Nov 30, 2021
Jon Mauney is the General Manager at Betterment, where he also leads the Betterment for Advisors team. Betterment is an organization that empowers financial advisors to do what’s best for their client’s wealth journey. Before joining Betterment in 2013, Jon worked in data analytics and served as a Senior Consultant for IBM. At Betterment, Jon spent several years building software and leading the company’s engineering teams. Today, Jon spends his time working with financial advisors, getting their input and feedback to build Betterment products that make advisors’ businesses streamlined and efficient.
Jon joins me today to discuss client segmentation and how it can improve business economics and help financial advisors adapt to changing client demographics. He outlines the next steps financial advisors can take after segmenting clients and how they can move current clients who score low in the segmentation process. Jon also explains why advisors may take in prospects at the earlier stages of their wealth journey and underscores the importance of considering a client’s lifetime value.
“The number one rule of client segmentation is to have perimeters so you can sort prospects on their way in.” - Jon Mauney
This week on The Model FA Podcast:
- Jon’s career arc, from being a consultant at IBM to working in a client-facing role at Betterment
- What client segmentation is and how it benefits financial advisors
- The 80/20 principle and how client segmentation determines touch points with clients
- The importance of considering lifetime value in evaluating your relationships with clients
- Five metrics with which you can segment your clients
- The value of automating the non-human components of your business
- Why client segmentation needs to be done as part of a financial advisor’s onboarding process
Resources Mentioned:
- Commas
- Book: The Right Stuff by Tom Wolfe
Our Favorite Quotes:
- “Where your clients are according to your segmentation will determine how frequently you touch base with them.” - David DeCelle
- “The five categories you should use to segment your clients are revenue, growth potential, coachability, referrability, and likeability.” - David DeCelle
- “Come up with a lifetime value for all your clients, rank them, and figure out what you need to do to make a change.” - Jon Mauney
Connect with Jon Mauney:
- Betterment
- Betterment on LinkedIn
- Betterment on Instagram
- Betterment on Facebook
- Betterment on Twitter
- Jon Mauney on LinkedIn
About the Model FA Podcast
The Model FA podcast is a show for fiduciary financial advisors. In each episode, our host David DeCelle sits down with industry experts, strategic thinkers, and advisors to explore what it takes to build a successful practice — and have an abundant life in the process. We believe in continuous learning, tactical advice, and strategies that work — no “gotchas” or BS. Join us to hear stories from successful financial advisors, get actionable ideas from experts, and re-discover your drive to build the practice of your dreams.
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Our Team:
President of Model FA, David DeCelle
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