Why Helping Clients Build Wealth Is Smart Business For Financial Advisors

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.  

 
In this episode of The Modern Financial Advisor Podcast, Calvin Williams, CEO of Freeman Capital explains why this oversight has created a huge opportunity for firms looking to serve financial consumers in new and innovative ways. 

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Resources Related to this Episode:
Below is a list of resources mentioned in this episode or related to the topics we discussed: 

• How to Get Clients as a Financial Advisor by Looking Beyond the 1% - In this 2019 episode of the podcast I made the case for advisors to seek out clients beyond the top 1% in wealth and earnings. Why? Well, according to a study by CNBC 99% of Americans are not using a financial advisor.
• RevTech Labs Accelerator - Jeremi Karnell, CEO of Truelytics met Calvin while both companies were participating in the RevTech Labs FinTech Accelerator. You can see Jeremi's video interview with Ashley Everett here.  
• 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.