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#FASuccess Ep 433: When You 10X Your Advisory Firm To Over $20M Of Revenue…And Want To 10X Again, With Cameron Passmore

April 15, 2025 07:03 am 0 Comments CATEGORY: Financial Advisor Success Podcast

Welcome everyone! Welcome to the 433rd episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Cameron Passmore. Cameron is the CEO of PWL Capital, a wealth management firm based in Ottawa, Canada, that oversees just over $5 billion Canadian dollars (or approximately $3.5B U.S. dollars) in assets under management for 2,400 client households.

What's unique about Cameron, though, is how, after 10X'ing the firm's revenue (from $2 million to more than $20 million) over the course of the past decade as an independent, his firm decided that combining with a larger financial conglomerate would provide the best opportunity for the business to achieve its next round of 10X growth in the decade to come.

In this episode, we talk in-depth about how Cameron's firm experienced significant client and revenue growth by serving the CEO and employees of e-commerce platform Shopify early on in its growth path (eventually leading to massive AUM growth after the company's IPO), how Cameron's firm managed to generate over 1,100 inbound leads resulting in more than 200 new clients in just the past year driven primarily by its thought leadership content (including the Rational Reminder podcast, a YouTube channel, and white papers), and how Cameron's planning focus and passive investing approach has helped his firm stand out amongst the bank- and brokerage-dominated Canadian financial advice market.

We also talk about how Cameron's firm (after achieving its 10X revenue growth) conducted an exercise to envision ways to achieve its next round of 10X growth to be what he calls a “company of consequence” that could help change the landscape for financial advice in Canada, why Cameron turned down acquisition interest from firms that were primarily focused on the financial incentives of M&A but ultimately took a deal that was more focused on the opportunity to grow the impact of his business, and how Cameron's firm ultimately decided to sell to the U.S.-based business and financial services conglomerate OneDigital to provide the financial backing and corporate connections to support PWL Capital in its next growth phase (including through acquisitions of its own with other like-minded firms in Canada).

And be certain to listen to the end, where Cameron shares why his firm invested heavily into internal data management (including investing in an institutional quality “data lake”) not to reduce its technology costs, but rather to create tools that reflect the firm's planning approach and the client experience it wants to create, how Cameron's firm leverages planning teams consisting of a lead advisor, financial planning associate, and operations specialist (with Cameron and other firm leaders available to assist when necessary) that can serve 175 client households and generate approximately $1 to $1.5 million U.S. dollars in revenue, and how Cameron's willingness to just meet and get to know other advisors, businesses, and content creators, without having a specific goal in mind, has led to multiple serendipitous business opportunities throughout his career.

So, whether you're interested in learning about engaging on a new growth path after already achieving significant growth as a firm, investing in internal data management capabilities, or the process of evaluating acquisition offers, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Cameron Passmore.

A 3-Meeting Framework To Vet And Establish Productive COI Relationships

April 14, 2025 07:02 am 0 Comments CATEGORY: Marketing

Centers Of Influence (COIs) play a vital role in the growth and service capabilities of a financial advisory firm. When cultivated with care, these relationships can become valuable sources of client referrals and collaborative insight – especially because COIs and advisors often work with similar client profiles. However, establishing these relationships isn't always easy. Advisors must first identify potential COI relationships, then find a way to get 'in the room' with them, assess for mutual fit, and set clear expectations for building a long-term, productive partnership.

In this article, Tiffany Charles, Chief Growth Officer at Destiny Capital, and Kitces.com Senior Financial Planning Nerd Sydney Squires offer a thoughtful framework for approaching COI relationship development with greater intentionality. Drawing from Tiffany's real-world process, they provide not only practical guidance for building productive COI partnerships, but also strategic insights into why a more structured approach can lead to stronger, more sustainable results. The goal is to help advisors move beyond surface-level networking and into truly collaborative relationships that can benefit both professionals – and the clients they serve.

As a starting point, recognizing that COI prospecting deserves the same level of structure and care as client prospecting is crucial to developing fruitful COI relationships. When initial meetings are focused solely on small talk with only a vague mention of "doing business together", the results often lead to little, if any, follow-through. Tiffany's process, by contrast, begins with those who are already within her own – and her clients' – network and progresses over a three-meeting framework that lends structure to the early stages of a COI relationship while creating space for genuine connection, thoughtful evaluation, and meaningful alignment.

