Scaling up and securing your practice’s future begins with clear career paths and compensation models

The financial services industry has changed a lot in the last decade, with many successful firms committing to big organizational shifts. No longer the realm of small, siloed operations, today’s productive and scalable firms are becoming more professionalized and structured.

And as the baby boomer generation, who mostly own these firms, nears retirement, succession planning for the next generation of advisors must be part of the structure of a financial advisory practice that wants to exist long beyond its founders’ time in the first chair.

From Founder-Led to Function-Focused

Traditionally, founders often juggled multiple roles, essentially handling everything from face-to-face client relations to back-office functions to run the business. But modern advisory firms are breaking down these responsibilities into specialized roles across:

• Firm leadership

• Business development

• Client service support

• Client-facing advisor functions

This role specialization allows to excel in their respective domains, resulting in more efficient operations and enhanced client experiences. Learn more about how top RIAs structure their teams for success.

The Rise of Role Specialization in Financial Firms

C-suite and dedicated management roles within a financial advisory firm are becoming more common when restructuring and have key benefits to a practice. These professionals play a pivotal role in driving the firm’s growth but are not directly client-facing.

Firms are becoming increasingly strategic in how they fill these roles, whether through internal promotions, external hires, or even candidates from outside the financial industry.

Nationally recognized financial advisor and author, Jason L Smith, CEP®, BPC, shared some key traits he looks for when recruiting talent in an episode of the Rainmaker Multiplier On- Demand podcast.

Smith believes that future financial advisors can be successful regardless of their industry or experience level if they have a commitment to hard work and a clear career path to follow.

In the same podcast, he discussed finding skilled people and identified shared qualities that often indicate future success. Athletes, for example, make excellent future high-performing advisors. They are typically individualistic and have a strong desire to continually raise the bar for themselves.

“It’s that high utility, that resourcefulness, and that high individualism. Those seem to be the pinnacles for what drives somebody to be a sales superstar.”

Creating specialized roles optimizes operations and reduces the burden of wearing multiple hats, allowing team members to focus on their core responsibilities.

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Building Career Paths and Compensation Structures

To facilitate teamwork, the establishment of clear career paths and compensation structures has become vital to invest in and recruit team members who are a good fit for a firm long-term.

C2P’s Advisor Career Path & Compensation Model

As founder and CEO of JL Smith Wealth & Tax Planning, and a planning-first RIA, Prosperity Capital Advisors, Smith believes that giving skilled people a way to buy into your firm and become a practicing partner provides an incentive to become a top producer.

That’s why he developed The Advisor Career Path & Compensation Model, a facet of our Teamwork Movement — to help advisors:

• Recruit
• Reward
• Retain top talent

The program is designed for advisors who are the sole rainmaker of their practice and are looking to build a self-sustaining business.

To support the idea of specialization in a practice’s structure, this career path model breaks the advisory into five distinct rungs:

• Client Service Advisor: Entry-level backstage position for client administration and new business handling.
• Paraplanner: A transitional role for backstage team members to learn and build financial plans.
• Advisor: Frontstage and client-facing role supporting Lead Advisors and Practicing Partners.
• Lead Advisor: Responsible for serving valuable clients and business development; mentors lower-rung team members.
• Practicing Partner: A leadership role with ownership and a stake in the firm’s strategy; drives organizational growth.

This five-rung approach assists employees and supervisors in career advancement by providing clear goals and methods to track progress. It helps them understand how to move forward in their careers and know what is expected of them.

It’s important to note that not everyone will progress through all rungs of the ladder, and that’s perfectly fine. Employees have different strengths and interests, and so this career path allows for various career trajectories. The key is to find the right fit where each team member can thrive.

 

Securing an Advisory Firm’s Future with Succession Planning

Many financial advisor practices lack robust succession plans, instead relying heavily on owner-advisors. But if an aging advisor wants or needs to step away from the day-to-day operations, a firm without a proper plan in place leaves support staff scrambling. This can also sometimes mean the business doesn’t survive past its founder’s direct involvement.

While mergers and acquisitions are common exit paths, they don’t guarantee business continuity. In fact, many firms are now navigating M&A with succession in mind, recognizing the need to align ownership transitions with long-term planning.

A stronger approach includes:

• Developing internal successors
• Empowering them through structured career ladders like the Advisor Career Path model

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Balancing Scale and Personalized Service

While scaling is essential for efficiency and growth, benefits from continuously delivering a personalized, high-touch client experience to clients. An efficient way to do that is to build the passage of best practices from experienced advisors to the next generation into the business model.

This way, owners stepping down or away from the firm can rest assured that their clients are receiving the same level of care their clients are accustomed to.

How Top Wealth Management Firms Use This Model

The Advisor Career Path & Compensation program has been successful for RIA firms like JL Smith. It has also made C2P a finalist in the “Thought Leadership & Education” category in ThinkAdvisor’s LUMINARIES awards in 2023.

At his own firm, Jason L Smith:

• Hired an intern at $10/hour starting at the first rung of the career path.

• Mentored and developed that team member into a $51 million rainmaker.

• Was able to step down as lead advisor and shift his focus to managing and scaling the business.

Restructuring for a Stable, Prosperous Future

The financial industry’s organizational design is evolving rapidly to meet the demands of a changing landscape of clients. Modern firms have clear roles, specialized positions, structured career paths, and balance between scale and service excellence to better serve their clients and prosper beyond their founder’s lifetime.

For more information on resources C2P offers for restructuring one’s firm, book a call, and download a free advisor guide about the Advisor Career Path & Compensation Model to help your business succeed with or without you.

Learn more about the Teamwork Movement Practice Management Program and how to implement the Career Path & Com model in your firm.

Financial Professional Use Only

The information provided in this presentation is not intended as investment advice or legal advice. The information provided is for informational and training purposes only. The information in this presentation was accurate as of the time the material was created. Tax laws and rulings can frequently change. Please discuss the client’s current situation with an accountant or tax advisor.

While Life Insurance Awareness Month (September), may be ending, that doesn’t mean this sometimes misunderstood financial planning resource is any less important. In fact, this multifaceted financial tool can offer security, peace of mind, and a legacy for your clients and their loved ones, not just a death benefit.

Since clients rely on financial advisors to provide well-rounded guidance, it’s important to debunk common life insurance misconceptions and help your clients understand its value.

Positioning life insurance within a holistic financial plan is essential for ensuring its full potential is realized. Here are some key strategies:

In honor of “Insure Your Love” month, listen to our episode of leverage life insurance in your holistic financial planning

 

Challenging Common Misconceptions

According to the 2021 Insurance Barometer Study, 36% of consumers say they plan to purchase life insurance within the next 12 months, Yet there are 102 million uninsured and underinsured Americans who believe they need to buy life insurance or increase their coverage.

So, what’s preventing people from purchasing life insurance? Let’s dive into the most common objections and discuss how financial professionals can combat these concerns.

1. Life Insurance is Expensive

“If life insurance were free, we’d all have it,” said author and financial advisor Walter C. Young III, MBA, RICP®, in an episode of the Rainmaker Multiplier On-Demand podcast. Many clients acknowledge the need or desire for life insurance but assume it is too costly. That’s why it’s essential to educate clients on the true cost, which for many, can be quite affordable.

For example, as of September 2023, a 10-year, $250,000 term life insurance policy for a healthy 40-year-old man averages to just $23 per month.

That’s significantly less than most monthly phone bills today or even a week’s worth of food delivery. The nationwide average phone bill for one person is around $166/month and the average American spends $37.28 on food delivery every week. Putting this cost into perspective for clients may help convey its affordability.

With that being said, every financial situation is different. You should never make assumptions and it’s recommended you explore different policy options to find the right one for your client’s budget and needs.

2. “I Don’t Need Life Insurance”

Some clients think life insurance is unnecessary, especially if they’re young and healthy. In the same episode of the Rainmaker Multiplier On-Demand podcast, Sam Doerr, Vice President of Life Insurance Sales at C2P, spoke to this misconception.

She clarifies why she values living benefits for the peace of mind they provide just as much as the death benefit. “I’m not necessarily so worried that I’m going to die really young. I’m more worried about, ‘I’m going to live so long, and something will happen along the way and I’m not going to be able to afford it,’” Doerr said. “Along with taxes, of course, planning for children’s futures, college planning, all of those are huge reasons for me [to purchase sufficient coverage].”

That’s why advisors should emphasize to clients that life insurance isn’t just for the elderly or the sick — it’s a crucial financial tool for anyone with dependents or financial obligations.

3. Life Insurance = Death Benefits

Life insurance is most known for paying out death benefits after a loved one passes but that’s not its only function.

In fact, its function changes throughout life. When you’re young, life insurance is about protecting your assets and income. As you age, it becomes less about protecting your income and more about planning your retirement. It helps safeguard a spouse by allowing them to choose the highest withdrawal rate, like a pension maximization plan.

In the podcast episode, Young went on to explain how life insurance can bolster retirement income and the impact: “Life insurance frees us from having to have that teeter-totter talk with ourselves as to every dollar that I want to use is a dollar that I don’t get to leave to my children. And so, the death benefit really allows us to be free from that conflict and say, ‘I can spend every last dollar that I have knowing that I will still leave a legacy that I planned in the end.’”

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How Financial Advisors Can Help Their Clients

1. Start the Conversation

• Overcome objections. First, attempt to overcome any objections, the most common ones already outlined above, to engage your client and clarify where they stand regarding life insurance.
• Explain the fundamentals. Then, take time to explain the basics of life insurance and the types of coverage they can take advantage of if they don’t have a solid understanding.
• Asses their knowledge. If they do have a decent base knowledge to build on, determine your clients’ needs.
• Recommend the right products. Based on your assessment, suggest insurance products that align with their specific needs.

2. Educate Every Step of the Way

Many clients underestimate the value of life insurance’s ability to supplement lost income of the loved one who has passed, which can help surviving family members maintain their lifestyle. It is also critical to explain life insurance truthfully.

As an advisor, you should tell clients that while it won’t guarantee their spouse doesn’t need to work if they die first, it does provide monetary help the spouse would have received while the client was living.

This allows their spouse to continue living in the same manner they’re accustomed to, and includes income they may have factored into their retirement plans.

3. Assess Individual Client Needs

A good rule of thumb is to fact-find first and recommend products that fit later.

• Start by understanding your client’s unique financial situation, goals, and obligations.
• Conduct a thorough needs analysis to determine the appropriate amount and type of coverage.
• Use available resources! Many states offer an online calculator to figure out the precise amount of income and debt coverage required.
• Ensure adequate coverage. As emphasized by Doerr in the same podcast episode, it’s better to have too much insurance than not enough, and she encourages clients to overestimate their coverage needs.

4. Review and Adjust Over Time

Life insurance needs can vary over time due to factors like marriage, children, or changes in financial circumstances. Another popular complaint about life insurance is that it doesn’t pay out as expected, a common cause of this is a lapse in coverage.

Your client’s policies need to be up to date and accurate to truly benefit them and prevent any disruption in coverage when they may need it most. It’s best to regularly review and adjust policies as needed to ensure they are still in your client’s best interest and represent their current situation.

5. Help Clients Follow Through

According to Annuity.org, 33% of women report needing life insurance but don’t own a policy, and 29% of men report needing life insurance but don’t own a policy.

Doerr agrees that a significant portion of the population that plans to buy life insurance probably won’t. She also finds lack of motivation and understanding to be partially responsible for an absence of coverage. “I think that it’s our job to guide them through that. They may plan to, and they should. So, I think that that’s probably just inactivity, really.”

The True Value of Life Insurance

Life insurance is more than just an expense: with the right strategy, it can be an asset. As a financial advisor, you can demystify life insurance and help your clients understand its true value.

At C2P, our life insurance professionals are dedicated to guiding our advisors to better serve their clients. We help customize solutions through our IMO, so clients can make informed decisions that benefit their families and beneficiaries in the long run.

To learn more about how C2P can help you as a financial advisor, schedule a 20-minute call today.

Financial Professional Use Only

The information provided in this presentation is not intended as investment advice or legal advice. The information provided is for informational and training purposes only. The information in this presentation was accurate as of the time the material was created. Tax laws and rulings can frequently change. Please discuss the client’s current situation with an accountant or tax advisor.

 

 

 

 

With newly updated content for 2023, the highly anticipated audiobook became an Amazon instant best-seller during pre-order

CLEVELAND, Ohio, September 28, 2023 – Jason L Smith, a nationally recognized speaker, financial planner, author, coach, and entrepreneur, announces the release of the new audiobook version of his best-selling book “The Bucket Plan: Protecting and Growing Your Assets for a Worry-Free Retirement,” now available for purchase on all major audiobook platforms, including Audible. With newly updated content for 2023, the audiobook and revised print edition provide some of the latest strategies to strategically position assets to help mitigate the impact of financial risks and dangers that can often occur unexpectedly in retirement.

The release of this highly anticipated audiobook, which achieved instant best-seller status on Amazon during its pre-order period, comes on the heels of the first edition print version being named to U.S. News and World Report’s list of The Best Retirement Planning Books for 2023. It was the only book on the list that describes a financial planning process.

“In 2017, when I first authored this book, I was inspired to share the true-life story of The Bucket Plan and the impact it had on my clients’ family. The book illustrates the significant impact proactive planning can have, not only on the success of one’s financial future but also on the peace of mind it can bring to their spouse and family when an unexpected death or disability occurs,” said Smith. “To achieve an instant-best seller status already is a testament to how invaluable and in-demand this information is. I am thrilled to expand access to this content by launching an audiobook version, providing families worldwide with the education and tools to construct an even more successful financial future.”

“The Bucket Plan: Protecting and Growing your Assets for a Worry-Free Retirement” is based on a true story with retirement planning explained through the eyes of Jerry and Irene. It is designed to educate current and future retirees on a simple yet structured approach to minimize and possibly even eliminate certain risks in retirement, showing readers it is possible to enjoy their golden years with less worry about the stock market and interest rate volatility or the potentially devastating hazard of sequence of returns risk. During its launch in 2017, the book also achieved best-seller status in both the Retirement Planning and Wealth Management categories on Amazon. The newly updated content for the 2023 version includes:

• Insight on the increased RMD age that was ushered in by the SECURE Act 2.0
• Added the Concerns & Priorities Worksheet as a step to identify factors holding someone back from their retirement goals
• Revised the Cash Flow Assessment step to include Budgeter and Income Gap Assessment tools to determine any gap or surplus in retirement
• Updated documents and images throughout the book to reflect the latest Bucket Plan tools

“In an ever-evolving financial landscape, the relevance of this audiobook resonates more powerfully than ever before,” added Smith. “This year’s accolade from U.S. News and World Report underscores the enduring value of this work, and as we continue to navigate an era marked by economic shifts, market volatilities, and regulatory changes, this content remains an indispensable guide, helping Americans across the country take on retirement planning with confidence.”

The audiobook version of “The Bucket Plan: Protecting and Growing Your Assets for a Worry-Free Retirement” is now available for purchase through Audible. For more information, visit TheBucketPlanBook.com.

 

About the Book

“The Bucket Plan: Protecting and Growing Your Assets for a Worry-Free Retirement” provides a unique perspective on how to plan for a financially secure retirement, as told through a real-life story of a couple navigating their own retirement plans. The Bucket Plan^® planning process is a three-bucket philosophy that works to compartmentalize money into the now, soon, and later years of retirement and create a plan to provide a reliable and steady income for what could be a 30-year retirement or more. Families from all financial backgrounds and experiences can benefit from this practical approach to mitigating market, interest rate and sequence of returns risks while hedging against inflation while working to achieve both security and growth of their retirement savings.

About the Author

Jason L Smith is a nationally recognized speaker, financial planner, best-selling author, coach, and entrepreneur. As a second-generation advisor, he founded his holistic wealth management practice, JL Smith, in 1995 to provide clients with holistic financial planning services that align investments, insurance, taxes, and estate planning into one comprehensive, coordinated plan. With the overriding goal of improving the lives of American families through holistic financial planning, Jason founded Clarity 2 Prosperity, a financial training, coaching and IP development organization to train and mentor other financial advisors, where he currently serves as founder and CEO. Jason’s Bucket Plan philosophy inspired a children’s book designed to teach kids responsible spending, saving, and earning principles, Days Can Be Sunny for Bunnies and Money. In 2015, Jason was recognized as one of InvestmentNews’ 40 Under 40, and has been named to Crain’s Notable Wealth Managers list. He is often cited in industry and national media and he’s been featured on television discussing the importance of providing holistic financial services.

 

* Comparative assessments and other editorial opinions are those of U.S. News and have not been previously reviewed, approved or endorsed by any other entities.  Jason L Smith and/or C2P did not pay for this recognition or to be a part of the assessment.

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Accomplished firm C2P and its model office JL Smith celebrate well-deserved recognition as a great place for top talent to work. 

CLEVELAND, Ohio, September 1, 2023 — C2P, a holistic financial services company that aims to simplify financial planning for advisors and the clients they serve, has been recognized as a great workplace for top talent in Northeast Ohio area by receiving the 2023 NorthCoast 99 award. 

Founded and produced by ERC, NorthCoast 99 is an award program that annually honors 99 exceptional Northeast Ohio workplaces that prioritize top talent attraction, development, and retention. Winners are evaluated and selected based on criteria including organizational strategy, talent acquisition, employee well-being, engagement, rewards, and diversity and inclusion efforts. 

The NorthCoast 99 recognition is a testament to C2P’s unwavering commitment to creating an outstanding work environment that fosters innovation, growth, and collaboration. This achievement reflects the company’s dedication to a “people first” mentality, established by one of their core values of the same name. C2P believes that providing its employees with a supportive and enriching workplace culture that values their contributions and happiness is critical to their success.  

“It is a tremendous honor for all of us at C2P to receive the 2023 NorthCoast 99 award,” said Pablo Terra, Chief People Officer at C2P. “We truly believe every team member at C2P, no matter what role they play, have all helped us achieve this award. “This is a huge accomplishment for all of us, and we will never stop trying to get better and better every day.” 

The NorthCoast 99 award is a prestigious recognition in the region and signifies C2P’s dedication to being an employer of choice. It reflects the company’s continuous efforts to provide employees with opportunities for growth, competitive benefits, and a dynamic workplace environment. 

Adding to the celebration, C2P’s model office, JL Smith Wealth & Tax Planning, a comprehensive financial planning services firm, also founded by C2P’s CEO, Jason L Smith, has been honored with the same esteemed award. This dual recognition underscores C2P’s commitment to consistently providing an outstanding workplace experience for its employees across all operations. 

“We are deeply honored to be named a 2023 NorthCoast 99 Award winner,” said Jason, Founder and CEO of JL Smith and C2P. “This recognition is proof that creating an environment that empowers employees to excel — and have a great deal of fun in the process — is key to any business’s success and standing.”

“Through our collaborative efforts as a team, we can provide impactful solutions that enable families to attain true prosperity.” 

To celebrate the region’s winners, the 25th annual invitation-only awards event will take place on September 21, 2023, from 5 – 8 p.m. at the Hilton Cleveland Downtown. 

For more information about C2P and its commitment to excellence in the financial advisory industry, please visit https://c2penterprises.com/.  

 About C2P  

C2P is a holding company comprised of four platforms, each designed to simplify holistic financial planning for advisors and the clients they serve. Driven to provide products and solutions in the best interest of every client, C2P offers education, training, resources, and tools to meet a client’s unique financial situation, along with access to an array of investment and insurance vehicles to help advisors accomplish their goals. C2P is committed to upholding fiduciary best practices and raising industry standards by offering a higher quality of financial planning services to families worldwide.

Investment advisory services are provided by C2P Capital Advisory Group, LLC d/b/a Prosperity Capital Advisors, LLC (“PCA”) an investment adviser federally registered with the Securities and Exchange Commission (SEC).) 

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Why Emotional Intelligence Matters in Financial Advising

In the world of financial planning services, numbers and strategies often take the spotlight. However, advisors sometimes overlook an essential element to a thriving practice—finance and emotions. The ability to connect on an emotional level can be just as important as technical expertise when building lasting client relationships.

Whether it’s to win new business or make a lasting impression on an existing client, when you establish an emotional connection with your clients, you can transform your firm and develop a reputation for being someone they can trust.

Building Trust Through Emotional Connection

When it comes to financial decisions, most are deeply personal and tied to life goals, dreams, and real-life concerns. Current and prospective clients not only seek your expertise when coming to you for advisement, but also a sense of security and understanding.

Establishing emotional connections helps you empathize with their unique circumstances, fostering trust and long-term relationships. Engaging in conversations for financial professionals that go beyond numbers and focus on personal aspirations is a key strategy for deepening these relationships.

A crucial part of this process is financial advisor client communication—knowing how to listen, respond, and engage effectively can make all the difference in building lasting trust.

And if there’s one thing successful financial advisors know, it’s attracting and retaining clients is all about relationships and the value you bring to them.

Tips to help financial advisors emotionally connect with clients:

Clients want to feel truly taken care of and cared for. Here are a few key strategies you can start using today to begin developing an emotional connection with your clients:

• Active Listening

Pay attention not just to the numbers, but to your clients’ personal stories, goals, and fears. This helps you offer relevant solutions and shows that you genuinely care.

• Personalized Approach

Treat each client as an individual. Remembering details about their lives and referencing them in conversations demonstrates your commitment to their well-being.

• Open and Transparent Communication

Share your experiences, both successes and challenges. This humanizes you and encourages clients to be vulnerable and honest.

• Consistent Follow-Ups

Regularly check in with clients beyond financial updates. Inquiring about personal milestones and challenges shows that you’re invested in their overall success.

 

Another effective ways to strengthen these relationships is to simplify communication—ensuring that complex financial concepts are easy for clients to understand can significantly improve trust and engagement.

How The Bucket Plan® Enhances Client Relationships

One easy way to put all the following strategies into action is to implement The Bucket Plan ® Process.

This financial planning process offers financial advisors a powerful tool to emotionally connect with their clients by focusing on their clients’ life goals, needs, and aspirations. By categorizing assets into specific “buckets” for different time horizons now, soon, and later, advisors create a tangible representation of their clients’ financial journey.

As advisors help clients allocate their resources into these buckets based on their unique circumstances, they demonstrate a keen understanding of what their clients’ money means to them on a deeper level in the present and the long run. This process allows advisors to have meaningful conversations about their clients’ values, fears, and aspirations, creating a sense of trust and a good rapport.

Additionally, the Bucket Plan® process emphasizes ongoing communication and adjustments, reinforcing the client-advisor relationship. Financial advisors continuously refine the allocation of resources in each bucket, demonstrating their commitment to aligning financial strategies with clients’ evolving life stages and goals.

This proactive and personalized approach can not only ensure financial success but also help clients feel understood and supported on their financial journey.

Practical Ways to Add ‘Heart’ To Your Existing Process

Financial advisors everywhere can find opportunities to make an emotional connection with their clients in plenty of their existing processes.

For example, while it’s considered standard practice in estate planning to capture and store important information, like:

• Clients’ financial statements
• Arrangements
• Household legal documents

C2P-trained advisors have used the Family Estate Organizer to bring incredible value to the client and their beneficiaries.

A recent episode of The Bucket Plan® On-Demand Podcast describes how The Family Estate Organizer — a key deliverable in the Bucket Plan® process — has helped advisors nationwide to not just organize their clients’ assets and wishes but significantly strengthen their client relationships.

Register for The Bucket Plan 1.0 training

Personalize Your Client Experience

One advisor featured in the same podcast decided to take this packaged deliverable a step further to make an even more meaningful connection with his clients.

Dean Thurman, Founding Partner of InvestWise Financial and White Glove, put his own spin on the Family Estate Organizer including all the financial essentials of the traditional C2P tool, but added additional content.

His office describes this version as the Family Estate Organizer, “with a heart.”

• His leather-bound binder features the client’s name laser-etched into the front and the sentimental elements included are sections for personal information and a special envelope with instructions for who will open it in the event of a loved one’s passing.
• It also includes a place for a favorite photo, words of wisdom.
• A dedicated space for family memories, traditions, and recipes.

Thurman’s firm provides these binders to every new client and claims it helps his business stand out and serves as a natural referral tool. “They brag to their friends about their beautiful family organizer,” Thurman said, which can eventually lead to more referrals.

Even further, Thurman used it recently to facilitate an important introduction with his existing clients and a new advisor who would be taking over their business. He says that going over the binder together left the client and the new advisor “in tears” and helped establish a sense of trust in a single appointment that would usually take four or five meetings to establish.

Final Thoughts: Elevate Your Financial Advising with Emotional Intelligence

In the financial services industry, connecting on an emotional level can be the differentiator that propels your business forward.

Building trust, understanding your clients’ aspirations, and providing tailored solutions is proven to serve your client and business alike. By prioritizing these connections, you’re not just managing finances – you’re helping individuals achieve their life goals and secure their financial futures.

Want to build lasting client relationships?

Discover how The Bucket Plan® can help you incorporate emotional intelligence into your financial advising practice.

Schedule a Complimentary Call

Financial Professional Use Only

The information provided in this presentation is not intended as investment advice or legal advice. The information provided is for informational and training purposes only. The information in this presentation was accurate as of the time the material was created. Tax laws and rulings can frequently change. Please discuss the client’s current situation with an accountant or tax advisor.

Recognized for bringing impactful solutions to financial advisors, C2P and its leaders continue to transform the industry through thought leadership and education

 Cleveland – July 25, 2023 – C2P Enterprises (C2P), a collective of brands designed to simplify financial planning for advisors and the clients they serve, is pleased to announce that the company’s latest training course, created by Jason L Smith, Founder and CEO, is a finalist for ThinkAdvisor’s LUMINARIES Class of 2023, in addition to Dave Alison, CFP®, EA, BPC, President and Founding Partner and Matt Seitz, Chief Marketing Officer and Partner, who have also been named finalists for individual categories. Now in its third year, the LUMINARIES awards program highlights how top-performing industry participants — both firms and individuals — produce meaningful results through efforts that matter most to financial advisors.

C2P, which has been named a finalist for the “Thought Leadership & Education” category for firms, recently launched its Advisor Career Path & Compensation program as a critical turnkey resource for succession planning and cultivating the next generation of advisors. The live two-day virtual training course is aimed at helping advisors recruit, reward, and retain top talent and is designed for advisors who are the sole rainmaker of their practice and are looking to build a self-sustaining business.

“I am incredibly proud of our entire C2P team for these well-deserved recognitions,” said Smith. “With more than one-third of all financial advisors expected to retire in the next decade, we recognized an incredible gap in our industry that needed to be solved. With the Advisor Career Path & Compensation program, we have successfully developed a transformative program that enables advisors to enlist top talent, grow their businesses and build an effective succession plan for their practices,” continued Smith. “I also want to recognize the fantastic leaders we have in Dave and Matt. They each play key roles in shaping our innovative culture as we work to bring impactful solutions to the financial industry and simplify financial planning so families can achieve true prosperity.”

Alison, a finalist for the “Thought Leadership & Education” category for individuals, created and hosts a broad range of live, on-demand, and virtual training resources for advisors, including the popular The Tax Management Journey®, a two-day training designed to expand an advisor’s business by adding tax planning and management services to their business offerings. He is constantly innovating and producing compelling and actionable content for advisors and consumers alike. This content covers everything from proven and repeatable turnkey processes for best interest tax management and financial planning to market updates, marketing strategies and operations systems.

Seitz, a finalist for the “Executive Leadership” category for individuals, recently created a seminar and ebook to educate advisors on the new SEC Marketing Rule, covering important details like selecting and soliciting client feedback, required disclosures, avoiding fines, best practices, as well as the pros and cons and the overall impact on one’s practice. Additionally, he started a Marketing Roundtable for industry professionals to collaborate and share ideas on impactful marketing and sales tactics; and was C2P’s #1 mentor in 2022 for the enterprise’s affiliated advisors interested in marketing and sales guidance. His innovative nature continuously helps C2P and its advisors remain competitive as he regularly seeks opportunities to enhance their reach through marketing and education.

The 2023 LUMINARIES finalists list will now go before an esteemed judging panel who are tasked with selecting standout LUMINARIES within each sub-category. These individuals and companies will be highlighted and receive their awards as the 2023 LUMINARIES winners at a gala ceremony in November. For the full methodology, visit: www.event.thinkadvisor.com/luminaries-awards/methodology

About C2P Enterprises

C2P Enterprises is a holding company comprised of brands designed to simplify financial planning for advisors and the clients they serve. United by the vision to provide planning and financial products in the best interest of the client, each company offers education, training, resources and tools to meet a client’s unique financial situation, along with access to an array of investment and insurance vehicles to help accomplish their goals. Each organization is committed to fiduciary best interest practices and training industry standards for a higher qualify of holistic financial planning services to families nationwide and worldwide. For more information, visit www.C2PEnterprises.com.

Investment advisory services are provided by C2P Capital Advisory Group, LLC d/b/a Prosperity Capital Advisors, LLC (“PCA”) an investment adviser federally registered with the Securities and Exchange Commission (SEC).

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Women face particular challenges when it comes to navigating the world of financial planning and investing with confidence, whether caused by behaviors more common to them or the way the wealth management industry has historically perceived them. However, with women poised to be on the receiving end of a massive generational wealth transfer in the years to come, advisors need to make sure they are connecting with and supporting their women clients in ways they have not done before.

That’s where behavioral finance can help.

Understanding Behavioral Finance

Behavioral finance is a branch of economics that studies how psychology influences financial decision making. It recognizes that our emotions, biases, and cognitive factors motivate people to make choices when it comes to managing their money. This intersection of psychology and financial services also explores concepts such as loss aversion, overconfidence, and herd mentality, all of which can impact a client’s financial outlook.

In an episode of A Woman’s Clarity podcast, Daniel Crosby, Ph. D., Chief Behavioral Officer at Orion Advisor Solutions, told Kirsten Schlumbohm, Vice President of Annuity Sales at C2P, that there are many ways women have been misunderstood by the financial services industry, despite them often outperforming men in investing, and that those should change.

“The way our industry has tried to approach women about investing and money, I think a lot of times it’s patronizing, it’s kind of pink-washed … and so we should be speaking to women and meeting them where they’re at, which is in high places.”

Women’s Financial Behaviors

Women face a unique set of challenges in the financial realm. Historical and societal factors have contributed to disparities in confidence and participation. Additionally, research over the years suggests that women may exhibit different behavioral biases compared to men. These biases can include being more risk-averse and seeking more education and information before making decisions.

According to Fidelity’s 2021 Women & Investing Study:

• 64% of women want to be more active in their finances, which includes making key investment decisions
• 65% of women said they would invest more or have a higher likelihood of investing if they had clearly defined steps of how to
• 70% of women reported they would need to know more about choosing individual stocks.

How Financial Advisors Can Help:

1. Education and Empowerment:

Financial advisors play a crucial role in educating their female clients about financial concepts, investment options, and the importance of long-term planning. By providing comprehensive and tailored financial education, advisors empower women to make informed decisions and take an active role in managing their finances.

2. Identifying Behavioral Biases:

Financial advisors who are skilled at recognizing behavioral biases of their clients can be better fiduciaries. By understanding their women clients’ decisions on a more personal level, advisors can help them feel more confident in their financial plan and investment strategies.

3. Goal Setting and Planning:

By helping women establish goals and using a holistic financial planning process, advisors can create a roadmap for their success. Working with women clients to explain and develop personalized financial plans that consider risk tolerance, time horizons, and income streams, aligning investments with these goals.

4. Behavioral Coaching & Support:

When women clients feel like they have a trusted financial representative, this is reassuring during times of market volatility, helping them stay focused on their long-term wealth objectives. Financial advisors should provide ongoing support for their women clients, guiding them through market fluctuations and create a customized investment portfolio they can feel confident about.

5. Communication and Collaboration:

Effective communication is key to the advisor-client relationship. Financial advisors should take extra time to understand their female clients’ unique circumstances, values, and concerns. Kirsten Schlumbohm added that it’s important for financial advisors to come into meetings with their women clients with open ears and create a safe, inclusive environment. “Women want to be heard, they want to be educated, they want you — the advisor — to come to the table they’ve set, not one that’s been set for them,” Schlumbohm said.

When financial advisors employ aspects of behavioral finance to understand, connect with, and serve their women clients, those clients feel more confident in their overall wealth plan and engaged in the process. By educating, guiding, and listening, financial advisors can better help women build a more secure financial future and feel empowered in doing so.

 

Financial Professional Use Only

The information provided in this presentation is not intended as investment advice or legal advice. The information provided is for informational and training purposes only. The information in this presentation was accurate as of the time the material was created. Tax laws and rulings can frequently change. Please discuss the client’s current situation with an accountant or tax advisor.

Asset allocation is a crucial concept for financial advisors to communicate effectively. When clients clearly understand their investment strategy, they feel more confident and engaged in their financial planning.

However, taking the somewhat broad topic of asset allocation and attempting to explain it to those not as well versed in wealth management can be a challenge at times.

That’s where simplifying these concepts is key. When you do, you’ll engage your clients and make the main tenets of asset allocation easily digestible for them. This will in turn strengthen your relationship and make it easier to help them achieve their long and short-term goals.

Employ Visuals and Graphics

Many people are visual learners, making it essential to present asset allocation concepts through charts, graphs, and infographics. This approach enhances understanding and makes financial planning more accessible.

In an episode of The Bucket Plan® On-Demand podcast: Mastermind Roundtables: The Bucket Plan and Simplifying Asset Allocation for Clients, Ivy Pierson, CEP, MBA, founder of Pierson Wealth Management, and Joe Salerno, of Salerno Financial Group both describe how using visuals improved the asset allocation dialogue they have with their clients.

Incorporating these elements can help bridge the knowledge gap and empower clients to make better investment decisions.

Design Your Client's Bucket Plan

Leverage Analogies to Simplify Concepts

The analogies strategy often pairs well with visual aids because it helps you drive your point home and allows clients to see their finances from a fresh perspective.

For example:

• The Bucket Approach: Divide assets into “Now,” “Soon,” and “Later” buckets based on time horizons and risk tolerance.
• A Coursed-Out Meal: Compare asset allocation to a meal plan, where different dishes represent various investment vehicles that contribute to a balanced financial future.

These relatable comparisons make abstract financial ideas more tangible and memorable.

Explain EVERYTHING 

It’s easy to forget as a financial professional that your clients aren’t as familiar with the territory as you, which includes some important language. Simplifying essential investment terms can improve client engagement and decision-making.

