Welcome back to the 310th episode of the Financial Advisor Success Podcast!
My guest on today's podcast is Natalie Taylor. Natalie is the owner of Natalie Taylor Consulting Services, an independent virtual RIA, and is also the Head of Financial Advice for Monarch Money, a personal financial management tool that helps consumers track their spending and net worth over time.
What's unique about Natalie, though, is how, during her years of working for a FinTech company, she realized that providing valuable financial advice that is more affordable for the masses ultimately requires collecting only the data, and delivering only the advice, that will provide the greatest amount of impact and value to the client… and filtering out the rest that just isn’t cost-effective advice for the end consumer.
In this episode, we talk in-depth about how, while working for LearnVest, Natalie realized that their financial advisors were much more limited by the constraints of data, time, and fees, than the traditional advisor, which inspired her to develop a framework that focuses on providing only the most impactful financial advice to help clients move forward right now, how while also working at LearnVest, Natalie developed a ‘brand voice guide’ to help all of their advisors communicate advice to clients more consistently, that revolved around 5 principles for advisors to implement during the advice delivery process (including “be the Coach”, “be the Expert”, “be the Cheerleader”, “wide lens/narrow lens”, and “listen and direct”), and how the acquisition of LearnVest by a large financial services company, and the repurposing of its technology tools, ultimately led to Natalie leaving and having to dismantle the advice offering she originally helped build and develop.
We also talk about how, in the early stages of Natalie’s career, she felt that as a young advisor she was not prepared to give advice at the level of an expert and instead switched firms to work with a mentor who recognized her talents and gave her more opportunities to work with higher caliber clients (and really build her confidence with them), how, after leaving LearnVest, Natalie focused on speaking engagements and consulting but reached a crossroads as she recognized she missed the type of direct impact she had for clients in her previous roles that doesn’t come from consulting alone, and how Natalie realized that she did not have to choose between her desire to provide a breadth of impact through a FinTech or a depth of impact with personal financial planning and instead chose to do both, by splitting her time between the launch of her own independent RIA while simultaneously joining a personal financial management tool company, Monarch Money, as the head of financial advice where she could help them systematize advice for the masses.
And be certain to listen to the end, where Natalie shares how working in FinTech and at an RIA helped her understand how important it is to balance between advice that is exact and solutions that may not be as ideal but helps the client actually move forward and take the next positive step, why Natalie believes it is important for newer, younger advisors to not get discouraged by the uncertainty of career paths and instead concentrate on getting clear on what values are important to them and using those values as a filter to find the next steps on their paths, and why Natalie believes the key to her success stems from developing her own personal list of 6 core values that she and her husband use to filter their major family and career decisions… and review each year to ensure the ongoing decisions they are making are still in alignment with what is really most important to them, and can keep propelling them forward in their careers and their lives.
So, whether you’re interested in learning about how Natalie dealt with having to dismantle the FinTech she helped develop, why Natalie ultimately decided to work simultaneously for a FinTech company and her own RIA, or why Natalie focuses her work on the meaningful impact she can provide in her clients’ lives, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Natalie Taylor.