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Articles by Dan Solin
You're Not Listening!
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan’s new book for millennials, Wealthier: The Investing Field Guide for Millennials, is now available on Amazon. Your success depends on more than just your financial acumen. It’s also about building and maintaining solid relationships with your clients.
Money Changes Your Clients: Key Psychological Insights for Financial Advisors
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan’s new book for millennials, Wealthier: The Investing Field Guide for Millennials, is now available on Amazon. Understanding how money impacts human behavior and psychology may help serve your clients effectively.
Balance Confidence and Humility
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan’s new book for millennials, Wealthier: The Investing Field Guide for Millennials, is now available on Amazon. The following are hypothetical examples of statements of overconfidence, excessive humility, and confident humility by financial advisors. As you read them, examine how you would react if any were said to you.
The Peril of Relying on Incomplete Information
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan’s new book for millennials, Wealthier: The Investing Field Guide for Millennials, is now available on Amazon. If I didn’t think I were “right,” I wouldn’t offer an opinion. When I do opine, it’s always in good faith. I think I have all the information I need to provide a view that others can confidently rely on, whether personal or professional advice.
Why It’s Difficult to Focus on Others
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan’s new book for millennials, Wealthier: The Investing Field Guide for Millennials, is now available on Amazon. Is this scenario familiar? You are talking to someone and mention a trip you took or an event you engaged in (like running a half-marathon). In response, they tell you about their travel experience and achievements (like running a full marathon!).
The "Ideal" Life is a Harmful Myth
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan’s new book for millennials, Wealthier: The Investing Field Guide for Millennials, is now available on Amazon. The "ideal life" is often presented as a standard blueprint: abundant friendships, a wealth of experiences, financial security, and a loving family.
Your Clients Are Clueless About Their Risk Tolerance
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan’s new book for millennials, Wealthier: The Investing Field Guide for Millennials, is now available on Amazon. Determining your client’s risk tolerance is a critical first step in constructing a tailored investment portfolio. Misjudging a client’s risk tolerance can lead to a host of problems.
An Untapped Gold Mine of Assets You Can Manage
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan’s new book for millennials, Wealthier: The Investing Field Guide for Millennials, is now available on Amazon. Estate planning offers a significant opportunity for financial advisors to grow assets under management (AUM). One of the most overlooked areas is retaining responsibility for AUM contributed to trusts and donor-advised funds (DAFs).
What If Your Prospect Doesn’t Want Comprehensive Wealth Management?
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan’s new book for millennials, Wealthier: The Investing Field Guide for Millennials, is now available on Amazon. I was a financial advisor before “comprehensive wealth management” was a service most advisors offered. At that time, it made sense to charge based on AUM. When investing became more commoditized, advisors started offering comprehensive wealth management.
Are You Ready to Embrace the End of AUM-Based Fees?
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan’s new book for millennials, Wealthier: The Investing Field Guide for Millennials, is now available on Amazon. The assets under management (AUM) fee model has long been the cornerstone of financial advisory services, providing advisors with a simple and scalable revenue stream.
Aligning Values With Money Isn’t Your Job
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan’s new book for millennials, Wealthier: The Investing Field Guide for Millennials, is now available on Amazon. Aligning a client’s values with their financial decisions is often touted as a best practice for financial advisors. It’s time to reexamine that premise. What does it mean to align values with money?
It's Increasingly Difficult to Defend Your Complex Portfolios
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan’s new book for millennials, Wealthier: The Investing Field Guide for Millennials, is now available on Amazon. Here’s a quote attributed to P. J.
Evidence-Based Persuasion Secrets
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan’s new book for millennials, Wealthier: The Investing Field Guide for Millennials, is now available on Amazon. Successful advisors are persuasive. They understand persuasion is critical to converting prospects into clients and keeping them as clients. Is it a rational analysis of evidence or an emotional reaction that triggers a change in an opinion?
Unlock Massive AUM: The Secret Beyond Numbers
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan’s new book for millennials, Wealthier: The Investing Field Guide for Millennials, is now available on Amazon. I do extensive research on how people make decisions. One collateral benefit is that it helps me understand my own biases. I recently moved into a new home and have dealt with many vendors. For one upgrade, I interviewed several suppliers.
Transform Risk Into Opportunity
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan’s new book for millennials, Wealthier: The Investing Field Guide for Millennials, is now available on Amazon. You are adept at assessing risk regarding your clients’ portfolios. You evaluate market conditions, economic trends, and individual investment opportunities, ensuring each client’s portfolio is tailored to their unique risk tolerance and financial goals.
Lessons Learned From Referring Business to Advisors
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan’s new book for millennials, Wealthier: The Investing Field Guide for Millennials, is now available on Amazon. Occasionally, readers of my books and blogs will seek the expertise of my consulting firm to vet financial advisors and guide them in their decision-making process.
How to Teach Investors to Ignore Naked Pundits
Editor’s note: Clients who are told to stay the course may still be tempted to disregard your advice. Here’s a piece you may want to share with them and encourage them to pass along to their adult children who are still DIY investors. Read another excerpt from his book here.
