Nerd's Eye View blog

Making The Tough Decision To Change Firms To Find The Path To Equity Ownership You’re Seeking: #FASuccess Ep 462 With Maggie Rapplean

November 4, 2025 07:03 am 0 Comments CATEGORY: Financial Advisor Success Podcast

Welcome everyone! Welcome to the 462nd episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Maggie Rapplean. Maggie is a partner at Moneta Group, an RIA based in St. Louis, Missouri, where she oversees $250 million in assets under management for 108 client households.

What's unique about Maggie, though, is how she made the tough decision to switch industry channels and firms to eventually find the path to equity ownership that she was seeking (and building a successful advisory team in the process).

In this episode, we talk in-depth about how Maggie began her career working within a wirehouse where she benefited from strong business development training and camaraderie with fellow advisors but didn't have a path to ownership, how Maggie then transitioned with her team from the wirehouse to start an independent RIA but found it challenging without the resources of a larger firm and saw no clear path to equity ownership, and how Maggie decided to move to Moneta Group, which offered her the resources of a larger firm (from technology to advanced planning expertise) as well as a well-defined path to partnership.

We also talk about how Maggie has built her team within Moneta not only by transitioning some of her previous clients and adding new clients through a growing referral network but also by taking over the clients of a retiring advisor, how Maggie retained the vast majority of these clients by first working alongside the retiring advisor (creating a warm handoff that built client confidence in her) and then by showing how she could offer additional value by refreshing these clients' financial plans and offering deeper advice in tax planning and other areas, and how Maggie's success serving these clients and growing her business led to both an opportunity to buy the book of business from Moneta (through an earn-out structure) and to eventually become eligible to buy a stake in the firm as a partner.

And be certain to listen to the end, where Maggie shares how her early success winning new clients gave her the confidence that she could have long-term success in the industry (and how she encourages newer advisors to seek out business development training to build those skills), why Maggie wanted to pursue an ownership stake in a firm not only to share in the success of the business where she worked but also for the flexibility it could provide her down the line when it comes to her own succession, and how Maggie has found that leading her own team has helped allow her to balance her career and growing practice with the ability to be engaged with her family at home.

So, whether you're interested in learning about charting a course towards partnership, the pros and cons of working in different industry channels, or effectively transitioning a book of clients from a retiring advisor, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Maggie Rapplean.

RightCapital Reduces Switching Costs Of Changing Financial Planning Software With New Data Migration Tool (And More Of The Latest In Financial #AdvisorTech – November 2025)

November 3, 2025 07:02 am 0 Comments CATEGORY: Technology & Advisor FinTech

Welcome to the November 2025 issue of the Latest News in Financial #AdvisorTech – where we look at the big news, announcements, and underlying trends and developments that are emerging in the world of technology solutions for financial advisors!

This month's edition kicks off with the news that RightCapital has announced a new feature to streamline the process of switching financial planning software platforms by scanning uploaded PDF planning documents from eMoney and automatically importing the data into RightCapital (while for its part, eMoney has revealed that it has quietly been using the same technology to import client plans into its platform for the last year) – which on the one hand is notable in that it addresses a major pain point insofar as switching costs can be a major hurdle for advisors in switching to a different (and better) software solution, but also raises the question of why AdvisorTech providers are choosing to invest in tools designed to lower the (largely self-imposed) cost of switching, rather than simply making it easier for advisors to export and migrate their clients' data and investing more into improving their tools' core capabilities instead?

From there, the latest highlights also feature a number of other interesting advisor technology announcements, including:

Advyzon has announced the upcoming launch of a new financial planning offering to complement its portfolio management and CRM tools, raising questions about whether it can continue its run of highly rated software offerings, or if it will repeat the struggles encountered by other "all-in-one" providers in getting all of their components to add up to more than the sum of their parts
Financial planning software provider Elements has reportedly been foreclosed on by its creditors and will likely be either sold to a new owner or shut down entirely – which on the one hand reflect Elements' failure to articulate a clear value proposition for itself to advisors after numerous changes in its marketing pitch, but at a more fundamental level is indicative of how "planning light" tools struggle to solve the problems that clients actually hire their advisors to solve
Several high-profile former AdvisorTech founders have teamed up to launch Hamachi, a new tool for quickly generating AI-created email responses to clients' investment questions – which raises the question of whether the time spent writing an email in response to a client question is better considered as an investment in the client relationship (and therefore worth the time spent), or if it could be spent more productively on other tasks (in which case it's better to automate away)?

