Having spent close to three decades gleaning meaning from numbers as a CPA and financial planner, Mark Mauro’s gut told him there was extra significance to the figures on mutual fund and E TF inflows
and outflows that he’d been seeing lately.
What struck Mauro, who along with fellow financial planner and CPA
Maria Muth runs Somerville, New Jersey-based Mauro Financial, were
numbers showing investment dollars flowing out of mutual funds, typically
an actively managed equity product, into exchange-traded funds, or ETFs,
which are largely passively managed.
To both Mauro and Muth, the message was clear, Mauro explains: With
investing becoming an increasingly automated, commoditized and less
advice-driven function, advisors need to do something new to continue to
distinguish themselves in the eyes of current and prospective clients in order
to keep growing their practice.
That something new — developing
expertise and earning a designation
in the area of “financial life planning”
— has emerged as a major strategic
focal point for the two advisors and
their firm in 2016. “We really believe
financial life planning will be something
that clearly distinguishes us from the
robo advisors and other competitors,”
What’s your plan to differentiate and
grow your practice in the near term?
What new directions might you and
your firm take in 2016 and beyond?
Where do the best opportunities
for unearthing new clients and new
revenue streams lie? Your peers are
asking themselves these questions and
plotting their next moves. Shouldn’t
you be, too?
By David Port
financial life planning