In a new episode of the Financial Planning Podcast, the founder of an RIA-serving startup explains how financial advisors’ practices have changed during the COVID-19 pandemic.
Michelle Wong launched Nifty Advisor Support in 2018 after spending a few years as an advisor and identifying an opening for a company providing digital marketing, client services and paraplanning among RIAs. In addition, Wong and advisor John Eing of Abacus Wealth Partners
In the podcast, FP Chief Correspondent Tobias Salinger asked her the following four questions about RIA marketing, the new FPA group and key practice management lessons from remote work during the pandemic.
1. You started a virtual firm before the world went virtual because of the coronavirus. How have the needs of RIA practices shifted during the pandemic over the past year and a half?
2. There is wide variation among RIAs when it comes to digital marketing, from the most sophisticated plans and methods to practices that don’t even have websites. What are the most common needs in the digital realm for practices that work with your firm?
3. You’re one of the leaders of the FPA Knowledge Circle for Asian American and Pacific Islander financial advisors. This past year we’ve seen a mass shooting targeting Asian Americans in Atlanta and a wave of several thousands of hate crimes. What are the mission and goals for the knowledge circle, and how would you describe the conversations among members of the group in the first several meetings?
4. Unfortunately with the emergence of the Delta Variant, we have more uncertainty about in-person events and services. If you had to choose one to three areas for advisors stuck at home to focus on from a practice management perspective over the next several months, what are some potential ideas for investment and improvements?
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