How Asset-Map Helps in Client Engagements

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

This is the second interview I did with an Asset-Map user. To read the first one, which includes background information on Asset-Map, go here. The first article discusses the history behind the series of Asset-Map articles and a brief introduction to Asset-Map.

Randy Dippell is a partner and advisor for AdvicePeriod in Chicago, Illinois. Some months ago, Randy, who also founded of Nestegg Advisory in 2012, had a big decision to make for his growing firm, regarding whether to:

  • Continue to take on the growing responsibilities for the many day-to-day non-client centric business decisions a solo RIA has to make.
  • Spend more time in operations, general management, compliance, technology, human resources, and financial management.
  • Focus on the work he truly enjoys in client relationship management, investment and wealth management, and business development.

This is a decision many solo advisors regularly make and remake. Randy had more than a dozen years of experience as a senior private banker and client advisor in major banks before starting his own firm. He therefore understood the requirements for managing all the administrative requirements of a firm and decided that he would rather take advantage of the synergies that came with merging his firm into a large RIA like AdvicePeriod with all the corporate capabilities he needed plus its enhanced technologies. AdvicePeriod made a similar decision recently by joining Mariner Wealth Advisors, a mega and growing RIA. Randy can now focus all his energies on serving his clients and growing his business with a top-five RIA firm. Albeit the Mariner merger was a bit of a surprise, it was a happy one as Randy sees it.

Randy’s clients and use of Asset-Map

Randy works with the large pool of high-net worth clients in the $1 million to $10 million range. It’s these first-generation wealthy business owners and corporate executives where he most enjoys working because he knows he can help them reach their personal descriptions of financial success, a secure retirement if that’s what they choose, education for their children, and in general, enjoying the peace of mind they get from, as Randy puts it, staying up at night for his clients so they can sleep better. Randy wants his clients to see him as an extension of their family, their CFO. That’s where Asset-Map comes in. Because he understands his clients and their wants and needs, he is able to take advantage of Asset-Map’s capabilities and creates a base “stencil” (a template) of his prospects’ and clients’ base components of their financial lives, such as:

  • Income, current and future
  • Assets, financial, real, other, joint, and individual
  • Insurances
  • Liabilities