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Getting Known In Your Local (Facebook Group) Community To Quickly Add $30M In The First 2 Years: #FASuccess Ep 446 With Misty Lynch

July 15, 2025 07:02 am 0 Comments CATEGORY: Financial Advisor Success Podcast

Welcome everyone! Welcome to the 446th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Misty Lynch. Misty is the owner of Sound View Financial Advisors, an RIA based in Walpole, Massachusetts, that oversees $46 million in assets under management for approximately 100 client households.

What's unique about Misty, though, is how she grew her AUM by $30 million in 2 years in part by being recognized as a financial planning expert within Facebook groups for her ideal target clients of small business owners and families in her local area.

In this episode, we talk in-depth about how Misty gained recognition in key Facebook groups (for example the Boston Business Women’s group) not necessarily by promoting her own business or content but rather by being recommended by group members who were already familiar with her work, how Misty started creating personal finance blog content while she was still working in a corporate role at a broker-dealer (which gave her a running start when she did make the transition to client-facing advisor), and how Misty started a podcast that gave her access to key centers of influence (such as estate planning and student loan planning attorneys) and led to referrals from these professionals down the line.

We also talk about how Misty jump-started her firm ownership journey by buying a firm from a retiring advisor (which helped her avoid the time and effort involved in registering a firm from scratch), how Misty raised the fees on the firm’s legacy clients with little pushback and created an ongoing service and fee model that reflected her desire to (profitably) have long-term relationships with clients, and how Misty made the decision to make her first hire to provide additional support during a period of rapid growth (helping her ensure that current clients remained engaged as she onboarded a number of new clients).

And be certain to listen to the end, where Misty shares how she earned a life coaching certification that has helped her ask better questions to recognize clients’ money mindsets (which eventually led to her writing a book on the topic, further enhancing her reputation), why Misty previously ‘chased’ financial designations in an attempt to make herself more credentialed as a relatively young advisor (but eventually recognized that she was already ‘good enough’ to serve clients even without the various initials listed after her name), and how Misty transitioned from viewing success as a matter of personal and firm metrics and instead as a feeling that she’s doing good work and is living her life in the way she wants to.

So, whether you’re interested in learning about generating prospect leads through Facebook groups, jump-starting the firm ownership journey by buying a retiring advisor’s practice, or creating content across a variety of platforms, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Misty Lynch.

Identifying The ‘Right’ Balance Of Personalization And (Time) Cost Of Client Touchpoints To Boost ROI

July 14, 2025 07:02 am 0 Comments CATEGORY: Client Trust & Communication, Research

For a financial advisor and their new client, the first year working together can be a particularly intense period, typically involving multiple in-person or virtual meetings. After this first year, though, the number of scheduled meetings typically declines, often including only one or two formal meetings per year to check on progress toward financial goals and answer questions.

Beyond these formal meetings, though, advisors still often seek to create additional client touchpoints – interactions that can be either personalized (like one-on-one phone calls) or standardized (like newsletters sent to all clients). These touchpoints convey the ongoing value the advisor offers between meetings, particularly when clients are paying fees on a quarterly or even monthly basis.

In examining how these client touchpoints affect advisor productivity, the 2024 Kitces Research on How Financial Planners Actually Do Financial Planning found a positive correlation between the number of touchpoints and average revenue per client. In the study, advisory teams with less than $5,000 in average revenue per client reported a median of 14 annual client touchpoints, and those with $12,500 or more in average revenue offered a median of 20 touchpoints. Which suggests that advisors may offer more touchpoints when clients are paying higher fees, and that those clients may also expect more frequent engagement.

The revenue-per-client data also suggests that advisors aiming to move 'upmarket' may benefit from offering more frequent touchpoints – especially since clients paying higher fees often expect more engagement. However, client touchpoints aren't just about quantity – the type of touchpoint being offered also matters. For example, while personalized client phone calls require significant advisor time, standardized formats like newsletters or webinars can offer value more efficiently – and not every touchpoint format needs to be individualized to be effective.

