Let’s be blunt: too many advisory firms are fooling themselves. They point to a 12% increase in AUM and pat themselves on the back. They celebrate hitting “record highs”...
There’s a personal truth I hold that applies to individuals and teams alike: all behavior is truth. In other words, what you do—not what you say—is the most accurate...
Organic growth is a critical indicator of health for every successful advisory business—regardless of size, assets, revenue, or number of clients. It reflects your...
With our nation mired in so much political conflict and dissent lately, Memorial Day offers a rare opportunity for all of us to come together in a shared national pride...
From the outside, your firm may appear to be thriving. Assets have increased, referrals remain steady, and your calendar is full. But here’s the question that matters:...
Too often, firms wait until just before the moment of succession to ask: “Are they ready?” The worst time to evaluate leadership is when you need it most. Leadership...
Every founder begins as a builder — fueled by grit, vision, and relentless drive. The unintentional consequence of excelling at attracting clients and offering...
So I’m checking into a conference recently, and as I’m wrapping up at the hotel front desk, an advisor recognizes me and asks if he can have a word—confidentially. Of...
Mergers and acquisitions are heating up across the wealth management landscape. Some firms are building pipelines as serial acquirers. Others are testing the...
Imagine this: your client opens their quarterly statement, and it’s all green arrows. Their 401(k) is humming. Their investment accounts look like they’ve been on a...
By all traditional measures, you are already winning. Year-over-year revenues and profitability continue to grow steadily. AUM and AUA are both on an upward trajectory....
As we have noted in the past, a rapidly aging advisor population means that competition for top-tier advisor talent will continue to intensify. As a result, we expect...
The financial advisory industry is on the brink of a perfect storm. Within the next decade, we will face a projected shortfall of 100,000 advisors due to retirements,...
What if I told you that your firm's biggest competitive edge isn't just your expertise—but your ability to make wealth management easier for clients? Today, clients...
A few years ago, I received a call out of the blue from the CEO of a $5 billion RIA. He needed help facilitating his firm’s strategic planning offsite and wanted to...
Growth is the lifeblood of any thriving organization, especially in the competitive world of financial advisory firms. Yet, unchecked or poorly managed growth can derail...
Imagine this: You’re sitting across from one of your most valued clients—the type of relationship you’ve cultivated over the years. They’re looking for clarity on their...
Mergers and acquisitions (M&A) are a strategic move that can help drive growth, increase market share, and enhance your profitability. M&A also represents an opportunity...
Creating structured career paths for your team members. It's one of the most crucial (yet all too often overlooked) aspects of running a successful advisory business....
One of the most complex and sensitive issues a financial advisory firm, particularly its Chief Operating Officer, can face is when a partner's actions, decisions, or...
Effective communication is the cornerstone of every high-performing team. Research shows that companies with effective communication practices are 4.5x more likely to...
85% of RIA growth is currently being driven by senior advisors. How do you plan to sustain momentum and continuity as your founders start retiring? Succession planning...
In our ClientWise team coaching program for financial advisory firms, we define a true team as a group of people fully committed to the mutually defined and...
As fires rage across California, our hearts and prayers are with everyone affected. To our clients and the advisory community, we see the strength and resilience you...
As the new year begins, reflecting on the past and considering the future is natural. Mark Twain's timeless wisdom—"Twenty years from now, you will be more disappointed...
Developing deeper relationships with your clients and empowering them to share your value with their networks is a compelling way to expand your practice. Referrals are...
As we approach the new year, let’s confront an uncomfortable truth: too much opportunity is sometimes more dangerous than too little. In his game-changing book The...
Most business leaders fall into one of two camps. They either have a long-winded, flowery-language, say-nothing Mission Statement, or they don’t have one at all. Some...
The clock is ticking, and the year's final chapter is here—a high-stakes season where you can turn a good year into an unforgettable one. It's not just about crunching...
For this article, let’s call the firm we’re referencing WYSIWYG Wealth Management—a high-performing advisory team setting the standard for building a sustainable and...
