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Digital communication has largely replaced traditional communication, but putting pen to paper still holds deep and timeless meaning. The simplicity and sincerity encapsulated within a handwritten letter are unparalleled, transcending the boundaries of modernity. Despite instant messaging and emails, handwritten notes are a remarkable way to convey kindness, encouragement, and the desire for genuine connection.

In this episode, Steve talks with Elizabeth Cottrell. Elizabeth is the award-winning author of HEARTSPOKEN: How to Write Notes That Connect, Comfort, Encourage, and Inspire. Elizabeth's career has taken her from published leprosy researcher to stay-at-home mom, community leader serving on nonprofit and corporate boards, ham radio operator, writer, editor, and blogger. Her expertise and passion for note writing came at just the right time to touch a pandemic world desperately in search of connection.

An experienced technical and nonfiction writer and editor, Elizabeth talks with Steve about the simple yet often underutilized communication method of handwritten notes. She shares stories about the power of handwritten, heart-spoken notes and reveals her note-writing formula to inspire others.

Key Takeaways

• [02:39] - What inspired Elizabeth to write the book, HEARTSPOKEN.
• [05:46] - How HEARTSPOKEN connects with the practice of writing notes and messages for others.
• [10:14] - Why the advisor and people business is not a money business.
• [11:58] - The power of handwritten notes in sales and advisory practices.
• [15:52] - What it takes to write a note.
• [17:39] - Elizabeth's secret notes formula.
• [20:38] - How handwritten notes compare to technology-delivered notes.
• [22:19] - Elizabeth's recommendation on how often to write notes.
• [25:07] - The advice Elizabeth gives when writing notes.
• [30:39] - What drives Elizabeth to pursue her passion every day.

Quotes

[10:33] - "We need to get our customers or prospects to know, like, and trust us. But until we treat them as people and we interact with them and cultivate that human-to-human relationship, that kind of relationship is not going to happen." ~ Elizabeth Cottrell

[15:28] - "If you get a note from somebody you've done business with, that unexpected touch makes you stand out and can help develop those relationships over time." ~ Elizabeth Cottrell

[31:26] - "When I can empower somebody, and I can see the light go on that they realize that this pen and paper are a powerful, effective, and inexpensive connection tool that they can use to spread their own kindness and their own encouragement and their own connection, then that completes the circle for me. It's a circle of connection. It's good for me, and it's good for business." ~ Elizabeth Cottrell

Links

• Elizabeth Cottrell on LinkedIn
• Elizabeth Cottrell on Twitter
• Heartspoken
• HEARTSPOKEN by Elizabeth Cottrell on Amazon
• Bruce Herbert
• Douglas Conant
• Campbell Soup Company
• All the Best by George Bush
• 25 Inspirations and Prompts for writing HEARTSPOKEN Notes and Letters

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• Steve on LinkedIn
• Buckingham Strategic Partners

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Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)

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The transition of ownership within a firm can be a challenging process for both clients and advisors alike. It's at this point where the delicate balance of trust, transparency, and open communication becomes so important. While a change in ownership or leadership can stir feelings of uncertainty and concern, advisors who have established trust and transparency with their clients are better equipped to handle these changes.

In this episode, Steve talks with Matthew Delaney, Managing Partner at JDH Wealth Management. His passion is working with people and helping them get their arms around their financial world. Having left Smith Barney (now Morgan Stanley) in 2005, Matt brought his knowledge of big-box financial advising to the boutique firm of JDH Wealth. His firm is now close to $400 million in collective assets.

A second-generation financial advisor, Matt talks with Steve about navigating the big changes in transitioning and owning an advisory business. He shares his insights on what he learned that works and doesn't work when going through an ownership change. Matt also discusses the importance of transparency and open communication in client relationships during the transition process and the value of being involved in all aspects of the business.

Key Takeaways

• [01:54] - How JDH Wealth Management was founded.
• [06:01] - The lessons Matt learned from his experience working in the brokerage industry.
• [10:29] - An overview of the team at JDH Wealth Management.
• [11:33] - The client profile that is best suited for JDH's services.
• [12:40] - The process of changing ownership for JDH.
• [17:50] - What worked and what didn't when Matt took over JDH.
• [21:57] - The challenges related to the process of transitioning advisors.
• [25:25] - The mindset of staying involved and trusting the process of others.
• [30:52] - How Matt handles difficult clients.
• [37:26] - What motivates Matt to feel enthusiastic about the work he does for his clients?

Quotes

[08:55] - "I've told advisors on the broker side that it's not that clients mind paying fees. The problem is that they're often hidden." ~ Matthew Delaney

[25:52] - "It's so important for advisors to have a sense of what goes on day-to-day and behind the scenes and be close to the details that are the backbone of our business." ~ Matthew Delaney

[31:21] - "Over the years, I've gotten better at recognizing that life is too short to work with people you don't want to work with or don't let you do your job." ~ Matthew Delaney

Links

• Matthew Delaney on LinkedIn
• JDH Wealth Management
• Adam Birenbaum
• Your Retirement Bodyguard

Connect with our host

• Steve on LinkedIn
• Buckingham Strategic Partners

Subscribe and stay in touch

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Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)

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Advisors, much like educators, understand the importance of clear communication. They attempt to simplify complex concepts without diluting their essence. Pursuing this solution drives advisors to explore innovative ways to engage, educate, and empower their clients.

In this episode, Steve talks with Ross Riskin, Chief Learning Officer at Investments & Wealth Institute as well as Founder and Chief Creative Officer at visiWealth. Ross is recognized as a thought leader and expert in tax planning, college planning, student loan advising, and advice engagement. At visiWealth, Ross helps advisors and financial professionals access high-quality visuals of wealth management and financial planning concepts and strategies that are advisor-driven and client-focused.

With the goal of helping advisors enhance their teaching level, Ross talks to Steve about the importance of advisors learning the many ways clients learn to help with adding ways they teach their solutions. He emphasizes using visuals to simplify complex concepts and bridge the understanding gap between family members across generations. Ross also shares the three C's framework— comprehension, curation, and communication, as a guide for advisors to effectively educate their clients.

