The Next Generation of Wealth Management with Paul Litchfield

In this episode, we sit down with Paul Litchfield, a top next-generation wealth advisor. We explore the challenges and opportunities in the wealth management industry today, including the aging workforce and the importance of succession planning for financial advisors. We also discuss the shift towards the registered independent advisory (RIA) model, and why it's winning vs. larger incumbents. Finally, we look at the need for comprehensive services, including financial planning and tax strategies, and talk about the increasing interest in alternative investments. Tune in for practical insights into the evolving landscape of wealth management.

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Find Paul at www.linkedin.com/in/paullitchfield/ or www.claroadvisors.com Chapters 00:00 Introduction and Next-Gen Advisors 01:07 Aging Workforce in the Industry 02:31 Succession Planning for Advisors 03:11 M&A Transactions in the Industry 04:18 Shift Away from Family Succession Plans 06:35 Challenges in M&A Transactions 07:06 The Rise of Registered Independent Advisory Model 08:15 Advantages of the RIA Model 09:28 Expanded Services Offered by RIAs 10:44 Different Approaches for Younger and Older Clients 12:00 The Shift in Client Expectations 13:14 The Role of Advisors for Millennials and Gen Z 14:26 Building Long-Lasting Relationships 16:23 Differentiation and Unique Services Offered 18:19 Alternative Investments and Access for Clients 19:09 Contact Information and Conclusion