As the leaves crunch underfoot and the Thanksgiving Holiday season is upon us, it’s time to hit the pause button on the chaos and soak in a little gratitude. Sure, the...
One of our clients, let’s call her Sarah, is the epitome of a high-performing professional. She leads a successful wealth management division. She consistently ranks top...
Let's face it – most advisors lose out when wealth passes down to the next generation. In fact, less than 20% of those assets stay with the same advisor after the...
When you think of an American success story, it’s hard to imagine one more compelling than Abraham Lincoln’s journey from a humble log cabin to the White House. But did...
You and your team hold a noble responsibility—guiding clients towards financial security and helping shape the current and future well-being of your community. This work...
“There’s no recipe for really complicated, dynamic situations.” – Ben Horowitz, The Hard Thing About Hard Things Not every owner sets out to be a CEO. Most wealth...
The industry's top performers are focused on growth and preparing for the year ahead—are you confident your strategy is built on a solid foundation to navigate the...
Many financial advisory firms have grown so fast that they've lost sight of building and nurturing their talent ecosystem, or they're simply clinging to outdated...
Recently, I found myself coaching a group of firm founders and controlling owners – all of them grappling with one extremely critical question: Am I the right person to...
What separates ‘Top Performing’ advisory firms from everyone else? Is it their size and scale that affords them the ability to deliver more specialized services and...
As Mark Tibergien points out, financial advisors operate in a unique industry where "advisors are often paid for the value the client brings to the relationship, rather...
For many advisors, concepts such as refining their mission, vision, and values (MVV) tend to be viewed as secondary concerns—things that are somewhat useful for the firm...
As we turn onto the home stretch and drive towards the finish line of 2024, you may be faced with confronting some hard truths – needing to acknowledge both internal and...
I recently had a chance to sit down and digest the data presented in Fidelity’s latest RIA Benchmarking Study. It’s an invaluable report that helps shed light on several...
Today, with digital communication in full swing, nearly all prospective clients are a lot more ‘savvy’ than has always been the case. In fact, instead of a canned sales...
For a long time, steady growth has been the norm for wealth management businesses. Over the past decade, the capital markets alone have driven revenues among fee-based...
While some advisors are content with maintaining a 'lifestyle practice' that allows them to generate enough income to support their lifestyle without feeling pressured...
Acquiring new clients needs to be the lifeblood of every growth-focused advisory business. Sure, M&A deals tend to garner the lion’s share of media attention, but most...
When someone repeats the same thing over and over often enough, it eventually becomes accepted as truth—even when it's not. This phenomenon, which psychologists call...
Kevin O’Leary (aka ‘Mr. Wonderful’) is one of my favorites on Shark Tank. I don’t always agree with his delivery, but he never fails to ask tough questions that a good...
Building an enduring firm is an incredibly noble endeavor. Making a positive difference in a client's life can dramatically impact many future generations of their...
Setting high standards for your team. It’s crucial in building a client-focused firm – helping foster an interdependent team that consistently achieves excellence for...
For the ten years between 2012 – 2021, wealth management firms experienced a nearly $30 trillion surge in AUM (from $20.6 trillion to $50.4 trillion). Yet during that...
As we gather to celebrate the Fourth of July, it's more than just a day off work or an opportunity to enjoy fireworks with family and friends. It's a time to reflect on...
In the 1989 classic film Field of Dreams, Kevin Costner’s character, Ray Kinsella, hears a mysterious voice whisper, “If you build it, he will come.” Driven by faith, he...
Finding new clients. It’s perhaps the single greatest challenge faced by younger next-generation advisors. Traditional cold-calling methods of building a client roster...
In building a sustainable wealth management firm, the need to attract and retain next-generation future leaders becomes more crucial with each passing year. As firm...
Although you might not consciously think about it, our day-to-day lives involve a wide range of ‘gamified’ systems. From airline frequent flier programs and cash-back...