Key Takeaways

• [03:05] - What inspired Ross to help advisors become better teachers?
• [05:23] - The three C's for simplifying and communicating financial information.
• [09:00] - The importance of having a system for curating and storing content.
• [11:37] - How advisors can earn the trust of investors.
• [17:17] - How life cards can help in the client's discovery process.
• [20:49] - The significance of timing when providing advice.
• [22:36] - Why visuals are important in helping people understand financial planning strategies.
• [23:45] - How visiWealth uses visuals to help advisors deliver advice.
• [27:57] - Common mistakes advisors make when giving advice.
• [30:30] - How advisors can leverage technology to do things that matter most.
• [35:40] - What motivates Ross to keep going each day.

Quotes

[04:06] - "We, as advisors, are trying to find that simple solution to how we communicate and get things across. We are also looking for scalability and standardization to get more efficient to serve more people." ~ Ross Riskin

[07:22] - "You can't be an effective receiver of knowledge without comprehension. And you can't be an effective giver of knowledge if you don't know where people are at."~ Ross Riskin

[12:37] - "There still are high trust levels in teachers and educators to some degree that have been there for decades. So, how do you gain that trust as an advisor? It's a knowledge transfer. It's trust in a relationship. It's 'I'm here to help you but also here to listen to you.'" ~ Ross Riskin

Links

• Ross Riskin on LinkedIn
• Investments & Wealth Institute
• visiWealth
• American Institute of Certified Public Accountants
• Adam Holt
• Asset-Map

Connect with our hosts

• Steve on LinkedIn
• Buckingham Strategic Partners

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Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)

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Numbers can often obscure the essence of wealth. However, the heart of wealth management lies in the stories, dreams, and aspirations of the individuals underlying the figures.

In this episode, Steve talks with Michael Mahoney, Owner of Cypress Asset Management. Before becoming a wealth manager, Michael had a successful business in commercial insurance. His life experiences as an entrepreneur in insurance and financial planning eventually led him to his calling — to serve a select group of clients as a fee-only, fiduciary, strategic life-wealth planner. Michael is confident that a financial plan based on the client's unique goals, values, and relationships reduces risk and increases financial security.

With over 30 years of experience in insurance and financial planning, Michael shares with Steve how he transitioned from the insurance business to wealth management. He discusses the challenges he faced during the 2008 financial crisis and the lessons he learned from that experience. Michael also emphasizes the importance of focusing on the planning aspect of wealth management and building strong relationships with clients and their families.

Key Takeaways

• [01:47] - The role Cypress Asset Management plays in wealth advisory.
• [04:15] - How Michael got into the wealth management space.
• [05:37] - Why Michael transitioned from insurance to wealth management.
• [07:36] - The challenges Michael faced when he launched his firm.
• [08:42] - The biggest lesson Michael learned during the recession.
• [10:03] - How Michael discovered Dimensional Fund Advisors.
• [13:39] - Michael's client experience with portfolio planning.
• [15:27] - The importance of engaging multiple generations in the planning process.
• [20:15] - How Michael gauges the effectiveness of his business.
• [22:29] - Michael's approach to working with high-net-worth clients.
• [25:08] - One of Michael's favorite things about RIA.
• [26:35] - What motivates Michael to keep doing what he does.

Quotes

[12:42] - "The portfolio drives the investing. It's the whole core. But it's all about planning around people, their families, their relationships and values, and what's important to them." ~ Michael Mahoney

[13:25] - "The world's catching up even on the brokerage side. Brokers are seeing the light and understanding that there's a better way to invest than just being transactional and selling products. It's all about the plan." ~ Michael Mahoney

[16:58] - "People don't want to talk about money a lot, and it's sad. You've got two choices. You cannot talk about it, keep it a secret, wait until you die, and let your will do all the talking. Or you can have the conversation, get feedback, and pass your values on and what's important to you." ~ Michael Mahoney

Links

• Michael Mahoney on LinkedIn
• Cypress Asset Management
• Dimensional Fund Advisors
• Merrill Lynch
• John Bowen
• Creating Equity
• Vanguard

Connect with our hosts

• Steve on LinkedIn
• Buckingham Strategic Partners

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Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)

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As a new breed of investors emerges, they bring with them unique perspectives, aspirations, and ambitions. This tech-savvy and forward-thinking generation demands a level of engagement and planning that is far more in-depth and tailored to their specific circumstances and goals.

In this episode, Steve talks with Andy Krafft, Financial Planner at Luminary Wealth. Andy is a nextgen advisor who joined his father's firm over five years ago after a successful career at Ernst & Young. Andy serves late millennials and early Gen Xers.

With a burning desire to work directly with clients, Andy talks about his thought process of serving next-generation clients, the three Ts of client experience, and how he uses LinkedIn to find new clients and referrals.

Key Takeaways

• [02:25] - How Andy became a member of Luminary Wealth.
• [04:19] - Andy's professional background before joining Luminary Wealth.
• [06:19] - The reality of working directly with clients.
• [08:46] - Challenges and benefits of working remotely.
• [10:56] - Andy's thought process as a next-generation advisor.
• [20:12] - The three Ts of client experience.
• [22:27] - How Andy uses LinkedIn to find new clients and referrals.
• [28:46] - How Andy educates his clients about various financial services.
• [33:10] - The role of AI in financial advisory services.
• [35:21] - Andy's favorite thing about his work.

Quotes

[12:34] - "Next-gen clients have different needs and wants. They want more of a partner than an advisor who is just there to tell them what to do. They want somebody who can help guide them and help them think through big life decisions." ~ Andy Krafft

[20:56] - "Clients are hiring us because they want a detailed answer. They don't want something that they could get on Google." ~ Andy Krafft

[33:10] - "AI will roll out new tools that allow us to offload some of the work we don't want to do. But it will never replace that human aspect of it. As long as we're working with humans, there will always be a human element that can't be replaced." ~ Andy Krafft

Links

• Andy Krafft on LinkedIn
• Andy Krafft on Twitter
• Luminary Wealth
• Scott Krafft
• Robert Rachlow
• EY
• MoneyGuidePro
• eMoney Advisor

Connect with our hosts

• Steve on LinkedIn
• Buckingham Strategic Partners

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Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)

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Trusts have long been essential for wealth management and estate planning, enabling individuals to protect and distribute their assets according to their wishes. However, navigating the trustee industry can sometimes feel like stepping into a maze of legal jargon, complicated procedures, and an array of options that can overwhelm even the most experienced advisors.

