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Welcome again to the 328th episode of the Monetary Advisor Success Podcast!
My visitor on at the moment’s podcast is Thomas West. Thomas is a Senior Companion for Signature Property & Funding Advisors, an unbiased RIA based mostly in Los Angeles, California, that oversees practically $16 billion in property beneath administration, with $570 million of these property being managed by Thomas’ apply that serves greater than 250 shopper households.
What’s distinctive about Thomas, although, is how he has leveraged offering recommendation to seniors on the lookout for applicable housing and well being care as they take care of medical and cognitive points of their later years, right into a standalone providing he calls the “Lifecare Affordability Plan”, which was so profitable as a value-add to his purchasers and their elder dad and mom that he was in a position to spin it out to a separate DBA beneath his agency and start charging for it as a standalone service.
On this episode, we speak in-depth about how, within the early phases of his profession promoting long-term care insurance coverage, Thomas realized that so-called ‘one-legger’ senior {couples} – the place one partner is wholesome however the different isn’t, such that if one thing occurred to the wholesome partner, they’d each be in hassle – face distinctive challenges as a pair as a result of their selections about well being care have vital monetary ramifications however are often determined with the household (not the monetary advisor), how Thomas leveraged the steering he was offering to senior {couples} that wanted assist navigating well being and particularly cognitive decline into making a DBA to his agency that provides his trademarked “Lifecare Affordability Plan” in order that he may receives a commission for the in-depth recommendation he was offering, and why Thomas feels his planning is so vital because it he noticed personally how his father-in-law struggled with managing his monetary planning in the course of the monetary disaster in 2008 whereas going through medical problems with his personal shortly after his mother-in-law died of most cancers.
We additionally speak about why regardless of the rising trade pattern in the direction of centralized mannequin portfolios managed on a discretionary foundation, over 90% of the property that Thomas and his agency handle are held on a non-discretionary foundation, how Thomas has discovered as a result of he principally manages non-discretionary property and has to name purchasers about each funding suggestion it has really elevated the frequency of shopper communication and portfolio customization and allowed him to extra deeply interact with purchasers, and why Thomas’ agency doesn’t cost extra for the extra service of buying and selling property for purchasers on a discretionary foundation and as an alternative costs much less for purchasers who’re prepared to let him handle with discretion (but in apply, has been in a position to differentiate and develop primarily with the agency’s higher-priced non-discretionary providing as an alternative).
And be sure to take heed to the tip, the place Thomas shares why he believes that newer advisors have a possibility to offer worth for his or her purchasers by being proactive in having conversations about planning for medical crises earlier than they come up, and by doing so, they’ll create deeper, longer-lasting relationships with their very own purchasers, how Thomas has change into extra snug with easing into his huge concepts and understanding that they received’t all succeed (as he admits that he would dive headfirst into concepts and take failure personally previously), and the way Thomas’ personal definition of success has shifted via his profession from one which centered on being aggressive about his manufacturing within the early years, to the better good impression that he feels his elder planning work brings now, which has stored him working far more durable now than he ever anticipated when he first launched his advisory enterprise years in the past.
So, whether or not you’re involved in studying about how offering a standalone Lifecare plan has helped Thomas create extra longer-lasting relationships along with his purchasers, why Thomas feels managing non-discretionary property for his purchasers offers them extra company of their monetary planning, or how Thomas plans to develop his monetary planning imaginative and prescient past his apply, then we hope you take pleasure in this episode of the Monetary Advisor Success podcast, with Thomas West.
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