The first meeting is focused on building rapport and conducting an initial assessment. It serves as an introductory conversation with COIs who may be a valuable resource, with the primary goal of exploring values, communication styles, ideal client profile, and experience working with other professionals. In the second meeting, the goal is for both the advisor and COI to deepen their understanding of each other's services and client experiences, comparing ideal clients, service models, and overall business value propositions. If there's alignment and mutual interest, a third meeting is arranged to commit to a working relationship – agreeing on shared goals, referral expectations, and how to communicate effectively moving forward. From there, Tiffany recommends evaluating the relationship at regular six-month intervals to evaluate what's working and where opportunities for deeper collaboration might be possible.

Ultimately, the key point is that COI relationships can flourish when there's a shared commitment to collaboration, clarity, and long-term value. By following a repeatable process and prioritizing genuine alignment, advisors can build COI partnerships that don't just generate referrals – they help both professionals grow together and better serve the clients they support!

Weekend Reading For Financial Planners (April 12–13)

April 11, 2025 02:02 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 U.S. Senate has confirmed Paul Atkins to be the next Chair of the Securities and Exchange Commission (SEC). In terms of enforcement actions, Atkins is expected to prioritize instances of investor harm and be less inclined to issue sanctions for technical rule violations (which were more frequent under previous SEC Chair Gary Gensler). In addition, Atkins' arrival could also mean the end of the pending RIA outsourcing and custody rules proposed under Gensler, a reduced focus on monitoring advisors' off-channel communications, and a new regulatory framework for digital assets.

Also in industry news this week:

NASAA this week approved model rule amendments that would restrict the use of the titles "advisor" and "adviser" by broker-dealers (and their registered representatives) who are not also dually registered as investment advisers, which, if adopted by state regulators, would largely bring state rules on this issue in line with the Federal Regulation Best Interest
The SEC is reviewing the current $100 million asset threshold for registering with the regulator (rather than at the state level) with the potential to increase it (bringing more RIAs under state purview) as the number and size of RIAs has risen since the threshold was last lifted more than a decade ago

From there, we have several articles on managing market turmoil:

How having a written investment plan, leveraging automations, and being diversified across assets and strategies can help clients weather chaotic markets
A ranking of 10 sources of emergency cash, from liquid savings and low-risk taxable assets to margin loans and credit cards
How financial advisors can help clients feel like they are taking (constructive) action amidst a rapidly changing market environment

We also have a number of articles on client communication:

Why "compassionate objectivity" could be a better option than empathy to allow advisors to connect with nervous clients without risking their own mental health
How affirmations can help hesitant prospects and clients overcome the fear of being judged by their advisor and move them toward action
A list of questions advisors can use to foster understanding with clients (rather than simple agreement)

We wrap up with three final articles, all about ways to reduce stress:

Actions both firms and advisors can take to prevent burnout during stressful periods
Why stepping away from the desk for unqualified relaxation can ultimately lead to higher productivity
The value of "de-prioritizing" in order to focus on to-do list items that are truly important and time-sensitive

Enjoy the 'light' reading!

Inspired Discovery: Asking Vision Questions To Focus On Clients’ “Ideal Self”

April 9, 2025 07:04 am 0 Comments CATEGORY: Client Trust & Communication

It's natural for advisors to begin discovery meetings by asking questions about a client's current financial situation – understanding cash flow, debt, investments, risk tolerance, or even the burning tax concern that brought them to the advisor's door in the first place is crucial for financial planning. However, starting with these questions can have unintended consequences. Psychologically, when people assess their current reality, they tend to see what's missing – focusing on limitations and risks rather than what's possible.

Beginning discovery meetings by discussing financial concerns can trigger what psychologists call the Negative Emotional Attractor (NEA) – a psychological and physiological state linked to stress, problem-solving, and risk aversion. Which can narrow the client's cognitive focus, making them more likely to fixate on short-term issues rather than long-term growth, feel defensive, resist new ideas that challenge their current financial habits, and ultimately heighten their anxiety rather than inspire action.