In this episode, Steve talks with Christopher Holtby, Co-Founder of Wealth Advisors Trust Company. At Wealth Advisors Trust Company, Christopher applies his business building, love of learning, and operational and wealth management expertise gained at Ernst & Young. His role includes learning and facilitating knowledge around the trustee industry to assist in choosing a trust company. Christopher has co-authored two white papers, “Directed Trusts Made Simple” and the “Trusteed IRA”, and authored one published peer-reviewed paper, “An Advisors Roadmap to the Trustee Industry.”

Committed to educating and empowering advisors to help clients understand their options regarding trust services, Christopher demystifies the corporate trustee concerns advisors may have. He talks about how advisors can avoid being flanked by attorneys during trust discussions and why having a generational wealth transfer conversation with a client is important.

Key Takeaways

• [02:47] - Why Christopher founded Wealth Advisors Trust Company.
• [05:42] - What makes Wealth Advisors Trust Company an advisor-friendly company?
• [12:00] - How advisors can avoid being flanked by attorneys during trust discussions.
• [16:20] - The importance of having generational wealth transfer conversations.
• [18:56] - The difference between family trustees and corporate trustees.
• [20:30] - What makes a great family trustee?
• [23:35] - How independent advisors can compete successfully against big firms.
• [31:30] - Christopher's greatest source of fulfillment and enjoyment.

Quotes

[13:10] - "Advisors should have a conversation about generational planning with clients. Who gets the money, when, why, and how is a normal language that an advisor and a client can have." ~ Christopher Holtby

[20:45] - "The best skill for a family trustee is the comfort of saying, "I don't know, I'm gonna go ask." That raw ability to say, "I'm not quite sure. I will double-check that" with impartiality and humility, makes a great family trustee." ~ Christopher Holtby

[25:05] - "Advisors are true craftsmen. The value-add they bring is having the time and attention to detail, being impartial, and being independent thinkers. That's a real value-add." ~ Christopher Holtby

Links

• Christopher Holtby on LinkedIn
• Wealth Advisors Trust Company
• Ernst & Young Family Office
• Northern Trust
• Fidelity Investments
• Charles Schwab
• Pershing
• J.P. Morgan
• Wells Fargo
• Truist

Connect with our hosts

• Steve on LinkedIn
• Buckingham Strategic Partners

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Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)

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The quest for effective growth strategies in business is a constant endeavor. Entrepreneurs and business owners tirelessly explore various avenues to fuel their enterprises, seeking the holy grail of sustainable growth. While modern marketing channels have expanded exponentially with the rise of social media, search engines, and digital advertising, referrals remain a timeless tool that cuts through the noise and establishes genuine connections. They embody the age-old wisdom that "people trust people."

In this episode, Steve talks with Randy Hardy, President of Clune & Associates. Randy holds the Chartered Financial Analyst designation and has been actively engaged in the investment management and financial planning industry since 1999. Before joining Clune & Associates in 2009, Randy spent 10 years handling business development for Loring Ward.

Randy talks with Steve about how Clune & Associates has doubled its client base and how its assets under management have increased more than fivefold. He also speaks about the secret to his business growth and shares a handful of models and concepts he uses to keep our minds focused on what matters.

Key Takeaways

• [01:59] - An overview of Randy's career and motivation for establishing his firm.
• [05:14] - How Randy transitioned from product to consulting in investment management.
• [09:32] - How Clune & Associates has evolved over the years.
• [13:00] - The role referrals play in Randy's business growth.
• [14:24] - How Randy gets referrals for his services.
• [15:18] - Randy's strategy for managing his business.
• [19:57] - What Randy's discovery process looks like.
• [26:27] - How Randy handles referrals that aren't right for him.
• [31:12] - What Randy looks for in a team member.
• [33:33] - How Randy maintains work-life harmony.
• [38:09] - What brings Randy joy and excitement at work.

Quotes

[11:03] - "When you're buying a business, it's a marriage. And like any marriage, there are ups and downs. The relationship needs to be built on commitment, trust, and respect." ~ Randy Hardy

[14:43] - "I have never asked for a referral. I don't feel comfortable doing it. But I've always made myself available to help centers of influence who reach out to me or an accountant to bounce an idea off me. That comes back to me in spades." ~ Randy Hardy

[16:41] - "If I am referred to a potential client, but they aren't a fit, I still invest my time in them. That doesn't lead directly to a client today, but it might at some point in the future." ~ Randy Hardy

Links

• Randy Hardy on LinkedIn
• Clune & Associates
• Eileen Clune
• John Burns

Connect with our hosts

• Steve on LinkedIn
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Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)

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Faith-based and family-centric advisory services offer a refreshing alternative in a world that often compartmentalizes faith and business. This concept goes beyond conventional financial consulting. It delves into the intersection of faith, family, and finance, recognizing that one's religious beliefs play a crucial role in shaping their perspectives, decisions, and aspirations.

In this episode, Steve talks with Candido Palomarez. Candido is a husband, father, coach, and Family CFO at Candido, Inc. He has been an advisor for 16 years and has helped families protect their nest eggs. Candido currently serves around 50 clients, focusing on serving families with strong family and faith-based values.

A product of Catholic education, Candido talks about his unique approach to client relationships and how he provides financial advice from a faith-based and family-centric perspective. He also shares his discovery process for knowing the families he serves and the valuable insights he has learned from his faith-based peer group.

Key Takeaways

• [02:13] - Candido's role in the advisory industry.
• [04:35] - How Candido manages his advisory firm without a staff.
• [05:39] - What inspired Candido to come up with the name “Family CFO”.
• [08:11] - Candido's strategy for growing his business.
• [11:28] - How Candido provides financial advice from a family-centric perspective.
• [13:24] - Candido's thought process in meeting with clients.
• [17:48] - How Candido helps clients to get more clarity about their financial goals.
• [19:49] - How Candido generates profit from his business.
• [22:23] - What Candido does to help clients navigate turbulent markets.
• [25:37] - The frequency with which Candido talks to his clients.
• [27:55] - Candido's advice for advisors with hundreds of clients.
• [30:29] - How Candido handles disagreements with clients.
• [33:09] - How Candido spends his weekend.
• [35:17] - Candido's secret for getting the most enjoyment and happiness from his work.

