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Mindy Diamond on Independence: Ric Edelman on the Future of Your Wealth Management Practice

One of the most influential people in the financial planning and investment management profession discusses what fueled his firm’s growth, the importance of financial education, the value of embracing technology and more.

We often talk about how the wealth management industry landscape has evolved. But the fact is, EVERY industry has been impacted by dramatic change. And each year, the transformations advance more rapidly than the years prior.

The guest on this episode rode these waves of change and served as both a leader and navigator.

Ric Edelman is one of the most influential people in the financial planning and investment management profession. Ric’s career path started in the 1980s when he and his wife, Jean, founded Edelman Financial Services. After growing the business and a series of mergers and acquisitions, the firm, now known as Edelman Financial Engines, would become the largest RIA in the country with $191 billion in assets under management.

Yet, as Ric shares, providing financial education was the driving force that led to their wide-ranging success.

For example, Ric became one of the country’s top 100 radio talk show hosts and produced award-winning specials for PBS. He is also the No. 1 New York Times bestselling author of 12 books on personal finance, including his newest, The Truth About Crypto, an Amazon bestseller. And he’s the host of the podcast series The Truth About Your Future and the founder of the Digital Assets Council of Financial Professionals.

Plus, Ric was ranked three times as the No. 1 independent financial advisor in the nation by Barron’s and received the industry’s Lifetime Achievement Award in 2017.

Ric shares his unique lens on the industry with Louis Diamond in this very special episode, including:

  • The secret to how he built a mega RIA—and advice for others with their sights set on growth.
  • The importance of his focus on financial education—and why he describes it as a mission that “propels” him.
  • The choice to step away from the firm he built—and how he and Jean are reinventing this chapter of their lives while teaching others to do so as well.
  • The real value of scale—and why learning to create services that impact 1,000 clients rather than just one is critical for growth.
  • The power of technology—and why it’s important for advisors to embrace the changes impacting wealth management practices and the financial world at large.
  • The role of generative AI tools like ChatGPT—and what advisors need to know to leverage them for client service and brand extension.
  • The realities around crypto—and how blockchain and tokenization will continue to alter their business practices.
  • The truth about the future of financial advice—and how advisors can take advantage of technology to create a better service experience and gain scale.

Ric offers an important narrative around the fact that our world is changing rapidly and shares a perspective of more dramatic transformations ahead. It’s an important episode for all advisors as it provides foresight into reimagining our businesses to meet the forthcoming challenges and opportunities.

Download a transcript of this episode…

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