Episode 044: From wealth management and retirement planning to ongoing education, collaboration allows firms to address every aspect of a client’s financial journey. This collaborative spirit and a strong internal alignment make wealth management firms true financial partners. As advisors guide clients through every stage of their financial lives, they build trust and loyalty, leading to stronger client relationships and a boost in referrals.

In this episode of The Connected Advisor, Kyle talks with Scott Colangelo, Chairman and Managing Partner at Prime Capital Investment Advisors (PCIA) and Managing Director of Qualified Plan Advisors (QPA). Scott has earned several industry awards and recognition for his vision, leadership, and innovation. He leverages his industry knowledge and expertise to create customized solutions that help clients achieve their financial goals and objectives. Scott is also passionate about empowering clients with education, guidance, and tools that enhance their financial well-being and security.

Scott talks with Kyle about the collaborative nature of local wealth management firms in Overland Park, Kansas. He also discusses the four pillars of a healthy firm: wealth, retirement, education, and production. Scott believes that clients will continue valuing education and personalized guidance and that technology will free up advisors’ time to build relationships. Scott shares his optimism about the industry’s future, emphasizing the importance of technology and AI in enhancing client relationships.

Key Takeaways

The industry is trending toward a more holistic approach, with firms offering comprehensive services in wealth management, retirement planning, education, and product production.

Alignment is crucial in a firm, and Prime Capital Advisors has implemented an ownership structure that aligns the interests of advisors and the firm.

Education and wellness programs are essential in helping participants reduce stress and improve their financial well-being.

Technology and AI will enhance the wealth management industry by streamlining processes and allowing advisors to focus more on building personal relationships with clients.

Quotes

“There are simple ways for us to grow this industry, grow our practices, get more efficient, and scale better, and you can still be just as good of a fiduciary.” ~ Scott Colangelo

“Alignment is everything. If we’re all rowing at 100% and one person is rowing at 99%, we’ll eventually go a big circle and end up back where we started.” ~ Scott Colangelo

“If you get somebody in a good financial spot, their kids learn from that, their grandkids learn from that. They’re happier in retirement. This is real impact stuff, and you’re going to make more money because you’re going to end up getting all their business whenever they have needs.” ~ Scott Colangelo

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Kyle Van Pelt