Quotes

[11:49] - "I want to be the one person people can call, who will always take the call and will always be honest with them even if they don't want to hear it, whose judgment they trust, and who's not their spouse or brother or someone inside the family." ~ Candido Palomarez

[14:50] - "There aren't too many people who are willing to hold themselves out as faith-based advisors and courageous enough to ask about religion in business settings." ~ Candido Palomarez

[35:37] - "As a Christian, I believe in my heart that we are called to love and to serve, whatever that means to each individual. But for me, to be able to do well for my family means doing well for other families." ~ Candido Palomarez

Links

• Candido Palomarez on LinkedIn
• Woodbury Financial Services
• Candido, Inc.
• CMBC
• John Bowen
• Brené Brown
• Peter Montoya
• Nick Murray

Connect with our hosts

• Steve on LinkedIn
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Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)

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Certified Public Accountants (CPAs) have long been recognized for their meticulous number-crunching abilities. However, beyond the spreadsheets and balance sheets, the essence of CPA work lies in fostering relationships, providing sound advice, and guiding clients toward financial prosperity. For some, this realization becomes the catalyst for embarking on a new journey — building a wealth management firm that focuses on fostering a collaborative environment where every member strives for collective growth.

In this episode, Steve talks with Brent Gunderson, Owner of Connected Wealth Solutions. In 2015, Brent co-founded the company alongside Michael Poe, to further support and educate their clients. Brent's experience in financial planning, investing, taxes, and estate planning enables him to provide comprehensive financial guidance.

A practicing CPA and a business owner, Brent talks about building a firm in a small rural community like La Grande, Oregon. He also shares the importance of everyone on the team doing the little things and getting above doing anything to run the business, the challenges and successes of building a wealth management company, and the values he and his team uphold.

Key Takeaways

• [02:29] - What motivated Brent to create Connected Wealth Solutions?
• [05:32] - Brent's journey to building an RIA firm.
• [08:26] - How Connected Wealth Solutions is doing at the moment.
• [10:39] - How Connected Wealth Solutions qualifies prospective clients.
• [16:14] - The values Brent and his team uphold.
• [17:30] - Brent's approach to finding the right person for his team.
• [22:34] - The importance of having a financial conversation between spouses.
• [28:35] - The challenges Brent faces when running the financial firm.
• [32:11] - How Brent and his team created a collaborative workplace culture.
• [35:24] - Brent's favorite part of his wealth management career.

Quotes

[25:03] - "When we transitioned into wealth management, and based on some really good coaching from Buckingham, it was a requirement that when we do a financial plan and have these deeper dive meetings, it's both spouses in the room." ~ Brent Gunderson

[32:39] - "CPAs are notorious for having crazy partner compensation models of slicing the pie. But in our firm, we always had a share-like process. If we make decisions with the good of the client and the firm in mind, we will all do well individually." ~ Brent Gunderson

[36:11] - "What I love about being a CPA is not the number crunching. It is relationship building and advising. And starting a wealth management company is a natural extension of what I love on the CPA side." ~ Brent Gunderson

Links

• Brent Gunderson on LinkedIn
• Brent Gunderson on Twitter
• Connected Wealth Solutions

Connect with our hosts

• Steve on LinkedIn
• Buckingham Strategic Partners

Subscribe and stay in touch

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Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)

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Traditionally, younger individuals seeking financial advice find themselves entangled in a broken system. They are often required to purchase financial products or services to access professional advice. Unfortunately, this model is inherently flawed, as the advice they receive tends to be biased and skewed toward the products or services offered. To empower young investors, they need to break free from the system and learn the cornerstones of successful investing.

In this episode, Steve talks with Dan Reese, Founder and President of Avery Wealth. Dan began his career in 1994 working with State Farm Insurance. In 2000, Dan opened his own agency. And in 2003, he established his current independent financial planning firm. Dan has been working with families since 2001 developing prudent strategies to achieve long-term financial success. Taking a comprehensive approach, Dan focuses on each area of personal finance, including savings plans, investments, cash flow, retirement income planning, taxes, and risk management.

Dedicated to educating the younger generation about their finances, Dan talks about why education is one of Avery Wealth's core values, how he serves the younger generation of investors, and what his service model looks like.

Key Takeaways

• [02:13] - What Avery Wealth is all about.
• [03:16] - How Dan got to serve the second generation of investors.
• [05:09] - Dan's journey to establishing his financial planning business.
• [07:15] - How Dan uses segmentation in his service offering.
• [08:28] - Dan's approach to meeting clients across the four segments.
• [10:19] - Why education is one of Avery Wealth's core values.
• [13:52] - How Dan attracts the younger generation of investors.
• [17:29] - What Dan's service model looks like.
• [23:22] - The pros and cons of building a subscription-based coaching service.
• [28:57] - How Dan finds the balance between educating people and managing wealth.
• [32:18] - Dan's favorite thing about his job.

Quotes

[10:46] - "My passion is education. Allowing people to learn and not just dictating things to them creates better relationships because they know you care. They know you want them to understand what you're doing, so they have confidence." ~ Dan Reese

[14:14] - "For younger people to get advice, they generally have to buy something to get advice from a professional. That's broken because they generally will not get true unbiased advice. It's going to be tilted toward whatever that person sells." ~ Dan Reese

[31:31] - "A lot of these younger people feel empowered. They just don't know what to do. But once you help them understand what to do, they're off to the races." ~ Dan Reese

Links

• Dan Reese on LinkedIn
• Dan Reese on Twitter
• Avery Wealth
• Salesforce
• Brent Oliver
• Pulse360
• Fidelity Investments
• Carl Richards

Connect with our hosts

• Steve on LinkedIn
• Buckingham Strategic Partners

Subscribe and stay in touch

• Apple Podcasts
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• Steve on LinkedIn
• Follow Buckingham Strategic Partners on Twitter

Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)

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Transitions can be challenging for any organization, especially when managing relationships during the succession or sale of an advisory firm. However, as advisors shift to an independent wealth advisory business model due to its unconflicted nature and ability to provide valuable services to clients, mergers, acquisitions, and partnerships are becoming more prevalent. What factors do owners need to understand when selling their business, and how can they navigate the challenges that come with the transition?

In this episode, Steve talks with Justin Ferri, President at Buckingham Wealth Partners. Before joining Buckingham, Justin was a managing director of Focus Financial Partners, responsible for business development and acquisition activities with an emphasis on identifying and partnering with top advisors and independent RIA firms. Today, Justin focuses on forward-looking strategies, vision, and growth for Buckingham's advisory teams and client experiences. He is proficient in building growth-oriented businesses, focusing on recruiting, motivating, and leading highly creative and productive teams.

