Delivering Reliable Value in Financial Services

Episode 064: On this week’s episode of The Connected Advisor, I talk with Mark Weiskind, Founding Partner and President of Fairway Wealth Management.

Traditionally, value propositions are centered on beating the market and outperforming benchmarks. However, these factors often fail to deliver consistent and reliable results for investors. To address this challenge, Fairway Wealth Management aims to provide reliable results by focusing on factors investors can control. These include tax efficiency, cost management, and behavioral guidance.

In this episode, we discuss how to deliver reliable value, how smaller firms can provide comprehensive financial planning without joining big platforms or consolidators, and how technology is essential in streamlining processes and enhancing client experience.

Key Takeaways

• Reliable value is built on factors that are controllable and consistent, such as tax efficiency, cost reduction, and behavioral guidance.

• Tax optimization is a key area where advisors can provide significant client value.

• Technology is a valuable tool but should be used strategically to enhance efficiency and client experience.

• Smaller firms can compete with big names in the industry by offering personalized service, building strong relationships, and investing in employee development.

Quotes

[07:07] - "For most firms in our industry, the value proposition is based on aspirational concepts and predictions and things investors and advisors don't have any control over. We focus on things that are controllable, where the value is reliable and consistent." ~ Mark Weiskind

[21:16] - "I think the way to succeed is by being hands-on and really just serving the heck out of your clients. As a small boutique firm, if you can do that in an exceptional way, you can truly differentiate yourself as an advisor." ~ Mark Weiskind

[26:04] - "One of the challenges of being a smaller firm is that we don't always spend enough time or don't have the resources to really focus on that tech stack. As more and more technologies emerge, it's hard to keep up." ~ Mark Weiskind

Links 

• Mark Weiskind on LinkedIn

• Fairway Wealth Management

• Deloitte

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• Kyle on LinkedIn

• Jud on LinkedIn

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Kyle Van Pelt