Leveraging Technology To Rapidly Scale Growth Delivering Financial Planning To Next-Generation Clients: #FASuccess Ep 481 With Adam Dell

Welcome everyone! Welcome to the 481st episode of the Financial Advisor Success Podcast!

My guest on today’s podcast is Adam Dell. Adam is the founder of Domain Money, an RIA that operates virtually nationwide, serving 1,400 clients and expecting to generate approximately $10 million in revenue this year.

What’s unique about Adam, though, is how his firm has used technology and a flat-fee model to rapidly scale growth delivering financial planning to next-generation clients, both internally and as a white-labeled offering for other firms.

In this episode, we talk in-depth about how Adam built a financial planning software solution from the ground up to focus on the unique issues facing his ideal target client (such as home affordability and equity compensation), how Adam is leveraging Artificial Intelligence (AI) tools to reduce the administrative burden for financial advisors at his firm (and how his firm decides whether a task needs to be performed by an advisor, reviewed by a human, or can be automated), and how taking a modern-looking, tech-forward approach to planning (as well as charging on a flat-fee basis) has helped his firm attract clients who might not be as receptive to (or meet the asset minimums of) traditional planning firms that aren’t focused on their unique needs and preferences.

We also talk about how Domain is adding approximately 150 clients per month through a combination of paid advertising, affiliate relationships, and a growing number of client referrals, how Domain also serves clients by offering a white-labeled service for financial advisory firms who attract leads that might not meet their asset minimums at the moment but are a good fit for Domain’s services (offering these other firms the opportunity to generate revenue from these leads and potentially serve them directly as they accumulate more wealth), and how Adam has added three new advisors per month to keep up with this client demand (creating an onboarding plan that includes a number of months spent working alongside the firm’s current advisors to better understand how Domain creates plans for its clients).

And be certain to listen to the end, where Adam shares how his entrepreneurial journey (with Domain being his fifth startup) led him to create a tech-forward financial planning firm (and attract investors in the process), how Adam was surprised about the relatively slow rate of technology adoption amongst financial planning firms (though understood why some firms might be hesitant to rock the boat given the industry’s typically strong profit margins), and how Adam has ultimately found the financial advisory business to be rewarding not only for the business growth opportunities but also for the chance to provide clients with moments of delight when they can better understand their financial situation and reach their financial and lifestyle goals.

So, whether you’re interested in learning about building a financial planning solution to meet the needs of younger clients, taking a multi-pronged marketing approach to generate a steady flow of leads, or creating an advisor onboarding plan to serve a growing client base, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Adam Dell.