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Thanks for holding nothing back...❤

Terrific info. Thank you. By the way, I am very excited about the TPCP Tax Planning Certified Professional course.

Keep it up man!

This week on 50 Fires Carl pulls a righteous trick and goes deep with Kitces.

Have been at Ameriprise for 9 years and have always been able to charge a fee just for advice and not necessary to sell a product. This video was 6 years ago and still makes sense but most novice programs dont force people to sell proprietary products other than the insurance firms. Love Michael's advice though. Have followed the blog for a long time.

Michael Kitces.......A Legendary figure!

The biggest scammer I lost 10k and he fake his own dead to not pay the lost

The bog scammer he fake his own dead after scamming and made me loose big money

You send your card number this was your text

Now send screenshots of all your positions and I will make a payout now 7:29 AM DaCK LOTS FUSE GRP HLDG INC FUST Price Change $0.90 -$0.69 (-43.26%) Updated: 04/24 09:52 AM EDT Short Term Qty Cost per Share 04/24/2024 500 $1.42 04/23/2024 1,500 $1.49 04/23/2024 1,000 $1.37 Long Term Qty Cost per Share No lots 7:30

A Michael fake his own dead to not take the responsibility off Now send screenshots of all your positions and I will make a payout now 7:29 AM DaCK LOTS FUSE GRP HLDG INC FUST Price Change $0.90 -$0.69 (-43.26%) Updated: 04/24 09:52 AM EDT Short Term Qty Cost per Share 04/24/2024 500 $1.42 04/23/2024 1,500 $1.49 04/23/2024 1,000 $1.37 Long Term Qty Cost per Share No lots 7:30 AN

I Now send screenshots of all your positions and I will make a payout now 7:29 AM DaCK LOTS FUSE GRP HLDG INC FUST Price Change $0.90 -$0.69 (-43.26%) Updated: 04/24 09:52 AM EDT Short Term Qty Cost per Share 04/24/2024 500 $1.42 04/23/2024 1,500 $1.49 04/23/2024 1,000 $1.37 Long Term Qty Cost per Share No lots 7:30 AN😅😅

Michael the big scammer of a broker fake his own dead to not support the damage that gave to customers. Are you live

This is basically the concept of social proof. And in our industry, its pretty difficult to do that considering the regulations in place. But I’ve always thought about what are some ways I can communicate that social proof through media so that people might be inspired to realize they have more goals than just retirement/being rich. What are some of these other goals we need to factor into the plan, so that we are hitting all the things important to you.

Awesome! Thank you!

Thank you 🙏🏽

Eğer bana geriye dönmezseniz yasal haklarımı kullanacağım SKYP de açtığınız sahte hesaba dönün.İnsanların paralarını alıp ortadan kayboldunuz

Holy crap this was incredibly helpful. You have saved me a ton of time trying to research all these custodians, thank you.

Good stuff. I’m more or less a virtual advisor and don’t have a physical office. For now, I’ve marked “service based business” and I show up in the left panel list of financial advisor near me but not as a pin on the map. Google doesn’t allow for home addresses being used as business.

I wish it wouldve gone to the next level and looked at, in the cases where the advisor SAID they were providing the mentioned services, but it wasnt perceived, the commonalities of those advisors communications to clients. And on the other hand, the 20% of advisors who consistently offered what the clients perceived them to be offering, what specifically communicated that to the client. What was the PROOF that made those clients feel that they had received ample “tax planning” or “estate planning”. Thats a rabbit hole that would demonstrate to alot of advisors what we need to be communicating or where we need to emphasize/focus our efforts so that the client feels their time is being spent on the items they really want to achieve. Because literally everyone asks the client what their objectives are and we do needs based analysis, but clearly we’re getting lost in translation.

Sales is part of being a financial advisor. You need clients to talk to in order to help them. I think I’m more confused now

Would love to see an update on this video.

He fallow you at what up and push to trade and guarantee the gain a Big liar

The biggest scam broker he keeps pushing tooting trade and if you loose good luck

I get a notification for kitces and carl. I know it’s going to be a good morning. Awesome topic!

Thanks for the content!!

👍

Thank you, I am in the process of a career shift from A/P support to financial planning. I have been taking classes in finance and now studying for the SIE. But I don't want to get bogged down in a sales job, I've lost too many years moving from one entry level position to the next. My end goal is a financial analyst for a specific industry segment. Any advice or mentoring would be most appreciated. 😊

Thank you for providing more top shelf content!

ChFC= I didn’t graduate from college. CFP will never be required.

Very helpful - thanks!

This resonates. I gradually moved away from emoney over several years and virtually no one cared.

