How to Create a Winning Advice Experience

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About This Episode

According to a recent J.D. Power study, fewer than 15% of clients say their advisor provides an ideal advice experience; and yet many advisors likely suffer from Dunning Kruger cognitive bias, where they think they are among that 15% when for the majority, that’s impossible.

Why is financial advice in such a state? Because, despite their best efforts, financial advisors aren’t hitting the core attributes of comprehensive advice.

To solve this, Practice Intel, a new firm led by Dr. Preston Cherry, Tom Rieman, Larry Shumbres, and Nick Gudz, among others, has launched. Combining practice-level insights with innovative e-learning resources and a proprietary index that benchmarks a firm’s valuation against its peers, Practice Intel helps advisors enhance their advice experience while achieving more organic growth and, ultimately, increasing their valuation.

About Our Guest

Tom Rieman, CPWA®, is the founding partner and chief executive officer of Practice Intel, a pioneering growth platform that focuses on aligning financial advisors with the authentic needs of their clients, thus enhancing the value of advisory practices. With a career spanning over 25 years in wealth management, Tom brings significant expertise to the table, ranging from asset management distribution to a deep understanding of the broker-dealer ecosystem. This is all underpinned by his unwavering commitment to streamlining processes and improving performance.

Before founding Practice Intel, Tom held leadership roles including head of the wealth solutions division at J.D. Power & Associates, executive director of practice management at Brinker Capital, and vice president of learning and development at J.P. Morgan Asset Management. Tom's extensive experience includes providing advisory services to a discerning clientele of high-net-worth individuals. He is deeply passionate about supporting wealth management firms in the delivery of exceptional advisory experiences that are transformative for advisors and clients alike. He received his M.S. in organizational learning from George Mason University.

Dr. Preston Cherry is co-founder and chief evangelist at Practice Intel. He is currently director of the Charles Schwab Center for Personal Financial Planning at University of Wisconsin–Green Bay and president of Concurrent Financial Planning. Additionally, Preston is director of the CFP Board-registered personal financial planning program at UW’s Cofrin School of Business, where he is assistant professor of finance. With over 15 years of financial services and academic experience, Preston is guided by financial psychology. He empowers individuals to share stories and cultivate wholeness by aligning their financial resources with their life design, ultimately helping them achieve financial wellness and freedom. His current research analyzes personality traits and corresponding tolerance for financial uncertainty and risk. Preston received his Ph.D. in personal financial planning from Texas Tech University, College of Human Sciences.

Show Notes

Here are some resources to learn more about Practice Intel and its offerings:

A message from Advisor Perspectives and VettaFi: To learn more on this and other topics, check out our full schedule of upcoming CE-approved virtual events.