in the market. Eventually, you reach a tipping point. Then suddenly you find yourself going full bore servicing an influx of new clients. When the joyride stops, you’re right back where you started, facing another uphill climb.
It's downright exhausting. And it’s not so great for the bottom line either. But there’s a better way, and today on the Elementality podcast, business development coach Mark LeBlanc joins Reese Harper to discuss it.
They talk about why advisors get caught up in this roller coaster dynamic, and what it takes to break free of it. That includes essential business development activities, the importance of tracking monthly targets and trend lines, and the unexpected impact of your compensation structure.
Finally, Mark shares the 3 keys needed to pull off the transition to this alternative model. Even if you're a big fan of roller coasters, you’re sure to appreciate the smoother, more predictable business performance it delivers.
FinTech can dramatically streamline the process of onboarding new clients and serving existing ones. It can shrink the wait time between first contact and delivery of actionable advice. It can even enable richer client interactions.
But it won’t do any of that unless you and your clients actually use it.
Today’s guest on Elementality is Todd Reynolds, the User Experience (UX) Designer for the Elements app. He joins Reese Harper for a behind-the-scenes peek into the art and science going into creating a user experience that advisors and clients will love to use. He shares his experiences getting up to speed with everything that goes into financial planning, distilling that into concepts clients can understand, and turning it into a frictionless solution.
It’s this careful attention to design that permits Elements users -- you and your clients -- to efficiently gather, organize, and analyze your clients’ data, so you can more effectively help them complete their functional and emotional financial jobs.
Referral marketing works, as old school financial services firms have proven. Even when your solution is less than compelling. Even when it’s the only arrow in your quiver. Even when “the ask” causes clients to squirm.
But the holistic advice you provide these days is compelling. Clients really value it. Their friends and family members need it. And yet many independent advisors still shy away from asking for referrals.
On this episode of Elementality, Reese Harper meets up with Dan Allison, a referral marketing expert with a background in behavioral psychology. They talk about what makes clients actually want to refer, why advisors avoid the discussion, and why -- done right -- it can actually deepen relationships. They wrap up by walking through the 5 characteristics of Dan’s angst-free approach. It’s a conversation that will have you rethinking everything you’ve come to believe about referrals.
Lifestyle business? Boutique firm? Category killer? Whatever type of advisory practice you’re aiming to grow, you need a cohesive marketing plan.
Unfortunately, it’s easy to underestimate the time, skills, and budget required to make that happen. Plus, marketing tasks tend to get bumped off the To-Do list by the more urgent, day-to-day matters busy advisors face.
Our guest on this episode of Elementality is Jeff Morgan, Chief Marketing Officer, and architect of the system that fueled Dentist Advisors’ rapid growth. Today, he joins Reese Harper to discuss how to design and implement a streamlined, well-thought-out marketing strategy.
Reese and Jeff talk about the benefits of niche marketing vs. the direct sales approach traditionally used in financial services. They reveal the marketing programs that drove Dentist Advisors’ transition to niche player, and the core competencies required to staff them. Finally, they explore the pros and cons of outsourcing vs. doing things in-house. It’s a wide-ranging discussion sure to leave you better prepared for whatever marketing challenges you come up against.
The financial services industry is changing at what seems like an unprecedented rate, leaving advisors grappling with how best to manage it all. But tectonic shifts in the business are not new, and there’s much to be gained from looking back.
Today on Elementality, Reese Harper talks with TJ Dunker, Senior VP at Edelman Financial Engines, about lessons from past industry turmoil, risks and opportunities for advisors today, and strategies for managing even the unknown unknowns of tomorrow.
The ability to communicate well is the #1 sought-after skill in the workplace.No surprise! Anyone who’s been on the giving or receiving end of a muddled message knows it’s no way to get things done.
What if you don’t come by this naturally? Are you out of luck? Not according to communications coach Katherine Eitel Belt.
Today on Elementality, she and Reese Harper discuss how to break through communication barriers, craft a compelling message, and deliver it with punch.
