It was almost 2 years ago when Michael Kitces last visited this show.
And much has changed since that conversation.
Even his own business life took a new turn, having joined Buckingham Wealth Partners in March 2020—right when the pandemic shut the world down and the market tanked.
In this episode, Michael shares the story of his transition, and weighs in on the changes this industry experienced in the past year and the impact on advisors and their businesses, sharing key takeaways, including:
- Best practices for creating a thriving financial advisory practice—and how to build a firm with the end in mind.
- The infinite value of strategic vision—and how clarity around “what” and “why” is critical.
- The realities of scale—and why he says it doesn’t add as much to profitability as many think.
- The key considerations around acquisitions—and how organic and inorganic growth synergies should be a part of the overall strategy.
- The role of marketing—and why he feels it’s the most scalable part of an advisory business.
- Methodologies around fee structuring—and why margins often do not improve with growth.
- The employee advisor mindset of “more revenue”—and why advisory business owners need to think about profitability, enterprise value and client service instead.
Michael is a rockstar in the wealth management world, with a scope of knowledge unsurpassed by others. And he shares a ton of advice in this episode—so much so that you’ll want to download the transcript to be sure you captured it all.
Mindy Diamond is CEO of Diamond Consultants in Morristown, N.J., a nationally recognized boutique search and consulting firm in the financial services industry.