A seasoned financial services executive with extensive management and leadership experience, Justin talks with Steve about managing relationships during times of transition. He also shares the decision points when considering succession or sale of an advisory firm, what influences valuation and how potential sellers can maximize their value, and how leaders can navigate the challenges of business transitions.

Key Takeaways

• [02:06] - Justin's professional journey in financial services.
• [05:44] - What Justin enjoys most about the wealth management industry.
• [09:02] - What surprises Justin about working in independent wealth management.
• [11:42] - Decision points when considering succession or sale of an advisory firm.
• [16:55] - What people need to understand when selling or merging their businesses.
• [20:13] - What influences valuation and how potential sellers can maximize their value.
• [23:12] - The leadership qualities needed to successfully acquire or transfer a business.
• [26:46] - What it's like to partner with Buckingham Wealth Partners.
• [33:18] - Buckingham's third pillar of its business model.
• [37:44] - How leaders can navigate the challenges of business transitions.
• [41:56] - The things that keep Justin motivated and excited in his personal and professional life.

Quotes

[05:03] - "The business model that is used by many large investment banks on Wall Street was highly conflicted. That ultimately made my decision to shift and focus the next chapter of my career entirely on the independent wealth advisory community." ~ Justin Ferri

[12:15] - "There are 15 to 17,000 independent wealth advisory firms across the U.S. Even though we have a record number of partnerships and mergers and acquisitions happening year after year, that number hasn't gone down. That is a testament to the strength of the independent business model and the value that it brings to clients every single year." ~ Justin Ferri

[34:20] - "The only thing worse than providing bad advice is delivering great advice that's not acted upon. That comes down to trust, which is why the independent wealth advisor business model being unconflicted is the right way to provide service to clients." ~ Justin Ferri

Links

• Justin Ferri on LinkedIn
• Justin Ferri on Twitter
• J.P. Morgan
• Merrill Lynch
• Focus Financial Partners
• Adam Birenbaum
• Alex Potts

Connect with our hosts

• Steve on LinkedIn
• Buckingham Strategic Partners

Subscribe and stay in touch

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• Steve on LinkedIn
• Follow Buckingham Strategic Partners on Twitter

Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)

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Sales is the lifeblood of any business. Whether it's a small startup or a multi-national corporation, the ability to generate revenue is critical to long-term success. But selling is about much more than just transactions and making a sale. It involves a slow developing process of building relationships, creating value for clients, and helping them achieve their financial goals over the long term.

In this episode, Steve talks with Marques Ogden, a former NFL football player, and a three-time best-selling author. Marques attended Howard University and was drafted into the NFL in 2003. He retired after five years to pursue a career in construction and contracting and founded Kayden Premier Enterprises. In 2010, Marques won The African American Subcontractor of the Year Award in Maryland but soon went bankrupt, losing almost two million dollars in 90 days. With hard work and determination, Marques became an inspirational keynote speaker, executive coach, podcast host, and marketing leader.

Using his personal story to help business leaders focus on the things that matter, Marques talks about his definition of sales and how to make a sale without making it appear to be one, the four things every leader should know to succeed in any industry, and why authenticity, humility, and vulnerability are important qualities for advisors.

Key Takeaways

• [02:15] - What life was like for Marques after leaving the NFL.
• [04:58] - The difference between a visionary buyer and an operational buyer.
• [08:14] - Marques' definition of sales.
• [12:11] - How to make a sale without making it appear to be one.
• [18:36] - The importance of controlling the ego in a relationship.
• [21:30] - How people can self-assess whether or not they are egocentric.
• [26:00] - The lessons Marques learned from losing an eight-figure business.
• [27:39] - The four things every leader should know in order to succeed in any industry.
• [30:18] - What “sense-making” means in financial advice.
• [36:18] - Why authenticity, humility, and vulnerability are important qualities for advisors.
• [40:57] - The driving force behind Marques' work.

Quotes

[10:56] - "For financial advisors, master the skillset of sense-making, which means taking difficult, arduous, complex information, making it an easily understood process and applicable to whom you are speaking." ~ Marques Ogden

[14:17] - "The art of sales is a slow developing process with a result in mind of you helping each other grow." ~ Marques Ogden

[30:00] - "If you want to master being a great financial advisor, be relatable, be innovative, help people through sense-making, and be a master visionary." ~ Marques Ogden

Links

• Marques Ogden on LinkedIn
• Marques Ogden on Twitter
• Marques Ogden on Instagram
• Howard University
• Ray Lewis
• Ed Reed
• Fred Taylor
• Get Authentic with Marques Ogden

Connect with our hosts

• Steve on LinkedIn
• Buckingham Strategic Partners

Subscribe and stay in touch

• Apple Podcasts
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Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)

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Life planning and financial planning are two distinct approaches to helping clients achieve their goals and secure their financial futures. While financial planning typically focuses on achieving specific financial milestones, life planning considers broader life goals. By understanding a client's life goals and values, financial advisors can provide more effective financial guidance and align investments and other financial decisions with the client's long-term aspirations.

In this episode, Steve talks with Andrea Millar, Founder of Andrea Millar Life Planning. Andrea is a life planner and coach who guides people to bring more joy, intention, and meaning to each day, build a work life that supports their personal life, and find renewed purpose and peace as they go through life's transitions.

With a passion for inspiring and empowering people to live their best lives, Andrea talks about her perspective on life planning, specifically how an emphasis on life planning works and its impact on the client relationship. She also shares the five buckets that make up a successful life planning conversation, the difference between life planning and financial planning, and how they complement one another.

Key Takeaways

• [01:58] - What led Andrea to specialize in life planning and coaching.
• [09:18] - The five buckets of a successful life plan.
• [14:53] - Programs and courses on life planning and coaching Andrea completed.
• [20:48] - The benefits of putting more emphasis on life planning than financial planning.
• [24:01] - The risks advisors need to consider when taking an all-in approach to life planning.
• [28:11] - Why Andrea believes life planning is a strategy for success.
• [30:44] - The difference between life planning and financial planning.
• [35:30] - A life planner's role in supporting the advisor's client relationships.
• [38:40] - An event in a client's life where life planning applies.
• [43:20] - What drives Andrea to inspire and empower others to live their best lives.