Of course you want to focus on what adds the most value for clients. And with robo advisors serving up in nanoseconds what used to take days, it’s obvious managing portfolios is no longer the way to do that.
Instead, you need to build your practice around the kind of personalized guidance computers simply can’t provide. Maybe you’ve even rebranded yourself accordingly. But it’s one thing to talk the talk.
Our guest this week on Elementality is Apollo Lupescu, who knows what it takes to actually walk the walk. As Vice President at Dimensional Fund Advisors, he’s spent the last 17 years helping advisors implement evidence-based investing and grow their businesses via the efficient processes it enables.
Apollo made his way to DFA via a rather unlikely route. Born in Romania, he earned his entrepreneurial chops in the government-controlled economy of his youth. The research he did in academia, his next step along the journey, formed the basis for his “never have to say sorry” investment philosophy.
In this episode, he and Reese Harper discuss the difference between risk and volatility, between a true advisor and a facilitator, between business processes that constrain and those that liberate, and how all that matters to your clients’ perception of your firm’s value.
A recent study from Vanguard showed that behavioral coaching from an advisor can add as much as 2% in net returns for an investor.* While coaching is a continuous process, it is often defined by critical moments in the client’s journey. A sound investment philosophy can either support or detract from a holistic planning experience and of course, an advisor’s ability to reinforce that philosophy plays a major role in long-term success. In this episode of Elementality, Reese brings back Matt Mulcock, CFP® to highlight seven of the most common coaching moments related to investment behavior. These are the usual suspects of client questions, concerns, and objections paired with recommended responses to help your clients block out all the noise and stay pointed in the right direction.
- “Putting A Value on Your Value: Quantifying Vanguard Advisor’s Alpha,” September 2016
We live in a world where consumers increasingly prefer craft IPA to Bud Light, artisanal sourdough to Wonder bread, and fresh-ground almond butter to Skippy. That same hunger for customized choices is spilling over into the world of financial advice.
But many advisors are still offering cookie cutter services that aren’t keeping up with today’s needs. Or maybe they’re delivering premium solutions, but still telling the same old story. Either way, the opportunity cost is high – for the advisor and would-be clients.
On this week’s episode of Elementality, Reese Harper brings in Alana Kohl, founder and president of AdvisorPR, to talk about marketing communications for financial advisors. They discuss the key components of good marketing, strategies for differentiating yourself in a “me too” market, and all-too-common advisor mistakes. Alana also outlines her four-step process for pulling the pieces together into a cohesive whole.
The same attributes of client-focused planning that make it worth fighting for—transparent, comprehensive, aligned—also make it challenging to deliver. When fees have nowhere to hide, the sales cycle can take longer; when planning is process-driven, the costs of staffing and technology go up; and when commissions take a back seat to the client’s best interest, an advisor’s time comes at a premium. In order for the world to embrace the habits of holistic financial health, costs will have to come down. In this episode of Elementality, Reese Harper brings in Justin Copier, Managing Director of Dentist Advisors, to talk about recent changes to the firm’s organizational structure which set the stage for a more cost-effective approach to planning through shared resources.
The fee model question has been bubbling its way to the surface of advisor conversations and is quickly turning to a boil. How long can your prices be justified by your value proposition before clients start to wonder if you’re blowing steam? Do your clients understand what they are paying for? Let’s be honest—do you understand what they are paying for? In this episode of Elementality, Reese Harper welcomes pricing expert and financial industry veteran, Matthew Jackson of Dialektic Consulting to discuss the shelf life of asset-based pricing, the challenges and opportunities of changing your fee structure, the difference between fundamental and tactical pricing decisions, and why advisors can't put off the pricing question any longer.
“Pay off your loans.” “Maximize your retirement plan contributions.” “Invest in real estate.” Perhaps these nuggets of advice apply broadly to the masses, but when do they get in the way of your clients’ progress?
