Practice Intel with Tom Rieman | E328
Taking a data driven approach to practice improvement.
In this episode of Fintech Impact, Jason Pereira interviews 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.
00:58: Tom recounts the early insight into the commoditization of the advisory industry and identifies the differentiating factors of exceptional advisors. He discusses the journey from this realization to developing Practice Intel, stressing the significance of a data-driven approach in replicating successful advisory models.
01:43: The conversation shifts towards the innovative use of data at Practice Intel and its application in refining the advisory process. Tom details how previous roles, including his time at JD Power, contributed to understanding the critical attributes of top-tier advisory services and how these insights laid the groundwork for Practice Intel.
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.
03:24: The discussion explores the user experience for advisors utilizing Practice Intel, from initial engagement through the platform to actionable insights derived from client feedback. Tom outlines the process of capturing the advisory relationship's nuances and translating them into meaningful improvements.
04:12: Delving into the specific attributes that define exceptional advisory services, Tom emphasizes the importance of comprehensive advice, understanding client values, and trust. These elements are crucial in fostering high levels of client advocacy and loyalty.
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.
08:56: Tom discusses the broader impact of improving advisory services on individual lives and communities. This reflection underpins Practice Intel's mission, highlighting the platform's dual focus on enabling advisor success and enhancing client outcomes.
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.
14:20: Addressing the challenges and opportunities of engaging advisors with the platform, Tom delineates the characteristics of advisors most likely to benefit from and actively use Practice Intel's insights for growth and improvement.
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.
The collective improvement of advisory services has far-reaching implications, not only for individual practices and client outcomes but for elevating the financial advice profession as a whole.
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