Financial Advisor Success Ep 138: Leveraging A Media PR Strategy To Attract Ultra-High-Income (Millennial) Clients with Douglas Boneparth
9 snips
Aug 20, 2019 Douglas Boneparth, founder of Bone Fide Wealth, focuses on ultra-high-income millennials and shares his journey transitioning from a traditional model to a media-driven strategy. He discusses the importance of relatability in financial planning, addressing unique challenges like student debt. Douglas highlights innovative insurance solutions, the advantages of the RIA model, and the delicate balance between professional growth and personal life. His insights are invaluable for young advisors looking to connect with a younger demographic in today's financial landscape.
AI Snips
Chapters
Transcript
Episode notes
Smooth BD to RIA Transition
- Commonwealth’s RIA-only platform allows seamless broker-dealer to RIA transition without repapering.
- This innovation is attractive for advisors wanting independence with continuity.
Broker-Dealer Role Shrinking
- Independent broker-dealers mainly function as product distributors, which is fading as advisors focus on advice.
- Commonwealth separates broker-dealer and advisor support, forecasting future industry shifts.
Repapering During Sandy Crisis
- Douglas recounted repapering his practice during Superstorm Sandy, a stressful and exhausting process.
- Despite this, he retained 96% of clients showing resilience through transitions.