Category: Productivity

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How to Stop Giving Away Your Most Valuable Asset

As a financial advisor you know that clients come to you for a variety of reasons.  They may be getting close to retiring, have inherited some money, or perhaps they are finally making enough to think about being strategic with their investments.  They likely have something already in their portfolio, whether it’s a 401K from their job, life insurance, or something else.  But, they’ve decided to seek out a financial advisor.  What is the thing they want most?  ADVICE.  They want you to tell them if what they have is okay and what else they should be doing. 

Traditionally, in your role as a financial advisor, you have given them what they want and need most for free.  You offer them some suggestions and hope that they transfer their assets to your business.  You offer some investments that will pay you.  But, what if their money is fine where it is?  What if they really do not have enough liquid assets to make it worth your time to create a plan?  What if at the end of hours and hours of work, remodeling their franchise or adding to their business is the best investment they can make with their money? 

Retainer based advising is where you get paid to give advice.  Your most valuable asset is leveraged.  Because you are a good person, you probably have already been giving them honest advice, even when it does not pay your bills.  Instead of creating a plan and hoping that what your client needs is something you can make money off of, you charge a fee to create the plan.  You charge a fee for your clients to ask you questions.  Now your clients feel comfortable asking questions about all of their assets, not just the ones that are invested through your firm.

Professionals in other fields have been using a retainer-based model all along.  If you seek advice from a lawyer, doctor, or other types of consultant they likely will be willing to have a brief initial meeting with you, but then to get specific advice in their field they will expect to be paid upfront.  Think about it, when you visit your doctor for your annual exam, you first pay your co-pay (hopefully insurance covers the rest) and then you talk to them about any concerns, they evaluate your health through bloodwork and exams and then they point you into the direction you need to go.  Whether it’s medication, exercise or keep up the good work.  You would not go to your annual exam and withhold payment until your doctor has told you to go on blood pressure medication and then the doctor would be paid through the drug store where you pick up the medication! 

Retainer based financial advisors receive payment for their most valuable asset.  Instead of receiving payment based on what products they sell or how many assets are transferred, retainer-based financial advisors collect a fee and then create a plan for their clients.                          

Think about the clients in your practice.  Make a list of two to three clients that could benefit from your advice more than your products.  Think about what advice you can offer that does not benefit your bottom line. 

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How to Make More Money as a Financial Advisor

How to Make More Money as a Financial Advisor

We all have different reasons we became financial advisors. You may be at a point where you want to know how to make more money as a financial advisor. At some level we want to help people and that is a very important element of our job. But helping people can’t be enough. We need to be able to make a living and if done correctly, become financially independent. 

If we teach others and advise them on how to manage their money, we need to follow our own advice in our lives. We help people build wealth, and I treat myself the same way I treat my clients. 

10,000 Hours

At some point we all started as glorified sales people. Hopefully, through constant learning and “real-life” experiences, we booked our 10,000 hours. In Outliers (a must-read) Malcolm Gladwell explained that it takes that much time to become an expert. 

However, being an expert does not make you more money. Frankly, the entire competition is doing the same thing. Plus it’s harder to make money today than ever before. 

Why is it harder to Make Money as a Financial Advisor Today?

The reason it’s harder to make money as a financial advisor today is that the best paying solutions we could offer our clients are also the hardest to sell. In some cases, the best paying solutions are also the hardest to find (I’m looking at you alternative investments). 

Add to that, clients tend to start meetings with “I hate annuities” before they even get an understanding of what a VA might do for them. 

For those of us who manage money for a fee, when the market goes down the service calls go up. So frankly, we get paid less when we work more due to the normal cycle of the stock market. 

How to Earn More Income as a Financial Advisor

So what’s the answer then? Well, one way is to run a more efficient practice so that less money goes to overhead. Another way is to create a value proposition to the client that also creates value for you as a financial advisor. Lastly, having a client profile that you will “go deep” in will help you compete against other “generalist” type of advisors. 

What could this look like? For us, we decided that since we are in Vanguard’s backyard we were not going to compete on fees for traditional asset management. Years ago we become specialists in alternative asset classes, things that Vanguard would never have a mutual fund containing. And then 4 years ago, I evolved my practice one more level. 

