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Top Advisor Podcast™
Ep. #98 – What Actually Works for Advisors with Michael Kitces
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Let’s start with Kitces’ advisor marketing research…
45% of new clients find their advisor through a direct referral from an existing client. That’s nearly HALF of all new clients!
Another 20% come in from a “trusted source” – whether it’s a center of influence (like a CPA or attorney), a custodial referral, or even a third-party review site. At the core, it’s still trust being transferred from an individual or a group/brand the client believes in.
Of the remaining third, the majority find their advisor by meeting the advisor at networking events, seminars, or client appreciation gatherings. These are situations where prospects have a chance to observe, interact, and get a feel for the advisor as a person.
🔔 Transfer of trust is still the king when it comes to client acquisition. 🔔
Only the final 10–15% of advisory clients come through all other marketing channels combined: social media, books, blogs, cold calling, direct mail, you name it.
If you’re not focusing the bulk of your energy on cultivating real relationships, you’re missing how MOST advisory clients actually find and choose their advisor.
In this episode, Referral Coach Bill Cates, CSP, CPAE interviews Michael Kitces, Chief Financial Planning Nerd at www.Kitces.com and a leading voice in the advisory profession, about what truly moves the needle for financial advisors.
Bill and Michael tackle the foundational role of trust, the evolving meaning of holistic advice, and effective tactics for client acquisition.
The conversation also looks ahead to the future of financial planning and practical strategies advisors can use to grow their firms.
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Bill and Michael Discuss:
- The essential role of trust in both building relationships and driving client acquisition
- How advisors can leverage “borrowed trust” through referrals and other trusted sources
- Kitces’ mission to make advisors “better and more successful”
- The changing definition of a holistic advisor and the increasing importance of delivering real, advice-first value to clients versus just selling products
- Research-backed insights into which marketing activities effectively generate new clients and revenue for advisory firms
- … And more!
Rather than fee compression, what we’re experiencing is service inflation — consistently enhancing the value we deliver to earn our fees. Competing with robo-advisors means providing a depth of advice, personalization, and client experience they simply can’t replicate.
Sponsors:
- Episode Sponsor: IronClad Family | Holistic Advisor Guide
Connect with Michael Kitces:
Resources:
- RapidFire Referrals
- Get a copy of “The Language of Referrals”
- Get a copy of “Radical Relevance”
- Grab your copy of “The Hidden Heist” today!
Connect With Bill Cates:
About Our Guest
Michael E. Kitces, MSFS, MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL, is the Head of Planning Strategy for Focus Partners Wealth, a private wealth management firm located in St Louis, Missouri, that oversees more than $50 billion of client assets. In addition, he is the co-founder of the XY Planning Network, AdvicePay, fpPathfinder, and New Planner Recruiting, former practitioner editor of the Journal of Financial Planning, and the publisher of the e-newsletter The Kitces Report and the popular financial planning industry blog Nerd’s Eye View through his website www.Kitces.com, dedicated to advancing knowledge in financial planning.
Michael is also a popular speaker on financial planning and practice management topics, and can be seen presenting at 50-70 regional and national conferences for financial advisors every year.
Michael is one of the 2010 recipients of the Financial Planning Association’s “Heart of Financial Planning” awards for his dedication to advancing the financial planning profession. In addition, he has variously been recognized as financial planning’s “Deep Thinker,” a “Legacy Builder,” an “Influencer,” a “Mover & Shaker,” part of the “Power 20,” and a “Rising Star in Wealth Management” by industry publications. These awards were presented to honor Michael’s active work in the financial planning community.
Michael is also a co-founder of NexGen, a community of the next generation of financial planners that aims to ensure the transference of wisdom, tradition, and integrity from the pioneers of financial planning to the next generation of the profession.
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About Your Host
Bill Cates, CSP, CPAE, works with established financial advisors to speed up their growth without increasing their marketing budget. Advisors tap into Bill’s proven process to multiply their best clients through introductions from advocates and Centers of Influence (such as CPAs and attorneys), communicate their value proposition more effectively, and create a reputation in a profitable target market. Bill helps advisors move from push prospecting to magnetic marketing – to attract more Right Fit Clients™.
Bill is the author of four best-selling books, Get More Referrals Now, Don’t Keep Me a Secret, Beyond Referrals, and Radical Relevance. Bill is a highly sought-after international speaker and coach, as well as the founder of The Cates Academy for Relationship Marketing™.
Do you know someone Bill should interview (including yourself)?
Do you have a topic you’d like to see covered?
Contact Bill Cates directly: BillCates@ReferralCoach.com
