We know our mailbag is overflowing, so we're back with another Alan & Kitces Unhinged episode to answer as many of your questions as possible! In this episode we're talking E&O insurance and when to get it; how to decide between two distinct niches you may be serving; and what it means to be a level-fee fiduciary.
We've also received questions about how to talk to clients about transitioning from an AUM only model to a retainer + AUM model. Often it seems trickier than it is, and we've got some guidance on how to make it easy. And we'll talk about the relevance of performance reviews, and whether or not you should be providing them to your clients - especially the younger ones.
This episode is chock-full of answers to your questions from the XYPN Radio VIP Community. Don't miss out, and join today so you can hear your question answered next round!
Listen to the Full Interview:
What You'll Learn from This Episode:
- When and how you should get E&O insurance, and what to watch out for when you're shopping for it.
- Some of the situations you could get in if you don't have E&O insurance.
- How to sell the transition to a new service model to your clients.
- Why you may not have to choose between your two niches - and what to do if you do have to pick.
- What it means to be a level-fee fiduciary under the DOL's new regulations.
- The case for and against sending performance reports to your clients.
- Why it's more important to keep your younger clients updated on their goal progress rather than their asset performance.
Featured on the Show:
- Register for #XYPN17
- XYPN Radio VIP Community
- Ep #66: How to Successfully Execute a Succession Plan with Jake Kuebler
- Ep #44: What the DOL Fiduciary Rule Means for You with Michael Kitces
- Orion Advisor Services
- Black Diamond
- eMoney Advisor