Latest news with #49Financial
Mint
06-05-2025
- Business
- Mint
Successful financial advisors share 8 mistakes rookies should avoid
Early in his career, Dave Lafferty didn't return a client's call for a few days. The advisor assumed it could wait because it wasn't a pressing matter. But when he heard the edge in the client's voice, he knew he would been mistaken. Failing to get back to clients promptly is a classic rookie mistake that new advisors should avoid. 'To me, it wasn't a big deal, but to the client it was important," says Lafferty, a partner and senior financial advisor at Wescott Financial Advisory Group in Philadelphia. The client stuck with him, but so did the lesson—to get back to clients quickly. 'You want to be responsive, no matter what the question is," he says. Here are seven more rookie mistakes to avoid: Taking rejections personally or as permanent. As he was trying to build his practice, Matthew Sims often felt rejected when prospects didn't call him back right away or turned him down outright. But sometimes it was just a matter of being patient. He gives the example of a family friend who didn't return his call for three weeks. Sims had given up hope, but it turns out the man was unusually busy because he was changing jobs. And, the timing was right because he needed advice on options for transferring his 401(k). The man became a client and a good referral source, says Sims, a founding partner in the Dallas office of Austin-based 49 Financial. Not every prospect will become a client, and others won't become clients right away, but the important thing is to remain professional, Sims says. While it isn't advisable to annoy people who have turned down your services, he recommends asking prospects whether it's OK to follow up occasionally since circumstances can change. Some people who didn't need your services initially might reconsider. One such prospect became a client after the person's advisor was getting ready to retire. That client's been with Sims for about 10 years. Overwhelming clients with jargon. Looking back, Sims says he spent too much time talking to clients about rates of return, distribution rates, standard deviation, and other technical terms. Those things matter, but what the client wants to know is: 'Do I have enough money to be able to continue to live in retirement the way I want to live? Am I going to be OK?" he says. He got the message after a widow bluntly asked him whether she had enough to live comfortably. It made him think about 'the countless other meetings when I probably went off on various tangents," Sims says. 'In the end, clients are really looking for us to give them the confidence that they are on the right path." Not asking for help. Lafferty, who is now in his early 60s, used to avoid asking for help, sometimes out of pride and sometimes because he preferred to try things on his own first. Though self-sufficiency is important, there are times when an advisor should ask for help. Lafferty offers the example of a client presentation he did on his own, without asking for input from another advisor at the firm who knew the client better. After Lafferty had finished, he showed the presentation to the other advisor, who made multiple changes. Had Lafferty asked this advisor's advice before starting the presentation, he says he would have ended up with a more refined product sooner and wasted less time. 'I would counsel all younger advisors to seek the advice of more seasoned ones," he says. 'More than likely, whatever you're bringing up, they have already been through it." This is especially important when dealing with demanding clients, he adds. Being inflexible. Lafferty would also have changed his approach with clients seeking to deviate slightly from the firm's prepared investment management advice. This isn't to say you should let a client make a terrible decision, but sometimes there are gray areas that, even if the client lost some money, wouldn't make a substantial dent in their assets or financial security. If a particular investment is that important to the client, and it's only a small investment as a percentage of their overall portfolio—and you've talked about the risks—being overly insistent about sticking to a predesigned plan could impede the relationship-building process, he says. Underestimating your worth. At a previous firm, Kelly Keydel charged below the industry standard of 1% of assets under management. At the time, she was afraid to raise her rates—even though she provided high levels of service—because she felt clients might balk. That went on for a decade. Eventually, after a thorough business analysis, she decided to raise fees to be more in line with the services she provided. To her surprise, clients understood—she didn't lose a single one. 'You have to have a sustainable practice, particularly if you're supporting a team of people," says Keydel, now a financial advisor in Wealthspire's Seattle office. Being too insular. As a rookie advisor, Nick Bour says he relied too much on his employers to provide training, business development, and networking opportunities. Firms will train you the way they want to teach you, but it isn't always the fastest way to grow your business, says Bour, who worked at several wealth managers before founding Inspire Wealth in Brighton, Mich. Networking earlier in his roughly two-decade career—by joining industry groups, attending conferences, and meeting people in other ways—would have been beneficial for business growth, he says. Your current firm should not be your only perspective, he adds. Showing impatience . Many young advisors forget that it takes years of experience, along with many trials and errors, to build up a successful practice. Keydel tells young advisors to take it slow and not compare the successes they have built so far with what industry veterans have accomplished over many more years. 'Your career is a marathon, not a sprint."
