Michael Kitces: The Model Has to Change Again

<p>Our guest on this week's podcast is Michael Kitces. Michael is a partner and the director of wealth management for Pinnacle Advisory Group, a Columbia, Maryland-based wealth management firm that advises on about $1.8 billion of assets. In addition, he is a co-founder of the XY Planning Network. As the host of the <a href="https://www.kitces.com/blog/category/21-financial-advisor-success-podcast/" target="_blank"><em>Financial Advisor Success</em> podcast</a> and the publisher of the popular financial planning industry blog <a href="https://www.kitces.com/" target="_blank">Nerd's Eye View</a>, Michael has established himself as one of the most prolific and insightful commentators on the financial advice business. A fixture on the speaking circuit and in the media, Michael often addresses key trends and innovations in the way advisors serve their clients; our interview with him focused on the future of the financial advice business. </p> <p><strong>Show Notes and References</strong></p> <p><strong>Background and Professional Development<br /> </strong>Michael’s formative years: “The only thing I really think I figured out by the end of college was … that I didn’t want to do psychology, theater, or medicine” (0:59-2:51) </p> <ul> <li><a href="https://www.pinnacleadvisory.com/team/mkitces/?nabe=6040736886947840:1 ">Michael’s bio</a></li> <li><a href="https://www.pinnacleadvisory.com/" target="_blank">Pinnacle Advisory Group</a></li> <li><a href="https://www.xyplanningnetwork.com/">XY Planning Network </a></li> <li><a href="https://www.kitces.com/blog/category/21-financial-advisor-success-podcast/">Financial Advisor Success podcast </a></li> <li><a href="https://www.kitces.com/blog/category/17-nerds-eye-view/">Nerd’s Eye View blo</a><a href="https://www.kitces.com/blog/category/17-nerds-eye-view/">g</a></li> </ul> <p>Dad’s old life insurance policy: How a wedding gift led Michael down a path to a career in the financial services industry (2:52-4:21) </p> <ul> <li><a href="https://www.kitces.