Ep 336: Showing Prospects An (Asset) Map To Generate More Advice Engagement With H. Adam Holt
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 6 June 2023
⏱️ 102 minutes
🧾️ Download transcript
Summary
Adam Holt is a principal with RubinGoldman and Associates, and the Founder and CEO of Asset-Map, a financial planning tool that helps financial advisors create a visual representation of their clients' financial situations and reaches over 1.25 million users. Adam's uniqueness lies in his ability to blend his background in geographic information systems, which he acquired during his early career, with his role as a financial advisor catering to ultra-high-net-worth clients, and devising a novel approach by using “mind maps” to visually capture the intricate details of complex financial situations.
Listen in as Adam shares his story and the evolution of Asset-Map, why he turned to mind maps as a powerful tool when working with ultra-high-net-worth clients (enabling him to effectively capture and convey complex financial information), and how he strategically structures Asset Maps by focusing on five key components. We also discuss the strategic hiring practices that propelled Adam to his current position, advice for advisors aspiring to launch their own fintech companies, and what he believes is the key to success for newer advisors.
For show notes and more visit: https://www.kitces.com/336
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 Kitsas. Welcome, everyone. |
| 0:28.6 | Welcome to the 336th episode of the Financial Advisor Success podcast. My guest on today's podcast is |
| 0:34.6 | Adam Holt. Adam is a principal with Ruben Goldman and Associates, |
| 0:38.2 | and founder and CEO of AssetMap, a financial planning tool that helps financial advisors |
| 0:42.5 | create a visual representation of their client's financial situation now reaching over |
| 0:46.8 | 1.25 million clients. What unique about Adam, though, is how he combined his early career |
| 0:52.8 | training and geographic information systems to make land use decisions using maps, and know his work as a financial |
| 0:58.9 | advisor sitting across from ultra-high net worth clients to begin to create mind maps to visually |
| 1:04.0 | capture for himself all the details of their very complex client situations, which then became so |
| 1:09.4 | popular with his clients and then other advisors |
| 1:11.6 | in his firm that he eventually turned it into the advisor software company asset map to help |
| 1:16.4 | advisors create their own visual representations of their client's financial situation. |
| 1:21.3 | In this episode, we talked in depth about how while working with ultra high net worth clients, |
| 1:25.4 | Adam began to draw his own financial maps to help him better visualize his client's complex financial situations on one page, |
| 1:31.5 | and then discovered that showing the financial planning maps to his clients, they became |
| 1:35.6 | better engaged in the financial planning process. Why Adam structures his asset maps to concentrate |
| 1:40.7 | on five components, important people in the household, income sources, |
| 1:44.5 | assets, liabilities, and insurance policies to illustrate a holistic picture of his clients' financial |
... |
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