By contrast, when advisors activate the Positive Emotional Attractor (PEA) – a state triggered by conversations about a person's ideal self, hopes, and possibilities – clients respond in a far more productive way. They become more open to new ideas, engaging more deeply in the financial planning process and feeling more motivated to take action.

With this in mind, opening meetings with "vision" questions that activate the PEA state – rather than "numbers-based" questions that encourage clients to focus on their current situation – can help clients create an emotional bridge between financial goals and personal fulfillment. For instance, rather than starting a conversation by asking, "How much do you need for retirement?" (which focuses a client on numbers and the possibility that they might not have saved enough), an advisor might instead ask, "What does an ideal retirement look like for you?" (which allows the client to first articulate their positive vision for retirement). Vision-oriented questions can also help clients clarify what they want from an advisor (e.g., "What qualities or values would you like to see in our partnership?") and view financial planning as a way to support the life they envision – helping them align their resources with what matters most (e.g., "How would having a clear financial plan help you become the person you aspire to be?").

After focusing on a client's "ideal self" through vision questions at the beginning of a discovery meeting, the next step is to guide the client gently toward their current financial reality. During this "real self" portion of the conversation, advisors can use reflective, nonjudgmental questions to explore the client's real self (e.g., "What financial decisions have helped you move toward this vision?"). Finally, closing the discovery meeting by summarizing key takeaways, identifying one or two meaningful next steps, and reinforcing financial planning as an ongoing process that supports their long-term goals can leave clients feeling clear, motivated, and excited about the financial planning process.

Ultimately, the key point is that financial planning is about more than numbers – it's about helping clients create a life that aligns with their values, aspirations, and long-term goals. By restructuring discovery meetings to start with vision-oriented questions that encourage ideal-self conversations, advisors can transform the planning process from a technical discussion into an inspiring and deeply meaningful personal journey. Framing the conversation this way doesn't ignore financial realities – it ensures that financial decisions are grounded in purpose, increasing engagement and long-term commitment to financial planning!

#FASuccess Ep 432: Crafting “Input Deliverables” That Show Financial Planning Value To Clients Without Creating Busy-Work, With Seth Scott

April 8, 2025 07:03 am 0 Comments CATEGORY: Financial Advisor Success Podcast

Welcome everyone! Welcome to the 432nd episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Seth Scott. Seth is the founder of Heartwood Financial Planning, an advisory firm affiliated with PlanMember Securities Corporation that is based in Fresno, California, and oversees approximately $100 million in assets under management for 850 client households.

What's unique about Seth, though, is how he has created what he calls an "input deliverable" that allows him to demonstrate value more tangibly to his ideal prospects by helping them solve a key tax planning pain point… but without the time-consuming busywork of having to create a separate output for each individual client household.

In this episode, we talk in-depth about how Seth built and provides his input deliverable (which calculates the appropriate amount of tax-exempt housing allowance pastors can take based on their individual circumstances, and even prepares a request and subsequent resolution that the Church's Board can then use) to demonstrate his expertise to prospective clients in the ministry, how Seth saves time by using this "input deliverable" (which he only has to create once, with prospects filling out their information in it themselves to get the output they can use) compared to creating an "output deliverable" (where an advisor has to collect and organize data and produce the deliverable document separately for each prospect), and how Seth's willingness to give this deliverable away to prospects allows him to get his foot in the door with his target clients for when they're (eventually) ready for a more holistic planning relationship.

We also talk about Seth's journey to financial planning as a career changer (after finding that previous jobs in urban planning and real estate either took too much time away from his family or weren't compatible with his values), how Seth's connection with a family friend eventually led him to assume the books of business of three retiring advisors under a vesting earn-out agreement that didn't require him to commit capital upfront, and how Seth uses the revenue generated from serving a broad base of clients through the vesting agreement as the business-building runway to "keep the lights on" as he grows his long-term ideal client base of working with pastors and their churches.

And be certain to listen to the end, where Seth shares how he decided to become a Certified Tax Preparer after buying a retiring advisor's tax practice (and why he is planning to earn the Enrolled Agent license to gain more specialized training to better serve his clients' tax preparation needs), how Seth is gaining inroads with churches (and their pastors) by helping them set up 403(b)(9) retirement plans that require little upfront cost on the church's part and offer their pastors unique tax benefits, and how Seth's faith has helped him weather the ups and downs of the major life transitions that come with a career change, taking over more than 800 clients to serve, and looking to what he wants his long-term ideal practice to be.

