7 Quick Takeaways From the Envestnet Advisor Summit

The Envestnet Advisor Summit was packed with an agenda of top speakers and a multitude of sessions to choose from. And they capped it off with a closing keynote from Ohio State football coach Urban Meyer. Meyer’s talk was so good and insightful that I’m now a Buckeye fan—except when they play Wisconsin and Nebraska!

Listen to the Envestnet Advisor Summit Podcast

Catch my big takeaways from the Summit plus hear an interview with Vestorly co-founder Justin Wisz as we discuss digital marketing. Justin also shares the #1 thing he learned during his time working for mega-RIA Ken Fisher and Fisher Investments.

Here are two other Envestnet related podcasts that you may appreciate.

  1. Envestnet founder Jud Bergman on the present and future state of being a successful financial advisor.
  2. Envestnet executive and author Jay Hummel on the mechanics of succession planning.

7 Takeaways From the Envestnet Advisor Summit

Here are 7 thoughts for you to digest from the Envestnet Advisor Summit.

1. Don’t wear the fiduciary label as a badge of honor.

Why? Because clients expect you are doing what’s in their best interest to begin with! Live up to their expectation.

2. Take a barbell approach to growing the age segments of your client base.

Data shows the fastest growing firms focus on growing clients under age 30 and over age 60, hence the barbell. Check out my podcast and show notes with millennial advisor Brittney Castro to learn more about how to attract and work with millennials.

Envestnet Summit
Notice the “barbell” here. The fastest growing firms focus on the under 30 and over 60 clients.

3. You better focus on financial planning because that’s what most clients want.

A survey by Cerulli asked consumers what factor is most important in choosing a financial advisor. The #1 answer at 78% was “a financial planning approach.” How are you doing in this area?

4. Along the same lines as above, the same survey said the #1 competitive threat advisors face in next 5 years is…advisors offering more comprehensive wealth management services.

Clearly, all signs point toward financial planning and related advice services being a key to your success going forward. And by related advice services I mean things such as retirement coaching, life planning, career planning, and health planning.

5. Consider a simple two-tier client segmentation service model.

Most advisors have already segmented their clients (e.g., A, B, C) but many have not created a separate service model for each of those service levels. Alyssa von Hurbulis from Russell suggested starting with two levels and using $5,000 in annual revenue as the break. Clients above $5,000 in annual revenue to the firm get one level of service and those below get a different level.

6. Don’t add alternative investments to your portfolios unless you commit to a minimum 15 – 20% allocation.

The speaker from Blackrock said a 10% allocation won’t move the needle and all it does is “create statement risk” and create a lot of work on your part (e.g., due diligence, monitoring) for not a lot of results.

Urban Meyer
Urban Meyer: If your habits don’t reflect your dreams and goals, you can either change your habits or change your dreams and goals.

7. If you want to achieve any goal in life, go four to six seconds, point A to B, as hard as you can.

Huh? Football coach Urban Meyer said “relentless effort” is one of the core beliefs at Ohio State and that belief is communicated to players by saying “go four to six seconds, point A to B, as hard as you can.” Notice there’s two components here. The duration of 4 to 6 seconds is the length of an average football play. And there’s a direction by saying point A to B (i.e., toward the end zone). Likewise, in any goal, you need a duration, a direction, and a relentless effort to achieve it.

Coach Meyer had many more gems in his talk at the Envestnet Advisor Summit that I’ll be exploring in a future podcast.

What do you think? Which of these ideas resonate with you? Share a comment below.

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Steve is the founder of Belay Advisor and a NYT bestselling author, podcast host, speaker, and financial advisor coach.

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