Ep 295: Systematizing A Planning Process To Maximize The Return On Life For Clients with Shari Greco Reiches

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 23 August 2022

⏱️ 92 minutes

🔗️ Recording | iTunes | RSS

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Summary

Shari Greco Reiches is the Co-Founder and Chief Visionary Officer at Rappaport Reiches Capital Management, an independent RIA based out of Illinois that oversees more than $800 million in assets under management for 350 client households. After experiencing a life-changing incident, Shari created her 5-step framework and “CFO Family Checklist” that she now uses with her clients to help them stay focused on their financial plans and ensure that their plan is consistent with their personal values.

Listen in as Shari shares how she developed her “Maximize the Return on Life” framework and how her team built their “CFO Family Checklist” over time to identify planning issues to discuss with clients. You'll learn how they use these tools as a form of living financial plan to help their clients stay focused on their goals and values, how their Diamond Teams approach establishes clear roles for each team member, and how they use a combination of financial planning and a passive investment approach to gain more referrals.

For show notes and more visit: https://www.kitces.com/295

Transcript

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0:00.0	Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with
0:06.8	financial planner, speaker, and consultant Michael Kitsis to hear stories of how leading
0:12.1	financial advisors navigated the inevitable challenges that arise on the path to success
0:17.2	and get insight from leading industry consultants about how to break through to the next
0:21.9	level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone.
0:28.5	Welcome to the 295th episode of the Financial Advisor Success podcast. My Getsontase podcast is
0:34.5	Sheri Greco-Rikis. Sherry is the co-founder and chief visionary officer of
0:38.8	Rappaport Rikas Capital Management, an independent RIA based in Skokie, Illinois, that oversees
0:43.7	more than 800 million in assets under management for 350 client households. What's unique about
0:49.7	Sherry, though, is how after her life-changing experience that she went through, trying to get clear
0:54.6	and articulating her own most important values, she ended up creating a five-step maximizing
0:59.8	the return-on-life framework for her clients to use, and then created what she calls her
1:04.0	CFO family checklist as a form of living financial plan to help clients stay focused on
1:09.0	not just whether they're on track with their financial plan, but that their plan is consistent with their values. In this episode, we talk in
1:16.6	depth about how Sherry developed her five-prong maximize the return-on-life approach with clients,
1:21.4	and how she and the rest of the advisors in her firm iteratively built over time their
1:24.9	CFO family checklist of planning issues to discuss with clients.
1:29.4	How Sherry's firm uses the Diamond Team's approach to both more clearly establish roles for each
1:33.9	team member and then outline the pathways for promotion to help them grow within the firm.
1:38.6	And how Sherry and her firm leverage their financial planning plus passive investment approach
1:43.0	as a way to gain more referrals,
1:45.3	including from other advisors who have higher asset minimums, by highlighting how their passive
	...

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