Click on the link below to read the article “How Advisors are Helping Clients Rethink Their Kids’ College Experience” by Mark Schoeff, Jr. in Investmentnews.com. Kerrie Debbs, Partner and Brett Danko, Managing Partner are both quoted.
Once Advisors Find Their Niche, They Never Let Them Go
MAY 6, 2019
Financial advisors rightly preach the virtues of diversification to their clients. But what works well for investing isn’t necessarily a good strategy for building a financial planning business. In fact, focusing on a narrow client niche can be a lot more effective—and profitable—than casting your net as wide as possible.
“Most advisors feel there is too much risk in basing an entire practice on a niche, yet they run the risk of getting lost in a ‘sea of sameness’ in the market,” said John Anderson, managing director of the practice management solutions team for Independent Advisor Solutions at SEI in Oaks, Pa. “According to our research, only 31 percent of advisors serviced a niche, leaving nearly 70 percent who are trying to define their value proposition as a generalist. In an age where the consumer is looking for personalization and customization, being a generalist isn’t going to cut it.”
Many advisors focus all or most of their attention on people who work for a specific company. Ed Snyder of Oaktree Financial Advisors in Carmel, Ind., for example, works with employees of Eli Lilly, the big pharmaceutical company and one of the largest employers in Indianapolis.“I
Nicolás Valdés-Fauli, a Certified Financial Planner in our New York City office, was recently quoted in the following OppLoans article:
Emergency Funds Are Important: Here’s How to Start Building One
Building and maintaining an emergency fund is an important financial cornerstone. If you don’t have one, you should start saving today.
There are keys to avoiding short-term bad credit loans like payday loans and cash advances. One is to maintain your credit score, the other is to build up your savings. And while a good credit score is important, its the savings that will really—well—save you!
Specifically, you should create a well-stocked emergency fund. That way, you can cover unforeseen bills and financial shortfalls instead of relying on bad credit loans and possibly entering a dangerous cycle of debt.
Rest assured: Financial surprises are going to happen, and you want to make sure that you’re prepared. That’s why we reached out to a number of financial experts who can explain how emergency funds work and how you can go about building one today.
What is an emergency fund?
Nicolás Valdés-Fauli is a Certified Financial Planner with Main Street Financial Solutions in New York City. He provided a general overview of how emergency funds work and the many benefits that they offer.
BY MOREY STETTNER, FOR INVESTOR’S BUSINESS DAILY
Some advisors carry an entrepreneurial gene. They are risk-takers who chart their own destiny by building a successful business from the ground up.
But they may not stop there. As much as they enjoy counseling clients on personal finance — and helping them plan for the future — restlessness can set in. Eager to tackle new challenges, they may launch side businesses while growing their advisory practice.
Take Brett Danko. In 2001, he opened a solo fee-only firm at age 33. At the same time, he wanted to teach adults to improve their financial literacy.
So he did both.
Running A Successful Business On Several Levels
Once he earned his certified financial planner (CFP®) credential in 2002, he expanded his teaching to include tutoring programs to help advisors pass the CFP® exam. He also entered the professional speaking circuit, addressing audiences on financial topics.
Today, Danko continues to run his successful business, Main Street Financial Solutions in Newtown, Pa. He also helps advisors prep for the CFP® exam.
In this interview with IBD, Danko, 51, discusses how he weathered his first year in business, how to be a successful entrepreneur and how he plotted the strategic growth of both his advisory firm and his other income-generating activities.
Newtown, Pa., May 15, 2018
Main Street Financial, founded by 25-year financial services veteran Brett R. Danko, serves the Northeast Region with a solid commitment to the value proposition or mission statement.
“We ensure excellence in financial planning by providing knowledgeable, insightful, customized recommendations in an unbiased, confidential and professional manner. Every action we take on a client’s behalf is based on a thorough understanding of all you value, all you hold dear, all that is important in your life and in the life of your family.”