Over the years, I’ve observed that the most effective firms seem to always go above and beyond the typical annual review for their team members – providing more formal...
On this Memorial Day, we at ClientWise unite in a shared national pride and gratitude, pausing to honor and remember the brave men and women who have sacrificed to serve...
During a breakout session at the recent Barron's Teams Summit in Las Vegas, I had the opportunity to facilitate a discussion with Jeff Brown, President of Stratos...
I recently facilitated a breakout session at the Barron’s Teams Summit in Las Vegas. The panelists were three heavy hitters: high-performing large firm leaders – Jeff...
As your firm strives to attract and retain top-tier talent in an ever more competitive environment, designing compensation programs tailored to future financial leaders...
As a CEO or an executive leader, at some point, you’ll likely realize it takes a total team to navigate the challenges, opportunities, and complexities of running a...
A recent Gallup study states, “workers who feel strongly connected to their team’s culture are 55% less likely to be actively looking for job opportunities and more than...
High-performing advisory teams leverage valuable frameworks such as Objectives and Key Results (OKRs) and the Entrepreneurial Operating System (EOS) to set strategic...
Earlier this week, I attended the Tiburon CEO Summit and had the opportunity to connect with a sophisticated group of wealth management CEOs—where the best come together...
Much like in a law firm, where choosing the right partners often plays a pivotal role in shaping not only the trajectory of the practice but also its prospects for...
For the most successful advisor firms emphasizing organic growth, competing for top talent to strengthen their ranks and enhance client service capabilities has become...
In many cases, a founder's vision serves as the guiding light for his or her advisory firm's operations. Their expertise, passion, and drive are pivotal in establishing...
Paraphrasing Michael Gerber, author of E-Myth Revisited, “Sooner or later, the day will come where the technical skills of your trade or profession are no longer enough;...
As an advisor, much of your day revolves around numbers—setting financial goals, managing portfolios, and ensuring the financial well-being of your clients. Although...
Given the ever-evolving advisory landscape, staying ahead of the curve can be a difficult challenge. It will be essential to your continued success. As we look forward...
In today's fast-paced world, staying up-to-date with the latest financial trends, insights, and strategies is crucial—especially as you strive to offer your clients the...
Mastering practice management is an essential success driver as you build your enterprise. Effective practice management strategies not only help streamline your...
Every successful leader knows that delegation is essential to achieving maximum capacity. The key question, however, is whether or not you’re approaching delegation...
When developing professional relationships, there's simply nothing quite as valuable or productive as a well-structured, one-on-one meeting. We’re all incredibly busy...
Recently, I was talking with one of our elite advisor clients (the CEO of a $2.4 billion firm), and he shared the notion that for all its critical importance, ‘strategic...
Recently, I was coaching a group of larger ($1+ billion in AUM) advisory firm CEOs. Our objective was to develop a CEO scorecard they could all commit to holding...
As the leader of a dynamic, growing wealth advisory business, several times each year, you and your leadership team should engage with your strategic planning...
As we embark on the journey of a new year, fully present, with clear heads and open minds, this is the perfect time to commit to a ‘growth restart.’ From carefully...
Identifying high-impact clients. Helping them clearly understand the value you deliver. Building the necessary levels of trust to establish lasting relationships. And...
At ClientWise, we often stress the critical importance of developing an interdependent team rather than an autonomous work group. But how do you objectively determine...
Time is the ultimate equalizer. A couple of years ago, I reviewed the results of a time management and productivity study conducted by Michael Kitces. He found that less...
If building an enduring business – one that cares for future generations (of both clients and advisors) – is important to you, then now’s the time to start planning. But...
This weekend, we commemorate those who have fought for all we hold so precious and dear. Memorial Day is a day when we pause to give thanks to the people who fought for...
Carol Dweck, Ph.D. and author of Mindset: The New Psychology of Success, defines a growth mindset as believing “the hand you’re dealt is just the starting point for...