We decided going forward that we would be a flat retainer based planning practice. We would not allow products or assets to be purchased from us for the first 6 months.  All families who hire us get assigned a CFP (not me) that helps move them through a preset “workflow” I developed with my team. We have three workflows. Executive, retirement and business owner.  Each customized for the issues they would need to be addressed in their “financial life”. Clients want to know you have a plan. We show them the plan before they ever spend a dollar with us. 

Value of Retainer Planning for the Client

Retainer based planning has several big value propositions for your clients. 

  1. They value the advice, since they paid for it. If you have kids and they “hear” what another adult says even when you were saying it first. That is the same “behavior” in this type of engagement. Because they are paying for the advice, they tend to hear you better. Especially if your advice is not self serving (ie a product or solution you sell). 
  2. they actually spend the time updating the portal and getting us the documents we require. Clients want their money’s worth. We tell them our advice is limited by the information they give us. Guess what? They give us more information and we have better solutions for them. 
  3. They want their money’s worth, so they send us things that they need us to work on. We have a saying we share with clients. “If you have a sentence with a dollar sign and question mark, send it to us”
  4. This way of working with clients attracts much higher net worth. Our minimum retainer is $5K. Someone would not be in a position to find value in that, unless they knew (and had) problems that are worth solving for $5K. 
  5. The higher the net worth, the bigger the opportunities

This new relationship of a high networth family, allows our time to be valued and valuable. We look at all elements of the clients financial life and see how they can improve it. Whether the answer is something we can provide, or something they can get somewhere else, we show the client all the options. 

Getting Clients to Listen

It is paradoxical. But charging clients for advice is the best way for them to actually listen to you, which also allows YOUR solutions to be considered in a fair and non-salesy way. 

The hardest part about working with clients is getting them to listen. Clients sometimes think they know best and decide to make changes to their accounts. You may advise them not to, but they do it anyway. The best thing about retainer based advice is that clients are more likely to listen to you when you tell them to just “trust the process.” When they pay for you to tell them what to do, they listen more! I call it the retainer-miracle.

We get deeper in the clients financial life and therefore uncover real problems and then give the client the option to solve the problems without an agenda of “buy my product”. 

Doing it this way attracts the right clients (those who have problems and want to pay you to solve them) and that is how you make more money. 

Make More Money as a Financial Advisor

If you want to make more money as a financial advisor, implement the retainer based model. 

Your practice will run more efficiently. That helps increase profitability. More profit means more money in your pocket. 

Your clients will listen to you. That means you can get them the returns they are looking for. It also means that you can help them find options they may not have considered before. 

Your income will be stable because your retainers are paid on a regular schedule. Commissions vary year to year and product to product, eliminate the variables. 

You become more referable. IE our COI’s all understand we do not handle clients assets for the first 6 months of a retainer based engagement. That means our cpa/lawyer referral partners are more likely to refer us. Traditionally, they had the risk of referring to a FA and then the week of the asset transfer a black swan event happens (brexit for example). The assets go down under the new advisor and the cpa or lawyer gets the phone call “That guy you referred lost me money”. By being retainer based and not handling any assets for 6 months, a relationship built on planning and advice is well established and there is no “blow back” risk to the referring partner. Win/Win.

If you have questions about implementing the model, send us a message and we’ll be happy to answer!

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Tools for Financial Advisors to Run the Perfect Practice

Tools for Financial Advisors

Why do Financial Advisors need tools?

Financial advisors need tools to be extraordinary. Tools include knowledge, skills, resources, and physical instruments. When I made the move to retainer-based, I questioned everything. 

I found tools along the way to help me run a better practice. I think they can help you, too. Whether you are on commission, AUM, or retainer, all financial advisors have the same basic needs. 

I could say I came up with all of it on my own, but the truth is I did, and still do, use different tools to help me in various ways. Some of these you may think of, others may surprise you. Some were tools that helped me focus while others helped me further my ideas to become more concrete. 

I hope they help!

Books for Financial Advisors

I believe books are the best tools for financial advisors because they help us to quickly grow our number one asset – our minds!

Traction: Get a Grip on Your Business

The entrepreneurial operating system is a framework for you to take your practice to the next level. I never hired an EOS coach, but I got what I needed from this excellent book. 

