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Managing Your Practice

Managing Your Practice

Using Data and Stories to Build a More Intentional Practice

Sep 25, 2026 · 43 min · 11 segments

What does it look like when an evidence-based approach shapes every aspect of an advisory firm? In this episode of *Managing your Practice*, Dimensional host Stephen de Man sits down with Dr. Nikolaus…

What does it look like when an evidence-based approach shapes every aspect of an advisory firm? In this episode of *Managing your Practice*, Dimensional host Stephen de Man sits down with Dr. Nikolaus Braun, founder and managing partner of Neunundvierzig, in Germany. They discuss how the Munich-based firm was built on a strong conviction about whom their firm was for (and whom it wasn't) and a commitment to data-driven decisions. From evaluating prospects to optimizing client communication to managing capacity, Braun shares how being intentional can help advisors build a more focused practice.

What does it look like when an evidence-based approach shapes every aspect of an advisory firm? In this episode of *Managing your Practice*, Dimensional host Stephen de Man sits down with Dr. Nikolaus…

Speakers: Nikolaus BraunGuestStephen DeMannHost

Top entities: Der Spiegel×7 Nikolaus Braun×7 Germany×13 Google×3 English×5

Values, Consistency, and Saying No5:12 – 9:21

Nikolaus BraunGuest

5:12

The first company that I worked with was a commission-based bank.

Nikolaus BraunGuest

5:16

And it was just awful.

Nikolaus BraunGuest

5:17

Just forget about it.

Nikolaus BraunGuest

5:19

Nothing to be learned.

Nikolaus BraunGuest

5:19

And this is not a business model.

Nikolaus BraunGuest

5:21

At least not a business model I like to work in.

Nikolaus BraunGuest

5:24

The second company I worked for, there was a fee-only bank.

Nikolaus BraunGuest

5:27

And they had really good intentions, to be polite.

Nikolaus BraunGuest

5:29

But they had this problem.

Nikolaus BraunGuest

5:31

We serve everybody with every need.

Nikolaus BraunGuest

5:33

And yet the client gets what he wants.

Nikolaus BraunGuest

5:36

And what we said at the beginning was, no, the client should not get what he wants.

Nikolaus BraunGuest

5:40

He should get what he needs.

Nikolaus BraunGuest

5:42

And in order to achieve that, we have sometimes to say no.

Nikolaus BraunGuest

5:46

I don't know if you know this film Snatch by Guy Ritchie.

Nikolaus BraunGuest

5:48

There's this famous quote in, this may be a free country, but it's not a free shop.

Nikolaus BraunGuest

5:53

Well, then it's not for you.

Nikolaus BraunGuest

5:54

And I think people, if it comes down to their money, they want to have consistency.

Nikolaus BraunGuest

5:59

They want to have reliability.

Nikolaus BraunGuest

6:01

I'm a huge fan of change.

Nikolaus BraunGuest

6:03

I love change.

Nikolaus BraunGuest

6:04

I love things that move.

Nikolaus BraunGuest

6:06

I like new music.

Nikolaus BraunGuest

6:07

I like to go to different countries.

Nikolaus BraunGuest

6:09

But there are some parts of your life where you want to have peace of mind and continuity.