We’ve all seen the sobering statistics. The average age of financial advisors is currently reported to be 55 years old, with roughly one in five age 65 or older. And...
Q1 2022 INSIGHTS During the first quarter of 2022 (Jan - Mar), we asked our clients a series of business-specific questions to gauge their perceptions as to how prepared...
“Don’t ask how we can motivate people. That’s the wrong question. Ask how we can provide the conditions within which people can motivate themselves.” — Edward Deci,...
Your compensation stack is the combination of human capital tools which create a framework for fully compensating your team members and framing your firm as a desirable...
The OED defines gratitude as “the quality or condition of being grateful or thankful; the appreciation of and inclination to return kindness; gratefulness.” But it’s...
This week at the Barron’s Advisor Independent Summit, a group of self-made leaders gathered for an invitation-only event to learn and grow, sharing ideas and insights....
Odds are you’ve created hundreds of pitch books over the course of your advisory career—PowerPoint presentations with your company brand, bulleted facts and figures,...
For better or worse, we’re bombarded by a constant stream of economic data. Looking closely at both leading indicators such as bond yields and housing starts as well as...
Recently, I attended a leadership meeting for one of our clients. As everyone was gathering in the virtual zoom room for the virtual meeting, it was clear there were...
In Part 1 of a two-part series, we will explore what factors to consider when putting together the compensation stack for your team members. Like a tech stack, your...
Why elite advisors are always recruiting Pick up any trade journal these days and you’re bound to see at least a couple of articles about the current ‘Great Resignation’...
If you’re at all familiar with the film Field of Dreams, you know that it takes more than simply plowing the cornfield and building a baseball diamond to achieve your...
The race for talent is heating up. Do you have a plan? According to a recent study conducted by Barron’s, advisor growth over the past two years has been off the charts:
Not too long ago, financial practice values were just a simple multiple of revenue. Depending on the book of business, an advisor generally could expect 1x to 2x...
We’re in the midst of a transitional time—not just because of the systemic changes that have been brought on by COVID. Advisory businesses are currently experiencing...
Building an enduring business. For most of us, it’s one of the most important goals we have—to establish a firm that will care for future generations of both clients and...
One of the critical factors you’ll need to consider as a buyer is whether you’re acquiring the business with the intent of having the acquiree exit the practice, or...
One of the critical factors you’ll need to consider as a buyer is whether you’re acquiring the business with the intent of having the acquiree exit the practice, or...
From our family to yours, we would like to wish you a Happy Holidays and a very Happy New Year! In this season of giving, we are most grateful for that which you give to...
It’s rarely a cataclysmic event. Far more often, it’s a slow, cumulative effect – the impact of small, insidious behaviors that in and of themselves seem relatively...
Whether in the context of the work we do with advisory firms looking to merge, or building structures to facilitate the move of clients from a founder to a next...
We all have a vision of our future business. Too often, however, that vision is solely focused on some relatively far-off (5, 10, or even 20 year) end date. Don’t get me...
Capacity and Productivity. Any advisory firm that’s serious about meaningful and sustainable growth must learn how to better control those two critical financial...
One of the biggest challenges for any thriving advisory firm is finding time (beyond day-to-day operations) to plan and execute on the activities which will most...
Ask any consultant who works on compensation in the financial services industry and they’ll probably tell you that retaining Human Capital should be the #1 cause of...
On behalf of the entire ClientWise team, we would like to wish you Happy Holidays from our family to yours! In this season of giving, we are most grateful for that which...
First off, my sincerest apology to author Gabriel Garcìa Màrquez for butchering the title of his remarkable novel Love in the Time of Cholera just to come up with a...
…is when the sun is shining. That was the clarion call of JFK in his 1962 State of the Union address – a challenge to the nation to use current times of prosperity to...
To say that 2020 has been a challenging year could perhaps be the greatest understatement of all time. It’s honestly been a year of unimaginable struggle. The loss of...