In its examination of client touchpoint strategies, the Kitces Research Study on Advisor Productivity suggests that advisory firms tend to cluster into three broad groups based on the frequency and type of touchpoints they deliver: 1) Personalized Low Touch (about 10 touchpoints, primarily individualized through phone calls or personal emails; 2) Personalized High Touch (more than 20 touchpoints primarily individualized), and 3) Standardized High Touch (more than 20 touchpoints, primarily delivered through standardized means like client newsletters or webinars). Notably, service teams using a Standardized High Touch approach tend to report higher revenue per advisor than those using either Personalized Low Touch or Personalized High Touch approaches. This appears to be due in part to the ability to offer a greater number of touchpoints (linked to higher revenue per client) using less advisor time, freeing up staff capacity for other responsibilities.

Firms considering a shift to a Standardized High Touch approach can start by evaluating which types of client communication truly benefit from a more personalized approach – and which could be standardized without sacrificing client engagement. For instance, an advisor might hold a webinar addressing common client questions rather than repeating the same answers across several phone calls. Or, asynchronous video communication could allow advisors to offer personal responses without the need to coordinate schedules with the client. Further, firms with a high-touch offering can organize their client touchpoints into a clear, digestible format (e.g., a client service calendar) to help clients understand the full scope of what's available and what to expect throughout the year.

Ultimately, the key point is that by offering additional standardized touchpoints – in the formats that their clients find most valuable – advisors can strengthen client engagement and satisfaction (potentially leading to better client retention figures and more client referrals) without overextending themselves!

Weekend Reading For Financial Planners (July 12–13)

July 11, 2025 01:46 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, amidst the growing number of RIAs it supervises, the Securities and Exchange Commission (SEC) is moving ahead with a potential plan to raise the $100 million regulatory assets under management threshold for SEC registration, with the regulator having talks with some state securities regulators (which would bear an increasing regulatory burden if the threshold were lifted and more firms came under their watch) on the issue. While the SEC has not released a formal proposal (which would likely offer advisers and other interested parties a chance to air their views on the issue), such a move could prove frustrating for firms forced to switch to state registration (particularly those with clients spread across state lines) as it would potentially require affected RIAs to register with multiple state regulators and be subject to a varying set of rules depending on which state(s) they are registered in, compared to the more uniform supervision they experience under the SEC.

Also in industry news this week:

A recent survey finds that (unsolicited) client referrals are the top source of new clients for advisors this year, while networking, client appreciation events, and educational events have also proven to be fruitful for some advisors
A survey suggests that some advisors might be underestimating their clients' interest in charitable giving, an area where advisors can potentially offer hard-dollar tax savings for clients

From there, we have several articles on financial planning implications of the "One Big Beautiful Bill Act" (OBBBA):

Potential planning strategies in the wake of the increased State And Local Tax (SALT) cap, (including the potential value of managing income for clients near the phase-out limits)
How the new $6,000 tax deduction for seniors works (and why clients who are delaying claiming Social Security benefits could be in for a pleasant surprise)
Post-OBBBA estate planning strategies for clients across the wealth spectrum and how trusts could be an effective way for some clients to manage income amidst a growing number of phase-out ranges for certain tax benefits

We also have a number of articles on marketing:

Why the value of creating content tailored to an ideal client profile has increased in a world where more individuals are using Artificial Intelligence (AI) tools to find answers to their financial questions
How 'traditional' Search Engine Optimization (SEO) still has value for advisors amidst growing use of AI tools for Internet searches
How advisors can optimize their websites for ChatGPT search and reap the benefits of "Answer Engine Optimization" (AEO)

We wrap up with three final articles, all about social life:

Data show that the time Americans spend on in-person socializing has decreased dramatically over the past several decades, with increased time spent on watching television and using smartphones among the potential causes
Four ways to socialize effectively in one's 30s and beyond, from formalizing social events to 'organizing' friends to identify the most relevant event types for each group
A step-by-step approach to hosting a memorable (and relatively low-stress?) dinner party

Enjoy the 'light' reading!

Kitces & Carl Ep 168: Do You Really Have To Go Deep With Every New Client In The First Meeting?