Yahoo
03-03-2025
- Business
- Yahoo
Financial Gravity Welcomes New Family Office Directors Lauren Fischer and Dave Fischer
AUSTIN, TX / / March 3, 2025 / Financial Gravity Companies, Inc. (OTC:FGCO) ("Financial Gravity") Gravity welcomes Lauren Fischer and David Fischer aboard as new Family Office Directors. Lauren Fischer is an experienced finance executive with over a decade of experience in investing and financial planning spaces. As a Financial Planner, she is relentlessly committed to excellence in helping clients achieve their financial goals. Lauren began her finance career with SALI Fund Services, a turnkey platform for creating and administrating Insurance Dedicated Funds. Her clients at SALI included boutique hedge funds and some of the largest wealth management institutions in the world. Lauren then joined Artemis Capital Management, a quantitative long volatility hedge fund where she earned the Chartered Alternative Investment Analyst℠ certification. She was the Director of Operations and CCO of Artemis, working with both individual and institutional investors, alike. After seeking a career change, she joined Grace Capital Management as a Financial Planner, earning the CERTIFIED FINANCIAL PLANNER™ designation in 2024. Throughout her career, she has developed a passion for helping others achieve their goals and a reputation for excellence in every aspect of her work. Lauren graduated from Texas A&M University with a Bachelor's Degree in International Studies with a minor in Communication. Dave Fischer is an experienced Financial Planner passionate about helping people achieve their financial goals. Dave strives to provide a holistic, client-first financial planning approach that gives people precise solutions and peace of mind for their unique financial picture. Dave began his career as a Financial Planner with 49 Financial as part of AXA Advisors. During his time with 49 Financial, Dave cultivated his passion for finance and his commitment to his clients, always striving to put their needs first. Dave went on to join Grace Capital Management, where he worked as a Financial Advisor for over 5 years and earned the CERTIFIED FINANCIAL PLANNER™ designation in 2021. Dave graduated from Texas A&M University with a Bachelor's Degree in Management Information Systems from the prestigious Mays Business School. Lauren and Dave are co-founders of Team Fischer Financial. As Family Office Directors, Lauren and David are responsible for prescribing advanced tax solutions and ensuring their network of partners fill those solutions with fidelity to their plans. They rely on the experts at Financial Gravity, Inc., a true partner -- not just a vendor -- who help them deliver lower costs, higher tax efficiency, more comprehensive diversification, and more transparent risk management. Lauren shared, "Nothing matters more to me as a financial planner than the success of my clients. Dave and I have built our business around creating the best possible service and advice for our clients, and Financial Gravity is the perfect platform to continue to build and improve on our current offerings. Each person's financial universe encompasses multiple parts: investments, tax, retirement, estate, and philanthropy, among others; and quality financial advice takes every piece into consideration. We believe Financial Gravity shares this vision, and we are excited to partner with them and leverage the expertise they carry in these areas to help our clients accomplish their goals." Dave explained why he joined Financial Gravity. "Lauren and I have made it our mission to care for clients in the best way possible through devoted service and expertise. The multi-family office model through Financial Gravity will enable a robust expansion of this service and expertise to our clients while honoring the trust that clients have placed in us." Financial Gravity CEO Scott Winters shared, "We are excited to welcome David and Lauren Fischer to the Financial Gravity team as we continue our mission to democratize Family Office services. Their expertise and dedication to integrating multiple financial disciplines align perfectly with our vision of providing comprehensive, conflict-free solutions to clients. Together, we are expanding access to the holistic wealth management strategies that were once reserved for the ultra-wealthy, ensuring more families can benefit from true financial integration and efficiency." About Financial Gravity Companies, Inc. Financial Gravity Companies Inc., along with its subsidiary companies, provides investment and tax professionals with a turnkey family office charter. We help financial services professionals evolve from the commoditized business of tax compliance to a Family Office Director who runs and manages their own multi-family office. Family Office Directors are able to leverage the Financial Gravity systems, technology, proprietary resources, and deep domain expertise to bring an elevated and holistic financial service experience to their clients that spans proactive tax planning, retirement and estate planning, wealth management, and risk mitigation. For more information about Financial Gravity Companies, Inc., please visit Forward-Looking Statements This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert, or change any of them and could cause actual outcomes and results to differ materially from the current expectations. No forward-looking statement can be guaranteed. Forward-looking statements in this press release should be evaluated together with the many uncertainties that affect Financial Gravity's business, and Financial Gravity undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Contact Details Scott Winters+1 Company Website SOURCE: FINANCIAL GRAVITY COMPANIES, INC. View the original press release on ACCESS Newswire
