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.

Host

Matt Reiner, CFA, CFP®

I’ve been fortunate to be around the wealth management business for over 25 years. Along with this, I’m also the CEO of a tech startup. These experiences have given me a bird’s eye view of both the technology and financial services spaces.

Guest

Tom Rieman , CEO and Founding Partner of Practice Intel

Tom Rieman, CPWA® is the founding partner and chief executive officer of Practice Intel, a pioneering growth platform that aligns financial advisors’ practices with what clients value most, driving organic growth and ultimately enhancing the value of advisory practices. With a career spanning over 25 years in wealth management, Tom brings significant expertise to the table, including asset management distribution, institutional consumer research and a deep understanding of the broker-dealer ecosystem with a focus on process and performance improvement.
Before founding Practice Intel, Tom held several key roles within the industry. These included Head of Wealth Solutions at J.D. Power & Associates, Executive Director of Practice Management at Brinker Capital, and Vice President of Learning and Development at J.P. Morgan Asset Management. Tom's extensive experience also includes time in the field as a wholesaler and providing advisory services to high-net-worth clients.
Tom is a respected speaker at national conferences and a valued contributor to Barron's Advisor. He holds a master’s degree in organizational learning and a Certified Private Wealth Advisor® certification. Tom is committed to advancing the advice profession by enabling wealth management firms to deliver on the full potential of financial advice, recognizing its profound impact for both advisors and their clients.