These podcasts need de-essing. The S's and T's are very distracting. I'm an audio engineer and doing de-essing to your podcasts would be very beneficial to your listeners especially when we listen on headphones. Just a tip

please don't stop making these interviews, Mr. K. These are phenomenal resources, esp for someone like me who is working at the branch level now trying go get into an RIA. People like Mr. Leonard have a ton to offer just like you. What a story.

Really helpful, thanks.

Thanks Michael and Dann a lot of really good insights you two share in this episode!

Great episode!

Great perspectives. Awesome episode.

Doesn’t it make more sense to start with a firm and then take your clients with you when you start your own firm? Rather than start a firm with no clients and survive off debt

Great video. I subdivide "stop doing" into a) delegate, b) automate, or c) strip from the business entirely. c) is best for me because the others entail swapping " managing" for "doing" and might still keep my mind on things that are not part of our best future path.

Michael - PLEASE look at using AI to summarize your teams. Teams with Copilot will save you lots of time on summarizing meeting and action items. Its good at it

Have been a Series 7/65 for 28 years and have worked for the biggest firms down to starting investment divisions within the smallest community banks. Started at Amer. Express/Ameriprise (VERY rigorous training), and have had every kind of client from congress people, pro athletes, multi-millionaires as well as college kids and folks with $50k in credit card debt. Other than death, I had a 97% client retention rate. I learned 2 things: 1) you will be required to produce annual revenue either by commission or AUM fees wherever you go, (no matter how much you may pride yourself as an objective "professional advisor"), and 2) NO ONE, in the thousands of meetings I've had, EVER asked me about my alphabet credentials. As a matter of fact, 99% of the public couldn't tell you the difference between a CFP, MBA, CHfC, or an ABC. Should you know your stuff and respect your client's needs and goals? Absolutely, and it's serious business. In your entire career, will you come across clients with needs that might be better served with a CFP vs. a CHfC? Perhaps, maybe a couple. Would it have been enough for me to justify having to pay for a $90,000 bachelors degree just so I could "have the respect" of other advisors I'll never meet and sit for the CFP that NO ONE has ever asked me about? Nope. Just another honest view to balance things out. The CFP isn't bad. But telling someone that they can't sit for those exams unless they have any kind of bachelor's degree in something useless or unrelated is stupid. It becomes about how they are positioning themselves to make revenue off of the advisors, not the clients. And almost no one will admit any of this if they paid that kind of money to belong to that club. It's not in our human nature to do so. Advice: get GOOD training from mentors who respect clients and don't become brainwashed into thinking that everyone needs a certain kind of permanent insurance, or a "no load/index" fund, or a hyper-detailed, $5,000 financial plan that will be thrown in a drawer and forgotten by the client 30 minutes after they leave your office. Find your clients' top 3 goals, their top 3 bad habits, their top fears and educate them on those issues in a way that THEY can digest, keep them from bad, overcharging products, and earn their trust so that they keep trusting you and coming back over the long haul as you walk out their details in the coming years.

I'm just starting my journey on becoming a CFP and I look forward to more of these Podcasts. Thanks Michael and Hannah for sharing your story.

Customer Confusion

UPDATE... I have been in the industry for 13 years and this video is spot on. Despite one concerning recent change. The financial product sales culture is starting to leak into the large RIA world. It is very concerning. I am seeing more and more large RIA firms structured as such, looking for sales people to drive growth. These companies are always hiring and promise unlimited earnings and freedom but as you dig deeper, you realize it is a pure sales job.

So why not get the chfc first, and then once you earn that all of the coursework overlaps with CFP work so you can just prepare to start sitting for that exam? Did I miss something?

While not being asset intensive prevents secured borrowing, it also promotes a low run rate business model. You’ve made great content on that part of it, but it’s worth reminding people the cash burn of your own shop can be really low (ex. Forego rent until you have your first 10-15 client relationships, pay monthly for your SaaS stack at first, etc…). Also, be mindful of leveraging the assets of your entire household - a partner’s income is a HUGE asset

Alright I absolutely loved this episode. This is my exact situation I am weaving through and it is very relatable to all advisors at different levels. I think the flexibility of you guys starting on a topic, finding something really interesting, and taking a left turn is super unique. I love that. It feels more like a journey than a rubric of a strict topic. Thats makes it so much more intellectually stimulating in my opinion. Digging into the nuance versus the talking points many have heard on some level. The conversations are organic and authentic. This is my favorite pod. Keep it up Kitces and Carl. You guys are awesome.

This is going to be awesome episode! 🍿

Best timing ! I'm 23 and I'm close to quit my well paid job that I don't like to become a financial advisor. I've an interview next week to become a financial sells person. I'm not a big fan at all of this king of job but it's very difficult to find a fair advisory firm and I just want to get my CFP. Don't know what to do...