Welcome again to the 256th episode of the Monetary Advisor Success Podcast!
My visitor on at the moment’s podcast is Vincent Barbera. Vince is the founding father of Newbridge Wealth Administration, an impartial RIA primarily based proper exterior of Philadelphia that oversees almost $120M of belongings underneath administration for 75 shopper households.
What’s distinctive about Vince, although, is the best way he stays on the reducing – or typically bleeding – fringe of advisor expertise by constantly experimenting with new tech instruments for his advisory agency, setting a brand new strategic focus yearly to determine a brand new class of options to check out, both internally along with his staff, or externally along with his shoppers.
On this episode, we discuss in depth concerning the new expertise instruments that Vince has been attempting this yr with a theme of bettering his Consumer Expertise, together with utilizing Knudge to maintain observe of and collaborate along with his shoppers on their monetary planning duties, Pulse360 to maintain his assembly agendas and post-meeting notes extra organized, and Hubley to assist systematize the agency’s workflows above and past what his CRM alone can accomplish.
We additionally speak about how Vince manages his expertise selections and funds to keep away from having the fee spiral upwards uncontrolled by simply including an increasing number of expertise, how Vince compares the price of new expertise instruments to his monetary planning software program to find out if it’s a ‘cheap’ worth (as a result of if it prices greater than his planning software program, he’d higher be utilizing it greater than his planning software program!), how Vince repeatedly assesses how typically he’s logging into his expertise instruments to determine what to prune, and the place Vince goes to search out the newest and biggest instruments to check out (and the gaps he nonetheless can’t discover a resolution for!).
And be sure to take heed to the tip, the place Vince shares his personal journey by means of the monetary providers business, from beginning out at a serious asset supervisor’s HNW recommendation division however discovering that the recommendation was nonetheless too targeted on the agency’s asset administration merchandise and never the relaxation of the shopper’s monetary recommendation wants, how Vince made the transition to exit and launch his personal impartial agency (with an eye fixed in the direction of utilizing all of the expertise instruments which might be obtainable at the moment to remain aggressive with out an asset supervisor’s measurement and scale), and why Vince in the end determined that he did not need to attempt to construct the subsequent billion-dollar agency and has truly felt even happier in his enterprise by consciously deciding to take his foot off the gasoline and develop just a little slower for some time.
And so with that introduction, I hope you get pleasure from this episode of the Monetary Advisor Success podcast, with Vincent Barbera.
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