Ep 149: Aligning Financial Advice to Client Expectations with Tom Rieman

In this episode of Bridging the Gap – Matt welcomes Tom Rieman, the CEO and founding partner of Practice Intel. Tom underlines the importance of competence in the financial industry, highlighting that trust relies heavily on the advisor’s ability to provide substantial help to the client. The foundations for great advice are outlined as a necessity for advisors to show capability, emphasizing that care alone does not equate to proficiency. Tom’s educational journey into organizational learning has shaped his expertise and approach to financial advising, ultimately leading him to explore ways to better serve clients and redefine the advisor role.

The conversation pivots to the existing gap between consumer expectations and the traditional financial advising industry. Tom points out that although there are improvements, many clients feel that their expectations are not being fully met, with less than 15% saying advisors deliver comprehensively. He emphasizes the need for advisors to pay close attention to client satisfaction and talks about looking into other industries for innovative approaches that can lead to transformative insights. Despite some resistance within the industry, Tom states that providing irrefutable data on the consequences of ignoring client-centric metrics can be an effective way to encourage change in practice and mentality.

Matt and Tom delve into the importance of redefining value propositions for financial advisors, highlighting how advisors need to shift focus from sales towards intentionally crafting advice that resonates with client needs and values. They explore the implications of market performance on client satisfaction, arguing that advisors should develop value propositions that transcend market fluctuations to foster more stable trust. To conclude the episode, Tom explains the positive correlation between the quality of an advisor’s value proposition and organic growth potential, leaving contact details and a call for collaboration to enhance the advising industry.

Timestamps From This Episode

[00:13:45] Focusing on small, incremental wins is essential for progress. Addressing the gaps between what clients want and what advisors think they want is crucial for alignment and growth. Understanding these differences and finding a symbiotic relationship is key.

[00:23:50] Emphasizing the importance of a process-oriented approach to advancing the advice profession, with the notion that success lies in executing the process rather than relying solely on talent or artfulness.

[00:33:36] Organic growth reflects value proposition; crucial for success in the marketplace. It’s important to drive growth, especially for advisors and younger professionals. Data and key drivers are measured for organic growth success.

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About the Show

Bridging the Gap is a financial podcast hosted by CEO Matt Reiner focused on bringing together leaders from the finance and the technology industries to focus on innovating the financial services industry.