In This Video:
Most financial advisors compete on price and performance – Fred Hubler built an entire practice, and now an academy, around doing the opposite.
In this episode of The 7 Minute Expert Podcast, Hubler, founder of Creative Capital Solutions and creator of the Retainer-Based Academy, breaks down how he helps financial advisors move from the traditional assets-under-management (AUM) model to a retainer-based, advice-driven practice.
- The core problem: many advisors get lost in industry “noise,” chasing hot products or lowering fees to compete, which Hubler calls a “destructive value proposition” and a “gadget strategy.”
- The mindset shift: clients hired for performance will eventually fire an advisor for performance, but clients who hire an advisor for honest, fiduciary advice tend to stay for life.
- A practical exercise: Hubler recommends advisors track a full week of activities, then identify which tasks were productive and revenue-generating, and build their schedule around more of that.
- For Hubler, that means staying out of the office meeting people and serving on boards, since he considers financial services “a contact sport.”
- Free resources: white papers on topics like office technology and planning the ideal work week are available at resources.retainerbasedacademy.com.
Watch the full episode above for Hubler’s complete take on building an advice-first practice.