In this episode of Fintech Impact, Jason talks to Tom Rieman, CEO and founding partner of Practice Intel. Practice Intel is a platform that leverages a data-driven approach to aid advisors in understanding and expanding the organic growth of their businesses. Through detailed insights into their operational effectiveness and the impact of their advisory relationships, the platform aims to illuminate pathways for improvement and scaling. The conversation delves into the origins of Practice Intel, the role of data in refining advisory services, and how advisors can leverage these insights for substantial growth.
Episode Highlights:
- 00:08: Jason Pereira shares an overview of Practice Intel's mission to enhance advisory growth through data analytics. Tom Rieman expresses enthusiasm about the platform's capabilities and its genesis from a realization of the industry's commoditized nature and the power of data in distinguishing exceptional advisors.
- 02:32: Tom highlights the transformative potential of bringing industry-level research to the individual practice level, allowing advisors to measure and improve upon key advice attributes as perceived by their clients. This marked a departure from general industry insights to actionable, practice-specific data.
- 05:47: The dialogue examines the relationship between advisor perceptions of their service quality and client-reported experiences. This gap often reveals areas for significant improvement, illustrating the platform's role in helping advisors close the divide between expectation and reality.
- 11:12: The conversation turns to the implementation and feedback process for advisors using Practice Intel. Tom shares anecdotes of advisors' realizations and actions following insights gathered from the platform, showcasing the tangible effects of data-driven improvements on advisory practices.
- 21:03: Tom expresses optimism about the potential to shift a significant portion of the industry toward delivering on the full promise of advisory services through data-driven insights, emphasizing the transformative impact this would have on clients and the profession as a whole.
Key Takeaways:
- The transition from industry-level insights to actionable, practice-specific data can significantly enhance the effectiveness and growth of financial advisory services.
- Comprehensive advice, deep understanding of client values and goals, and trust form the foundation of high-value advisory relationships that encourage client advocacy and loyalty.
- Real-time feedback and dynamic insights into the advisory process empower advisors to iterate and improve their services continuously, aligning more closely with client needs and expectations.
Tweetable Quotes:
- "Understanding the gap between how advisors perceive their service and the actual client experience can unlock transformative growth opportunities." - Tom
- "The power of data is in its ability to prompt reflection, action, and improvement in the most critical aspects of financial advisory." - Tom
- "Elevating the financial advice profession is not just about enhancing advisor success; it's about fundamentally improving client lives and outcomes." - Jason
Resources Mentioned:
- Facebook – Jason Pereira's Facebook
- LinkedIn – Jason Pereira's LinkedIn
- Woodgate.com – Sponsor
- https://www.linkedin.com/in/tom-rieman/
- https://pracintel.com/home
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