Are You a Planning First Advisor Trapped in an Investment First Company?

By: Larry Miles

My team and I talk with advisors every day. Over the last couple years, we’ve spoken with hundreds if not thousands. All over the country, there are tremendous advisors sick and tired of working for firms not focused on what really matters to their clients.

Is your firm more focused on selling investment products than delivering real value to your clients? Here is an easy way to tell:

  • Do you have mandatory meetings where the main topics are how you’re doing with your sales quotas and whether or not you’ve sold enough of a particular investment? Hint: These meetings usually happen early on Monday mornings.

  • Investment companies consider technology as an expense—a necessary evil in the quest to sell more product and earn more commissions. Planning firms believe technology is an investment. A way to deliver a better client experience. Hint: If your firm uses PCs, Outlook, has a file room and or has a person writing financial plans by hand, your technology may be out of date.

  • Investment focused firms often have a singular metric they track to determine if they are winning – Assets Under Management. Unfortunately, this statistic is meaningless in determining if a firm is a good advisor. Hint: Planning focused firms ignore AUM and focus on helping their clients.

The advisor-as-investment-salesperson era is rapidly coming to a close. If you’re a planning first advisor trapped in an investment company, we are here to help you. Join the revolutionand learn why our advisors transition their business to AdvicePeriod in less than three weeks.