Financial Advisor Success Ep 162: Efficiently Expanding In-Depth Financial Planning Services To Move Beyond The AUM-Only Model with Tim Bickmore
Feb 4, 2020
Tim Bickmore, co-founder and director of financial planning at LBW Wealth Management, discusses evolving an advisory firm past AUM-only models. He covers switching to subscription-based planning, pricing and onboarding changes, a cash-flow centered planning process, time-tracking and unit economics, and the shift to agile, project-based financial planning.
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Grandfather Clients While Auditing Who Actually Benefits
- Grandfather existing clients but run the math to see who benefits and who would pay more, then require waivers if they choose to stay at old terms.
- Tim grandfathered current clients and moved those who benefit to the new structure while requiring acknowledgment from others.
Doing Planning Right Is Time Intensive But Core To Value
- LBW evolved into a true planning firm and accepts that quality financial planning is time intensive.
- Tim: doing financial planning right requires deep work and has become central to their value proposition beyond investment management.
Use Agile Planning To Position Clients Not Predict Futures
- Adopt an agile, ongoing planning approach focusing on positioning clients for decisions rather than predicting 30-year outcomes.
- LBW moved to continuous reviews so they can pivot as clients' goals and life events change.