On behalf of the entire ClientWise team, we wish to express our deep appreciation to those of you who have served (or perhaps are still serving) in our nation’s Armed...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
An opportunity to test and learn new acquisition strategies Lately, whenever I talk to one of our clients, I make it a point to ask them what their year-to-date new...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
Sit down at a lunch table during any advisor conference, and I can pretty much guarantee you that sooner than later, the topic of conversation will gravitate to client...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
Late last year, I led a working session of sixteen advisory clients – all but one of them managed in excess of $1B in assets (with at least two firms north of $2B in...
The very first Labor Day was celebrated in New York City on September 5, 1882. And on June 28, 1894, President Grover Cleveland signed a law making the first Monday in...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
New clients and new talent have never been more accessible Perhaps all this industry buzz and talk about entering “a new normal” is legitimate, and that the way you...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
Moore’s Law states that every two years the number of transistors on a microchip will double while over the same period the cost of computers will halve. Rather than a...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
When it comes to returning to the workplace, there’s no shortage of conflicting viewpoints in the marketplace in general – nor among advisors and their teams in...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
If you’re like most successful firm founders, you’re probably either a tremendous relationship manager, rainmaker and/or investment technician. And as your firm has...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
You’re the CEO of a successful RIA. You’ve grown the business from a fledgling operation to a thriving firm with a talented team of skilled planning and investment...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
Looking for ways to keep your team and your clients focused and engaged? Share with them these 24 tips that will help them stay focused and organized while working from...
Bringing the best out in your team during challenging times. While compliance requirements may limit some financial advisory firms from using certain technologies,...
At ClientWise, we talk at great length about the critical importance of cultivating the NextGen owners and partners who will guide your firm into the future. It’s not...
If you’re not experiencing any; you’re not human! Assuming you’ve ventured onto ThinkAdvisor, FA-Mag, InvestmentNews or any one of the many other online information...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
Moving the Right Financial Levers Avoid permanent outcomes to temporary problems Unlike countless retail, manufacturing and hospitality businesses, financial advisors...
Each of these important articles and podcasts have been thoughtfully curated, timely, and helpful for you and your team. HBR Podcast: Staying Agile Beyond a Crisis...
Despite the bounce-back of financial markets we’re currently seeing, our world has indeed changed. Even if this unprecedented loosening of monetary policy by the Fed can...
By now, you’ve reached out to check-in with all of your clients -apprising them as to your operating plan during the pandemic, as well as addressing any initial fears...
By now, we’re all more than a little burned out on Zoom meetings, virtual client reviews, and the seemingly endless litany of daily and weekly online check-ins and team...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
Dare I say that just a few months ago, none of us could possibly have fathomed the world we currently find ourselves trying to navigate?! Not only is the human toll of...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
This weeks research insights, best practices, and fresh ideas on how to lead your clients and your team... Twelve Positive Ways the Crisis Will Impact RIAs General James...
Looking for ways to keep your team and your clients focused and engaged? Share with them some of the books, TV shows, movies, podcasts, etc. that have helped lift your...
This weeks research insights, best practices, and fresh ideas on how to lead your clients and your team... Demonstrating Corporate Purpose In the Time of Coronavirus How...
Harold Evensky’s musings on the Coronavirus McKkinsey & Company: The Future is Not What it used to Be - Seven Elements for Business Leaders to Consider as They Plan for...
"Success is not final, failure is not fatal: it is the courage to continue that counts." - Winston Churchill The Most Beautiful Virtual Choir For This Holiday Week On...
Sometimes it’s at the turbulent center of a monumental crisis where true leaders discover their inner strength. Individuals who despite incredible fear and uncertainty...
Controlling What You Can, Learning From What You Can’t How to Make the Most of this Nationwide Timeout - Diamond Consultants: Financial Advisor Recruiting Firm Financial...
Yesterday I exhumed a white paper that was published on Leadership Development by the Center for Creative Leadership in 2011 thinking it might be relevant to our current...