Read the analysis about these announcements in this month's column, and a discussion of more trends in advisor technology, including:

AI notetaker Jump has announced its acquisition of the human-driven meeting transcription service Mobile Assistant, representing a shift to a new venture capital-fueled growth-by-acquisition strategy by Jump to consolidate its market share in an increasingly competitive AI notetaker market (and signaling to other notetakers that time may be running out to gain traction, or else pivot to a different strategy or perhaps be acquired themselves)
Dispatch, a "data orchestration" solution for advisory firms, has raised $18M in Series A funding, suggesting that their solution for syncing client data across multiple technology tools (without needing to rely on point-to-point integrations or expensive data warehousing tools) could be gaining traction

And be certain to read to the end, where we have provided an update to our popular "Financial AdvisorTech Solutions Map" (and also added the changes to our AdvisorTech Directory) as well!

*To submit a request for inclusion or updates on the Financial Advisor FinTech Solutions Map and AdvisorTech Directory, please share information on the solution at the AdvisorTech Map submission form.

Weekend Reading For Financial Planners (October 25–26)

October 31, 2025 01:50 pm 0 Comments CATEGORY: Weekend Reading

Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that the Social Security Administration announced that the annual Cost Of Living Adjustment (COLA) for 2026 will be 2.8%, up from 2.5% in 2025 but below the ten-year average COLA of 3.1%. While this figure can support cash flow planning in the coming year, what could be more impactful for clients entering or in retirement is the potential for a change in COLA calculation to be a part of future legislation designed to shore up the Social Security system (before the Social Security trust fund is expected to be exhausted in the early 2030s, at which point [absent policy changes] it would be able to pay out approximately 80% of benefits). Notably such changes could boost or reduce future COLAs, as Congress could seek lower COLAs to reduce costs to the system (e.g., by adopting the "chained CPI" inflation measure or reducing COLAs for higher-income recipients) or raise them (e.g., by adopting the "CPI-E" figure, which is designed to track the spending patterns of older Americans) as a 'sweetener' in a package of tax increases and/or benefit reductions.

Also in industry news this week:

Cyber and privacy breaches stand out as concerns for RIAs, according to a recent survey, with data accuracy and a lack of data training among specific areas of concern when it comes to Artificial Intelligence (AI).
A recent survey suggests that small business owners largely recognize the benefits of working with financial advisors and offers insights into the planning areas that could prove most valuable to this group

From there, we have several articles on insurance planning:

A checklist for advisors supporting their clients in selecting benefits during this year's open enrollment season
Comparing the relative upsides and downsides of Health Savings Accounts (HSAs) and Flexible Savings Accounts (FSAs) and how financial advisors can create hard-dollar tax savings for clients by helping them make the best election for their unique needs
A guide to end-of-year Medicare planning opportunities during the annual open enrollment period

We also have a number of articles on behavioral finance:

Four ways client biases are costing them money, from reluctance to pay taxes today when it comes to Roth conversions to hesitance to realize losses as part of a tax-loss harvesting strategy
How to help prospects overcome the emotional hurdles involved when deciding to switch advisors
A recent study suggests that clients might not really want 'independent' advice and could seek an advisor whose recommendations match their prior beliefs

We wrap up with three final articles, all about finding meaning in the modern age:

At a time when attention is more valuable than ever, taking an intentional approach to managing could lead to stronger relationships and greater fulfillment
How evaluating whether one's goals are truly their own (or are influenced by others) could lead to a stronger work-life balance
The downsides of living a "checklist existence" and the potential benefits of a more contemplative approach to work and life

Enjoy the 'light' reading!

