Elementality for Financial Advisors | Elements Financial Vitals System™

In an effort to get prospects to buy their services, some advisors lead with free advice. But how much should you give away? What kind of advice? Should you be giving away anything at all? To sell your planning services, prospects do need to know something about what you are going to deliver. On this episode of Elementality, Reese and Chad take a look at why putting your focus on the process of planning may be more effective than delivering any pieces of a plan itself.

What describes your advisory approach? Are you the "hero" who has the optimal financial solution for clients? Or, are you the "guide" who helps align a client's finances with their life? Reese's guest on this episode of the Elementality podcast is Scott Frank of Stone Steps Financial. Scott explains how guiding clients to first focus on what they want from life creates an emotional connection to their finances that motivates them to follow through with your planning advice.

Pricing is becoming a major issue for planning firms. While managing client portfolios doesn't carry the value it used to, finding the right fee structure for traditional planning—which takes many hours of work each year—can be difficult. On this episode of Elementality, Reese and Chad take a look at the future of AUM and retainer fee models. They discuss what you need to consider prior to making a pricing decision, plus how to match the value you deliver with a fee that fits your clientele.

Depending on the advice you're after, you hire a personal trainer, or a lawyer, or a therapist … or a financial "advicer." That's the term Michael Kitces' coined to clarify the difference between fiduciaries and commission-driven advisors. Michael is Reese's guest on this episode of the Elementality podcast. XY Planning Network co-founder and iconic thought-leader, Michael explains why the financial services ecosystem is changing as we move from being product-centric to being advice-centric.

Too many advisors make the mistake of not telling clients it takes time to deliver the value they offer. A good financial plan needs to take into consideration a client's aspirations. And it takes a steady stream of client interactions over a long period of time to help them reach those dream desires. On this episode of Elementality, Reese and Chad discuss how your real value is reinforced when you take the role of ongoing advisor, behavioral coach, and even counselor for your clients.

The financial advice industry is steadily shifting away from portfolio management to financial planning. Positioning your firm to make sure you join the new era of wealth management will be critical. On this episode of the Elementality podcast, Reese and Douglas A. Boneparth of Bonefide Wealth, discuss why focusing on the next generation may be the only way to survive—and thrive—as a planning firm owner. The trends are clear. What can you do to make sure your firm is part of the future?

As a fiduciary advisor, you put client needs first as you help them gain confidence in their plan. But how do they know you care about their progress? On this episode of the Elementality podcast, Reese and Chad explain why you need to take all client financial data seriously as you track net worth growth. Too many advisors don't have a process to monitor progress. To build closer relationships you need to be able to acknowledge the milestones clients reach as they work towards their goals.

The financial services landscape continues to evolve as more companies develop technology that appeals to a wider audience. A glimpse into a futurist's crystal ball reveals that what is coming next could change fintech … and advisory services as well. On this episode of the Elementality podcast, Reese welcomes Natalie Taylor who has spent the bulk of her career trying to disrupt the fintech status quo. Financial service innovations are coming, how will those changes affect advisors?

Does it fluster you when a client doesn't implement their financial plan? The planning process grinds to a halt and you're left wondering what more you could do to motivate them. On this episode of the Elementality podcast, Reese and Chad discuss why each client should feel they are a crucial part of the planning process. Find out how clear communication from you and open collaboration with them results in clients who are more involved in their own financial health.

With both product salespeople and RIAs labeled as "Financial Advisors" it's difficult for a general audience to really understand the difference. Fiduciaries educate prospect-by-prospect—it's vital when selling our services—but does the RIA vs product pitch debate have any public advocates? On this Elementality podcast meet Carl Richards. Known for his "Sketch Guy'' New York Times column, Carl explains his passion for both fiduciary advice and client planning that helps align money with purpose.