Kitces and Carl Podcast
One of the biggest challenges comprehensive financial planners face today is that “everyone” says they do financial planning. Yet in practice, what they actually do, whether it’s really comprehensive financial planning, or even what constitutes “financial planning” as opposed to just ad hoc financial advice, has no clear and consistent definition within the industry. And if we can’t figure out what the differences are within the industry, then it’s almost impossible for the public to understand the differences between the services offered (including any potential conflicts) by a whole bunch of people who do different stuff (frequently playing by different sets of rules) yet say they all do the same thing! Not to mention trying to help the public understand the value (both financially tangible and intangible) of the financial planning choices available and being offered to them.
Michael Kitces and financial advisor communication guru Carl Richards sit down to discuss industry topics from their own unique perspectives.
MICHAEL KITCES BIO
Michael Kitces is Head of Planning Strategy at Buckingham Wealth Partners, a turnkey wealth management services provider supporting thousands of independent financial advisors.
In addition, he is a co-founder of the XY Planning Network, AdvicePay, fpPathfinder, and New Planner Recruiting, the former Practitioner Editor of the Journal of Financial Planning, the host of the Financial Advisor Success podcast, and the publisher of the popular financial planning industry blog Nerd’s Eye View through his website Kitces.com, dedicated to advancing knowledge in financial planning. In 2010, Michael was recognized with one of the FPA’s “Heart of Financial Planning” awards for his dedication and work in advancing the profession.
CARL RICHARDS BIO
Carl Richards is a Certified Financial Planner™ and creator of the Sketch Guy column, appearing weekly in the New York Times since 2010.
Carl has also been featured on Marketplace Money, Oprah.com, and Forbes.com. In addition, Carl has become a frequent keynote speaker at financial planning conferences and visual learning events around the world.
Through his simple sketches, Carl makes complex financial concepts easy to understand. His sketches also serve as the foundation for his two books, The One-Page Financial Plan: A Simple Way to Be Smart About Your Money and The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money (Portfolio/Penguin).
Listen to recent episodes here:
- Kitces and Carl: Retaining The Client Who Transfers Out Without Notice
- Kitces and Carl: Managing Advisor Turnover And The Transferability Of Trust
- Kitces and Carl: Setting A Personal Growth Goal When You Don’t Need More Revenue For Success
- Kitces and Carl: Helping Clients To Stop Maximizing Their Wealth And Set Goals To Enjoy It Instead
- Kitces and Carl: Handling Clients Who Bring Their Own ‘Hot’ Investment Ideas
- Kitces and Carl: Why AUM Keeps Growing Despite Opportunities For Flat-Fee Clients
- Kitces and Carl: How To Deliver A One-Page Financial Plan And Its ‘Technical Appendix’
- Kitces and Carl: Do Vision And Mission Statements Really Matter For Advisory Firms?
- Kitces and Carl: Taking The Leap To Launch When You Don’t Have The Capital To Finance It
- Kitces and Carl: The Training That Service Advisors Need To Get To The Next Level
- Kitces and Carl: The Time-Finding Trap – How Do You Find The Time To Get More Time Efficient?
