In this episode, we sit down with Paul Litchfield, a top next-generation wealth advisor. We explore the challenges and opportunities in the wealth management industry today, including the aging workforce and the importance of succession planning for financial advisors. We also discuss the shift towards the registered independent advisory (RIA) model, and why it's winning vs. larger incumbents. Finally, we look at the need for comprehensive services, including financial planning and tax strategies, and talk about the increasing interest in alternative investments. Tune in for practical insights into the evolving landscape of wealth management.
00:00 Introduction and Next-Gen Advisors
01:07 Aging Workforce in the Industry
02:31 Succession Planning for Advisors
03:11 M&A Transactions in the Industry
04:18 Shift Away from Family Succession Plans
06:35 Challenges in M&A Transactions
07:06 The Rise of Registered Independent Advisory Model
08:15 Advantages of the RIA Model
09:28 Expanded Services Offered by RIAs
10:44 Different Approaches for Younger and Older Clients
12:00 The Shift in Client Expectations
13:14 The Role of Advisors for Millennials and Gen Z
14:26 Building Long-Lasting Relationships
16:23 Differentiation and Unique Services Offered
18:19 Alternative Investments and Access for Clients
19:09 Contact Information and Conclusion
Visit Investipal at www.investipal.co
Find Paul at www.linkedin.com/in/paullitchfield/ or www.claroadvisors.com
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