Welcome everybody! Welcome to the 487th episode of the Monetary Advisor Success Podcast!
My visitor on immediately’s podcast is Lori Atwood. Lori is the founding father of Fearless Finance, an RIA based mostly in Washington, DC, that has served nearly 3,000 shopper households over the previous three years on an advice-only, predominantly hourly payment foundation.
What’s distinctive about Lori, although, is how she constructed an inside planning software program platform to satisfy the wants of her supreme goal shopper alongside a crew of advisors ingrained in her agency’s tradition and planning processes to profitably and effectively serve new and present purchasers.
On this episode, we speak in-depth about how Lori determined to pursue an advice-only, hourly mannequin to have the ability to serve working-age purchasers going through main life choices (for instance, the monetary implications of taking a brand new job in a special metropolis) in addition to ‘conventional’ monetary planning purchasers with extra property (who would possibly need to verify that they’re on observe for retirement), how Lori determined to create a “hub-and-spoke” mannequin for her agency with advisors who’re tied into the agency’s tradition in addition to its techniques with the intention to create a stronger model, and the way Lori determined to construct her personal monetary planning software program platform (with the assist of exterior builders) to permit her advisors to effectively zero in on the planning points most necessary to their purchasers.
We additionally speak about how Lori spends roughly 18% of her income on shopper acquisition, leading to 400 new purchasers final yr with a 64% shut fee, how Lori’s advertising spend may be comparatively excessive amongst advisory companies by way of share of income, her per-client acquisition price is way decrease than the business common given the variety of purchasers she onboards every year, and the way Lori markets partly by sponsoring podcasts that put her agency in entrance of listeners present process life adjustments (and subsequently may be prepared to satisfy with a monetary planner).
And make sure to hearken to the top, the place Lori shares how she finds that many consumers who would possibly in any other case discover monetary info utilizing AI instruments come to her for “affirmation, not info” on their monetary conditions, how Lori finds that being clear about her pricing on her web site (and speaking that purchasers ought to count on will increase to the hourly payment each two years) has resonated effectively with prospects and ongoing purchasers alike, and the way Lori has finally discovered it gratifying to be the primary name her purchasers make after they face an surprising monetary scenario and to have the ability to present them with significant options that maintain them heading in the right direction financially.
So, whether or not you’re all in favour of studying about how Lori constructed an advice-only, hourly monetary planning agency that has served almost 3,000 shopper households in simply three years, how how her hub-and-spoke advisor construction helps preserve tradition and consistency, and why Lori constructed her personal inside monetary planning software program to enhance effectivity and shopper outcomes, then we hope you get pleasure from this episode of the Monetary Advisor Success podcast, with Lori Atwood.
