Andrea Thompson

And I see a lot of cookie cutter websites where people say they do all these things and they don't because they refer them to an internal department where somebody who doesn't know the client puts together the type of plan we were talking about earlier, gives it to them and says, here you go.

I've seen them all the time.

So I would encourage advisors, stay in your lane in a way.

And I don't mean that in a negative way.

I mean, if you really just enjoy investment management, just do that and market that really well.

And don't try to be everything and maybe partner with an advice only planner if that's what you want to do.

But don't try to do the things that are perhaps outside of your acumen.

Just like any practitioner, I'm not going to try to develop an investment portfolio for someone because that's not what I do.

Of course.

And I think that's not akin to all advisors, first, I would say.

I used to work on a team and I was the planner on the team.

So there's definitely great financial advisory teams out there who do have that capability for that overall AUM fee on their team.

I'm more referring to the advisor who just doesn't have the desire to understand or learn financial planning as a discipline because it is a separate career and a separate discipline in a way.

For sure it is.

So for those individuals, I think you have to recognize, you know, if what you're going to be providing is at the same fee tier as a financial advisory team that's also doing planning, maybe you need to revisit your fee tiers and then market.

This is, you know, investment management only.

This is what you're getting.

And maybe it's a more reasonable cost for the client who doesn't want to pay one and a half and who's happy just looking for investment advisory management.

So that, you know, you can go either way.

I think there's space for both in the industry.