- Kitces and Carl: Getting Mentally Unstuck From Thinking About Clients ‘Too Much’
- Kitces and Carl: Transitioning “Good” Clients Who Simply Can’t Be Served Profitably
- Kitces and Carl: The Advisor Fee Debate And Focusing On Value Over Price
- Implementing A Waiting List Or Just Referring Clients Out: Kitces & Carl
- Showing Financial Planning Value On An Ongoing Basis After The First 6 Months: Kitces & Carl
- Using Financial Plan Proposals To Show Planning Value To Prospective Clients: Kitces & Carl
- Are Advisor Websites Asked To Do Too Much To Grow The Business?: Kitces & Carl
- Fighting The Fear of Focusing When Trying To Select A Niche: Kitces & Carl
- Overcoming Referral (Asking) Reluctance And The Risks Of Marketing Yourself: Kitces & Carl
- Getting More Referrals Beyond Just Trying To Be More Remarkable: Kitces & Carl
- Why Goals-Based Planning Doesn’t Work And The Possibilities-Based Planning Alternative
- Getting Data Gathering Back On Track When Clients Drag Their Feet: Kitces & Carl
- Communicating With Long-Standing Clients When Transitioning To A Planning-Based Business Model: Kitces and Carl
- Making Annual Client Review Meetings More Financial Planning Centric: Kitces & Carl
- Communicating New Advice Fees When Transitioning Clients From A Commission-Based Business Model
- Discussing Financial Advice Fees And Value To Help Clients Better Understand The Benefits Of Financial Planning: Kitces & Carl
- Overcoming Objections By Asking More Questions To Truly Understand A Client’s Needs
- Helping Older Clients Stuck In Cash On The Sidelines: Kitces & Carl
- How To Turn Your Advisor Marketing Content Into A(n Entire) Book: Kitces & Carl
- Avoid Writer’s Block With Your Marketing By (Literally) Talking It Through: Kitces & Carl
- Coming Up With Content Ideas That Will Resonate With Your Clients And Prospects: Kitces & Carl
- How Do You Protect Your Own Confidence As A Financial Advisor?: Kitces & Carl
- Favorite Questions To Ask A Prospective Client To Build Trust In The First Meeting: Kitces & Carl
- Are We Making Financial Advice & Portfolios More Complex Than They Need To Be?: Kitces & Carl
- Triaging Clients Efficiently Through Critical Financial Care: Kitces & Carl
- Communicating Triggers And Breaking The News That The Plan Has To Change: Kitces & Carl
- Maintaining Personal Advisor Wellness In Times Of Market Stress: Kitces & Carl
- Conveying Rational Overconfidence In Talking To Clients About Coronavirus Fears: Kitces & Carl
- Helping Clients Who Unexpectedly Start Overspending From Their Retirement Accounts: Kitces & Carl
- Email Productivity Hacks And Getting More Done In Your Day: Kitces & Carl
- Handling The ‘Required Minimum’ Conversation Without Being Awkward: Kitces & Carl
- Talking Clients Out Of The Bunker Portfolio: Kitces and Carl
- The Overconfident Conversation And Walking Clients Back From The Greed Ledge: Kitces and Carl
- Improving Work-Life Balance In 2020 And Giving Yourself Permission To Rest: Kitces and Carl
- Following Through On Your Business Creativity By Saying ‘Yes’ And Figuring It Out Later: Kitces and Carl
- Simplifying Your Life By Building Habits And Kitces Travel Tips: Kitces and Carl
- Do You Have To Build Confidence Before Taking Action, Or Take Action To Build Confidence?: Kitces and Carl
- Is A Fiduciary Requirement Necessary When Acting In Clients’ Best Interests Is Good Business Anyway?: Kitces and Carl
- Is Any Financial Advisor Business Model Truly Conflict Free?: Kitces and Carl
- Talking Clients Off The Ledge From ‘Scary’ Markets: Kitces and Carl
- Helping Clients Understand What It Really Means To Retire: Kitces and Carl
- Why Are We So Afraid To Just Listen: Kitces and Carl
- Projection-Free Financial Planning To Avoid A False Sense Of Precision: Kitces and Carl
- The Better Way To Send Market (And Other) Commentary Emails To Clients: Kitces and Carl
- Communicating With Clients To Bring Them Under The Cone Of Trust: Kitces and Carl
- What Do You Call Yourself? Planner, Advisor, Industry, Profession: Kitces and Carl
- Transitioning Long-Standing Clients To Create Room To Grow: Kitces and Carl
- How Do You Optimize Your Practice To Maximize Your Happiness As A Financial Advisor?: Kitces and Carl
- What Would You Do With Your Time If You COULD Be More Productive As A Financial Advisor?