Elementality for Financial Advisors | Elements Financial Vitals System™

As advisory firms grow, successfully attracting and hiring the right talent is essential to unlocking efficiencies and, more importantly, a positive client experience. Attracting the right candidate starts by defining firm goals and establishing the right responsibilities that contribute to those goals. And only after this can an advisor seek candidates that are not only technically competent but...

Historically client communication has revolved around meetings an advisor plans with clients. Face-to-face meetings are essential, especially early in a relationship. But over time the value of these meetings diminishes. That's when "asynchronous" communication—like email, text, or direct messages—becomes more important. On this episode of Elementality, Reese and Chad examine how using a process t...

Clients carry a lot of emotional baggage that can hinder their financial progress. Many advisors' initial reaction is to use facts or logic to get clients to move forward. But that reaction can actually make clients even more resistant to change. So says Dr. Daniel Crosby, behavioral finance expert and Reese's guest on this episode of Elementality. Daniel and Reese explore how to approach common b...

For decades financial services were driven by product sales. This led to ethical standards that guide advisor behavior but left us without functional standards for financial wellness. What makes a healthy savings rate, ample liquidity, or the right amount of capital to use for speculation vs. consistent asset allocation? On this episode of Elementality, Reese and Chad discuss how standards of advi...

Last week we wrapped up Season 1 and we hope you enjoyed it as much as we did. If you haven't already, we hope you'll go back and listen to previous episodes where we told the story of how Reese Harper built his independent niche RIA and developed the Elements Financial Planning System—a turnkey solution for making it easier to do our work as financial advisors. In Season 2 we'll explore even more...

As a result of new technologies, product marketers began overusing phrases like "paradigm shift." Now we're seeing what a real paradigm shift looks like as COVID has caused an upheaval whose effects are changing cultures across the globe. With 2020 finally coming to a close, how can advisors absorb this "new normal" and be ready for whatever comes next? How does working from home play into the equ...

Running an advisory business can feel a lot like riding a roller coaster. At first, you're in high gear trying to get some traction in the market. Eventually, you reach a tipping point. Then suddenly you find yourself going full bore servicing an influx of new clients. When the joyride stops, you're right back where you started, facing another uphill climb. It's downright exhausting. And it's not...

FinTech can dramatically streamline the process of onboarding new clients and serving existing ones. It can shrink the wait time between first contact and delivery of actionable advice. It can even enable richer client interactions. But it won't do any of that unless you and your clients actually use it. Today's guest on Elementality is Todd Reynolds, the User Experience (UX) Designer for the Elem...

Referral marketing works, as old school financial services firms have proven. Even when your solution is less than compelling. Even when it's the only arrow in your quiver. Even when "the ask" causes clients to squirm. But the holistic advice you provide these days is compelling. Clients really value it. Their friends and family members need it. And yet many independent advisors still shy away fro...

Lifestyle business? Boutique firm? Category killer? Whatever type of advisory practice you're aiming to grow, you need a cohesive marketing plan. Unfortunately, it's easy to underestimate the time, skills, and budget required to make that happen. Plus, marketing tasks tend to get bumped off the To-Do list by the more urgent, day-to-day matters busy advisors face. Our guest on this episode of Eleme...

The financial services industry is changing at what seems like an unprecedented rate, leaving advisors grappling with how best to manage it all. But tectonic shifts in the business are not new, and there's much to be gained from looking back. Today on Elementality, Reese Harper talks with TJ Dunker, Senior VP at Edelman Financial Engines, about lessons from past industry turmoil, risks and opportu...

The ability to communicate well is the #1 sought-after skill in the workplace. No surprise! Anyone who's been on the giving or receiving end of a muddled message knows it's no way to get things done. What if you don't come by this naturally? Are you out of luck? Not according to communications coach Katherine Eitel Belt. Today on Elementality, she and Reese Harper discuss how to break through comm...

