Breakaway Brokers

RIAs should consider becoming more like VC firms by adopting the principles that govern them.

Questioning leads to closing. A number of the advisors I work with are pretty good at engaging, asking questions and caring about the answers. However, they are really uncomfortable with the close. I promised you I wouldn’t give you coaching on “closing,” so I won’t.

The "ideal life" is a harmful myth that can distort perceptions of success and happiness. By recognizing different values and goals, you can foster a more inclusive – and realistic – understanding of what it means to lead a fulfilling life.

Most advisors grow by referral and word of mouth. But what happens when your clients stop talking about you? Here are three ways to start marketing.

When done effectively, your outsourced team of professionals can help improve efficiencies, increase productivity, and scale profitably – all while giving you the freedom to focus on what you’re most passionate about.

Digital assets are emerging as a crucial subset of alternative investments, and their integration into wealth management portfolios is inevitable.

Determining your client’s risk tolerance is a critical first step in constructing a tailored investment portfolio.

I often hear my clients talk about the struggles with the next generation and how hard it is to work with them. Here are some of my best tips for how to lead the next generation (or potentially any generation that needs a little boost).

I have developed a seven-step framework that has been used countless times to assist advisors looking to build a $1 million, 100-days-off practice, as well as help leaders of seven-figure firms scale their success to new heights.

This article will explore how to increase your AUM by capturing assets in trusts and DAFs, explain the difference between directed and traditional trustees, and discuss why designating a directed trustee and an advisor-friendly DAF is in the client’s best interest.

It is more common that teammates really enjoy the people they work with and have one another’s backs, but they don’t particularly want to give up personal time to spend more with workmates.

Unbundling services and offering them à la carte could appeal to clients who want more control over their financial management. This approach allows clients to tailor the services they receive to their unique needs and preferences.

Earned media acts as a third-party stamp of approval for your firm, generating more referrals while boosting existing referrals.

Storytelling allows you to describe what you do, and whom you do it for, in a way that is transferrable and understandable.

By aligning your event format with the brain’s natural tendencies, you can create more engaging, effective, and enjoyable experiences for your audience.

Expanding outreach to include a well-orchestrated digital lead generation strategy is the most effective and efficient way to grow a client roster and help new generations navigate the Great Wealth Transfer with optimal financial strategies.

With the advent of artificial intelligence (AI) in financial services, the pressure to move away from the AUM model is mounting. Has the time come for you to rethink your approach to compensation?

If you select appropriate colors that are most appealing to your target market, you’ll have an influential edge over your uninformed competitors.

What is your personal financial code of conduct? Whether you’re consciously aware of it or not, chances are you have an internal set of standards and taboos that guide the way you handle money.

Aligning a client’s values with their financial decisions is often touted as a best practice for financial advisors. It’s time to reexamine that premise.

Here’s a quote attributed to P. J. O’Rourke, an American author, journalist and political satirist: “There is a simple rule here, a rule of legislation, a rule of business, a rule of life: beyond a certain point, complexity is fraud.”

Using infographics to illustrate your firm’s financial planning process is a great way to show the value you provide. Whether in your marketing materials, initial consultations, or new client onboarding, these visuals can help set the stage for a successful and growing relationship.

Successful advisors are persuasive. They understand persuasion is critical to converting prospects into clients and keeping them as clients.

By incorporating these practical suggestions into your meetings, you can effectively leverage the power of likability and high-quality evidence to build trust and increase your assets under management.

When feedback is done well, it can be the greatest gift you give to someone.

Having the best referral in the world doesn’t convert a prospect. It’s your website that seals the deal, not only for referrals but for organic prospects as well.

Many financial advisors exhibit a risk-averse attitude, leading to missed opportunities for growth and innovation.

It is overly optimistic to think people will simply change if they don’t see and understand the hurtful nature of what they are doing.

Here are some lessons from interviewing financial advisors and insights into the traits that lead to a recommendation.

The ability of AI to demonstrate empathy holds great promise for enhancing user interactions and support services. However, its current limitations highlight the irreplaceable value of human empathy.

Savvy advisors that blend classic prospecting methods with modern tech are not only reviving successful strategies from the past but are also setting the stage for sustainable future growth.

