In our 133rd episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards explore how many of the services provided by financial advisors often align with those outlined in consulting firm Bain & Company’s “Elements of Value Pyramid”, a 4-tier model representing different levels of inherent value delivered by products and services. Similar to psychologist Abraham Maslow’s Hierarchy Of Needs, the Elements of Value codify some of the less quantifiable concepts of what is important and valuable to clients – including those that are emotional, life-changing, and socially impactful – that are often naturally addressed (but not necessarily marketed as part of the services provided by the advisor) through the advisor's planning process, offering a potential framework for advisors to consider when deciding whether to market themselves as providing these 'higher' levels of value.

For more, see https://www.kitces.com/blog/podcast-c... and https://www.thesocietyofadvice.com/.

Advisors Want To Talk About Bain’s Elements Of Value [01:55]
Are Advisors Themselves Supposed To Be Self-Transcendent? [09:19]
How Do Advisors Talk About The Higher-Tier Things They Do For Clients? [21:09]