Jamie M. Lima, MBA, CFP®, CDFA®

Starting to hear stories about advisors beginning to panic about Total Cost Reporting. They are panicking to the point where they are actively looking to sell their business so they don't have to explain to their clients why the fees showing up on their statements more than doubled. Good luck explaining why clients with $1 million in an A series fund went from $10,000/year in fees to $22,000. So yeah, they should be worried. #regulation #disclosure.

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A very important aspect for all families to consider as they draft out their succession plans. Families should also consider using these structures for their life insurance policies. We continue to advise multiple clients on this subject.

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How many clients can an advisor effectively help?!? The industry "experts" consistently say somewhere between 50 and 150 households. Complete nonsense! Conventional wisdom loves rules of thumb. Some of them even make sense, but not in this case. I recently read an article (from someone marketing to advisors...not an actual advisor) talking about the "Rule of 150," or Dunbar’s Number, popularized by British anthropologist Robin Dunbar. It suggests that individuals can effectively maintain only about 150 stable relationships. The Rule of 150 is based on the cognitive limit to the number of people with whom one can maintain stable social relationships – relationships in which an individual knows who each person is and how each person relates to every other person. The writer concludes for financial advisors, this rule can be interpreted to mean that managing beyond 150 client relationships may compromise the quality of service and attention each client receives. NO! We have helped thousands of households under our agreements (and want to help hundreds of thousands more!). That actually happened. I don't need a rule when I experience my reality every day. How is that possible you might ask?!? * I am not trying to be social friends with the people we help. I am a fiduciary financial advisor providing planning and advice. I don't need to remember intimate details of their personal lives like in a family or friend situation. * We work in defined niches established by our group advisory agreements. We know their financial details before we meet them! * I have Ellen to help me! She is amazing and working as a team leverages our ability to help more people. * We embrace technology! People are shocked by what I remember about them. It isn't me. It is a technology reminder...kind of like your wife remembering the birthdays of everyone's children when I forget within seconds. * I have a small family and almost no friends...that apparently frees up my mental ability to help more households!😅 If an advisor has a large family and lots of friends, amounting to over 150 social relationships already, does that mean they cannot be an advisor?! 😲🙄😂 The world is filled with endless amounts of noise. Some of it makes sense, but a lot of it does not. You need to have the confidence to ignore others imposing their nonsensical limits on you! The world is experiencing a death of common sense. "Experts" come up with "rules" and then those rules are applied inappropriately to reach conclusions that become conventional wisdom and get repeated over and over until people believe it is true. I believe those that get ahead in life maintain a high level of intellectual curiosity and have a much greater tendency to question the noise. Yes, I have learned few people like a person that questions conventional wisdom, but curiosity and questioning have become extraordinarily valuable in a world lacking common sense!

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The importance of employee retention plans – guide for advisors As an advisor, you know how important employee retention is for clients who own a business. The “Great Resignation” reshaped the workforce, but as Robert Keebler says, it’s also a “Great Upgrade” – an opportunity for employers to elevate their employee retention game. In this article, Keebler describes various strategies, such as non-qualified deferred compensation plans, that can help your clients keep their key employees onboard. https://bit.ly/3ywQgag

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Et cetera or Ex cetera? 🤔 Let’s clear it up! Hey there! I'm here to help with "Et cetera. It’s pronounced "Et set-er-uh," with a soft "t." How have you been saying it? Share below! Follow for more pronunciation tips and improve your spoken English. #EtCeteraPronunciation #LanguageSkills #EnglishTips #JoinTheCommunity

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Independent financial advisors should be reviewing and re-evaluating all of their vendors every 3 years. As a business owner, I’ve found this evaluation process to be valuable even if I don’t go into it assuming that I’ll make a change. To me, it’s more about making the commitment to seeing what’s available relative to what you already have. Whether it’s your accounting solution, your landlord, your contract marketing support or your broker-dealer relationship, take the time to look at your costs, what’s being delivered and what you’re getting out of it, and where you and your business are today relative to when the relationship began. On the other side of the coin, get to know what’s out there and how each different option may or may not fit with your goals and your business. When I’m able to show independent advisors what’s changed in the broker-dealer market and even in their own practices, and what’s available, the phrase I hear most often is, “I had no idea.” Because re-evaluation is yet another thing on your long to-do list, there’s a chance that you’ve put it off, and now you’re with partners and vendors who no longer make sense for you. And you may go through this process and decide nothing needs to change. Or you may realize there are better options for you based on fit, feel and financials. Either way, it’s time well spent. If you know you need to re-evaluate but don’t have the time or don’t know where to start, I can help. Let’s connect or you can reach out via DM. Bridgemark Strategies

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Truth. 💡If want your team to pour into your clients then you as the leader, you must pour into your team. ✔️ This is one of the many take aways I took from Root Financial Partners webinar yesterday. 🙏🏼 They are doing it right. 💃🏼 They have figured out the delicate dance that is putting your clients first while never making their team feel second best! 🤯 So inspired by the work they are doing! 😊 Thanks for sharing your journey James Conole, CFP® 🙋🏼‍♀️ Advisors, what are you doing to ensure your teams happiness and success??