Ways To Say Yes Sustainably To Prospects In Need Who Don’t Fit Your Minimums: Kitces & Carl Ep 176

October 30, 2025 07:03 am 0 Comments CATEGORY: Kitces & Carl Podcast

The high impact of financial advice on people's lives is often an appealing part of the profession for many advisors who enter the field to help others. Yet, one of the realities of operating a business is that it must be done sustainably. According to Kitces Research and other benchmarking studies, the average annual cost to sustainably serve a client is around $3,000. Most Americans lack the assets or discretionary income to meet those thresholds. This leaves advisors who want to help others in a painful dilemma. On one hand, they may need to say “no” to those who genuinely need help but don't meet the firm's minimums, which can feel deeply unsatisfying – especially in a profession rooted in service. On the other hand, saying yes too often without structure can lead to burnout, unsustainable workloads, and a business model that struggles to thrive.

In this 176th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss how advisors can say yes in a way that is sustainable for both their practice and their wellbeing. One powerful framework is the 'barbell model', coined by Morgen Rochard. Rather than building a practice around average clients, this model allocates capacity at both ends of the spectrum: serving a small number of high-revenue, ideal clients while intentionally reserving a limited number of seats for lower-paying (or pro bono) clients. This helps advisors maintain business profitability while still engaging in the kind of high-impact, purpose-driven work that drew many to the profession in the first place. Crucially, the model works only when it is capacity-constrained – advisors must be disciplined about the number of 'low-revenue' clients served to keep the firm in balance.

Another potential approach is structured group education and financial coaching programs, particularly around focused topics or client niches. For instance, advisors can run regular workshops, courses, or group sessions, providing foundational guidance in a time-efficient and replicable way. These models offer high-leverage ways to say yes without ongoing client commitments and allow advisors to amplify their reach – potentially affecting hundreds of people per year, far beyond what's possible in a traditional one-to-one client structure. Moreover, these group offerings can be handed off to junior staff over time, making them more sustainable and potentially contributing to the training and development of newer advisors through valuable client-facing experience.

A third tactic is time-limited hourly advice – such as offering one-hour consults at a nominal fee, which creates clear boundaries while maximizing impact. By capping the time commitment, advisors maintain control over their schedules and avoid scope creep. Some dedicate a set block of time weekly (e.g., two one-hour consults every Friday) to such sessions, creating a consistent, guilt-free way to give back without derailing their core business. Even though the service isn't financially lucrative, it offers a way to help those in need meaningfully and on the advisor's own terms. This approach can also be a valuable source of practice reps, especially for associate advisors still building confidence and communication skills.

Ultimately, the key point is that it's possible to say yes to more people in need without compromising the sustainability of an advisory business, but doing so requires intentional structure and boundaries. By adopting models such as the barbell strategy, group education, and time-bound hourly advice, advisors can align their desire to serve with the economic realities of running a practice. These models allow advisors to give back in an impactful way, making a lasting difference in the lives of others!

Extending Inherited IRA Distributions Beyond 10 Years By Naming Intentionally Non-Designated Beneficiaries

October 29, 2025 07:01 am 0 Comments CATEGORY: Estate Planning

Before the SECURE Act was passed in 2019, non-spouse heirs who inherited IRAs could 'stretch' Required Minimum Distributions (RMDs) over their own single life expectancy, often allowing inherited accounts to last for decades. The SECURE Act replaced that treatment with a 10-Year Rule for most non-spouse beneficiaries, who must now fully deplete their inherited accounts within 10 years, typically much sooner than under the stretch rules would have allowed. Yet, in rewriting the law, Congress left one category of beneficiaries unchanged: Non-Designated Beneficiaries (NDBs).

In this guest post, Brad Herdt, a financial planner at Deseret Mutual Benefit Administrators, introduces a strategy that allows financial planning clients to potentially stretch distributions for heirs beyond ten years – by intentionally using NDB treatment.

