Financial Advisor Success

Ep 328: Turning Senior Housing Guidance From A Non-Discretionary Value-Add To A Pay-For-Value Service With Thomas West


Listen Later

Thomas West is a Senior Partner for Signature Estate & Investment Advisors, an independent RIA based out of Los Angeles that oversees nearly $16 billion in assets under management, with $570 million of those assets from 250 households being managed by Thomas’ practice. Thomas stands out for his innovative approach to supporting seniors who are searching for suitable housing and healthcare options while facing medical and cognitive challenges in their later years and has developed a unique offering called the Lifecare Affordability Plan, which has been tremendously successful in providing added value to his clients and their elderly parents.

Listen in as Thomas shares how he realized that "one-legger" senior couples, where one spouse is healthy and the other is not, face unique challenges in making healthcare decisions with significant financial ramifications and how this led him to create the Lifecare Affordability Plan to provide guidance to senior couples dealing with medical and cognitive issues. We also discuss why over 90% of the assets managed by his firm are held on a non-discretionary basis (which has increased client communication and portfolio customization), why his firm doesn't charge more for trading assets on a discretionary basis and charges less for clients who allow them to manage with discretion, and how his definition of success has shifted from focusing on production to the impact of his elder planning work, which in turn motivates him to work harder.

For show notes and more visit: https://www.kitces.com/328

...more
View all episodesView all episodes
Download on the App Store

Financial Advisor SuccessBy Michael Kitces

  • 4.7
  • 4.7
  • 4.7
  • 4.7
  • 4.7

4.7

683 ratings


More shows like Financial Advisor Success

View all
Notes on the Week Ahead by Dr. David Kelly

Notes on the Week Ahead

193 Listeners

Behind The Advisor by XYPN

Behind The Advisor

136 Listeners

The Meb Faber Show - Better Investing by The Idea Farm

The Meb Faber Show - Better Investing

932 Listeners

Capital Ideas Podcast by Capital Group

Capital Ideas Podcast

273 Listeners

Stay Wealthy Retirement Podcast by Taylor Schulte, CFP®

Stay Wealthy Retirement Podcast

550 Listeners

Animal Spirits Podcast by The Compound

Animal Spirits Podcast

2,004 Listeners

The Perfect RIA by Matthew Jarvis, CFP® & Micah Shilanski, CFP®

The Perfect RIA

457 Listeners

The Compound and Friends by The Compound

The Compound and Friends

2,042 Listeners

The Long View by Morningstar

The Long View

850 Listeners

Kitces and Carl - Real Talk for Real Financial Advisors by Michael Kitces, MSFS, MTAX, CFP and Carl Richards, CFP

Kitces and Carl - Real Talk for Real Financial Advisors

225 Listeners

Barron's Advisor by Barron's Advisor

Barron's Advisor

105 Listeners

Ask The Compound by The Compound

Ask The Compound

296 Listeners

The Efficient Advisor: Tactical Business Advice for Financial Planners by Libby Greiwe

The Efficient Advisor: Tactical Business Advice for Financial Planners

114 Listeners

Facts vs Feelings with Ryan Detrick & Sonu Varghese by Carson Investment Research

Facts vs Feelings with Ryan Detrick & Sonu Varghese

41 Listeners

The Morgan Housel Podcast by Morgan Housel

The Morgan Housel Podcast

1,010 Listeners