So, whether you're interested in learning about creating "input deliverables" that can demonstrate an advisor's value to clients and prospects alike, a path to serving a large client base soon after career changing into the financial advice profession, or how to gain inroads with clients in a specific profession, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Seth Scott.

Wealthbox’s Upcoming Built-In AI Meeting Notes Tool Signals Competition For Standalone Providers (And More Of The Latest In Financial #AdvisorTech – April 2025)

April 7, 2025 07:04 am 0 Comments CATEGORY: Technology & Advisor FinTech

Welcome to the April 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 Wealthbox has announced it is planning to launch a new built-in AI meeting note tool that it seeks to integrate seamlessly with its existing CRM solution – which serves as a prominent warning for the many standalone AI meeting note tools like Jump and Zocks that have launched over the last few years about the threat they face from existing AdvisorTech providers, since although the standalone tools' existing users may be happy where they are, Wealthbox's new solution could attract a significant amount of the new users who are either adopting AI meeting notes for the first time or upgrading from a non-advisor-specific solution like Fathom, eating into the standalone tools' future growth rates and making it hard for them (and their VC investors) to realize a substantial return on their heavy investment into the category.

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

All-in-one platform Advisor360 has announced the launch of a new standalone CRM designed specifically for independent RIAs as it attempts to make more inroads into the RIA channel – which raises the question of what other parts of its platform it might need to modify to better suit the needs of RIAs, when most of it was built to cater to its roots in the insurance and broker-dealer channels?
Advisor workflow support solution Hubly has been acquired by Docupace, which suggests that Hubly might have struggled to gain a critical mass of users as a solution to help solve the shortcomings of advisor CRM systems' workflow capabilities – especially given that the price of Hubly was often as much or more expensive than the CRM platforms themselves, which may have been simply too much to expect advisors to pay compared to the magnitude of the problem it solves
TaxStatus, a provider that had previously served as a service layer to automatically pull clients' IRS tax data either for monitoring by the advisor or to send to tax planning software like Holistiplan, has been steadily moving towards becoming a full-featured tax planning solution itself, as demonstrated by the release of its new Financial Baseline Reports that mirrors other platforms' tax snapshots to serve as a high-level overview of the client's tax situation as a jumping-off point for deeper tax planning conversations

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

A new data visualization tool, Exhibit A, has launched with the goal of helping advisors add custom-branded investment visuals to their client proposals and marketing materials, rather than the all-too-common practice of pasting in images from third-party sources that don't serve to burnish the advisor's expertise and brand
Alaris, a sell-side M&A consulting firm, has launched a new technology tool that helps sellers of RIA firms to narrow down from what could be dozens of potential buyers by algorithmically ranking them by the quality of their potential fit (rather than simply by choosing between the highest bidders, which can present pitfalls if the firms don't ultimately mesh together well)

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!

*And for #AdvisorTech companies who want to submit their tech announcements for consideration in future issues, please submit to [email protected]!

Weekend Reading For Financial Planners (April 5–6)

April 4, 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 President Trump's tariff announcement on Wednesday and the subsequent market decline have led many financial advisors to reassure clients that they are implementing their pre-determined plans for such circumstances. As they execute these plans, advisors appear to be taking different approaches depending on their investment philosophy and client base, with many preaching a 'stay the course' philosophy (perhaps highlighting that while equities are down, bonds have so far served their role as a portfolio ballast) and some finding potential tactical opportunities, from rebalancing client portfolios to identifying tax-loss harvesting opportunities.

Also in industry news this week:

Republicans in Congress appear to be eyeing an increase in the State And Local Tax (SALT) cap, possibly to $25,000 for an individual, amidst other potential changes as they look to pass sweeping tax legislation before key measures in the Tax Cuts and Jobs Act expire at the end of the year
Recent survey data sheds light on how advisors spend their time and view their value to clients, with plan preparation/presentation and investment management leading the way in both categories

From there, we have several articles on communicating with clients during market volatility:

How the messages advisors communicate to clients during market downturns can vary depending on whether a client is in the accumulation or drawdown phase
Methods for advisors to engage in one-to-many client communication during turbulent market periods, from regular email updates to video messages that allow clients to see and hear their advisor's reaction
A step-by-step approach to handling calls from nervous clients during periods of market stress, including the potential value of leading with empathy and curiosity rather than hard data

We also have a number of articles on investment management:

How advisors can navigate private market investments with increasingly curious clients
While private credit ETFs potentially offer access to the asset class in a liquid and tax-efficient wrapper, an analysis highlights the difficulties of ensuring accurate pricing and liquidity of these funds given their relatively illiquid underlying assets
Steps advisors can take to evaluate whether different types of liquid alternative funds might be appropriate for client portfolios and the importance of fund selection when using them

We wrap up with three final articles, all about scams:

Potential action steps for advisors when they find out a scammer has set up an impostor profile of them online
How advisors can protect their parents (and clients) from increasingly sophisticated financial scams
How digging into the data can help advisors show clients that supposedly 'hot' investment strategies might not be as attractive as advertised

Enjoy the 'light' reading!

Kitces & Carl Ep 161: How Valuable Is Getting Feedback About Your Original Business Ideas That Others May Not Get Anyway

April 3, 2025 07:02 am 0 Comments CATEGORY: Kitces & Carl Podcast

Launching a new business venture is often a creative – and somewhat vulnerable – act. Whether it's opening a new firm, publishing a book, or even just posting on social media, each public-facing offering reflects many hours of ideation, refinement, and effort. When preparing to launch, advisors must typically answer two core questions: "Who will show up for this?" and "Will the people who do show up like it and get it?" A good way to address both questions is to ask for feedback – but the real challenge is knowing who to ask, and when.

In the 161st episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss how and when to ask for feedback, how to use it constructively, and when it's better to simply act and launch.

As a starting point, gathering a sufficient volume of responses is crucial when asking for feedback. Negative feedback often feels ‘louder' than positive feedback, but a single critical opinion may not reflect a broader sentiment – people simply have a variety of preferences. Advisors can mitigate overreacting to one-off responses by ensuring they collect enough responses to identify real patterns, which can also prevent an advisor from rebuilding everything in response to a single opinion. Furthermore, ensuring that feedback is coming from the ‘right' people is just as important. For example, if a firm launches a new offering for its core clientele – dentists near retirement – then it may not be helpful to ask newly minted doctors what they think of the offering. The doctors may not find the offering helpful or relevant… and that's okay. Feedback from outside the target audience may be interesting, but it isn't always relevant!

In some cases, behavioral data may also be a helpful source of useful feedback. Observing the topics and offerings that clients actually engage with may offer better clues about what they find valuable. Doing more of what connects – and less of what doesn't – can be an easy, effective way to refine offerings over time.

Finally, there may be times when the best audience to build for is the advisor themselves. Many advisors build firms with fee service models that resonate with them. At times, what's needed isn't feedback – it's confidence. For example, there may come a point where an advisor may not need feedback as much as a rallying cry to move forward. Then, once something is launched, the advisor can watch for how prospects and clients react to their offerings and take that as implicit (or explicit) feedback.

The key point is that feedback can be a powerful tool to refine offerings and creative ventures, but only when it comes from the right people at the right stage of the process. When thoughtful feedback comes from a core part of the audience, it can be a helpful resource for advisors to shape services that resonate with their target audience. And, ultimately, those points of feedback can help advisors build a stronger, more relevant product – amplifying their impact in the long term!

Helping Clients Grasp Abstract Retirement Income Strategies With Historical Market Visualization

April 2, 2025 07:02 am 0 Comments CATEGORY: Retirement Planning

For many financial advisors, a core part of the retirement planning process involves simulating whether the client's assets will last through retirement. Traditionally, these simulations take the form of either Monte Carlo analyses – showing the percentage of simulated outcomes in which the client finishes with assets remaining – or stress tests that assess plan durability under a handful of adverse scenarios. Yet while these tools offer mathematical metrics, they often fall short in helping clients connect the numbers to their real lives. The reality is that most people struggle to make confident decisions based on abstract reasoning. Although the numbers might work out mathematically, clients still need to do the mental work of translating the numbers on the page into something that feels tangible and real – something they can imagine actually living through.

