In this episode, DPL Founder and CEO David Lau talks with Michael Kitces, one of the most influential voices in the financial services industry. He passionately advocates for evolving, expanding, and institutionalizing what excellence in financial planning can be. His industry blog for financial advisors, Nerd's Eye View at Kitces.com, reaches more than 250,000 readers monthly. His podcast, Financial Advisor Success, is dedicated to advancing knowledge in financial planning. Michael is also Head of Planning Strategy at Buckingham Wealth Partners, and a Co-Founder of the XY Planning Network, AdvicePay, New Planner Recruiting, and fpPathfinder.
Michael talks with David about trends and best practices in the financial advisor industry. They also discuss the challenges and opportunities around annuities, particularly in the RIA market. Michael and David emphasize the need for carriers to create products that can be used, not just sold, and support advisors' business models.
Key Takeaways
- [02:37] - How Michael got started in financial services.
- [06:02] - Michael's involvement in the early years of variable annuities.
- [09:15] - Michael's blogging journey and the growth of his platforms.
- [12:39] - How Michael balances his time between his platforms and business partnerships.
- [18:09] - Building products that can be used, not just sold.
- [26:38] - The operational challenges RIAs face when dealing with annuities.
- [31:59] - The challenges of making operational paperwork more efficient.
- [34:06] - The need for scalability in the annuity industry.
- [38:41] - The challenges of duration for carriers.
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