For NDBs, the maximum account lifetime is either five years if the account owner died before their Required Beginning Date (RBD) – the point when RMDs must begin – or the decedent's remaining single life expectancy (reduced by one each year and rounded up) if the account owner died on or after their RBD. Which means that after the owner's RBD, an NDB may potentially be allowed to deplete the account over a longer period based on when the owner dies – unlike Non-Eligible Designated Beneficiaries (NEDBs), who face a fixed 10-year window to empty the inherited account.

Importantly, once the owner survives past their RBD, the distribution schedules for NDBs is tied to the owner's remaining life expectancy – which, in the early post-RBD years, can exceed the 10-year rule by as much as five years. At that point, deliberately naming specific beneficiary designations, certain types of trusts, or even the owner's estate (all of which can make the heir an 'Intentional' NDB, or INDB) can stretch the payout period well beyond what an NEDB would receive. Still, as the owner ages and their remaining life expectancy shortens, NDB treatment eventually results in a shorter payout period than the 10-Year Rule – making it advantageous to revert back to an individual (i.e., NEDB) designation.

Even under ideal circumstances, though, an INDB's annual RMDs for the first nine years will always be larger than under NEDB rules – front-loading taxable income. Which suggests that a cost-benefit analysis based on each client's unique circumstances (e.g., the intended beneficiaries' tax outlook and distribution behavior, account-specific factors like Roth earnings maturity and sequence-of-returns risk, and the client's own preferences) is essential. Still, for the right clients – such as those with heirs who can absorb higher early traditional account withdrawals, or those with certain Roth employer plans – the benefit of stretching distributions beyond ten years can outweigh the cost.

Ultimately, the key point is that the INDB Strategy can potentially extend the distribution period by up to 50%, giving heirs more time and flexibility in managing cash flow and taxes. And because the strategy's success depends on understanding the IRS timing and rule constraints, financial advisors can play a critical role in both determining when it's appropriate and helping clients implement it effectively!

Helping Clients Live Intentionally And Generously With Charitable Giving Events (That Also Drive Growth): #FASuccess Ep 461 With Zac Larson

October 28, 2025 07:02 am 0 Comments CATEGORY: Financial Advisor Success Podcast

Welcome everyone! Welcome to the 461st episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Zac Larson. Zac is the co-founder of IntentGen Financial Partners, a hybrid advisory firm based in Naperville, Illinois, that oversees $550 million in assets under management for 895 client households.

What's unique about Zac, though, is how he has found success in part by placing charitable gifting at the center of his firm's identity, not only in exploring planning tactics that can help clients give more efficiently but also in seeking to work with employees and clients who want to "live generously".

In this episode, we talk in-depth about how Zac refers to his clients as "engaged partners" who want to explore the purpose of their money and go beyond discussions of net worth to talk about their net impact, how Zac devotes time in client meetings to being curious about the people and places that are most important to his clients (which can help identify their priorities and eventual giving opportunities down the line), and how Zac's firm tracks and publishes the charitable donations it facilitates (raising its profile in its local community and attracting potential clients who might be interested in expanding their own giving).

We also talk about how Zac's firm emphasizes its five core values (live intentionally, find solutions, be real, grow purposefully, and live generously), applying them both internally when hiring and evaluating team members and when engaging with potential external partners, how Zac uses a ‘pod' structure to expand advisor capacity (supporting them with a "planning coordinator" (who serves as an extension of the advice function) and a "service coordinator" (who helps ensure follow-on action items get done), and how Zac's fee model of a flat planning fee plus separate AUM fee allows his firm to serve clients with variety of circumstances (as long as they want to be truly engaged partners with the firm).

And be certain to listen to the end, where Zac shares how his firm holds in-person events that bring together clients and community members with local non-profits to raise money for these groups and demonstrate his firm's generosity-centric approach (boosting client engagement and attracting like-minded prospects in the process), how Zac further boosts client loyalty through extra personal touches (for example, by holding a phone call instead of sending an email) that help him better understand what's going on in their lives, and how Zac has ultimately found success by trying to attract clients who want to work with him rather than chasing those who might not be fully sold on his firm's approach.

