Here you can listen to my interview with Michael Kitces, one the financial industry’s foremost commentators, talk about the future for financial advisors.
Michael is a Partner and the Director of Research for Pinnacle Advisory Group, a private wealth management firm located in Columbia, Maryland, USA that oversees approximately $1.3 billion of client assets.
In this interview Michael shares his passion for elevating the profession of financial advisors. He also talks about the significant challenge facing them to support their clients to follow the advice given to them. The challenge here is to change their behavior.
Michael also highlights the importance of identifying the key activities in their own businesses that will drive their performance and how they must monitor and measure those on a continuous basis.
Michael believes that the biggest challenge of all facing financial advisors is what he calls “the crisis of differentiation”, the need to stand out from the crowd. The future belongs to those financial advisors who are specialists in their carefully chosen target market. They need to be specialists in a very specific niche.
You can also listen to Michael’s view on the future of remuneration for financial advisors – great stuff.
I am deeply grateful to Michael for spending so much time with me and I know what he says is so important to all financial advisors.
Michael is also the 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 Kitces.com, dedicated to advancing knowledge in financial planning. In 2010, Michael was recognized with one of the Financial Planning Association’s “Heart of Financial Planning” awards for his dedication and work in advancing the profession.
You will really enjoy this interview.
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Thanks to Jodey Smith, my podcasting technical genius, who does all the bits I don’t like – the editing, the uploading etc. He is a gem and can be contacted at JodeySmith.com.
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