July 10, 2025 07:02 am 0 Comments CATEGORY: Kitces & Carl Podcast

Kitces & Carl Ep Do You Really Have To Go Deep With Every New Client In The First Meeting

As the financial advice profession has matured, behavioral finance has become an increasingly important element of modern advice. This holistic approach to financial advice, often referred to as life planning, focuses on helping the advisor understand the client’s financial history, deep-seated goals, and overall relationship with money, which can allow for more targeted and comprehensive advice. However, for advisors who want to explore financial psychology with their clients, it may be difficult to determine when – and whether – to go deeper, and how to handle high-emotion conversations gracefully without overwhelming clients.

In this 168th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss the pros and cons of holding financial psychology conversations early in the client (or prospect) relationship – and how to determine whether a deeper exploration of the client’s financial history is appropriate in the first place.

From the prospect’s point of view, it’s easier to not hire a financial advisor than it is to hire one (at least in the short term). Sifting through advisors’ websites, fee schedules, and other information can require substantial effort. While some prospects may seek an advisor’s behavioral coaching – especially if the advisor markets themselves as a behavioral finance expert – the majority are motivated by a specific event that propels them to begin the process. As such, a prospect usually comes to an advisor with one key stressor in mind, and it may feel jarring to hear questions like, "What is your first memory with money?" These questions, though intended to build trust, may inadvertently leave clients feeling disoriented or uncomfortable if they were expecting a more straightforward problem-solving approach.

Instead, advisors may find more success in leading with solving the problem that the client immediately presents, and then, over time, gradually exploring the client’s financial background as trust develops. This process of earning permission to go deeper can take months – or even years! – of consistent, high-quality work. Such an approach may also create a more organic environment for advisors to practice and hone their empathy and behavioral finance skills.

Ultimately, the key point is that starting a financial planning relationship with introspective behavioral finance questions may feel jarring to the client unless the advisor has an express specialty in life planning, and the prospect is expecting that approach. For many prospects, it can be more effective to start by addressing the immediately presenting problem and, once trust has been established, dive to gradually explore their money stories together. And in the meantime, it’s worth remembering that the so-called technical work of financial planning isn’t ‘just’ technical – it often involves an incredible amount of emotional support and can go a long way towards helping clients realize their most important financial goals!

From Acknowledgment To Engagement: Key Questions To Reframe Issues And Get Action When Clients Are Off Track

July 9, 2025 07:01 am 0 Comments CATEGORY: Client Trust & Communication

Financial planning meetings often fall into categories like "Fix Meetings" (where there is an urgent problem that both the advisor and client want to address), 'Fine Meetings' (where everything is on track and the advisor provides reinforcement), or 'Flourish Meetings' (where clients are thriving and the focus is on expanding possibilities). However, another type of meeting occurs when the client isn't in crisis but has clearly drifted off track (e.g., spending more than planned, which could lead to long-term consequences for their financial plan). These Flounder Meetings can be particularly challenging, as the client may not feel the same urgency as the advisor to address the issue. Advisors often recognize the risks ahead and feel a strong responsibility to intervene, but without shared motivation, even well-intentioned conversations can feel stuck or strained.

In these situations, it can be tempting for the advisor to jump into problem-solving mode, telling the client how their current trajectory is unsustainable and recommending changes to get things back on track. But this directive approach can backfire if the client feels judged, causing them to disengage and leaving everyone frustrated. Because even technically sound advice may be ignored if the client doesn't feel respected or involved in the process.

An alternative approach is to make Flounder Meetings more collaborative than corrective. When clients are invited to actively participate in the conversation – instead of passively receive recommendations – they're more likely to engage. Rather than starting the conversation by pointing out the problem, an advisor might begin by encouraging the client to imagine what their life could look like 10 years from now if they continue on their current path. This encourages awareness without assigning blame and creates room for the client to articulate the issue in their own words. Once the situation is collaboratively explored and the problem defined, the advisor can help reframe potential adjustments as meaningful opportunities. For example, rather than warning, "You're on track to run out of money", the advisor might ask, "How could we think about this as a shift that gives you more options, not fewer?"

Guiding a client through a Flounder Meeting often means helping them visualize where their current path is leading, reflect on the trade-offs of staying the course, and reframe adjustments as opportunities for growth. And by framing potential next steps as short-term 'experiments' (e.g., cutting spending by $400 for three months) rather than permanent commitments, the conversation can reduce fear and unlock the momentum needed to take action, all in a natural, supportive way.