Some offices have already closed, and others may do so in the future, so knowing how to organize yourself and your team to continue to provide exemplary service is...
At this reflective time of year, I remind myself that while gratitude is important, it’s in the giving (of our time, talent and treasure) that we best demonstrate our...
“Neither a borrower nor a lender be: For loan oft loses both itself and friend.” Hamlet; Act 1, Scene 3 It’s one of the most recognizable and oft quoted lines in all of...
For any enterprise that’s serious about meaningful and sustainable growth, getting a grasp on how to better control these two critical financial metrics is essential. As...
One storm is no longer enough... When it comes to fueling meaningful growth in your enterprise, the days of succeeding by doing one thing very well are quickly becoming...
If there’s one holiday that should especially resonate with financial advisors, it’s the 4th of July – a celebration of our nation’s unyielding and relentless desire for...
Finding Your Personal Satisfaction Drivers In our work over the years with hundreds of advisory teams, nearly every phenomenally successful team leader has shared ONE...
The statistics paint a pretty bleak picture. The average financial advisor today is age 51, with nearly half (43%) over the age of 55 and therefore inside of a decade...
Regardless of political persuasion, whether red state or blue, there are some messages that transcend politics and provide a rare opportunity to begin salving wounds and...
The clock is ticking We’ve all seen the statistics. The probability that your firm will be able to retain your current clients’ assets once they transfer to the next...
Why clearly defined roles and responsibilities matter Remember when you first started your firm? Not only were you the owner of the business, you and your original team...
As a strategic business leader, you recognize that your team – your human capital – is your most important asset. You invest in them in a variety of ways and, in turn,...
Odds are, at some point during college or in the early years of your career, you were introduced to the acronym “SMART” as it relates to creating business goals and...
On behalf of the entire ClientWise team, we would like to wish you Happy Holidays from our family to yours! In this season of giving, we are most grateful for that which...
As we take time to give thanks and reflect on the relationships for which we are most grateful, we invariably recall certain history lessons that serve as important...
Four Fun Historical Facts for Financial Advisors on the 4th of July Happy Belated Birthday! In actuality, the real Independence Day, is on July 2nd. This is the day that...
Expand client marketing via LinkedIn As the premier professional network on the Internet, LinkedIn is a great place to make professional connections and network for...
Thanksgiving is a day when we pause to give thanks for the things we have. Memorial Day is a day when we pause to give thanks to the people who fought for the things we...
How three unique firms found common purpose in coming together Rick Kent (founder of the suburban Atlanta-based Merit Financial Group) was actively seeking to grow his...
All businesses need a sound marketing strategy, particularly in acquiring new clients. It’s not enough to be an expert in your field or provide outstanding service. If...
This past weekend the NFL announced for every Re-Tweet they will make a $5 donation. @NFL will donate up to $5 MILLION! Here's the article but before you go be sure to...
Nearly a week after Hurricane Harvey slammed into the southeast Texas coast, thousands of residents remain stranded without food or water. And the dangers arising from...
I often ask advisors I work with to describe their future company to me. With very few exceptions, the responses I get overwhelmingly revolve around incremental change....
Most successful financial professionals possess the technical skills and qualifications necessary to help their clients and colleagues maneuver in a fast-changing market...
It's always a good time for financial advisory teams to fine-tune their marketing plans. It’s vital that the team remains focused on reaching defined marketing and...
If we only had a dollar for every time we’ve heard an advisor say “I’d really prefer not to add new team members because I just don’t like managing people.” Mind you,...
The best in the business know that a critical part of their role is mentoring, coaching and developing their team. It's extremely important to gain the skills and...
You didn’t become the founder of a successful financial advisory practice without having a host of extraordinary talents – from strong rainmaking and relationship...
Whether you call it outcomes-based financial planning, goals-based wealth management, or some other moniker, there’s no getting around the fact that it’s an essential...
In general, entrepreneurs are successful because they can see a future that nobody else sees, and imagine things that others simply can’t bring themselves to envision....