Der SpiegelWebsiteWebsite
98%7 mentions
Nikolaus BraunPersonAuthor
94%7 mentions
GermanyCountryCountry in Europe
90%13 mentions
GoogleCompanyTechnology corporation
85%3 mentions
EnglishEntitySpoken language
81%5 mentions
chief operating officerEntityBoard member title
77%5 mentions
MunichCityCity in Germany
73%7 mentions
Microsoft Power BISoftware ApplicationSoftware
69%4 mentions
Süddeutsche ZeitungPeriodicalNewspaper
65%6 mentions
SnatchMovie2000 film
60%2 mentions
Thomas JeffersonPerson3rd U.S. President
56%1 mention
MicrosoftCompanyTechnology company
52%3 mentions
JapanCountryCountry in East Asia
48%1 mention
Guy RitchiePersonFilmmaker
44%1 mention
David G. BoothPersonChairperson of Dimensional Fund Advisors
40%1 mention
Dimensional Fund AdvisorsCompanyFinancial company
35%5 mentions
United States Securities and Exchange CommissionGovernment OrganizationGovernment agency
31%1 mention
ItalyCountryCountry in Europe
27%1 mention
Artificial intelligenceEntityProfessional field
23%1 mention
chief information officerEntityJob title
19%1 mention
Catch Me If You CanMovie2002 film
15%1 mention
Federal Reserve SystemGovernment OrganizationCentral bank
10%1 mention
GodEntitySupreme being
6%2 mentions
Ernest HemingwayPersonAmerican novelist and short story writer
2%1 mention

JournalismMedia
FinanceBusiness
Communication StrategiesBusiness > Finance > Wealth Management > Client Relations
Evidence-Based InvestingBusiness > Finance > Investment Strategies
Client AssessmentBusiness > Finance > Investment Strategies > Evidence-Based Investing
Wealth Management PracticesBusiness > Finance > Market Trends
Client SegmentationBusiness > Finance > Market Trends > Wealth Management Practices
Client EducationMedia > Journalism > Financial Reporting
Media RelationsMedia > Journalism > Financial Reporting > Client Education
Firm IdentityBusiness > Entrepreneurship
BrandingBusiness > Entrepreneurship > Firm Identity
Market PositioningBusiness > Entrepreneurship > Firm Identity > Branding
Client RelationsBusiness > Finance > Wealth Management
Investment StrategiesBusiness > Finance
Market TrendsBusiness > Finance
Wealth ManagementBusiness > Finance
Financial ReportingMedia > Journalism
Business
Media
EntrepreneurshipBusiness

Values, Consistency, and Saying No5:12 – 9:21

Nikolaus BraunGuest

5:12

The first company that I worked with was a commission-based bank.

Nikolaus BraunGuest

5:16

And it was just awful.

Nikolaus BraunGuest

5:17

Just forget about it.

Nikolaus BraunGuest

5:19

Nothing to be learned.

Nikolaus BraunGuest

5:19

And this is not a business model.

Nikolaus BraunGuest

5:21

At least not a business model I like to work in.

Nikolaus BraunGuest

5:24

The second company I worked for, there was a fee-only bank.

Nikolaus BraunGuest

5:27

And they had really good intentions, to be polite.

Nikolaus BraunGuest

5:29

But they had this problem.

Nikolaus BraunGuest

5:31

We serve everybody with every need.

Nikolaus BraunGuest

5:33

And yet the client gets what he wants.

Nikolaus BraunGuest

5:36

And what we said at the beginning was, no, the client should not get what he wants.

Nikolaus BraunGuest

5:40

He should get what he needs.

Nikolaus BraunGuest

5:42

And in order to achieve that, we have sometimes to say no.

Nikolaus BraunGuest

5:46

I don't know if you know this film Snatch by Guy Ritchie.

Nikolaus BraunGuest

5:48

There's this famous quote in, this may be a free country, but it's not a free shop.

Nikolaus BraunGuest

5:53

Well, then it's not for you.

Nikolaus BraunGuest

5:54

And I think people, if it comes down to their money, they want to have consistency.

Nikolaus BraunGuest

5:59

They want to have reliability.

Nikolaus BraunGuest

6:01

I'm a huge fan of change.

Nikolaus BraunGuest

6:03

I love change.

Nikolaus BraunGuest

6:04

I love things that move.

Nikolaus BraunGuest

6:06

I like new music.

Nikolaus BraunGuest

6:07

I like to go to different countries.

Nikolaus BraunGuest

6:09

But there are some parts of your life where you want to have peace of mind and continuity.

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