40 min
Jonathan Rogers & Nirav Batavia on FinTech, RIA Growth Strategy, and Incentivizing Rainmakers The Model FA
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Jonathan Rogers and Nirav Batavia are Co-Managing Partners of Forum Financial Management and Co-Directors of Forum’s Investment Committee. Forum is an organization of partners and advisors with a wealth of experience in portfolio management, insurance analysis, and planning for estate, retirement, and income tax.
As Co-Managing Partner, Jonathan guides the executive team responsible for various areas, from advisor support to client services, and spearheads the firm’s growth by recruiting new partners and advisors.
In addition to his roles as Co-Managing Partner and Co-Director, Nirav also serves as the firm’s Chief Technology Officer. Nirav is also the CEO of Owl Technologies, a technology service provider that helps clients experience better and more efficient financial advisory services.
Jonathan and Nirav join me today to discuss the role of technology in developing growth strategies for RIAs. They share how Forum has grown over the years and explain why the firm has recently lowered its minimum asset requirements for clients. They describe the tension between profitability and growth — and how firms can overcome it. They also highlight how they use technology for efficiency, how FinTech companies can bridge the gap in financial advisory technology, and how firms should be set up in order to properly incentivize a new generation of advisors.
“Human connection becomes stronger when advisors can spend all their time not on paperwork but on facing clients because they have data at their fingertips.” - Nirav Batavia
“Rainmaking is the core of value creation for financial advisors. It is the ability to get someone to refer a person over to you. It is what builds a business.” - Jonathan Rogers
This week on The Model FA Podcast:
What Forum is and how they have grown since 2006 The ‘three legs to the stool’ approach and the source of Forum’s growth Why Forum emphasizes holistic financial planning What financial HENRYs are and why Forum wants them The natural tension in business between today’s profitability and the ability to grow in the future Solving for the lack of profitability in the early years The value of working with entrepreneurial advisors Leveraging technology for efficiency with an eye to drive down the cost of working with clients Why the future of RIAs will see a “bionic” advisor and how it’s different from a “robo” advisor What the financial services industry can learn from Silicon Valley Developing proactive automation and how AI technology can build a stronger connection between financial advisors and clients The importance of open APIs, and what technology companies can do to create seamless tech for the financial services industry Walled gardens and the stumbling blocks to using advisor technology Bridging the distinction between workflow and workflow automation
Resources Mentioned:
Book: The Great Game of Business: The Only Sensible Way to Run a Company by Jack Stack and Bo Burlingham Book: Lock In: A Novel of the Near Future by John Scalzi Book: Rocket Fuel: The One Essential Combination That Will Get You More of What You Want from Your Business by Gino Wickman and Mark Winters Book: The Wretched of Muirwood by Jeff Wheeler
Our Favorite Quotes:
“When advisors aren’t incentivized for rainmaking, the veterans in the firm get richer but bring in less revenue from a percentage perspective.” - David DeCelle “In many firms, rainmaking is awarded a monetary bonus. That’s where the disconnect in the industry happens, because that simply isn’t rewarding enough.” - Jonathan Rogers “Anything an advisor does repetitively that doesn’t use their financial and planning expertise should be automated.” - Nirav Batavia “If you allow others to outgrow you, it incentivizes you to continue working hard, helping more people, and bringing in more revenue.” - David DeCelle
Connect with Forum Financial Ma
Jonathan Rogers and Nirav Batavia are Co-Managing Partners of Forum Financial Management and Co-Directors of Forum’s Investment Committee. Forum is an organization of partners and advisors with a wealth of experience in portfolio management, insurance analysis, and planning for estate, retirement, and income tax.
As Co-Managing Partner, Jonathan guides the executive team responsible for various areas, from advisor support to client services, and spearheads the firm’s growth by recruiting new partners and advisors.
In addition to his roles as Co-Managing Partner and Co-Director, Nirav also serves as the firm’s Chief Technology Officer. Nirav is also the CEO of Owl Technologies, a technology service provider that helps clients experience better and more efficient financial advisory services.
Jonathan and Nirav join me today to discuss the role of technology in developing growth strategies for RIAs. They share how Forum has grown over the years and explain why the firm has recently lowered its minimum asset requirements for clients. They describe the tension between profitability and growth — and how firms can overcome it. They also highlight how they use technology for efficiency, how FinTech companies can bridge the gap in financial advisory technology, and how firms should be set up in order to properly incentivize a new generation of advisors.
“Human connection becomes stronger when advisors can spend all their time not on paperwork but on facing clients because they have data at their fingertips.” - Nirav Batavia
“Rainmaking is the core of value creation for financial advisors. It is the ability to get someone to refer a person over to you. It is what builds a business.” - Jonathan Rogers
This week on The Model FA Podcast:
What Forum is and how they have grown since 2006 The ‘three legs to the stool’ approach and the source of Forum’s growth Why Forum emphasizes holistic financial planning What financial HENRYs are and why Forum wants them The natural tension in business between today’s profitability and the ability to grow in the future Solving for the lack of profitability in the early years The value of working with entrepreneurial advisors Leveraging technology for efficiency with an eye to drive down the cost of working with clients Why the future of RIAs will see a “bionic” advisor and how it’s different from a “robo” advisor What the financial services industry can learn from Silicon Valley Developing proactive automation and how AI technology can build a stronger connection between financial advisors and clients The importance of open APIs, and what technology companies can do to create seamless tech for the financial services industry Walled gardens and the stumbling blocks to using advisor technology Bridging the distinction between workflow and workflow automation
Resources Mentioned:
Book: The Great Game of Business: The Only Sensible Way to Run a Company by Jack Stack and Bo Burlingham Book: Lock In: A Novel of the Near Future by John Scalzi Book: Rocket Fuel: The One Essential Combination That Will Get You More of What You Want from Your Business by Gino Wickman and Mark Winters Book: The Wretched of Muirwood by Jeff Wheeler
Our Favorite Quotes:
“When advisors aren’t incentivized for rainmaking, the veterans in the firm get richer but bring in less revenue from a percentage perspective.” - David DeCelle “In many firms, rainmaking is awarded a monetary bonus. That’s where the disconnect in the industry happens, because that simply isn’t rewarding enough.” - Jonathan Rogers “Anything an advisor does repetitively that doesn’t use their financial and planning expertise should be automated.” - Nirav Batavia “If you allow others to outgrow you, it incentivizes you to continue working hard, helping more people, and bringing in more revenue.” - David DeCelle
Connect with Forum Financial Ma
40 min