Of course you want to focus on what adds the most value for clients. And with robo advisors serving up in nanoseconds what used to take days, it's obvious managing portfolios is no longer the way to do that. Instead, you need to build your practice around the kind of personalized guidance computers simply can't provide. Maybe you've even rebranded yourself accordingly. But it's one thing to talk t...

A recent study from Vanguard showed that behavioral coaching from an advisor can add as much as 2% in net returns for an investor.* While coaching is a continuous process, it is often defined by critical moments in the client's journey. A sound investment philosophy can either support or detract from a holistic planning experience and of course, an advisor's ability to reinforce that philosophy pl...

We live in a world where consumers increasingly prefer craft IPA to Bud Light, artisanal sourdough to Wonder bread, and fresh-ground almond butter to Skippy. That same hunger for customized choices is spilling over into the world of financial advice. But many advisors are still offering cookie cutter services that aren't keeping up with today's needs. Or maybe they're delivering premium solutions,...

The same attributes of client-focused planning that make it worth fighting for—transparent, comprehensive, aligned—also make it challenging to deliver. When fees have nowhere to hide, the sales cycle can take longer; when planning is process-driven, the costs of staffing and technology go up; and when commissions take a back seat to the client's best interest, an advisor's time comes at a premium....

The fee model question has been bubbling its way to the surface of advisor conversations and is quickly turning to a boil. How long can your prices be justified by your value proposition before clients start to wonder if you're blowing steam? Do your clients understand what they are paying for? Let's be honest—do you understand what they are paying for? In this episode of Elementality, Reese Harpe...

"Pay off your loans." "Maximize your retirement plan contributions." "Invest in real estate." Perhaps these nuggets of advice apply broadly to the masses, but when do they get in the way of your clients' progress? In this episode of Elementality, Reese welcomes Abby Morton, CFP® at Dentist Advisors to talk about the role of liquidity in a financial plan—especially for small business owners. You'll...

The client-advisor relationship is a two-way street. At least it should be. As the advisor, you have just as much say about who you work with as the client does. So who will it be? How will you define your target audience, and how will you stay committed? In this episode of Elementality, Reese Harper welcomes Patrick Brewer, CEO of SurePath and host of the Model FA podcast, to expose the challenge...

In healthcare, the roles of humans and technology are front and center. Machines do X-rays and MRIs, and then doctors prescribe treatments. The approach to financial health should be no different—gather data, perform analysis, make decisions, and take action—and leverage the respective strengths of advisors and technology. But most financial planning software was never developed with the client/ad...

Our discussion about the most important indicators of financial health begins with the mother of all Elements®, Total Term (Tt). When a client asks, "Am I on the right track?" your job is to have an informed answer—and an accurately calculated Tt score can give you the foundation for a productive conversation. In this episode of Elementality, Reese Harper and Ryan Isaac explain how Tt objectively...

As investment management becomes more of a commodity and the advisor's value proposition shifts away from products, a differentiated approach—one that demonstrates real planning and meaningful advice—will ultimately separate the contenders from the pretenders. But walking away from a commission-supported salary into a fee-only model isn't an easy decision. In this episode of Elementality, Reese Ha...

You're part advisor, part entrepreneur. More clients create more stability, but they can also take up all of your available time, leaving nothing for the business. How long can you sustain your growth without a dedicated business manager? In this episode of Elementality, Reese Harper welcomes Justin Copier, Chief Operating Officer at Dentist Advisors, to talk about the start and evolution of their...

There's no universal standard for financial planning, which means you'll have to put your own stake in the ground and define what it means for your firm. Where does your minimum offering begin and your maximum offering end? And how will you control the service experience as more clients and advisors enter the mix? In this episode of Elementality, Reese Harper and Ryan Isaac, co-founders of Dentist...

In this episode of Elementality, you'll hear Reese Harper and his co-founder at Dentist Advisors, Ryan Isaac, reflect on the early days of their business and how they laid the groundwork for a profitable and consistent client experience across multiple advisors. As the demands on their time increased, learn how they answered tough questions, such as: Should we raise our fees? Wait for our clients...