One way that advisors can help bridge this gap is by using Historical Market Visualization (HiMaV) as a more intuitive alternative for illustrating retirement income strategies. HiMaVs leverage the brain's natural preference for narrative and visual information by showing how a retirement income plan – such as a risk-based or guardrails-based strategy – would have fared during actual historical periods like the Great Depression, Stagflation of the 1970s, or the 2008 Global Financial Crisis. With reliable data from more than a century of market history, advisors can anchor planning scenarios in real events that clients may already be familiar with through lived experience or cultural memory.

What works about HiMaV is that it grounds financial projections in a story-based context. Rather than modeling a generic environment of below-average returns and above-average inflation, advisors can show how the same dynamics played out during a known time period – making the scenario more accessible and relatable. For example, when clients can see how their plan might have fared during a historical market downturn they already recognize, it becomes easier to imagine how they might respond and adapt. That emotional connection supports confidence and increases the likelihood that the client will stick with their plan and stay committed through both good markets and bad.

Retirement planning, then, isn't just about getting the math right to work out between the client's desired spending level and their income and assets available, nor is it about achieving the highest Monte Carlo score. It's about developing a dynamic spending plan (e.g., a guardrails-based strategy that adjusts spending levels if the client's portfolio either exceeds or drops below specified thresholds) that clients can understand, trust, and follow consistently. HiMaVs support this process by showing how those strategies would have played out in real-life historical scenarios, helping clients grasp when and why spending adjustments might have occurred.

Ultimately, the key point is that retirement income planning is not just about statistics – it's about helping clients believe in their plan. HiMaVs give clients a powerful lens through which to view their strategy, transforming abstract probabilities into lived, relatable experiences. And when clients feel grounded in the history of what's come before, they'll be better equipped to navigate the uncertainty of what lies ahead!

#FASuccess Ep 431: Navigating Couples With Money Conflicts By Developing A New Toolset Of Questions To Ask, With Nick Rodkin

April 1, 2025 07:02 am 0 Comments CATEGORY: Financial Advisor Success Podcast

Welcome everyone! Welcome to the 431st episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Nick Rodkin. Nick is the managing partner of Stoic Financial, an LPL-affiliated advisory firm based in Boynton Beach, Florida, that oversees $107 million in assets under management for 70 client households.

What's unique about Nick, though, is how, after nearly 15 years of practicing as a financial advisor, he went back to graduate school to get a master's degree in marriage and family therapy… which opened entirely new doors when working with client couples to help them better understand and resolve their own couples conflicts around money that would otherwise slow down or entirely stop their implementation of his financial planning recommendations.

In this episode, we talk in-depth about why Nick now dives so much deeper with client couples into questions about their relationship with money early on in the planning engagement (so that each partner knows where the other is coming from before more stressful situations emerge in the planning process), how Nick deploys a particular series of questions (including what money was like in their household growing up and whether they see themselves and their partners as savers or spenders) to gauge how each partner talks to each other when discussing money, and how Nick's goal is for these questions and conversations to drive more productive money discussions between client couples not just during the planning meeting but even and especially after they leave his office (as he wants couples to be what he calls "budget buddies" rather "expense enemies").

We also talk about how Nick is able to serve client couples with different levels of financial planning (and sometimes outright counseling) needs by offering separate AUM-based financial planning, flat-fee financial coaching, and for a few, hourly therapy services, how Nick segments his service model based on total client revenue generated rather than their just their assets under management (allowing him to work with clients with a broader range of financial circumstances), and how Nick uses the advice engagement tool Elements to efficiently understand a client's financial 'vital signs', especially early on in the relationship, and identify potential trouble spots to address through the subsequent financial planning process.

And be certain to listen to the end, where Nick shares why he finds that clients typically prefer their advisor to focus planning meetings on direct meaningful action items rather than just highlighting the recommended options for them to consider, how Nick finds that having money conversations with one's own spouse (as a financial advisor) can help us as advisors better unearth better questions we might ask our client couples, and how going to therapy himself helped Nick realize he didn't like the product-centric path he was on in earlier in his financial services career and inspired him to pursue what he now calls a more human-centered approach to financial advice.

So, whether you're interested in learning about ways to help improve financial communication between members of client couples, the questions that can drive these conversations, or how to incorporate aspects of financial therapy into a practice, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Nick Rodkin.