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RIAs face disruptive trends in finding new clients
Jack Martin

RIAs Face Disruptive Trends in Finding New Clients

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FANG, RMDs and other Game Changers

There’s a change afoot in the way successful RIAs are finding new clients (see Bob Veres’ Your Next Wave of Clients).

There are 2 schools of thought on new sources: one group says more DIYers will begin to choose to use an advisor and the second group says clients will switch from other advisors (see Michael Kitces’ Death of Referrals). Your approach to each of these segments will be different.

Articulating and delivering on what makes you different and valuable to those prospective clients is a key first step. When over 80% of independent RIAs recently self-described themselves as holistic fiduciary planners, you know something has to change in the sea of sameness.

When you look at the money-in-motion from wire houses to independent RIAs over the next 5 years as independent RIAs increase their market share from 41% to 50% by 2020; selling your competitive value prop will become job #1.

You need to get on the new train along with the other successful advisors. Learn more about how to execute these changes on our next webinar with Stephanie Bogan. More on that later.

Seth Godin offers some key insights about how to accomplish these objectives.

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digital marketing for RIAs
Jack Martin

The Death of Referrals and the Birth of Digital Marketing for RIAs

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As always, the early adopters will reap the benefits. This too applies to the birth of digital marketing for RIAs.

What’s Next on the Marketing Horizon?

Bob Veres is one of our favorite thought leaders and he recently weighed in on the future of marketing for RIAs:

”This was before my time, but they tell me that cold calling was once a very effective marketing strategy — until, of course, it wasn’t. I remember when advisory firms routinely attracted dozens and sometimes hundreds of prospects to cheesy prepackaged seminars, until attendance gradually began to slip away.

Now I’m hearing that the most recent marketing innovation, client appreciation events where clients are invited to bring along their friends, is starting to lose its effectiveness, either because clients are no longer bringing their friends, or because their guests are too far outside the advisory firm’s target market.

Marketing trends come in and go out with the inevitability of sunrise and sunset. The question is: What’s next on the marketing horizon? How will advisory firms reach beyond referrals to attract the next wave of clients?”1

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Michael Kitces Post-DOL Financial Planning Environment
Jack Martin

Webinar Replay: Post-DOL Fireside Chat with Michael Kitces

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Our March 15th Fireside Chat with Michael Kitces promised to deliver practice-shaping insights and calls to action on the post-DOL environment. It did not disappoint with over 90% of attendees rating it Useful to Very Useful.

Watch the webinar now.

In one of the most poignant moments, Michael noted that:

“If you look at the benchmarks, after stripping out markets and looking just at the growth of RIAs on a dollars-in, dollars-out basis; advisory businesses have had negative growth for the last 2 years.”

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Jack Martin

Turn 4% Systematic Withdrawal Challenges Into New Clients

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Last week we hosted an extremely well received webinar featuring Warren Wall, CFP® and Dave Vick, advisor and noted author. Most of the webinar dealt with the challenges with using a 4% systematic withdrawal plan with your retiring clients (click here to watch a replay). Warren and Dave did an excellent job of explaining how they address key risks like sequence of returns and longevity. Dave’s ABC Planning Model is an excellent starting point for advisors who are transitioning into the RIA space. Many seasoned advisors on the webinar were impressed by how Retirement Alpha can help them achieve better outcomes for their clients.

 The question several attendees asked was: How do I turn this knowledge into new business?

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