Do you have a grip on your business, or does your business have a grip on you?

All entrepreneurs and business leaders face similar frustrations—personnel conflict, profit woes, and inadequate growth. Decisions never seem to get made, or, once made, fail to be properly implemented. But there is a solution. It’s not complicated or theoretical. Based on years of real-world implementation in more than 100 companies, the Entrepreneurial Operating System® is a practical method for achieving the business success you have always envisioned.

In Traction, you’ll learn the secrets of strengthening the six key components of your business. You’ll discover simple yet powerful ways to run your company that will give you and your leadership team more focus, more growth, and more enjoyment. Successful companies are applying Traction every day to run profitable, frustration-free businesses—and you can too.

The ONE Thing: The Surprisingly Simple Truth Behind Extraordinary Results

People think multitasking and having multiple projects is the key to success. That could not be further from the truth. 

Focus wins. Always. 

Ask Apple. Ask any winning team. Ask any billionaire. They focus on something and then move to the next thing. This book shows you how to do that. 

The ONE Thing has made more than 350 appearances on national bestseller lists, including #1 Wall Street Journal, NewYork Times, and USA Today. It won 12 book awards, has been translated into 27 languages, chosen as one of the Top 5 Business Books of 2013 by Hudson’s Booksellers and one of Top 30 Business Books of 2013 by Executive Book Summaries. Voted one of Top 100 Business Books of All Time on Goodreads. 

People are using this simple, powerful concept to focus on what matters most in their personal and work lives. 

Companies are helping their employees be more productive with study groups, training, and coaching. Sales teams are boosting sales. Churches are conducting classes and recommending for their members. By focusing their energy on one thing at a time people are living more rewarding lives by building their careers, strengthening their finances, losing weight and getting in shape, deepening their faith, and nurturing stronger marriages and personal relationships.

Self-Awareness for Advisors

Conative Connection: Uncovering the Link Between Who you are and How your Perform

Kolbe provides insight into one’s natural instincts and strengths. Conative Connection, written by Kathy Kolbe, gives you methods to take your Kolbe results and turn them into action to better not only your work, but also you yourself. 

We use kolbe to make sure we are all in the right seat on the bus. Everyone who works for my wealth management firm has a kolbe and before they are hired, they take a kolbe to ensure that there is a fit. I won’t hire another associate with a Kolbe report that compliments the team. In the Retainer Based Academy course, we provide a free Kolbe to any person who takes the course. 

Technological Tools for Advisors

VariDesk

Sitting behind a desk all day can be tiring, especially if you’re working more than eight hours a day with little to no movement. I became tired of sitting for eight plus hours five days a week only to get in a car, go home, and sit more at home. After doing some research, I discovered standing desks. 

Now I know there are various standing desks; there are some are full desks that would replace your existing one and there are ones that turn your current desk into a standing desk.  

I decided to go for one that converts my current desk and absolutely love it. Since I converted I find myself more focused and moving more than I did before; and no I don’t count refilling my coffee cup as movement. While it may not seem like it, moving to a standing desk can change how you’re currently working for the better.

The Apple iPad

I use this all day, everyday. It is always by my side. I’ll do a future blog on how I use Apple Notes but suffice it to say, I would never give up my iPad. The neat thing is instead of bringing home a briefcase, I just need to carry my iPad. 

I got the version with the Apple pencil so even if I feel like “writing something out” I can still use my iPad. All my books are purchased on Kindle or iBooks and are in my library, anytime, anywhere. I use the ipad as my “digital repository” so I always kind find whatever I need. 

One side effect of using the ipad vs. a laptop or desktop is that while on the iPad it doesn’t feel like work. For some reason, checking and writing emails (or blogs) on the iPad seems less like work than doing the same thing in the office. 

Yeti microphone

For my in-office videos (and client virtual meetings) I use the Yeti blue microphone. Easy to set up, portable and just works. It can be focused on where I’m speaking or pick up the entire room if you are in a group conference. 

Enjoy the Tools for Financial Advisors

There you have it, the most important “tech” I use to manage my retainer based firm (ccwmg.com), my coaching business (retainerbasedacademy.com), and 5 non-profit boards.

Hope these tools help you as much as they have helped me. 

Enjoy!

