How RIAs like Aspiriant and United Capital are working to put financial planning back at the center of financial planning firms
It's expensive, hard work, hard to charge for, difficult to deliver and adds real value
Related Moves
Joe Duran will co-develop Goldman Sachs unit aimed at outsourcing to non-Goldman RIAs after 'magic' never materialized for direct-to-consumer RIA
The Newport Beach, Calif. RIA legend plans to shift from B2C to B2B to fix Goldman's disconnect with RIAs and play to the strengths for him and the bank
February 8, 2023 at 3:03 AM
Marc Spilker adds Matt Brinker as chess piece -- and partner -- in what he calls a 'very selective' talent add to build platform-for-RIA platforms outside Wall Street
Merchant Investment Management's executive chairman wants good people good at their job and Brinker likes having a breakaway Goldman partner rather than one captive to the Wall Street giant.
January 15, 2020 at 2:42 AM
Goldman Sachs & Co. appoints Rachel Schnoll to yank off United Capital band-aid that Joe Duran didn't -- making FinLife work with non-UC applications
The New York-based investment bank has the cash and people to do the combinations -- especially Goldman software -- that the roll-up's founder couldn't afford or didn't want to advantage
November 8, 2019 at 4:52 AM
Goldman Sachs closes United Capital deal and Matt Brinker, Joe Duran's wingman, exits with social media swan song on same day
The M&A chief's departure from the Newport Beach, Calif. roll-up may signal that its rolling-up days are over
July 18, 2019 at 6:13 PM
See more related moves
Nexus Strategy
Consulting Firm
Top Executive: Timothy D. Welsh
United Capital Financial Advisers
RIA Welcoming Breakaways
Top Executive: Joe Duran
Richard D. Walker
I agree with Mr. Welsh that many advisors charge for the wrong thing. Before I was an advisor and worked for a top stock broker I didn’t enjoy the conflict of interest I often saw between what was optimal for a client vs optimal for an advisor’s paycheck. Thinking that financial planning would be a step away from that mindset, becoming a financial advisor I discovered that it often wasn’t. One of the biggest challenges, however, is creating sufficient value for your advice and getting paid your value.
Frank Reilly
I couldn’t agree more with the plan that Aspiriant and United Capital have implemented; Reilly Financial Advisors has had a Director of Financial Planning on staff for over ten years, and we focus on helping our clients define and achieve their individual financial goals. The financial planning department and process is an investment that, as indicated, allows us to best service our clients!
Brooke Southall
Thanks, Frank. Is there anything you can add about how you keep the quality of planning controlled and how and whether you are able to charge for planning? Is it a loss leader or a core offering — or something in between?
Brooke
Frank Reilly
I believe that in order to continue to deliver high-quality planning that truly increases the potential that our clients are able to achieve their financial goals, a few things must occur:
Structure must be in place. Our financial planning department includes all levels of financial planners, and our Director of Financial Planning consistently reviews all plans that are produced to ensure the highest levels of accuracy.
I also think that our clients receive the most value from the plans when they are continuously updated as their lives change; incomes increase or decrease, life goals transform, unexpected money is received, etc.
Planning is the hub of our approach. Through planning, we are able to determine how to best invest our clients assets to meet their needs. We don’t charge an additional fee for this service, as we feel it is core to what we do and how we can best service our clients.
