Delivering Reliable Value in Financial Services with Mark Weiskind

Episode 064: Traditionally, value propositions are centered on beating the market and outperforming benchmarks. However, these factors often fail to deliver consistent and reliable results for investors. To address this challenge, Fairway Wealth Management aims to provide reliable results by focusing on factors investors can control. These include tax efficiency, cost management, and behavioral guidance.

This week, Kyle talks with Mark Weiskind, Founding Partner and President at Fairway Wealth Management. Mark helped found the firm in 2002 to provide clients with world-class, high-touch, completely independent, and objective advice. Kyle and Mark discuss delivering reliable value, how smaller firms can provide comprehensive financial planning without joining big platforms or consolidators, and how technology is essential in streamlining processes and enhancing client experience.

In this episode:

• [03:03] - Mark's money moment
• [07:02] - How Mark defines reliable value
• [10:20] - Tax alpha
• [16:11] - Fees and holistic advisory services
• [19:39] - How Fairway provides comprehensive service without joining big platforms
• [25:24] - The challenges of small boutique firms
• [31:55] - Mark's thoughts on the future of the RIA industry
• [35:29] - Mark's Milemarker Minute

Key Takeaways

• Reliable value is built on factors that are controllable and consistent, such as tax efficiency, cost reduction, and behavioral guidance.
• Tax optimization is a key area where advisors can provide significant client value.
• Technology is a valuable tool but should be used strategically to enhance efficiency and client experience.
• Smaller firms can compete with big names in the industry by offering personalized service, building strong relationships, and investing in employee development.

Quotes

[07:07] - "For most firms in our industry, the value proposition is based on aspirational concepts and predictions and things investors and advisors don't have any control over. We focus on things that are controllable, where the value is reliable and consistent." ~ Mark Weiskind

[21:16] - "I think the way to succeed is by being hands-on and really just serving the heck out of your clients. As a small boutique firm, if you can do that in an exceptional way, you can truly differentiate yourself as an advisor." ~ Mark Weiskind

[26:04] - "One of the challenges of being a smaller firm is that we don't always spend enough time or don't have the resources to really focus on that tech stack. As more and more technologies emerge, it's hard to keep up." ~ Mark Weiskind

Links 

• Mark Weiskind on LinkedIn
• Fairway Wealth Management
• Deloitte

Connect with our hosts

• Milemarker.co
• Kyle on LinkedIn
• Jud on LinkedIn

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• YouTube

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