Weekend Content for New Planners

Weekend Content for New Financial Planners (November 5-6, 2022)

“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.

ICYMI: If you are considering starting your own firm, XY Planning Network co-founders Michael Kitces and Alan Moore share the latest data on their members including [Podcast or Video]:

  • What to expect in revenue during your first 2 years
  • Revenue and profitability for advisors who have a niche
  • Profit margins by firm type (solopreneur, boutique, and enterprise) after reaching 75 clients
  • And more…

[Kitces]: “The question is when your marketing starts getting going, when your firm gets traction, when you begin to get known for what you do and you start trying to increase your fees commensurate with that value, do you build marketing momentum and can you get higher fees commensurate with your value? To me, that’s ultimately what we’re seeing in the scaling firm phase is the ones that have been niching all along start just like drastically pulling ahead by six-figure levels of revenue and profitability because of the seeds that they were setting in the early years.

While they basically had no material difference in the early years, like they weren’t drastically better in the building phase, they weren’t any worse. But once those seeds have been laid, it’s kind of like the farmer that plant seeds. You can’t tell who’s done a good job of planting seeds and those who have not done a good job planting seeds before the seeds begin to break through the surface. It’s when they start growing and breaking the surface. You can tell really quickly who is doing a good job in farming.”

XYPN’s 2022 Benchmarking Study Highlights: A Review With Alan Moore And Michael Kitces [Michael Kitces & Alan Moore, XYPN Radio]

A reminder that what’s so familiar to us is still confusing to many and that simplifying works (and can still be interesting):

Rick Kahler on how to overcome the fears and obstacles around raising your fees [Podcast or Video]:

“‘Am I better off accepting the current wage than them firing me and then possibly no one hiring me at the higher fee? Maybe I better take the bird in the hand that I have.’ And ‘Even if they stay on as a client, will raising my fee anger them and change our relationship?’

These were all things that my vendor was going through and thinking as we talked. Now, here I am, on the other side, not thinking that at all. I wanted [the vendor] to be happy, I wanted to retain [the vendor].

So, she’s wanting to retain me and fearful I’ll drop her. And I want to retain her and fearful that she might drop me if I don’t pay more. [It’s] so normal to go through these fears…”

Raising Your Fees – It’s Not About The Money [Rick Kahler, The Financial Therapy Podcast]

If you’ve made it through conference season with many new marketing ideas, Penny Phillips shares how to make sure they actually get implemented [Article or Video]:

“More often than not I have witnessed advisors suffer analysis-paralysis as it relates to marketing. What can be freeing is embracing the fact that marketing is not about finding the perfect plan template, tool, or system, it’s about consistently and systematically focusing on the right activities. Here, I provide a simple and repeatable way to focus your marketing efforts each month.”

How To Focus Your Marketing Efforts [Penny Phillips, WealthManagement.com]

New Planner Recruiting with advice for career-changers on what to emphasize on your resume [Article]:

“Changing careers can be challenging, but becoming a financial planner is worth it! Make sure you are utilizing the valuable skills you have developed over the years to help get your foot in the door and launch your successful second career as a financial planner. [Highlight] these skills on your resume, giving specific examples as to how they were used and how they can be applicable in a new profession. Believe it or not, you probably have a lot of the necessary skills needed to be successful in a different job, you just have to think about how they are transferable and use them for the greater good.”

How To Become A Top Career Changer Candidate [Alyssa Van Auker, New Planner Recruiting]

If you’ve heard of Carl Richard’s “One-Page Financial Plan,” but never really looked into it, a summary of its scope and purpose [Video]:

Getting Started With A One-Page Financial Plan [Carl Richards, The Society Of Advice]

James Clear explains “The Akrasia Effect” and ways to overcome procrastination [Article]:

“Human beings have been procrastinating for centuries. Even prolific artists like Victor Hugo are not immune to the distractions of daily life. The problem is so timeless, in fact, that ancient Greek philosophers like Socrates and Aristotle developed a word to describe this type of behavior: Akrasia.

Akrasia is the state of acting against your better judgment. It is when you do one thing even though you know you should do something else. Loosely translated, you could say that akrasia is procrastination or a lack of self-control. Akrasia is what prevents you from following through on what you set out to do.”

The Akrasia Effect: Why We Don’t Follow Through On What We Set Out To Do And What To Do About It [James Clear, JamesClear.com]

Which was your favorite takeaway? Comment below!

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