It’s hard to work daily with and for someone who clearly doesn’t like you or want you to succeed.

When dealing with millennials and often with more seasoned investors, it’s important to understand their barriers to acceptance of a boring approach to investing.

Here’s how to conduct yourself as an advisor if you want to demonstrate that you care about your clients.

Whether the discussion is about training, coaching, or consulting on roles and responsibilities, the topic of behavioral style – that is, sameness and differences – often gets missed.

Financial advisors are increasingly turning to social media platforms to expand their client base. But in today’s rapidly evolving digital landscape, the traditional marketing funnel model – comprising awareness, engagement, and conversion stages – often falls short when applied to these platforms.

If you’re finding referrals aren’t as plentiful or as easy to activate as they used to be, it’s time to ask yourself: is concentrating on referral hunting really worth your time?

It’s taboo in many cultures to admit you might want to have a life outside of your work, so a lot of people keep it to themselves because they don’t want to be seen as weak, or uncommitted.

The myth of work-life balance has perpetuated unrealistic expectations and unnecessary stress. By recognizing the fluidity of life and embracing a more flexible approach, you can find greater fulfillment and mental well-being.

Leveraging essential tools will energize teams, streamline operations, and drive growth. Financial advisors should actively promote education, training, networking, and personal development to foster a net wealth-supporting environment.

Trust is a precious commodity and the importance of authenticity cannot be overstated. Whether in healthcare, education, or business, being genuine and transparent is essential for building strong, lasting relationships. However, nowhere is this truer than in the financial advisory industry.

I love questions like this one – the chance to think creatively and brainstorm “what could be” without the stress of having to do something right now. I have some suggestions to start thinking about what you could do when you have more latitude and less financial responsibility.

AI and automation will revolutionize the financial advisory industry. These technologies enhance efficiency, improve client communication, and enable data-driven decision-making. By 2035, AI will be integral to most advisory firms.

As RIAs and broker-dealers consider how to allocate future spending, they would be wise to recognize how technology designed to support fee-for-service financial planning can help them meet their most immediate goals while also allowing them to grow and nurture next-generation wealth management clients.

Implementing the net wealth mindset in practice involves developing detailed financial plans that align with each client's needs and priorities, and crafting a client-centered service model.

Financial advisors can future-proof their businesses and maintain their relevance in an increasingly tech-driven world by combining human expertise with AI’s efficiency and analytical prowess.

The years-long parade of freedom-seeking advisors out of the wirehouses continues unabated. Meanwhile, consolidation of RIA firms, driven by private equity’s hot money, has similar momentum. Are these trends on a collision course?

How safe is your IRA? Not from economic ups and downs, but from your own vulnerability to scammers? While financial scams are often perceived as targeting senior citizens, younger generations are equally susceptible.

Tesla Inc. is expected to report another quarter of weaker sales, and it’s running out of alibis.

The US trucking market, which has been in recession for more than a year now, is poised to recover … at some unknowable point in the future.

No coach is going to be able to work well with your team unless you are very clear about expected outcomes. What will success look like in working with the coach?

Traders in the US rates options market are embracing a nascent wager on the Federal Reserve’s interest-rate path: a whopping 3 percentage points worth of cuts in the next nine months.

I have long admired Jonathan Clements. His columns in The Wall Street Journal introduced me to index-based investing. I was deeply saddened to read his column in HumbleDollar, dated June 15, 2024, that, at age 61, he has been diagnosed with lung cancer that has metastasized to his brain and “a few other spots.”

This article will outline the key steps and best practices financial advisors should take to become trusted advisors in the realm of cybersecurity.

This summer, countless bankers and financiers will get away to the Hamptons or vacation in Europe. And a handful will be traveling nearly every weekend — to play lacrosse.

Dell Technologies Inc. shares rose on Thursday after Chief Executive Officer Michael Dell said the company is building a “Dell AI factory” for Elon Musk’s startup xAI alongside Nvidia Corp.

This week’s column is devoted to brushing up on what you know you need to do well — and making sure you are actually doing it!

Understanding how to act ethically and appropriately as an advisor is apparently no easy task.

In this article, I will discuss what compliance officers do and the various factors advisors should consider in determining who should serve as their CCO.