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PLUS: Behavioral finance vs. behavioral coaching.

By Rory Henry
The Holistic Guide to Wealth Management

Malcolm Forbes liked to say, “Advice is more fun to give than to receive.” But the right advice in the right framework can be invaluable. And sometimes, the best advice you’ll ever receive is what prevents you from engaging in harmful behaviors.

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Michael DiJoseph, CFA, a senior strategist at Vanguard Investment Advisory Research Center, has spent a large portion of his career studying how financial advisors advise clients, how they can get better at providing advice and how we can measure the value of advice because these days, everyone from salesclerks at the mall to NASA rocket consultants seem to have the word “advisor” attached to their job title. More on that in a minute.
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Why they beat AUM and hourly fees for wealth management.

By Rory Henry
The Holistic Guide to Wealth Management

Recently I listened to a lively debate about financial advisor compensation between Ramit Sethi, author of the best seller “I Will Teach You To Be Rich,” and Michael Kitces, host of the Financial Advisor Success Podcast. Sethi was highly critical of the traditional 1 percent of assets under management (AUM) model that so many wealth advisors charge. Instead of 1 percent of AUM, Sethi argued that advisors should think of themselves as accountability partners (i.e., personal trainers for clients’ money) and instead charge them based on how they help them modify their behaviors to produce better outcomes.

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For instance, a good advisor can help clients adopt good behaviors such as saving more of every paycheck and sticking to their investment plan during volatile times. Good advisors, said Sethi, also help clients from engaging in their old wealth-destructive behaviors such as speculating on hot stocks in the news or cashing out of the market at the first sign of trouble. By the way, helping clients modify behaviors and produce better outcomes is what an Advis-ROR™ does.

Let’s explore how an AUM/subscription model using a virtual family office is a win for both firms and the clients they serve.
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The secret sauce? Value pricing tax advisory services.

Jackie Meyer, CPA, CTC, MSA, is president and founder of Meyer Tax Consulting LLC, TaxPlanIQ, and Concierge Accountant Coaching programs in Southlake, Texas. She offers concierge tax and accounting services to assist clients with anything from income-shifting strategies to managing a family business in QBO.

By Jackie Meyer
The Holistic Guide to Wealth Management

Revenue growth isn’t just a metric; it’s at the heart of financial well-being for financial professionals and their clients. When a firm grows its revenue, the balance sheet isn’t the only thing that benefits. It enables the firm to invest in advanced technologies and education, to offer more comprehensive services, to fulfill philanthropic goals and to attract top-tier talent. Expanding revenue also benefits the firm’s clients by availing them of more strategic advice, faster response times and ultimately, a more secure financial future.

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According to an American Psychological Association’s Stress in America survey, money worries and inflation have raised our collective stress to the highest level since 2015. Financial stress is detrimental to mental health and leads to higher rates of anxiety, depression and other mental health issues.
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