Ultimately, the key point is that an effective Flounder Meeting can help clients move from passive acknowledgment to active engagement, building both the desire for change and the confidence to pursue it. It also offers a moment to slow down, reset, and reimagine the future – because a shifting financial life tends to call for renewed alignment, agency, and resilience. These moments when clients felt heard, supported, and empowered to move forward are often the ones they remember most – and when they most recognize the value of having an advisor as a trusted, collaborative partner!

Leveraging Educational YouTube Videos To Drive Hundreds Of New Clients Per Year: #FASuccess Ep 445 With James Conole

July 8, 2025 07:01 am 0 Comments CATEGORY: Financial Advisor Success Podcast

Welcome everyone! Welcome to the 445th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is James Conole. James is the founder of Root Financial, an RIA based in Encinitas, California, that oversees $1.3 billion in assets under management for 630 client households.

What's unique about James, though, is how his firm has experienced massive growth (expecting to grow its revenue from $4.6 million to more than $10 million in 2025 alone) thanks in part by attracting clients who have engaged with his educational YouTube videos.

In this episode, we talk in-depth about how James found that transitioning from audio and video content covering general personal finance topics to material specifically for his ideal target clients (pre-retirees and retirees with at least $2 million in investible assets) initially led to fewer viewers but ultimately to more interested prospects, why James views consistency (in his case, posting a new YouTube video weekly) and depth of content (to differentiate his videos from others covering more surface-level material) as keys to his success attracting clients through this medium, and how James has created a separate YouTube channel that offers prospective clients (and potential employees) a behind-the-scenes look at how Root operates and the people behind it (giving these groups a better idea of what they could expect if they work with the firm).

We also talk about how James (once his firm started to receive a strong flow of leads) increased the friction involved for prospects to schedule an introductory meeting by requiring them to fill out a short form on their financial situation and disclosing the firms fees and asset minimums (leading to a higher percentage of meetings with good-fit prospects), how James firm transitioned from a three-meeting sales process to what it calls a "one-meeting close" (enabled in part by prospects already being familiar with the firm and how it operates based on their experience with its YouTube videos), and how James established a standardized system of five meeting types (in order, discovery, income, investments, retirement and tax projections, and security) to efficiently onboard new clients as the firm grows.

And be certain to listen to the end, where James shares how instituting a $2 million asset minimum for clients allows the firm to reinvest more aggressively (particularly into new staff to handle its rapid client growth) and position itself to potentially create a service for less wealthy clients down the line, how James firm standardized advisor training into its "Root University" program (which leverages tech tools like Monday.com and Loom to provide a consistent and scalable training experience), and how James is working to establish a strong company culture in a remote working environment (including by holding annual company retreats and smaller in-person gatherings among members of individual teams).

So, whether youre interested in learning about leveraging YouTube to increase the number of inbound leads who are already familiar with you and your firm, executing a more efficient prospect-to-client conversion process, or creating a tech-centric training system to ensure consistent service across advisors within the firm, then we hope you enjoy this episode of the Financial Advisor Success podcast, with James Conole.

Breaking News: Tax Planning Opportunities Under The New “One Big Beautiful Bill Act”

Getting Known In Your Local (Facebook Group) Community To Quickly Add $30M In The First 2 Years: #FASuccess Ep 446 With Misty Lynch

Identifying The ‘Right’ Balance Of Personalization And (Time) Cost Of Client Touchpoints To Boost ROI

Weekend Reading For Financial Planners (July 12–13)

Kitces & Carl Ep 168: Do You Really Have To Go Deep With Every New Client In The First Meeting?

Want CE Credit for reading articles like this?

From Acknowledgment To Engagement: Key Questions To Reframe Issues And Get Action When Clients Are Off Track

Leveraging Educational YouTube Videos To Drive Hundreds Of New Clients Per Year: #FASuccess Ep 445 With James Conole

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Breaking News: Tax Planning Opportunities Under The New “One Big Beautiful Bill Act”

Want CE Credit for reading articles like this?

Nerd’s Eye View Praise

Showcase YOUR Expertise

Stay In Touch

Questions?