So, whether you're interested in learning about making charitable giving a core part of a firm's identity, using giving events as an opportunity to demonstrate a firm's culture to prospective clients, or creating a service model to work with clients with different levels of wealth, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Zac Larson.

The 17 Best Financial Advisor Conferences To Attend In 2026

October 27, 2025 07:01 am 0 Comments CATEGORY: Conferences

The rise of the internet fundamentally changed how financial advisors learn and advance their craft. Short of waiting for an industry 'guru' to periodically publish a book every few years, the only ways to keep up with the latest strategies to grow your practice or better serve your clients were to read an industry trade magazine – and absorb whatever fit in a two-page article spread – or to go to a financial advisor conference. In this context, going to a conference wasn't just about earning CE… it was literally the primary way of Continuing your Education as a financial services professional.

But now, the internet serves up an endless variety of CE credits for barely 1/10th what most financial advisors would spend on a single conference… raising the question of what, exactly, the ROI is to pay $2,000 in registration fees, travel expenses, and multiple nights of hotel accommodations, just to see content you could have read online, heard on a podcast, or watched on YouTube.

Yet the reality is that taking time to travel to a conference isn't just about a particular session itself… it's about the topical immersion when you go to a "tax conference" or a "retirement conference" or a "marketing conference". Or connecting with other advisors in similar circumstances facing similar challenges, from whom you can learn. Or simply the experience of getting out of your office and enjoying an event where you get to tax-deduct the travel to a beautiful location to enjoy while you learn and connect with others.

Still, the fact that "the content is available online" means modern financial advisor conferences can't survive by simply having a reasonable lineup of speakers and content. Instead, similar to how financial advisors themselves are growing in the current environment, conferences are increasingly specializing, putting together a full agenda and experience to address a particular segment of advisors and the particular (knowledge or practice management) problems they face in their firms. Which increases the relevancy – and thus the ROI – of the conference for advisors who are a good fit.

As someone who has been speaking at 50–70 conferences a year for 20 years myself, I've seen the good and bad of our wide range of industry events, from the industry associations to the broker-dealers and insurance companies and RIA custodians, the rise of vendor conferences and media-driven events, private company events, and more. As a result, I am often asked for my own suggestions of what, really, are the industry's 'best' conferences to attend, and back in 2012, I started to craft my own annual list of 'best-in-class' top conferences for financial advisors.

Having updated our annual conference list every year since, I'm excited now to present my newest list of "Top Financial Advisor Conferences" for the upcoming 2026 year, from events on advisor technology (and a new one focusing specifically to AI!) to conferences on creating and marketing your personal brand, learning business development skills, or developing next-generation talent, to the top events for those who still use conferences to up their technical game in areas like tax planning, estate planning, and retirement planning. Plus a few events that are simply great, well-rounded experiences for those who want to enjoy the conference, the destination, the sessions they attend, and their fellow attendees.

In addition, we've also updated our popular "Master Conference List" for all financial advisor conferences we could find for 2026, both for advisors looking for a wider range of events to attend (if you want to delve deeper into a particular topical area) and for vendors looking for more conferences to exhibit at! (And as more 2026 conferences are announced in the coming months, we'll continue to update the Master Conference List well into the coming year!).

So I hope you'll find this year's 2026 top conferences list (and our updated Master Conference List) to be helpful as a guide in planning your own conference budget and schedule for next year, and be certain to take advantage of the special discount codes that several conferences have offered to all of you as Nerd's Eye View readers!