Mr. Retainer

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Music to Inspire

Music to Inspire

We compiled a list of music to inspire you to be productive.

As an entrepreneur things get tough. Add to that if you are trying something new and it’s hard at first. It can be hard getting in the right mindset to knock out hours of work at times when there’s a lot on your plate.

Below are the top motivation songs I’ve procured to get and keep me in the zone. I’d love to hear what yours are, so leave them in the comments!

Music to Inspire Greatness

It’s My Life – Bon Jovi

The takeaway, it’s NOW or never. We all have limited time. Goals are met with the decisions we make daily.

Work on yourself…daily. Work on your team…daily. Work on your goals…daily.

After a while, you will be much further along than if you only worked on these things quarterly, or when you look at your business plan in September and say to yourself “Oh S#IT”.

This is Me – The Greatest Showman

Okay, last song from this awesome soundtrack. The take away I get from this song is “you be you and I’ll be me”. Only after you are owning who you genuinely are, will you feel complete.  For most of my 10 years as an NFLPA Financial Advisor, you could find me by organically (I didn’t pay for it) searching for best NFL Financial Advisor.

Truth is, I was not happy dealing with agents who always wanted “something” in return or players who always wanted 25% returns with no risk. So when I retired in 2018, I felt more like myself. I didn’t want to be known as the “football guy” when I wasn’t happy in that arena. This is probably the only blog I get to also add “Eagles rule”. 

We Are The Champions – Queen

If you have a win and this song doesn’t make you feel even better, then you have a problem on your hands. I love the way this song makes me feel. It also helps that it is all that played in the Hubler household after the Eagles won the Superbowl, for probably longer than I’d like to admit. 

Bigger Than My Body – John Mayer

Most people have something they don’t like about themselves. It might be how you sound or your body type. This song recognizes that and says “do it anyway”. As Mr. Mayer says: 

Someday I’ll fly
Someday I’ll soar
Someday I’ll be
So damn much more
‘Cause I’m bigger than my body
Gives me credit for

Roar – Katy Perry

The music video to this is also motivating. It shows a shy girl who is in a plane crash and she becomes the king or “queen” of the jungle. Again, a very happy song that is filled with inspiration.

My Way – Frank Sinatra

No way a list of motivational songs could be compiled without this song from the Chairman of the board. Frank had a lot “spunk” and didn’t take crap from anyone. This song is a great anthem, especially if you are doing things in a way that is not what others are doing. I already told my wife, I want this played at my funeral. You are invited 🙂

Music for Positive Feelings

Elevation – U2

Not sure why this is motivating, but put it on and you’ll feel better. I promise. Not so much the words but how the music makes you feel. 

I Gotta Feeling – The Black Eyed Peas

Tonight’s gonna be a good night. Celebrate your wins. See the success before you even start working on it. Champions are made ahead of time, with the work they put in that you’ll never see. Champions are not made when they get the medal. 

Have it All – Jason Mraz

If you have a family (or basically anyone you care for) this song recharges the battery of wanting more for them (and yourself). I find this to be a great song if you need some deep-rooted inspiration. 

I Lived – OneRepublic

We are on a journey. With a beginning, middle and end. This song reminds me of that. If you have kids, it will also make you feel honored to be able to help them in their journey. 

Fight Song – Rachel Platten

Being successful as a business owner can be a battle. Sometimes there are things you need to address that are ugly, hard and frustrating. Well, this song is for those times. We take the good with the bad, so get through the bad and own it once you see yourself succeeding. 

Music to Motivate Focus

Hang in Long Enough – Phil Collins

Some of us (and I’m guilty) have “shiny object syndrome”; we like to try new things. Sometimes we are on the right track but don’t spend the time to see any true success. When I left corporate America to become a financial advisor, I knew it would be hard. Did I think I’d get divorced, lose my Corvette or home? Nope. But I promised myself I would “hang in” and this song motivates me to do just that. Plus I am the biggest Phil Collins fan in the world and could have filled this entire blog with his and Genesis’ songs, but that would not relate to the non-fanboy’s out there. 

Eye of the Tiger- Survivor

If this song does not motivate you then you probably need medication. It’s a great way to get in the zone if you’re not feeling particularly productive on a given day. The song does its job. 