Quotes

[07:42] - "Many people are living life on autopilot, just getting caught up in all these should-dos and whatever busyness of life and not stopping to reflect on what's most important and how they get there." ~ Andrea Millar

[21:26] - "Clients' behavior and results are led by what they focus on, and if they shift their attention to the purpose and the why, they'll be more engaged to take action on the recommended solutions." ~ Andrea Millar

[26:56] - "You have to be willing to let go of your ego when it comes to life planning because the client is the expert on their lives. They know where they are in their life, how they feel, and when they're ready to move forward. So, you have to let go of being the person with all the answers. The most valuable thing is letting go of that and just being present, guiding them, and facilitating them to find their answers." ~ Andrea Millar

Links

• Andrea Millar on LinkedIn
• Andrea Millar Life Planning
• EY
• KPMG
• AICPA
• George Kinder
• Kinder Institute of Life Planning
• Academy for Coaching Excellence
• Susan Bradley
• Mitch Anthony

Connect with our hosts

• Steve on LinkedIn
• Buckingham Strategic Partners

Subscribe and stay in touch

• Apple Podcasts
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• Follow Buckingham Strategic Partners on Twitter

Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)

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Relationships are a fundamental aspect of human life. Whether personal or professional, they significantly determine an individual's happiness, success, and fulfillment. While grand gestures may seem impressive in building relationships, it is often the little things that make a lasting impact.

In this episode, Steve talks with V.J. Smith, President of Life’s Great Moments as well as a professional speaker who has spoken to businesses, organizations, and schools throughout the United States and Canada. He is also the author of the bestselling book, The Richest Man in Town, which details V.J.'s relationship with a man who ran a cash register at a local Walmart.

Geared toward relationship building, customer service, and the importance of setting goals, V.J. talks with Steve about what inspired him to write his book, the influences behind V.J.'s relationship outlook, and how a handwritten note can make a huge difference in someone's life.

Key Takeaways

• [02:16] - An overview of V.J.'s career and personal background.
• [03:43] - What inspired V.J. to write the book, The Richest Man in Town.
• [05:36] - What's so special about the Walmart cashier that draws people's attention?
• [11:25] - The influences behind V.J.'s relationship outlook.
• [16:15] - What compelled V.J. to write a letter to Walmart regarding their cashier, Marty.
• [19:43] - How a handwritten note can make a huge difference in someone's life.
• [23:30] - Other people V.J. knows who hold similar values to Marty.
• [29:24] - An example of how V.J. shows curiosity about other people.
• [37:32] - Why V.J. finds beauty in handwritten letters.

Quotes

[20:44] - "The reason I keep coming back to the handwritten note, the same thing I tell young people, is that in your handwriting, we see your heart, it becomes meaningful, and it's kept." ~ V.J. Smith

[28:22] - "I made it a point to send things to people undergoing tough situations. It's always in a blank envelope, and there's no trail back to me." ~ V.J. Smith

[31:46] - "People like to be asked about themselves. They'd like to share if we allow them to share. And you learn so much about someone, not by talking, but by listening." ~ V.J. Smith

Links

• V.J. Smith on LinkedIn
• The Richest Man in Town
• The 7 Habits of Highly Effective People

Connect with our hosts

• Steve on LinkedIn
• Buckingham Strategic Partners

Subscribe and stay in touch

• Apple Podcasts
• Spotify
• Steve on LinkedIn
• Follow Buckingham Strategic Partners on Twitter

Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)

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In financial services, meaningful relationships matter. Clients want to work with advisors who share their values and understand their goals, are open and authentic about their purpose, and are committed to making a positive impact.

In this episode, Steve talks with Ben Walker, Vice President and Head of Global Client Service at Dimensional Fund Advisors. With over 16 years of experience serving a variety of roles at Dimensional, Ben has become the leading expert in creating meaningful relationships.

Ben talks with Steve about the difference between going all-in in a relationship versus just having a great relationship. He also dives deeper into how to build trust and competence, which is critical in having a true all-in relationship, and why having purpose and wearing it on your sleeve is important.

Key Takeaways

• [01:31] - A look at Ben's professional history and what relationships mean to him.
• [05:34] - How Ben adapts every time he takes on a new role at Dimensional.
• [07:51] - How to build trust and competence in a relationship.
• [11:43] - How Dimensional establishes relationships with clients.
• [18:00] - When to talk about what you want versus what clients need to hear.
• [21:37] - The lessons Ben learned throughout his career.
• [30:32] - What sets a great advisor apart from others.
• [34:37] - How Ben keeps his energy levels high in the financial industry.

Quotes

[04:09] - "Always try and understand the advisor's business, their background, what they're trying to accomplish, and how they work with clients. Getting that perspective gives you a good lens into what is valuable in building a good relationship with that firm or person and ultimately supporting their client experience." ~ Ben Walker

[18:43] - "When you have a strong sense of purpose and you've thought through your advice model and your delivery of that, it's important to have conviction, wear that on your sleeve, and educate the client about what you think is the right solution and why. The growth of the RIA space is a testament to that model and that point of view." ~ Ben Walker

[24:39] - "Advisors that stick to some service plan or predetermined schedule are not setting the relationship up to move from vendor to someone who's a truly admired advisor." ~ Ben Walker

Links

• Ben Walker on LinkedIn
• Dimensional Fund Advisors
• Robert Merton
• Dave Butler

Connect with our hosts

• Steve on LinkedIn
• Buckingham Strategic Partners

Subscribe and stay in touch

• Apple Podcasts
• Spotify
• Steve on LinkedIn
• Follow Buckingham Strategic Partners on Twitter

Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)

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Investing in traditional assets like stocks, bonds, and mutual funds has long been a popular way for people to build wealth. However, as the financial landscape has evolved, investors increasingly seek new and alternative investment opportunities to diversify their portfolios and achieve higher returns.

In this episode, Steve talks with Peter Nakada, Chief Marketing Officer at Stone Ridge Asset Management. Peter is one of the ILS markets' consummate experts, with an eye for opportunity, an analytical skill set, and an understanding of the motivations that bring investors to an asset class. As someone who explains complicated quantitative things simply to all kinds of audiences, Peter likes to call himself the Chief Explaining Officer.

As part of a firm dedicated to providing true alternative investment solutions, Peter talks with Steve about what alternatives are and how there's a difference between true alternatives and just alternatives. He also speaks about why it is important to seek more sources beyond stocks and bonds and what strategies and tactics can help people overcome the feeling of discomfort with alternative investing.