Weekend Reading For Financial Planners (October 25–26)

October 24, 2025 02:00 pm 0 Comments CATEGORY: Weekend Reading

Enjoy the current installment of "Weekend Reading For Financial Planners" – this week's edition kicks off with the news that with a December 3 deadline for large RIAs to comply with new amendments to Regulation S-P related to client data protection and incident responses (as well as a June 3 deadline for other firms), some firms are working with their third-party tech vendors to change language in their contracts to ensure timely notification of data breaches, allowing the firms to fulfill their responsibilities to their clients. Which (alongside the reaction to this week's Amazon Web Services [AWS] outage, which hindered the performance of several cloud-based software tools) could provide an impetus for firms to review their incident response and business continuity plans to ensure that internal and external lines of communication remain open and client data remains available and secure in a variety of contingencies.

Also in industry news this week:

How this week's AWS outage could lead some firms to assess their reliance on a particular cloud provider (including their exposure from third-party software tools)
A recent survey found that 90% of Americans plan to claim Social Security benefits before age 70 (when they would receive their maximum benefit), creating an opportunity for advisor-client conversations that discuss the full range of considerations that inform this decision, from evaluating the various risks involved (e.g., mortality and longevity risk) to discussing the client's personal preferences (e.g., whether to front-load their retirement spending)

From there, we have several articles on investment and tax planning:

An analysis of the upsides and downsides of different tools (including Section 351 ETFs, exchange funds, and 'side portfolios) that can be used to diversify a client's portfolio with large embedded capital gains while deferring taxation
A quantitative evaluation of whether to sell highly appreciated (but underperforming) assets and how the availability of a basis-step up affects this analysis
Tax strategies that can help investors to get comfortable with unwinding investments with large capital gains, from establishing a "capital gains budget" for the amount of capital gains to be triggered each year to engaging in a "donate-and-replace" strategy that leverages the tax preferences of contributing appreciated securities for a tax deduction

We also have a number of articles on practice management:

Four unconventional KPIs that can measure a firm's productivity, including revenue per hour worked and an impact score to measure the value of different client touchpoints
How firms and employees alike can get the most out of annual performance evaluations, from the value of tying employee objectives to firm goals to the benefits of getting upward feedback
How investments in training, including hard-dollar commitments and the creation of formal development plans, can help firms boost employee retention and ensure a strong pipeline of next-generation talent

We wrap up with three final articles, all about workplace flexibility:

While flexible work arrangements (both in terms of location and work hours) appear to have staying power (and can boost employee satisfaction), taking a consistent approach to implementing these programs and taking steps ensure team cohesion can help firms maximize their benefits while minimizing potential downsides
Why maximum work schedule flexibility can sometimes lead to burnout for busy professionals and how a more structured approach (that still allows room to balance priorities inside and outside the workplace) could lead to greater satisfaction
How declaring "meeting bankruptcy" to evaluate which meetings are truly needed (and which might be shifted to an asynchronous approach) could create greater time savings for a firm (and perhaps allow employees to shorten their workweeks)

Enjoy the 'light' reading!

Minimize The Data-Gathering Slog: Using “WOOP” Framework To Get Clients To Act

October 22, 2025 07:03 am 0 Comments CATEGORY: Client Trust & Communication

For many financial advisors, one of the most frustrating bottlenecks in the planning process is the data-gathering phase, where client procrastination frequently stalls progress before it even begins. Onboarding requires effort from clients themselves: locating documents, completing forms, and granting account access. This work is often tedious, emotionally charged, and unglamorous, which can cause even highly motivated clients to get stuck. However, these delays don't necessarily reflect a lack of interest or commitment; clients can deeply value financial planning and still struggle to act on it.

The core challenge stems from what behavioral psychologists call the "value-action gap": the disconnect between what people say they want and what they actually do. Clients often defer onboarding tasks not because they doubt the advisor's value, but because the tasks feel overwhelming or uncomfortable. This behavior isn't unique to financial planning; people procrastinate things they care about all the time, from exercise to decluttering. At the heart of this struggle is a concept called "momentary distress tolerance" – the ability to endure short-term discomfort in service of a longer-term goal. While some advisors aim to work around this with synchronous "Get Organized" meetings or similar solutions, it's difficult to eliminate client ‘homework' entirely. And when motivation falters, discomfort often wins out, leading to stagnation.