In the Air Tonight- Phil Collins

I think all NFL players have used this at one point or another in their pre-game “amp up“ routine. Why? It works. For me, if I need to get in the moment of kicking ass, this is the song. Once the drum fill comes in, get out of my way, or you might get hurt. 

The Champion – Carrie Underwood

I know there are a lot of NFL related songs. Deal with it; these songs are motivating and sports is one of the few places where you get instant knowledge of if you are good enough. If you don’t see yourself as a champion, get off the field. The same concept goes with business; if you see yourself succeeding, there is a much better chance that you will reach your goals. Doubt yourself, and there’s a good chance you will fail. 

Music to Inspire Grit

The Show Must Go On – Queen

S#it happens and you have a responsibility to your client, to your team, to your family, and to yourself. Put your big boy (or girl) pants on and get the job done. This song was sadly one of Freddy Mercury’s last and he knew he was dying when he wrote/sang it. Makes the song sadly better. 

From Now On – The Greatest Showman

If you haven’t seen the Greatest showman, stop right now. I’m not a big “musical” guy, but as an entrepreneur, you can’t help but see yourself as PT Barnum. Especially if you do any sales. A very motivating song that reminds you why are you doing this in the first place.  

I’m Still Standing – Elton John

Motivation is easy when things are good. It’s easy to be motivated when things are going well. This song helps me when things suck. Get back up and put on a brave face. As long as you’re “Still Standing”, what could go wrong?

High hopes – Panic! At The Disco

This is the newest one on my list. I love the words, the energy of the music, and the references to your parents believing in you before you did. 

Mama said
Fulfill the prophecy
Be something greater
Go make a legacy
Manifest destiny
Back in the days
We wanted everything, wanted everything
Mama said
Burn your biographies
Rewrite your history
Light up your wildest dreams
Museum victories, everyday
We wanted everything, wanted everything

Tubthumping- Chumbawamba “I get knocked down but I get up again”

Oldie but a goodie.

I get knocked down, but I get up again
You are never gonna keep me down
I get knocked down, but I get up again
You are never gonna keep me down
I get knocked down, but I get up again
You are never gonna keep me down
I get knocked down, but I get up again
You are never gonna keep me down

I bet you are singing it in your head now, aren’t you? 🙂

Stronger – Kelly Clarkson

Kelly has lots of “get out of my way, I got this” type of songs and this one is my favorite. As we all know, you only get stronger when you push yourself to the limits. That works with working out and with your business dreams. There is a lesson in everything, especially the failures. But you must listen. 

A Million Dreams – The Greatest Showman

Okay, I said no more songs from TGS, I lied. This is great because the song begins with a young PT Barnum and then the adult (Wolverine) version comes in. If you are an entrepreneur you probably thought about being one since you were young. Own it. 

I Won’t Back Down – Tom Petty

The first verse is all you need to get a little more “steele” in your spine. Remember, people treat you the way you let them. 

Well, I won’t back down
No, I won’t back down
You can stand me up at the gates of hell
But I won’t back down
No, I’ll stand my ground
Won’t be turned around
And I’ll keep this world from draggin’ me down
Gonna stand my ground
And I won’t back down

Music to Inspire YOU!

I hope these songs motivate and inspire you as much as they motivate me. I would love to know what songs motivate you that I didn’t capture.

Let me know in the comments and we’ll jam out together!

Make sure to check out our Youtube page!

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Why Become a Retainer-Based Planning Advisor

Retainer-based Planning

You decided that this is the year to make changes to live your dreams. Now what? Most of us have been there. Retainer-based planning is the way to make it happen.

You meant well, you wanted to help people with their finances and maybe you worked for a “big firm” before you decided to go out on your own. But it’s lonely on your own. You have to think about and decide about EVERYTHING. From the basic stuff of logo’s and company name all the way to deciding if you lease or purchase your next piece of office equipment.

The truth is, you spend A LOT of time thinking and managing things that your clients don’t care about. You should be focusing on the outcomes that are important to the CLIENT. But no one said life was fair.

Independent financial advisors are up against it. Let me count the ways…

Ways independent financial advisors have it rough:

We want to be different; compliance wants to keep us in the box, under control. This limits our solutions, they like us to stick with “traditional planning” and normal investments and strategies. I.E. they want us to get in line and be like “everyone else.” Kinda hard to differentiate when we all look the same.

