The Evolution Of The Personal CFO

First people were selling life insurance.

Then you had people selling mutual funds on commissions.

Then you had a shift towards people managing assets for an advisory fee.

Now you have more of a shift towards a dynamic blend between fixed fee planning and Assets Under Management.

Clients want a trusted adviser.

Clients want a Personal CFO.

Every one of those shifts is almost always client driven.

It wasn’t the industry saying, we want to sell on commission vs we want to charge for asset management...

It was that people didn't just want life insurance.

So the industry responded by saying “Alright, let's sell them some loaded mutual funds.

Let's package mutual funds.

When the industry shifted towards asset management, it wasn't just this because it was a “better business model”, it was because clients wanted to pay on an ongoing basis for their money to be managed.

Now we have clients saying “we want to pay a fee for an ongoing relationship for you to be the person that is integral to all of my planning and decision making.

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