How to Help Clients Weather Market Mayhem
Editor’s note: The market meltdown in early August has put many investors on edge. This excerpt from Dan Solin’s book “Wealthier” offer some suggestions to communicate to clients. “Inactivity strikes us as intelligent behavior.” —Warren Buffett Just because you believe it’s necessary to look at your portfolio, that doesn’t mean you should make any changes, particularly when those decisions are likely to be influenced by emotions like fear.
AI Can Be Empathic, But Here’s Why It Won’t Replace You... Yet!
AI Can Be Empathic, But Here’s Why It Won’t Replace You... Yet! The ability of AI to demonstrate empathy holds great promise for enhancing user interactions and support services. However, its current limitations …
AI Can Be Empathic, But Here’s Why It Won’t Replace You... Yet!
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan’s new book for millennials, Wealthier: The Investing Field Guide for Millennials, is now available on Amazon. A recent study explores the capabilities and limitations of AI-generated empathy. This article discusses the study’s primary findings, methodology, and practical applications for financial advisors.
We Need to Make “Boring” Cool
The Investing Field Guide for Millennials. Why have so many financial advisors agreed to review an advance copy of Wealthier: The Investing Field Guide for Millennials. It empowers millennials to be responsible DIY investors and financial planners. You can see some of their reviews here. Dan’s new book for millennials, Wealthier: The Investing Field Guide for Millennials, is now available on Amazon. Here’s what one advisor said: "Saplings grow into trees.
“Caring” is Often a Cover for “Transactional”
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan’s new book for millennials, Wealthier: The Investing Field Guide for Millennials, is now available on Amazon. What’s the difference between genuinely caring for your clients and having purely transactional relationships?
Work-Life Balance is a Harmful Myth
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan’s new book for millennials, Wealthier: The Investing Field Guide for Millennials, is now available on Amazon. When my children were young, I worked at a Wall Street law firm, where keeping regular hours was not an option. We were overwhelmed with work, and billable hours were the coin of the realm.
What Your Advisory Firm Will Look Like in 2035 (If It Still Exists)
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan’s new book for millennials, Wealthier: The Investing Field Guide for Millennials, is now available on Amazon. What a difference a decade can make. While predictions are always problematic (especially about the future, to quote Yogi Berra), here’s my take. More financial advisors The demand for financial advisory services will continue to grow.
The Benefits of Overcoming Your Denial Of AI
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan’s new book for millennials, Wealthier: The Investing Field Guide for Millennials, is now available on Amazon. The world of finance has always been intertwined with cutting-edge technology.
If I Only Had 12 Months to Live
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan’s new book for millennials, Wealthier: The Investing Field Guide for Millennials, is now available on Amazon. I have long admired Jonathan Clements. His columns in The Wall Street Journal introduced me to index-based investing. I have been a subscriber and avid reader of his aptly named HumbleDollar newsletter for many years.
Agonizing over “Fiduciary”
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan’s new book for millennials, Wealthier: The Investing Field Guide for Millennials, is now available on Amazon. I support the efforts of The Institute for the Fiduciary Standard to subject all those providing financial services to a fiduciary standard of care. The Department of Labor has embarked on a “ to define fiduciary status.
The Biggest Marketing Myth of Them All
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan’s new book for millennials, Wealthier: The Investing Field Guide for Millennials, is now available on Amazon. As a financial advisor, you’ve heard the common advice that the key to attracting clients is telling your personal story. The narrative goes that prospects want to know all about you – your background, values, approach to investing, and so on.
The Future of M&A: Will AI Fuel More Consolidation or Level the Playing Field?
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan’s new book for millennials, Wealthier: The Investing Field Guide for Millennials, is now available on Amazon. The financial advisory industry has experienced a wave of consolidation in recent years, primarily driven by an influx of private equity investment. Larger firms are scooping up smaller independent advisors at a rapid clip.
Skip Denial and Suffering: Honor a Client’s Pragmatic Approach to Terminal Illness
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan’s new book for millennials, Wealthier: The Investing Field Guide for Millennials, is now available on Amazon. You may encounter clients who have received a terminal diagnosis and clearly communicate their priorities. How do you support a client who says, “I want to avoid the end stage where I suffer unnecessarily and deplete my savings.
Big Changes Are Coming
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan’s new book for millennials, Wealthier: The Investing Field Guide for Millennials, is now available on Amazon. My predictive track record is sketchy. I was slow to embrace comprehensive wealth management and to recognize that more than offering Dimensional Funds would be needed to justify fees charged by advisors.
Bridging the DNR Gap Is The Greatest Value You Can Bestow
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan's new book for millennials, Wealthier: The Investing Field Guide for Millennials will be published in May 2024 and available on Amazon. Here’s a worst-case scenario, which isn’t all that uncommon. Following a severe illness, injury, or surgical procedure, an elderly person requires prolonged care in a .
Can Power Corrupt You?
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan's new book for millennials, Wealthier: The Investing Field Guide for Millennials, will be published on May 15, 2024, and available on Amazon. “Power tends to corrupt and absolute power corrupts absolutely.
The Upside of Being a Contrarian
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan's new book for millennials, Wealthier: The Investing Field Guide for Millennials, will be published in April 2024 and available on Amazon. I’m a contrary person. I’m not sure how I became one. Perhaps it's a combination of my background and legal training.
Your Client is Neurotic. Now What?
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan's new book for millennials, Wealthier: The Investing Field Guide for Millennials, will be published in April 2024 and available on Amazon. You play a crucial role in guiding your clients towards sound financial decisions. But the path to responsible investing is complicated by individual differences in personality traits and decision-making processes.
Will AI Burst the M&A Bubble?
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan's new book for millennials, Wealthier: The Investing Field Guide for Millennials, will be published on May 15, 2024, and available on Amazon. Our profession is being transformed by powerful, AI-based technologies that will replace human-based financial advice. They will drive down costs, reduce valuations, and deflate the multiples paid in M&A transactions.
Five Reasons Fear of Death is Overblown
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan's new book for millennials, Wealthier: The Investing Field Guide for Millennials, will be published on May 15, 2024, and available on Amazon. Death is one of humanity's oldest and deepest fears. The prospect of no longer existing and everything we know and love coming to an end is understandably terrifying.
Why Ignoring AI Is Not a Viable Option
I don’t take credit for being an early adopter of artificial intelligence (AI). It was a matter of necessity. Our SEO practice for advisors was growing rapidly. A critical part of our service is providing two 750-word original blogs monthly for each client. We were straining to keep up with the demand. It was just about that time when ChatGPT became available. I immediately started to use it and was hooked on AI. Our productivity was exponentially enhanced.
The Widowhood Penalty: Neglecting Spousal Financial Planning
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan's new book for millennials, Wealthier: The Investing Field Guide for Millennials, will be published in April 2024 and available on Amazon. When a spouse dies, many women face severe financial hardship despite being part of a married couple for decades.
The Most Important Question You Never Ask Your Clients
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan's new book for millennials, Wealthier: A Field Guide to Financial Freedom, will be published in April 2024 and available on Amazon. As an investment advisor, you're accustomed to analyzing market trends, understanding financial products, and strategizing to achieve your clients' financial well-being.
AI Has Changed My Job and It Will Change Yours
I input: “Do investment advisors add value?” Here’s the response (unedited): Investment advisors can add value in various ways, though their impact on portfolio performance can be nuanced. Here's a synthesis of the evidence: Investment advisors help investors by creating portfolios that are better diversified and carry significantly less idiosyncratic risk, which could be attributed to the advisory intervention.
What Research Says About Likability, Client Compliance, and Your Value
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan's new book for millennials, Wealthier: A Field Guide to Financial Freedom, will be published in April 2024 and available on Amazon. There’s a lot of discussion among advisors about why prospects hire you, why they don’t follow your advice, and the value you add.
A Little-Known Bias with a Big Impact
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan's new book for millennials, Wealthier: A Field Guide to Financial Freedom, will be published in April 2024 and available on Amazon.
Navigating Grief and Benefits When Both Parents Die
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan's new book for millennials, Wealthier: A Field Guide to Financial Freedom, will be published in April 2024 and available on Amazon. Losing a parent is devastating. Losing both in a short time creates a unique set of emotional and practical challenges. Navigating grief can be overwhelming, especially when dealing with the Social Security system.
Adapting to Survive: The Imperative of Targeting Younger Investors
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan's new book for millennials, Wealthier: A Field Guide to Financial Freedom, will be published in April 2024 and available on Amazon. My company has designed many websites for advisors that target various niches.
Who Should Pull the Plug?
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan's new book for millennials, Wealthier: A Field Guide to Financial Freedom, will be published in April 2024 and available on Amazon. End-of-life decisions are among the most challenging and emotionally charged choices. When a loved one's health deteriorates to the point where life-sustaining treatments become necessary, who should make these difficult decisions?
Artificial Empathy
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan's new book for millennials, Wealthier: The Investing Field Guide for Millennials, will be published in April 2024 and available on Amazon. There’s interest and passion about how AI will impact financial advisors. I experienced both when I posted my views on LinkedIn recently. My post generated over 50,000 views.
What is Neurofinance and Why Should You Care?
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. Dan's new book for millennials, Wealthier: A Field Guide to Financial Freedom, will be published in April 2024 and available on Amazon. If you aren’t familiar with neurofinance, this article will be an eye-opener. The more you understand how the brain processes financial information, the better you can serve your clients. Neurofinance provides that insight.
An Underutilized Marketing Strategy That Works: Client Testimonials and Reviews
SEC rules governing client testimonials and reviews The SEC’s new marketing rule, effective November 4, 2022, expanded the ability of financial advisors to use client testimonials. The actual rule is 430 pages, so figuring out how to comply with it can be challenging. You should rely on your compliance department for guidance, but you should be aware of some notable restrictions governing your use of testimonials.
The Curse of Knowledge: The Downside of Financial Expertise
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. To buy a copy of Dan’s book, The Smartest Investment Book You’ll Ever Read: The Proven Way to Beat the “Pros” and Take Control of Your Financial Future, click here. Financial advisors are crucial in helping clients make informed decisions about their money.
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