The more money a prospect has, the more likely they can’t “take a chance” on an independent firm or team. They have too much to lose. So they go with the “Insert local, old trust company here”. They know they probably should have more than traditional stocks/bonds (especially with the length of this stock market expansion). But they need to be “conservative” and usually pick the older firm with name recognition. Usually not you.

But there is hope!

So how do I create a profitable business that adds real value to my clients and if I’m being brutally honest, I don’t want to work too hard?

Common sense is not common practice.

Pretend you are a high net-worth prospect. What do you want? I think at a basic level you want advice to help make smart choices about money. You want someone whose answer is not tied to a commissioned product and you want to be able to leverage low-cost platforms but still have an advisor to talk to you. And if you (as the prospect) are also being brutally honest, you want value. You are willing to pay for it, but you want value. Save you time, give you more than the stocks/bonds you’ll get at the brand name trust company or low-cost fund company.

Retainer-based planning checks all of these boxes.

So we have the outcomes we are trying to accomplish. Add value to the client, have a profitable business, and work less.

Advice – A Game Changer

The game-changer is coming. What if there is a simple change in your practice and mindset that could do all three? Add value, make a profit, work less…..

Charge for what you give away now. If you make your practice a financial advising firm, not just wealth management or asset management, or financial planning type of firm.

Honestly, I did it, and I regret not doing it sooner. Although I think if I tried this any earlier I would have been stopped by many factors and this current time is perfect for this change.

Once you decided to be advice-driven you need to create a repeatable process to deliver the right advice to the right client at the right time. You create the process once and use it often. No more “one-offs” which never work. Retainer-based planning is scalable.

When is the last time you made an exception that actually worked out long term?

I had a client who wanted to choose what we put into his portfolio (this would never happen again). He wanted certain funds, and I went along. His portfolio didn’t do as well as the one I would have put him into and he fired us. He should have fired himself.

I digress, bottom line, the time is right for you to change your practice to an advice lead practice and really, truly help your clients.

I did and it has made all the difference…

Make sure to check our Youtube channel!


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When is the right time to switch to retainer-based planning?

When is the right time to switch to retainer-based planning?

When I started contemplating the idea of retainer-based planning, I had various thoughts and questions going through my mind.

When is the right time to switch to retainer-based planning?

How long will the transition period be?

When’s the best time to implement it? 

Am I ready? Is my team ready?

Ask the Team

I kept having these thoughts in the middle of a workday until I finally brought it to my team. It was important to hear their thoughts and even their concerns. After all, my idea would change everything.

I started seeing my ideas come to life and realized it isn’t as complicated as initially thought after having numerous discussions with my staff. I took my time making sure the process worked before I felt ready to introduce it to the world. Once we began building it out, the timing came naturally.

There is no one specific set time frame between deciding to be retainer-based and implementing it. You can’t rush the process. Otherwise, it won’t work. Ever.

So, when is the right time to switch to retainer-based planning? Whenever you want. Just don’t miss the boat.

Make sure to check our Youtube channel!

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Building a Financial Advising Team

Financial Advising Team

Your financial advising team is there to make you more productive and effective.

Take a Team Approach

There’s no such thing as bad timing.

At least, that’s how the saying goes. While this may certainly be true, it can get pretty tiring to consistently be answering the phone or emails when you shouldn’t be. I’ve had clients call my personal number on weekends to ask questions, ones I normally have to pass along to my team to handle.

Client Expectations

With retainer-based planning, clients know from the beginning that if they have questions or issues, they reach out to my team and their assigned CFP. They understand there’s an entire team to reach out to, not just me.

Clients knowing from the beginning who to reach out to the team for certain issues limit the number of emails and phone calls I receive on weekends. I can enjoy spending time with my family and watch my kids grow up without having to worry if clients are being taken care of or being interrupted during family-time because a client called.

Happy Vacations

I used to say that my clients would come with me on vacation, resulting in it not really being a vacation. Thanks to the process and team approach in our retainer-based planning program, I can no longer say clients come with me.

What a truly wonderful feeling that is!

Make sure to check our Youtube channel!

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Avengers & Financial Advisors

Avengers and Financial Advisors

It turns out that the Avengers and Financial Advisors have a lot in common. I will try not to spoil the movie, but you should have seen it by now.