In this episode of Elementality, Reese welcomes Abby Morton, CFP® at Dentist Advisors to talk about the role of liquidity in a financial plan—especially for small business owners. You’ll learn how to calculate an Element® called Liquid Term (Lt) and how it can be used to understand the source of your clients’ frustrations or achievements. The principles discussed in this episode are foundational, but since widespread advice often sends people down highly leveraged roads, Reese and Abby explain liquidity from a more strategic point of view.
The client-advisor relationship is a two-way street. At least it should be. As the advisor, you have just as much say about who you work with as the client does. So who will it be? How will you define your target audience, and how will you stay committed? In this episode of Elementality, Reese Harper welcomes Patrick Brewer, CEO of SurePath and host of the Model FA podcast, to expose the challenges and opportunities of building your firm around a niche clientele. With so much riding on the vertical you choose, what are the biggest questions you should ask before going all-in? In this conversation, you’ll hear Patrick explain how your personality factors into the equation and lesser-known ways of defining market segments. He also shares a commonly used marketing phrase that usually signifies a death sentence for young advisors.
In healthcare, the roles of humans and technology are front and center. Machines do X-rays and MRIs, and then doctors prescribe treatments. The approach to financial health should be no different—gather data, perform analysis, make decisions, and take action—and leverage the respective strengths of advisors and technology. But most financial planning software was never developed with the client/advisor relationship in mind, which makes real planning labor-intensive. In this episode of Elementality, David Weiss, Chief Technology Officer of Elements®, joins Reese Harper to talk about the insights and philosophies driving the development of the Elements® app. You’ll hear about the concept of microinteractions, and how the proper delineation of responsibilities between advisors and technology can reduce overhead and enhance the client experience.
Our discussion about the most important indicators of financial health begins with the mother of all Elements®, Total Term (Tt). When a client asks, “Am I on the right track?” your job is to have an informed answer—and an accurately calculated Tt score can give you the foundation for a productive conversation.
In this episode of Elementality, Reese Harper and Ryan Isaac explain how Tt objectively measures progress toward financial independence and the rate at which someone’s Tt score should grow throughout a typical career. This is the brass tacks approach to measuring your clients’ financial progress without having to run a bunch of Monte Carlo simulations.
As investment management becomes more of a commodity and the advisor’s value proposition shifts away from products, a differentiated approach—one that demonstrates real planning and meaningful advice—will ultimately separate the contenders from the pretenders. But walking away from a commission-supported salary into a fee-only model isn’t an easy decision.
In this episode of Elementality, Reese Harper welcomes Matt Mulcock, CFP® who talks about his transition from Fidelity Investments to Dentist Advisors. Matt recalls the unknowns he was facing, the trade-offs he had to consider, and the learning curve he had to go through. He also shares the key to handling an unexpected wave of client volume so quickly.
You're part advisor, part entrepreneur. More clients create more stability, but they can also take up all of your available time, leaving nothing for the business. How long can you sustain your growth without a dedicated business manager? In this episode of Elementality, Reese Harper welcomes Justin Copier, Chief Operating Officer at Dentist Advisors, to talk about the start and evolution of their working relationship. You'll hear Reese explain the triggers that put him on the search for another manager, the skill set he was looking for, and things you might consider before pursuing a similar hire for your own business.
There’s no universal standard for financial planning, which means you’ll have to put your own stake in the ground and define what it means for your firm. Where does your minimum offering begin and your maximum offering end? And how will you control the service experience as more clients and advisors enter the mix? In this episode of Elementality, Reese Harper and Ryan Isaac, co-founders of Dentist Advisors, describe the art and science of measuring financial health and the evolution of their Elements® planning methodology.
In this episode of Elementality, you'll hear Reese Harper and his co-founder at Dentist Advisors, Ryan Isaac, reflect on the early days of their business and how they laid the groundwork for a profitable and consistent client experience across multiple advisors. As the demands on their time increased, learn how they answered tough questions, such as: Should we raise our fees? Wait for our clients to accumulate more assets? Hire another advisor? Scale back our service?
In this introductory episode of Elementality, you’ll hear Reese Harper, CFP® explain his decision to take a pay cut and pursue a more client-focused, specialized approach to financial planning while the market was collapsing in 2008–2009.