Growing a wealth management business can feel challenging at times. As Kieran Bol from PriceMetrix by McKinsey noted on a previous episode of the podcast, most financial advisors are not growing their AUM by adding new clients. Why? Well, there are a lot of factors, but one of the most commonly overlooked may be that many advisors are only looking for clients who have already accumulated wealth to manage.
Why Financial Advisors Should Teach Financial Literacy - Education is one of the foundations of building wealth. As I mentioned in my conversation with Calvin, the benefits of helping people get started on their wealth-building journey can extend far beyond just feeling like you did a good deed.
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