An Ending Leads to a Beginning

The world is constantly evolving. Stories are ending and beginning in an infinite cycle. Many stories ended this year, like Game of Thrones, Kingdom Hearts, and Big Bang Theory.

Nevertheless, as one story ends, another begins. Some of the shows plan to launch spinoffs in the future. That makes fans like me happy.

Despite many stories coming to an end, there’s one that occurred in April that sent the world into an emotional state: Avengers Endgame.

Marvel is officially ending one saga and entering a brand new one. Switching from asset management to retainer-based planning is the same.

Avengers & Financial Advisors

In Endgame, we said goodbye to some of our favorite characters; we also said hello to new ones. The same thing goes for our practices. We say goodbye to old processes and say hello to new ones that will better benefit clients: retainer-based planning.

That’s why the Avengers and Financial Advisors have so much in common. We might end one thing, but it’s only so that we can go on to change the world in a different way.

You can still be a hero to your clients, even as their needs change.

The original story of asset management informs the new story with a stronger focus on planning. We transition clients, one by one, to a system that adds more value.

Although the end is daunting, it doesn’t have to be bad. Ending or changing a process is a natural occurrence and should be viewed as an opportunity. View it as something exciting that will allow you to focus on what you truly enjoy doing.

Just because something ends doesn’t mean the door is always closed. An end always leads to a beginning. The joy of the journey is discovering your new beginning. As Tony Stark says in Avengers: Endgame, “Part of the journey is the end”.

And remember, real superheroes are on retainer.

Make sure to check our Youtube channel!

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RBA blog – Game of Thrones edition

Game of Thrones & Financial Advisors
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Now that the 8 year GOT saga is in our rearview mirror, it got me thinking about how financial services are similar to GOT. You have fighting ideologies: passive vs. active, index vs. manager plus the plagues of fee compression, compliance (sorry, but it’s true), increasing customer demands and the cherry on top, when the market is going up “who needs you?”.

Well winter is coming and the market (especially the fixed income side) is overdue for a correction. Fee compression has only begun and wait until you see what AI can do to replace us. We are a few years away from Siri or Alexa to say “the market is down today, shall I increase your equity position per your risk profile?”

So where is our GOT King or Queen (not going to spoil it, if you are not caught up)?  Well, if you know me, I think you can take a guess at my answer. It’s in competing on something that AI and the warring factions can’t really take away. It’s competing with your experience, advice and ability to create a long term beneficial relationship with your client.  My other “secret sauce” since we mostly deal with accredited investors is to use alternative investments as my “dragon”. It’s something that adds value to the client by giving them additional choices for their allocation.

 #winteriscoming

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What if you don’t move to retainer-based financial advice?

What if I don't move to retainer-based advice?

I’ve been asked, “what if I don’t change?”

Well, that is an option.

Someone smarter than me once said, “The easy answer is rarely the right one and the right answer is rarely the easy one.”

I think the times are gone where being an advisor was about asset allocation and sales practices. We used to be the source of investment information, but Google makes that skill irrelevant.

We can add value to the client who is looking for advice. We can add value to the client who wants an allocation to alternatives but wants to keep the bulk of assets at a low-cost provider (or is stuck in a 401k, while they work). We can add value reviewing current and recommended insurance policies.

So if you keep your practice “as is”, that’s fine with me, but your clients may move to a firm like mine.

Feel free to share my contact info :-).

Make sure to check out our Youtube page!

About Mr. Retainer

Fred Hubler (Mr. Retainer) is an accomplished financial advisor with more than 25 years of success in financial services and technology. 

He founded Creative Capital Wealth Management Group and grew the firm to 11 states. The practice focuses on retainer-based wealth management. As Chief Wealth Strategist, Fred works with individuals and families to serve their financial needs and achieve their goals. 

Fred is an inspiring speaker with a deep knowledge of market leadership, business development, goal execution, and wealth management. 

He is an innovative leader with a keen eye for unique solutions and vast knowledge in alternative wealth creation strategies. He built a framework to allow third-party experts to collaborate with and assist his clients, a practice now spreading throughout the industry.  He is also a certified Behavioral Financial AdvisorTM (BFATM).