Key Takeaways

• [02:04] - How Stone Ridge serves investors and advisors.
• [03:52] - The key role Peter plays at Stone Ridge.
• [06:19] - The challenges of creating alternative funds.
• [09:15] - Overcoming the risks associated with stock and bond investments.
• [10:38] - One of the biggest challenges in investing in alternatives.
• [12:26] - The key to helping people overcome their discomfort with alternative investments.
• [20:39] - What distinguishes a good asset manager from the rest.
• [24:05] - The true nature of alternative investments.
• [28:48] - Why traditional alternatives have a checkered past.
• [33:24] - The red flags to look for when investing in alternatives.
• [39:08] - Peter's motivation for serving in the asset management industry.

Quotes

[02:39] - "Investors generally have most of their money in stocks and bonds. While that's very traditional, it's quite risky. The chance of a big equity market downturn hurting investors and having them struggle through retirement is real." ~ Peter Nakada

[09:15] - "People don't realize that an 80% down scenario is possible in the stock market, and if you suffer that at the wrong time, it would change your life." ~ Peter Nakada

[10:56] - "The biggest challenge in getting advisors or their clients to invest in alternatives is that people generally follow the herd. So, if most people are in stocks and bonds and you decide to do something different, you feel uncomfortable and out on a limb." ~ Peter Nakada

Links

• Peter Nakada on LinkedIn
• Stone Ridge Asset Management
• Morningstar

Connect with our hosts

• Steve on LinkedIn
• Buckingham Strategic Partners

Subscribe and stay in touch

• Apple Podcasts
• Spotify
• Steve on LinkedIn
• Follow Buckingham Strategic Partners on Twitter

Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)

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Investing in traditional assets like stocks, bonds, and mutual funds has long been a popular way for people to build wealth. However, as the financial landscape has evolved, investors increasingly seek new and alternative investment opportunities to diversify their portfolios and achieve higher returns.

In this episode, Steve talks with Peter Nakada, Chief Marketing Officer at Stone Ridge Asset Management. Peter is one of the ILS markets' consummate experts, with an eye for opportunity, an analytical skill set, and an understanding of the motivations that bring investors to an asset class. As someone who explains complicated quantitative things simply to all kinds of audiences, Peter likes to call himself the Chief Explaining Officer.

As part of a firm dedicated to providing true alternative investment solutions, Peter talks with Steve about what alternatives are and how there's a difference between true alternatives and just alternatives. He also speaks about why it is important to seek more sources beyond stocks and bonds and what strategies and tactics can help people overcome the feeling of discomfort with alternative investing.

Key Takeaways

• [02:04] - How Stone Ridge serves investors and advisors.
• [03:52] - The key role Peter plays at Stone Ridge.
• [06:19] - The challenges of creating alternative funds.
• [09:15] - Overcoming the risks associated with stock and bond investments.
• [10:38] - One of the biggest challenges in investing in alternatives.
• [12:26] - The key to helping people overcome their discomfort with alternative investments.
• [20:39] - What distinguishes a good asset manager from the rest.
• [24:05] - The true nature of alternative investments.
• [28:48] - Why traditional alternatives have a checkered past.
• [33:24] - The red flags to look for when investing in alternatives.
• [39:08] - Peter's motivation for serving in the asset management industry.

Quotes

[02:39] - "Investors generally have most of their money in stocks and bonds. While that's very traditional, it's quite risky. The chance of a big equity market downturn hurting investors and having them struggle through retirement is real." ~ Peter Nakada

[09:15] - "People don't realize that an 80% down scenario is possible in the stock market, and if you suffer that at the wrong time, it would change your life." ~ Peter Nakada

[10:56] - "The biggest challenge in getting advisors or their clients to invest in alternatives is that people generally follow the herd. So, if most people are in stocks and bonds and you decide to do something different, you feel uncomfortable and out on a limb." ~ Peter Nakada

Links

• Peter Nakada on LinkedIn
• Stone Ridge Asset Management
• Morningstar

Connect with our hosts

• Steve on LinkedIn
• Buckingham Strategic Partners

Subscribe and stay in touch

• Apple Podcasts
• Spotify
• Steve on LinkedIn
• Follow Buckingham Strategic Partners on Twitter

Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)

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In the fast-paced and highly competitive business world, success is often determined by one's ability to grow and adapt to new market trends and demands. For many entrepreneurs and business owners, this growth can be challenging to achieve on their own. What are key strategies and tactics that can help businesses grow and succeed?

In this episode, Steve talks with Susan Foard, President and Chief Compliance Officer of Pugh Wealth Management. Susan has been in public accounting since 1986 and specializes in consulting, tax planning, and tax preparation services for closely-held businesses, individuals, estates, and trusts. She often speaks for seminars and presentations on leadership, strategic business relationships, and various technical topics within her tax specializations.

A CPA with 37 years of experience and expertise in tax, Susan shares her story of launching a wealth management firm while serving as the president of a long-standing CPA firm. She also speaks about how she leads through transition and business growth, her approach to propelling change within the firm, and the power of shadowing other firms to learn new ways of approaching the client experience and maximizing business growth.

Key Takeaways

• [03:21] - What motivated Susan to build Pugh Wealth Management.
• [07:17] - The risks Susan faced when she launched Pugh Wealth Management.
• [10:51] - Why Susan chose to specialize in tax planning.
• [14:18] - How Susan balances her time between serving clients and running her business.
• [20:39] - How Susan grew her wealth management firm.
• [26:39] - What Susan looks for in a wealth manager.
• [31:10] - What Susan thinks about retirement plans for businesses.
• [38:13] - Susan's approach to building a strategic plan.

