Anyone know a solid outsourced paraplanner service, or an advisor with extra capacity? Got a few advisors who need help rebuilding plans in eMoney.
Headline multiples in the advice industry are close to meaningless at this point.
Disclosure in size 10 font at the bottom of the page:
"potential offer value projects an IPO event with potential tag along and or drag along, which is not guaranteed."
Since there's such a strong precedent for wealth management firms IPO'ing, definitely best to show it this way, lol.
I buy 3 companies and risk my entire net worth, 12 likes, 0 new followers.
I talk some 💩 on behavioral finance. 50 likes, 50 new followers.
Need to stop working so hard.
Hey Patrick,
Hope you’re having a great week. You may not have heard of JigglyPuff Asset Management. We have a private credit fund it’s a BDC that’s part of a series of intervals funds in an LP backed fund of funds wrapper syndicated through JPMorgans butthole.
Can you carve out 45 minutes to review?
Despite industry conferences being mostly a waste of time. Gotta’ admit, this one was fun AND I did come away with some good contacts that have moved my business forward.
Advice industry is peak beta right now.
Growth rates are essentially zero.
Conferences are a vendor playground.
Same names on stage, pacifying advisors instead of pushing for change. Tech is a bunch of feature spam, enterprise stack sucks due to clunky acquisitions. Retainer planning is a failed experiment. Advisors are told to act like psychologists. Investments are a no-no word.
How did we get here?
Or maybe a better question… how the hell do we get out of here?
I think it starts with cutting the bullshit act that we should be doing more than investing peoples money and helping them plan. That is our profession, it is not any more or less than that. Right now, it’s a noble and necessary profession when done well.
That said, it’s still up for debate if it’s a necessary profession in the future when wealth inevitably transfers and the exponential nature of AI sets in.
IMO - if you can’t figure out a way to market and sell investment management and financial planning services to people in their 30s, 40s and early 50s for an AUM fee in the next 7 years - it’s over.
You’re better off selling your practice now and monetizing at a premium multiple.
Don’t listen to anyone that talks about adding more value to maintain fees, or switching to retainer planning, or becoming a life coach. None of that 💩 will matter when the ACATs start flying.
You either figure this problem out and you win. Or you don’t, and you lose.
At WealthPlan, I am obsessed with trying to drive growth in traditionally challenging customer segments to solve this issue. I don’t have all the answers, but I will share what I know over time.
We have all these Top 100 advisors lists, what about the Bottom 100?
Industry legends selling 15 year surrenders to 92 year old ladies to eke out that 3rd mortgage payment.
I often get odd / indignant reactions from advisors my age when I mention growth through acquisition:
"I would never sell." "Why would anyone sell their practice?"
This is the only industry that has this reaction - why is that?
AUM is a shit test. If I’m paying thousands of dollars to attend a conference, I don’t want to see a guy sitting in on a panel that manages $20MM in assets. No offense, but you’re not there yet.
Only thing worse is the guy brandishing his AUM wiener at the cocktail hour. F that guy.