Weekend Content for New Planners

Weekend Content for New Financial Planners (July 22-23, 2023)

“Weekend Content for New Financial Planners” is a collection of articles, podcasts, videos, etc. that I’ve been consuming regarding breaking into financial planning, industry trends, career development, and more.

New Planner Recruiting’s Caleb Brown and Elevant Wealth’s Taylor Love discuss how new financial planners can get over fears of sitting down with clients, how to get started in the industry, and more [Podcast]:

“So, at first, when I heard about this Elevant Wealth, I wasn’t 100% sure for a couple of reasons. I’ve learned that RIAs, fee-only is kind of the most holistic, transparent, and in the best interest of the clients. So, I kind of wasn’t interested in anything else other than fee-only at first. So, when I heard of this place that they were affiliated with a broker, I was a little scared, just because of what I heard in classes.

But something inside me I guess said you should just pursue it. So, I talked to him and continued to network with him, and eventually was offered an internship. I’ve learned that in order to get fee-only, you have to start somewhere.”

Overcoming Your Fears Working With Clients As A New Planner [Caleb Brown, New Planner Recruiting]

Ron Carson and John Furey open up about how their mindsets evolved over their careers and contributed to their success [Article]:

[Carson]: “For the first few decades of building my business, I operated from a place of fear and scarcity. And yes, elements of that mindset served me well: They pushed me to grow the business, compete at a high level, and elevate the standard of service we provided to our clients. But I found it wasn’t sustainable or fulfilling. Colleagues, business partners, and stakeholders suffered because of my demands.

Around that time, I spent a week with my therapist to uncover where this mentality of ‘more’ was rooted. By the week’s end, I felt like we had talked through how my orientation of scarcity influenced the business. I understood, finally, that I didn’t need to operate from a place of fear because operating that way only attracted more fear, and that changing my heart to operate from a place of love and abundance only introduced more of that into my business and into my life.”

Ron Carson and John Furey: How We Embraced Abundance [Ron Carson & John Furey, Barron’s Advisor]

ICYMI: Meghaan Lurtz on a new approach for more efficient and effective client meetings [Article]:

“The difficulty of engaging clients with lecture-style presentations may explain the rise in collaborative plan presentation meetings revealed by the latest Kitces Research study on ‘How Financial Planners Actually Do Financial Planning,’ which assessed how advisors prepare and present plans, breaking down their methods into 4 broad categories: calculator, comprehensive, custom, and collaborative. The results indicated that nearly half of the advisors in the study use planning software as a collaborative tool in client meetings (up from only about 1/3 of advisors who reported using collaborative planning methods in our earlier study conducted in 2018). Collaborative meetings support client engagement by demonstrating the advisor’s desire to talk with their client, not just to talk at them.”

While Kit and Katie have had great success creating client engagement with their short pre-meeting videos personalized for clients, not all video content needs to be uniquely prepared for individual clients. Advisors can also prepare scripts that apply to clients in general, as there are probably things that they explain to every client in every plan presentation meeting (e.g., explaining the fundamentals of investment performance and asset allocation). And by recording it once, advisors can deliver the information in advance to clients to give them an opportunity to digest it at their own pace, encouraging them to come to the meeting with questions or concerns that can be discussed in more depth.”

Flip ‘Plan Presentation’ Into ‘Plan Engagement’ Meetings To Generate More Focus And Reflective Questions From Clients [Meghaan Lurtz, The Nerd’s Eye View]

Carl Richards on reframing when we are “wrong” and a reminder of the ripple effect you make as a financial planner on the industry—and the world [Video]:

Reframe Your Mistakes: Unlocking Your True Potential [Carl Richards, The Society Of Advice]

Ben Carlson with several overlooked forms of wealth [Article]:

Not caring what other people think about you. One of the weird parts about getting older is in some ways you feel like exactly the same person but in other ways you are completely different.

In my teens and 20s I probably cared way too much about what others thought of me.

Now I see what wasted energy that is. I think having kids helps. You lose the ability to be embarrassed when you have little kids and paying so much attention to them allows you to stop worrying so much about yourself.”

Some Other Forms Of Wealth [Ben Carlson, A Wealth Of Common Sense]

Which was your favorite takeaway? Comment below!

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