You know we're all about disrupting marketplaces here at XYPN, so we're thrilled to bring you this week's interview with Scott MacKillop of First Ascent Asset Management. Scott is blowing up industry norms on the asset management side of financial planning, freeing his firm from the legacy data that holds others back.
Scott talks about what pushed him to start his own firm after helping get several other small firms off the ground. He shares his thought process about the flat-fee model that First Ascent uses and why there's less incentive today to use an AUM fee structure. Scott also explains how they plan to scale over time and some of the pushback they've faced in the industry.
We also dig into how technology is streamlining so much of the back office work in financial planning. Since Scott's firm can outsource much of the administrative work, they have more time to focus on excellent client service. He also shares why they built their own account-opening software and how they manage growth without compromising service.
Listen to the Full Interview:
What You'll Learn from This Episode:
- How Scott's internship with the SEC informed his later jump into the investment services industry.
- Why so many advisors have to start their own businesses in order to capitalize on their entrepreneurial ideas.
- How changes in technology incentivized First Ascent's switch to flat fees.
- What First Ascent does to embed efficiency and ease for both advisors and clients into their service model.
- How First Ascent views and utilizes active and passive investment strategies.
- How Scott pictures First Ascent's future, growth, and upcoming technological strides.
Featured on the Show:
- Register for #XYPN17
- XYPN Radio VIP Community
- The Monthly Retainer Model by Alan Moore and Michael Kitces
- First Ascent Asset Management
- Ep #90: The Myth of Fee Compression for Financial Advisors - Co-hosted by Alan and Michael
- Richard B. Wagner, CFP
- iRebal from TD Ameritrade
- The Unbundling of the TAMP and the Rise of the Model Marketplace from Michael Kitces
- XY Planning Network and the Future of Getting Paid for Financial Planning from Michael Kitces
- Orion Advisor Services
- Walter Gengarelly