What You'll Learn In Today's Episode:

• Holistic Planning Focus: Successful advisors are shifting towards a holistic planning approach. This trend is consistent across the industry, transcending affiliations.
• Implementation Divergence: There’s a notable difference in how planning software is implemented. Broker-dealer advisors often handle it themselves, while in the RIA space, outsourcing is becoming more prevalent.
• Changing Perception of Insurance: The perception of insurance products in the RIA space is evolving. Advisors are recognizing the value of certain insurance solutions in addressing planning gaps, but there’s still a significant education gap in the industry.
• Trade-offs in Independence: The decision to become an independent RIA involves trade-offs. Advisors need to navigate responsibilities such as HR, technology, and custodian selection, defining their firm’s identity and niche, contrasting the support available in larger organizations.
• Delegation and Investment: Successful firms effectively separate client responsibilities among team members. Investing in professional development, designations, and technology understanding is crucial, requiring time and effort.

Matt is back with another Confessions of a Wholesaler episode, and this time is joined by Greg Goin, a seasoned wholesaler, and regional VP for Equitable, discussing the evolving landscape of financial planning. They dive into the core focus on planning adopted by successful advisors, the implementation differences in planning software usage between broker-dealers and RIAs, and the shifting perception of insurance products. Greg discusses the challenges and trade-offs associated with transitioning to an independent RIA with insights into the struggles faced by advisors, as well as the significance of effective delegation and continuous investment in professional development and technology understanding.

Ideas Worth Sharing:

‘I definitely witnessed that from the beginning of how much you actually need to take on as an independent business owner, depending on your staff.’ - Greg Goin Share on X
‘If you're at capacity, it's either a failure to delegate and or a failure to invest.’ - Matthew Jarvis Share on X
‘Some of the best firms, they've done a really good job of separating out and putting a team around their clients versus kind of the one-person operation.’ - Greg Goin Share on X

Resources In Today's Episode: