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Monkeying Around

In Indianapolis, Momo the monkey was recaptured by police after a brief escape from its owner.

Apparently, this isn’t the first time Momo broke out and needed to be brought back inside.

I guess some free spirits just can’t be caged. If you’ve been stuck in the office on a Friday afternoon, maybe you can relate…

But we always make it back in on Monday. 😉

Have a great start to the week everyone.

Jeremiah “No More Monkey Business" Desmarais

CEO, Advisorist

In Today’s Issue 👇️ 

• 💵 Why niche advisory is gaining momentum

• 📈 Where robo-advisors fall flat - and how you can stand out

• 🌻 One feel good story to start your week off right

Plus, a roundup of all the headlines you need to stay updated.

💰 How Niche Advisory Can Grow Your Practice

Once upon a time, all advisors were ‘generalists.’ A broad net, catching a bit of everything, was the game plan.

But these days, the tides are turning - niche advisory is growing. 🌊

Niche Advisory: The New Game Plan? ✨

Niche advisory means specializing in one specific client type.

Building a niche is more than just marketing - it’s about creating an arsenal of targeted, precision-guided solutions.

Some advisors worry this will hamstring their ability to gather enough clients to run a lucrative business.

But if you pick a deep enough niche, there’s opportunity galore in being a specialist.

Niche Advisory Benefits🚀

• Targeted solutions.

  By working with a specific client group, you can add value by focusing on the specific problems they need help with.

  Think of deferred compensation for tech workers or government retirement plans for military members.

• Networking opportunities.

  By working with clients in a specific field, you get to know the community very well - leading to better referrals for you, and potential value-adding connections for clients.

• Less competition.

  There’s a lot of advisors out there - by focusing on one specific niche, you can use your sales and marketing resources more effectively.

Who’s Leading the Niche Charge? 🏹

Meet Jeff and Adam - trailblazers who transformed constraints into launchpads.

Jeff built a practice focusing on lawyers, a niche with unique concerns surrounding loan debt and partner timelines.

Adam got even more specialized - he’s focusing not just on doctors, but optometrists.

Both advisors have great taglines on their LinkedIn. They clearly state who they’re helping, and what they’re helping them achieve - along with programs or accolades that set them apart.

The Horizon Awaits 🌅

Want to build a better practice? Maybe it’s time to stop going wide, and start going deep with niche advisory.

Do you already have a group of clients in one specific field?

Or do you have specific industry experience in a profession other than advisory work?

Either one could serve as your own niche advisory launchpad. 🚀

Headline Roundup

🏠 Affecting Your Clients

• Sandwiched Americans struggle to care for elders, children (FP)

• More than half of Americans expect to outlive savings (KIP)

• Gas prices are falling again, but not on the West Coast (MON)

📈 Markets & Economy 

• September job creation soars to 336K vs 170K expected (FT)

• Market sees potential for rate hike in Nov after jobs report (WSJ)

• US 10-year yield near high in warning sign for market (MW)

💼 Industry Roundup

• ETH futures ETF hits market, SEC weighs crypto future (RINT)

• SEC: JPM advisor used client $ on gambling, entertainment (FIT)

• IRS issues warning on high-net-worth art donation schemes (TA)

🤖 How to Stand Out from Robo-Advisors

It’s no secret - robo-advisors have gotten a lot more popular in the past few years.

Here’s the problem - clients who use robo-advisors don’t always know what they’re missing.

Cold & Calculating: The Problem with Robo-advisors 🧮

Morningstar did a recent experiment that showed why robo-advisors come up short.

Here’s a little taste:

• Identical clients got different portfolios. Different robo-advisors gave vastly different recommendations for the same clients - indicating an unexplainable, black-box process behind the scenes.

• Registration required for initial access. Many robo-advisors require you to sign-up just to start the process.

• No follow-up questions. Robo-advisors can only ask the same stock questions, with no ability to dig deeper. Some even used a fill-in-the-blank questionnaire.

Sure, robo-advisors are popular - but they definitely aren’t flawless.

How can we show clients where our value lies?

Standing Out: Focus on the Human 🙆‍♂️

Some advisors think they can compete with robo-advisors with more digital tools and automated portfolios - but that’s the wrong approach.

Instead, focus on what makes you human.

• Ask deep, insightful follow-up questions. Understand the why behind client preferences, not just the what.

• Engage in no-stakes intro calls to get prospects comfortable. Robo-advisors are asking for an upfront registration - but talking to you can be an easy, exploratory process.

• Explain your recommendations and decision-making in a way that computers just can’t. This doesn’t have to be complicated - the truth is, anything is better than the inscrutability of robo-advisor guidance.

If you want to compete with robo-advisors, the answer isn’t to become one.

Instead, it’s to lean into your human side.

That’s what sets you apart - and that’s what provides real value to clients. 💪

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🤝Using Joint Work to Assemble an Advisory Team

Ever had that feeling you're leaving money on the table?

If joint work isn't in your playbook, you might be.

Quick Dive 🏊

• What's Joint Work? Think of it as assembling a financial team. You partner with experts, offering clients a buffet of expertise.

• Revenue Boost. Some advisors are raking in an extra $80,000 - without having to handle any of the details.

• Client Perks. Clients love the savings or gains they get, while you maintain the relationship.

Solving joint work with Undeniable Advisors

Joint work is tricky since your network might not have enough subject matter experts.

One solution to that issue lies with Undeniable Advisors.

The Undeniable Advisor network is a team of experts that leverages each other’s skills.

Working with Undeniable Advisors ⚒️

The program is run by award-winning advisor Chris Gaddis, MBA.

Chris vets every new advisor to the program. Once approved, they receive access to a complimentary system to evaluate their book for deal flow.

Then their team will get on a call with you to examine your book and find hidden opportunities you can mine together.

Of course, you keep the relationship the entire time.

Want to find out how you can start generating an extra $2K - $50K+ a month - just for making an introduction?

Find out more in the Joint Work Secrets Playbook from Undeniable Advisors.

The Best Thing I Saw All Week

When Freya Rosati was just 11, her dad passed away from cancer.

The two were incredibly close, and Freya’s dad knew he wouldn’t be around to see many of his daughter’s milestones.

But he came up with an inspiring plan to be a special part of her life journey.

In the weeks before he passed, Freya’s dad wrote a number of cards to celebrate many of her major life steps.

At Freya’s recent wedding, she received the last card.

Her mom read the card out to the ceremony - leaving the entire reception in tears.

“Even looking at his handwriting on that card, it really just felt like he was there, and it was so nice,” said Freya. “It was such a sad moment but so important to me that the card was read out.”

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