Some key phrases you should clarify plainly when going into detail about asset structuring are:

• Diversification/ a diversified portfolio: talk about the effects of spreading wealth across several asset classes, such as having a mix of stocks, bonds, and cash.
• Risk tolerance: explain how the level of risk they are willing and capable of enduring impacts their investment return and overall plan.
• Time horizon: make sure your client understands how the amount of time they hold their assets factors into them reaching their goals.

By making these terms more accessible, you can increase trust and ensure your clients feel in control of their financial future.

Personalize Your Asset Allocation Strategies

Every client has unique financial needs and goals. To make asset allocation more relevant, incorporate their lifestyle, aspirations, and risk preferences into your conversations. This strategy is especially helpful when assessing their short and long-term financial goals.

Ask questions such as:

• Are there major upcoming expenses? (trips they plan on taking, major life events, children getting married)
• Do they have experience with alternative investments, such as real estate

Customizing your approach ensures clients feel understood and helps them take a more active role in their investment strategy.

Strengthen Client Relationships with Simplified Asset Allocation

Helping your clients understanding asset allocations and options for investing and securing retirement income will strengthen your relationship with them now and in the future.

Take the Next Step

Want to simplify asset allocation for your clients? Learn how The Bucket Plan® can streamline your financial planning approach.

Schedule a Consultation

Financial Professional Use Only

The information provided in this presentation is not intended as investment advice or legal advice. The information provided is for informational and training purposes only. The information in this presentation was accurate as of the time the material was created. Tax laws and rulings can frequently change. Please discuss the client’s current situation with an accountant or tax advisor.

The June 2023 Mastermind Collegium, or MMC, has come and gone, marked by a talented group of speakers and guests that descended upon Cleveland, Ohio. The venue was the gorgeous Hilton Cleveland Downtown that showcased views of C2P’s home city to all the financial advisors and their teams who attended. Here is just some of the excitement from the three-day adventure.

A Woman’s Clarity Mixer Sponsored by Allianz

They came, they sipped, they celebrated. Advisors and their teams toasted to A Woman’s Clarity, C2P’s newest podcast created by Kirsten Schlumbohm, Vice President of Insurance & Sales, that focuses on the unique financial needs of women clients and how to better serve them.

There were signature cocktails on hand as Schlumbohm and special guest Natasha Schulze, Sr. External Wholesaler at Allianz Life, spoke about how financial services professionals can and should support female clients.

Welcome to Cleveland!

The first evening, the foyer was packed with the financial industry’s top talent networking and catching up since C2P’s last big event. There were delicious snacks and drinks, live music, and Jim Morris, former youth coach and MLB pitcher behind Disney’s “The Rookie,” signed autographs and chatted up attendees.

Morris then kicked off the following day’s events with a presentation where he delivered some poignant lessons on finding your mentors, harnessing your purpose, and following your dreams.

Updates & Innovations from C2P’s Heroes

Three main leaders at C2P teamed up clad in superhero costumes to outline what advisors can expect on the horizon from the organization responsible for the Mastermind Collegium. Jason L Smith, CEP^®, BPC, Founder and CEO; Dave Alison, CFP^®, EA, BPC, President and Founding Partner; and Matt Seitz, Chief Marketing Officer and Partner, each spoke to what’s new and next at C2P, including that Alison was recently named to the 40 Under 40 list by InvestmentNews.

Let Go & Lead with Gina Pellegrini

Owner of Strategic Coach as well as Pellegrini Consulting, Gina Pellegrini shared her expert process and logic behind fine-tuning one’s management style to foster a better work environment. Her methods outlined the importance of empowering employees, boosting accountability, and ensuring positive communication and cooperation within a financial advisor’s firm.

Team & Client Service Track Sessions

These breakouts were invaluable to helping team members learn from each other to stay organized and on track to further their success.

Led by Jennifer Mackert, Chief Operating Officer and Partner at C2P, Gina Pellegrini, Matt Seitz, and others, these activities and lessons included:

• The importance of having a process for qualifying leads and converting them to prospects
• Project planning tools to increase efficiency, organization, and streamline one’s offices
• Guidance on successful calling practices to secure more business
• Communication best practices, including weekly reports and a meeting structure format
• Marketing strategy Q & A that covered everything from social media to artificial intelligence (AI)

Mastermind Groups

Guests were able to create a mastermind group with others in similar roles that can help them meet their goals. Advisors and paraplanners teamed up with others in one session, and client service representatives and other team members gathered in another session — all exchanged ideas and created a plan to follow and check-in with each other. These mastermind groups offer a unique opportunity for top financial industry talent to support each other’s development.

Tax Management, The Bucket Plan®, and Beyond: Special Topics

Guests took advantage of grab-and-go drinks on their way to hear from a powerhouse of speakers, each covering a unique point of view. These included:

• 3 Step Annual Review — Tim Clairmont CFP®, MSFS™, President and CEO of Clear Financial Partners.
• Lead with Tax Management to Turn High-Net-Worth Prospects into Clients — Glen Pier, CFF, President of Infinity Wealth Management.
• The Bucket Plan® 2.0 Innovations — Joe Bilello CFF, CHFC®, CEP®, of Avanti Wealth & Tax Management.
• Top Advisor Showcase of Joe Salerno — how he has maintained success at Salerno Financial Group and the core values that inform his work.

A Night Out in “The Land”

After a long day, attendees were able to unwind and rub elbows on the water at  Lindey’s Lake House in Cleveland’s Flats East Bank entertainment district. Advisors and the C2P crew alike took part in dressing up to support the local charity Superheroes to Kids in Ohio. While a DJ played in the background, guests ate and sipped along the Cuyahoga River until dark.

Values-Based Financial Planning with Bill Bachrach, CSP, CPAE

The final day of the MMC, lead advisors and paraplanners participated in a specialized training with Bill Bachrach, author and creator of AdvisorRoadmap. Bachrach spotlighted the role of character, competence, values, and trust when it comes to being a better financial advisor. He also detailed a step-by-step process when walking clients through the Bucket Plan® that includes when and how to get paid for one’s services.