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The Refocus Coaching Academy | Non-Financial Retirement Planning Course for Financial Advisors's Early Bird Pricing ends in 5 days! It's so important for financial advisors to go beyond managing money. We need to focus on providing fulfillment and purpose. Make sure to secure the course before pricing goes up!

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For many advisors realizing the full potential of their profession requires a significant shift in perspective. It means leveraging metrics that focus more on what clients think about advisors, rather than what advisors know about clients. Let me say that again. It means leveraging metrics that focus more on what clients think about advisors, rather than what advisors know about clients. This shift is important to accurately capture the essence of the client experience and in guiding strategic decisions that truly enhance practice value. #rqi #practiceintel #innovation #financialadvice StreetCred PR Matt Halloran

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We've been talking about Advisor succession for 10 years. We could see the demographic shift coming. Well we are in the thick of it now. Advisors are looking to monetize for retirement and ensure their Clients are in good hands. Some are struggling to find succession within their own platform. Others are switching with their successors to gain access to a more future-ready platform. This is the Advisor perspective on the flurry of recruiting activity taking place. Let's not forget the independent firms that have succession issues at the home-office level as well. There is a great career opportunity for some and a fear of letting go for others. Large firms should be supporting succession to avoid attrition & disruption. Small firms may find this slightly more existential. If you are working through succession in your team or firm, we should talk. This article talks directly to Advisors - their needs and best practices.

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WARNING - Your advisors are not helping you… Now that I have your attention here is the point. Your advisors are not helping because they are not working together to get you what you need. They don’t communicate with each other and everyone wants to be in control. This is not helping you. You deserve advisors who check their egos at the door and who don’t lead with solutions before defining the problems and the work to be done. Siloed advisors are dangerous and they can cause unintended consequences. It is your business, your family and your stakeholders. When your advisors agree to work together then you will be closer to being Exit Ready and closer to being Emergency Exit Ready. #businessplanning #businessprotection #businesssuccession #businessexit #bvpp #seattle

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Questions you should ask your financial advisor: - How long have you been an advisor? - How long will you continue to be an advisor? - Do you work for a firm that has proprietary products? - What credentials and designations do you have? - How do you get paid? - Are you a fiduciary? (no one will ever say no.. so educate yourself and dive deeper) I'm sure my advisor friends on this website could add a few more!

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🚨 Fixed Annuity July HotList and Update! https://lnkd.in/gqhFPv6B 📈 Principal guarantee MYGA and DECREASE in SPIA income payouts. 0:17 🔥 Hotlist July 2024: 1:12 1️⃣ Principal guarantee or ROP (Return of Premium) 3:34 2️⃣ 5.60% 5-year MYGA 4:16 3️⃣ MY PICK 5.40% for 5 | Walk-Away | 5:27 4️⃣ SPIA Quotes | Payments REDUCED 🔔 Follow my social media accounts for more great content! YouTube - https://lnkd.in/gnFpdNVw X - https://lnkd.in/bPw2BGC LinkedIn - https://lnkd.in/gdg27Det Facebook - https://lnkd.in/ggAucmn5 Instagram - https://lnkd.in/gCjEqVk4 Rumble - https://lnkd.in/g2XnsbNU 📢 IMPORTANT INFORMATION: This material is for informational, educational & entertainment purposes only. It is not a recommendation to buy, sell, hold or rollover any asset. It does not take into account the specific financial situation, investment objectives, or insurance need of an individual person. Withdrawals may be subject to ordinary income taxes and, if made prior to age 59½, may be subject to a 10% IRS penalty. Surrender charges may also apply for early or excess withdrawals. All guarantees are backed by the claims-paying ability of the issuer. Products are available only in all states where approved. Please note that most SPIA quote rates are valid for 7 days. #FixedAnnuity #MYGA #SPIA #PrincipalGuarantee #Insurance #Finance #Investment

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One of the best questions to ask in your financial plan: “What game are we playing?” In a game, you know how winning is defined and there are rules on how to get there. Financial games I hear clients share: 👉🏼 Kids graduate college with no debt 👉🏼 Financially independent at 55 👉🏼 Give 15% of our income 👉🏼 Private school K-12 👉🏼 Go on X vacation 👉🏼 Purchase rental properties You get the idea, but here are two things I’ve learned about financial games. 1️⃣ So many people are playing someone else’s game. Someone else’s definition of winning and their rules to get there. Even if they win, they’re not that happy. 2️⃣ The people who thoughtfully define their family’s games get the most clarity and most satisfaction from winning. So, what games are you playing? What does winning look like? What are the rules to get there?

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