Ep 138: Leveraging A Media PR Strategy To Attract Ultra-High-Income (Millennial) Clients with Douglas Boneparth
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 20 August 2019
⏱️ 112 minutes
🧾️ Download transcript
Summary
Douglas Boneparth is the founder of Bone Fide Wealth, an independent RIA that manages nearly $80 million of assets under management. After starting out in a fairly traditional broker-dealer model serving affluent retirees, Douglas decided to transition and focus on high-income millennials. Today he joins the show to discuss why he chose to invest in younger clients and how he has been able to successfully market to and attract such high-income millennials.
Listen in as he shares why he decided to stop implementing term insurance policies, as well as what he sees as the key to being able to work with his younger clients. You’ll get his take on why the industry tends to have a difficult time attracting millennials, the value of making things easier for clients, and what younger advisors should know as they are looking to get started in the industry.
For show notes and more visit: https://www.kitces.com/138
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with financial planner, |
| 0:08.2 | speaker and consultant Michael Kitsis to hear stories of how leading financial advisors |
| 0:13.3 | navigated the inevitable challenges that arise on the path to success and get insight from |
| 0:18.5 | leading industry consultants about how to break through to the next |
| 0:21.8 | level in your advisory business. And now here's your host, Michael Kitsis. Welcome everyone. |
| 0:27.7 | Welcome to the 138th episode of the Financial Advisor's Success podcast. My guest in today's |
| 0:33.1 | podcast is Douglas' podcast is Douglas is the founder of Bonefied Wealth, an independent |
| 0:37.7 | RA based in New York City, that manages nearly 80 million of assets under management for 100 |
| 0:42.5 | client households. What's unique about Douglas, though, is that after starting out in a fairly |
| 0:47.1 | traditional broker-dealer business model serving affluent retirees, he decided to shift and focus |
| 0:52.3 | on serving a niche of very high-income millennials, most of whom |
| 0:55.8 | make half a million to a million dollars per year in income. In this episode, we talk in depth about |
| 1:01.6 | Douglas' niche of working with ultra-high-income millennials, why he chose to invest so heavily in a younger |
| 1:06.6 | clientele that's investing in themselves, with high student debt lows that often precede their |
| 1:11.3 | high-income jobs. The way he structures his fee is a combination of a traditional AUM fee, |
| 1:16.5 | plus a flat annual planning fee of $2,000 and $10,000 that's waived once the client reaches |
| 1:21.6 | half a million of assets under management. Because his clients are so high income, they often |
| 1:26.2 | reaches asset minimums quite quickly, |
| 1:28.2 | and how he's been able to be so effective with a media and PR-driven marketing strategy |
| 1:33.1 | that he's used to attract such high-income millennial clients to himself in the first place. |
| 1:38.5 | We also talk about how Douglas structures his own advisory firm. |
| 1:42.4 | The reason he decided to transition from being a |
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