Traditional motivation strategies – like emphasizing the benefits of completing onboarding – often fall flat because clients are already convinced of financial planning's value. In many cases, the barrier is more often an issue of bandwidth, not desire. Gabriele Oettingen's WOOP framework (Wish, Outcome, Obstacle, Plan) offers a practical, research-backed strategy to bridge the gap between intention and action. WOOP encourages clients to articulate not only their goals but also the internal and external obstacles likely to impede them – and to create if/then plans for overcoming those obstacles. For example: "If I get bored looking for paperwork, then I'll set a 20-minute timer to stay focused."

The real power of WOOP lies in its simplicity and adaptability: it doesn't require worksheets or a rigid script – just a natural conversation about the client's goal, why they want it, what might stand in their way, and how to get around it. Advisors can guide clients through this mental exercise informally in meetings, particularly when assigning tedious or low-reward tasks like gathering account statements or completing estate planning documents. By helping clients visualize potential friction points and prepare responses in advance, advisors make it more likely that clients will follow through and avoid the limbo of incomplete onboarding. Over time, this practice builds more client self-awareness while reinforcing the advisor's role as a thinking partner – not just a taskmaster.

Ultimately, when clients are supported in identifying their own motivational roadblocks and equipped with strategies to overcome them, they're more likely to stay engaged, follow through, and experience the true benefits of financial planning. This allows advisors to spend less time chasing paperwork and more time delivering meaningful, high-impact advice to their new clients!

Establishing The Operational Systems It Takes To Truly Serve Ultra-HNW Clients Effectively: #FASuccess Ep 460 With Stephanie Hughes

October 21, 2025 07:03 am 0 Comments CATEGORY: Financial Advisor Success Podcast

Welcome everyone! Welcome to the 460th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Stephanie Hughes. Stephanie is the CEO of Wiss Family Office, a multi-family office based in Florham Park, New Jersey, that oversees approximately $1 billion in assets under management for 220 client households.

What's unique about Stephanie, though, is how she has established the operational systems required to serve Ultra-High-Net-Worth (UHNW) clients efficiently and securely as her practice has grown beyond $1 billion in AUM in just seven years.

In this episode, we talk in-depth about how Stephanie and her firm are able to provide clients with a "one-stop shop" for their financial, legal, and tax needs (reducing the stress clients face when personally managing stakeholders across several different firms), how Stephanie finds that integration across the firm's different services (and active communication amongst team members across the business) is a key driver to the firms success (and a differentiator from firms focused on one primary service area), and how Stephanie prioritizes having strong internal controls in place given the volume of high-dollar client transactions her team processes that (if mishandled) could create significant tax burdens or expose them to fraud.

We also talk about how Stephanie encountered challenges hiring for positions in her multi-family office environment because of how her practice's processes differ from what candidates might have experienced at other wealth management firms, why Stephanie looks beyond a job candidate's skills to take a deep dive into their personality and motivations to ensure they'd be a good fit for her firm's culture, and how Stephanie finds that gaining experience in client service is valuable for aspiring advisors at her firm because it exposes them to the complex nature of UHNW clients' service needs and the importance of diligence when managing money movements and other transactions.

And be certain to listen to the end, where Stephanie shares how her clients can use a dedicated email address that goes to several members on their planning team (given that a question might require tax, wealth management, and/or legal expertise), why Stephanie's firm is creating an internal workflows tool to manage its robust approvals process (as well as another tool to monitor accounts and communications to detect signs of fraud, such as changes to their phone number and address), and how Stephanie finds that being linked to an accounting firm not only provides her practice with a steady flow of good-fit clients, but also fosters an immediate sense of trust given new clients' years of experience working with the firm on business and personal tax issues.

So, whether you're interested in learning about what it takes operationally to serve ultra-high-net-worth clients, the importance of internal controls when handling these clients' high-dollar transactions, and how proper staffing can ensure a high-quality experience for these clients, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Stephanie Hughes.