SuperAdvisor Panel

Top industry performers assembled onstage as Jason L Smith highlighted their successes from the past year. John Del Greco, President/Owner of Del Greco Group Tax & Wealth Management topped the list, followed by Dave Alison, leader of Alison Wealth Management; Bryan Bibbo, AIF®, of JL Smith Wealth & Tax Management; and Jeannette Bajalia, President and Founder of Woman’s Worth®. Each advisor shared their insights and individual strategies on how they sustained growth.

Marketing Closes the Mastermind Collegium

To finish out the MMC, Matt Seitz took guests through a marketing roundup, first with a presentation that homed in on why it’s critical as an advisor to integrate sales into the marketing process. Seitz explained how doing so ensures quality leads never fall through the cracks so an advisor can fully capitalize on all marketing channels.

Then, Seitz sat down with a panel of C2P’s “marketing superheroes,” or advisors harnessing the power of marketing and seeing concrete results. Whether it’s a host of solid leads, new business in their practices, higher rankings on Google’s search results, and more, these advisors were recognized because they’re embracing and implementing marketing best practices. The panel consisted of:

• Gary Pelfrey, Director of Business Development for JL Smith
• Glen Pier, CFF, Infinity Wealth Management
• Greg Hammer, CEO/President, Hammer Financial Group

Another Groundbreaking MMC Down — Until Next Year

The 2023 Mastermind Collegium in Cleveland was the highest attended C2P MMC to date, and the first to include advisors’ trusted staff. C2P consistently evolves to better serve financial advisors by building our offerings, infrastructure, and capacity. With our help, advisors can thrive and focus on what matters — being there for their clients. Plus, we make sure it’s not all work and no play with fun events like the MMC.

Don’t miss out on the dynamic support, training, turnkey processes, and more we can provide you as an advisor.

If you’re curious about our future MMCs, contact us today or schedule a 20-minute complimentary consultation with one of our talented team members to learn more about working with C2P!

 

CLEVELAND, Ohio — We are proud to share that our own Dave Alison, President and Co-founder of C2P, was named one of the financial industry’s top up-and-comers under the age of 40 by InvestmentNews. Based on his remarkable accomplishments, contributions, leadership, and promise in financial services — the four criteria to making the list — Dave was selected to be part of this prestigious group of experts. This recognition continues to prove his commitment to clients and industry innovation as a whole, and C2P is thrilled to have him at the helm helping drive the success of our advisors.

Read the press release below to hear Dave’s thoughts on being among the few young professionals chosen by InvestmentNews!

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C2P Enterprises’ President and Founding Partner, Dave Alison, Named to 2023 InvestmentNews 40 Under 40 List

Recognized For His Accomplishments as a Mentor, Thought Leader and Educator, Alison’s Mission is to Simplify Financial Planning for Families

Cleveland – June 7, 2023 – C2P, a company dedicated to simplifying financial planning for advisors and the clients they serve, is pleased to announce that Dave Alison, CFP^®, EA, BPC, President and Founding Partner of C2P, has been named to InvestmentNews’ 2023 40 Under 40 list. The annual awards program celebrates 40 remarkable young professionals in the financial advice industry for their leadership and accomplishments, placing them among an elite class of role models and rising stars.

“Receiving this accolade alongside so many esteemed industry colleagues is both a tremendous honor and a humbling experience,” said Alison. “I have dedicated my career to developing innovative solutions that empower financial professionals to better serve their clients, and our work within the industry is far from over. C2P is committed to driving positive change in the industry, and I’m grateful for this opportunity as we work to educate, train, grow, and support holistic financial advisors so that families can achieve prosperity.”

 Alison is a highly accomplished mentor, thought leader and advisor with a passion for taking complex issues and developing simplified solutions to make holistic financial planning more accessible. As a dynamic educator and articulate speaker, he trains thousands of financial professionals each year on the turnkey financial planning and practice management processes he’s helped create, test and package. His most recent innovations include The Tax Management Journey®, a client process and advisor training program combining his expertise as both an Enrolled Agent and CERTIRED FINANCIAL PLANNER^TM to close the gap between tax planning and financial advice. When he’s not training or teaching advisors, Alison is still “in the trenches,” working as an advisor at Alison Wealth Management, his own holistic wealth management firm that he founded in 2018. Alison Wealth works with about two dozen families and manages $100 million in assets, but those families have another $100 million+ in other assets, particularly company stock.

“This recognition is a testament to Dave’s exceptional leadership and contributions to the financial services industry,” said Jason L Smith, founder and CEO of C2P. “The innovations he has brought to our company have had a profound impact that have not only helped more Americans access quality, holistic plans but have also helped thousands of financial advisors become more successful business owners. We are honored to have Dave on our team, and we are confident that his expertise and vision will continue to shape the future of financial planning,”

For more information about C2P, visit C2P Enterprises’s website.

 

About InvestmentNews 40 Under 40
The InvestmentNews 40 Under 40 program recognizes and celebrates up-and-comers in the financial advice industry. Each year, the outlet’s editorial team reviews more than 1,000 nominations to create a list of 40 outstanding financial advisers, or industry professionals supporting advisers, who are 39 or younger. Honorees are judged on their accomplishments, contribution to the industry, leadership and promise.

 About C2P: C2P is an organization designed to simplify financial planning for advisors and the clients they serve.  United by the vision to provide planning and financial products in the best interest of the client, C2P offers education, training, resources and tools to meet a client’s unique financial situation, along with access to an array of investment and insurance vehicles to help accomplish their goals. C2P is committed to fiduciary best interest practices and training industry standards for a higher qualify of holistic financial planning services to families nationwide and worldwide.

Investment advisory services are provided by C2P Capital Advisory Group, LLC d/b/a Prosperity Capital Advisors, LLC (“PCA”) an investment adviser federally registered with the Securities and Exchange Commission (SEC). 

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