Quotes

[16:04] - "The biggest things that have helped us grow our wealth management firm are having others involved with the wealth management practice, hiring new staff, and educating our partners and other team members." ~ Susan Foard

[30:44] - "Clients need a good partner to help them make wise decisions. They need someone they know and trust to help them with financial planning, tax planning, and estate planning. We want to be more of a holistic approach to help them, but mostly to sit down and understand what they need." ~ Susan Foard

[41:11] - "One of the things we learned by shadowing is that we understand more about the Design | Build | Protect program with Buckingham and began using the life cards. It allows us to have a much deeper knowledge of our client's goals and help them more." ~ Susan Foard

Links

• Susan Foard on LinkedIn
• Pugh Wealth Management
• Pugh CPAs
• Charles Schwab
• MoneyGuidePro
• Alexander Vetrano
• Christi Fightmaster
• Ascendant Compliance Manager

Connect with our hosts

• Steve on LinkedIn
• Buckingham Strategic Partners

Subscribe and stay in touch

• Apple Podcasts
• Spotify
• Steve on LinkedIn
• Follow Buckingham Strategic Partners on Twitter

Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)

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As a financial advisor, it is essential to ensure that clients make informed investment decisions that secure their financial futures. However, client behavior, emotions, and biases can often get in the way. These factors can cloud judgment and impact the ability to make smart investment choices.

In this episode, Steve talks with Dr. Daniel Crosby, Chief Behavioral Officer at Orion. Daniel is a psychologist, behavioral finance expert, and asset manager who applies his study of market psychology to everything from financial product design to security selection. He is co-author of the New York Times bestseller Personal Benchmark: Integrating Behavioral Finance and Investment Management and founder of Nocturne Capital. Daniel was named one of the "12 Thinkers to Watch" by Monster.com, a "Financial Blogger You Should Be Reading" by AARP, and in the "Top 40 Under 40" by Investment News.

A psychologist and behavioral finance expert who helps organizations understand the intersection of mind and markets, Daniel talks with Steve about behavioral management, the framework for helping clients make better investment decisions, and how advisors can differentiate themselves from their peers.

Key Takeaways

• [02:28] - How Daniel got to where he is today.
• [06:14] - How Daniel simplifies psychology into a practical, solution-focused approach.
• [09:07] - What a typical week looks like for Daniel.
• [16:02] - How advisors can learn behavior management.
• [21:28] - What Daniel thinks about advisors showing vulnerability to clients.
• [24:17] - How to determine whether a client is on board with an advisor.
• [27:04] - Why clients fail to implement a financial plan.
• [30:14] - The framework for helping clients make better investment decisions.
• [35:07] - How advisors can differentiate themselves from their peers.
• [40:02] - Daniel's biggest 'aha' moment in his career.

Quotes

[18:55] - "The number one reason people fail to seek an advisor is the fear of being judged." ~ Dr. Daniel Crosby

[20:33] - "Looking at behavioral finance as a mirror of your own behavior, doing your own work, putting yourself in situations where you're a rung down on the power ladder, and getting feedback are powerful ways to learn behavioral skills." ~ Dr. Daniel Crosby

[38:52] - "People don't want wealth management. They want happiness, and they want freedom and time with family. Help them understand how you're going to get that." ~ Dr. Daniel Crosby

Links

• Dr. Daniel Crosby on LinkedIn
• Dr. Daniel Crosby on Twitter
• Standard Deviations Podcast
• The Behavioral Investor
• Eric Clarke
• Predictably Irrational
• Morningstar

Connect with our hosts

• Steve on LinkedIn
• Buckingham Strategic Partners

Subscribe and stay in touch

• Apple Podcasts
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Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)

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Fear can be a powerful emotion that can cripple an investor's ability to make sound investment decisions. Whether it's fear of losing money, fear of missing out on potential gains, or fear of messing up, this emotion can lead to indecision and inaction in the market. How can investors overcome their fear of making investment decisions?

In this episode, Steve talks with Matt Dixon, Founding Partner of DCM Insights. He is also a Wall Street Journal bestselling co-author of The Challenger Sale, The Effortless Experience, The Challenger Customer, and The JOLT Effect. Matt previously served as the Chief Product & Research Officer of Tethr and spent time as a Senior Partner and the Global Head of Sales Force Effectiveness Solutions at Korn Ferry Hay Group.

A speaker and advisor to corporate leadership teams in sales effectiveness and customer experience, Matt talks with Steve about his 'aha' moments in sales, the investor's fears when making investment decisions, and how advisors can help clients overcome these fears.

Key Takeaways

• [03:24] - Matt's biggest 'aha' moment in sales.
• [10:47] - How people decide what to invest in or do business with.
• [15:17] - How advisors can build extraordinary businesses by doing the ordinary.
• [19:29] - Why clients rarely mention the positive experiences they have with advisors.
• [21:35] - The three fears investors have.
• [27:44] - How advisors can help clients overcome their fear of making a choice.
• [34:47] - Matt's approach to helping clients overcome their fear of choice.
• [40:03] - Why advisors should limit the use of outside experts.
• [44:18] - How highly effective people manage their time.
• [49:06] - What motivates Matt to write books.

Quotes

[06:57] - "As wealth managers and advisors, we need to shift from being bartenders to personal trainers with our clients. Don't just be there to react, respond, take orders, and do whatever your client wants." ~ Matt Dixon

[07:10] - "As wealth managers and advisors, you earn your client's business, keep clients investing with you, and recommend you to their friends, neighbors, and colleagues because you teach them things they need to learn about attaining their objectives and outcomes." ~ Matt Dixon

[1148] - "Dialing up the FOMO (fear of missing out) isn't a great technique for moving people forward. Clients are concerned about the FOMU (the fear of messing up). They're less concerned about missing out on a golden opportunity. They're concerned about making a decision that doesn't pan out and having it reflect poorly upon them." ~ Matt Dixon

Links

• Matt Dixon on LinkedIn
• Matt Dixon on Twitter
• DCM Insights
• The Challenger Sale
• The Effortless Experience
• The Challenger Customer
• The JOLT Effect
• The Paradox of Choice
• Gartner

Connect with our hosts

• Steve on LinkedIn
• Buckingham Strategic Partners

Subscribe and stay in touch

• Apple Podcasts
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Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)

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As the old saying goes, it’s not what you know but who you know. That is especially true in business, where connections and relationships are key to success. Creating professional partnerships is essential to both individual and organizational success. These relationships provide networking, collaboration, knowledge sharing, and more opportunities.

In this episode, Steve talks with Skip Briggs, Partner & Wealth Advisor at Briggs Advisory Group. With over 30 years of extensive tax and wealth advisory experience, Skip ensures the design and implementation of tax-optimized, goal-focused, planning-driven wealth management solutions meet each client’s unique needs. At Briggs Advisory Group, Skip focuses on working with people approaching retirement to help them organize and develop plans as they enter the retirement transition process.

As a former practicing CPA turned wealth manager, Skip talks about how he embodies the behaviors and traits of a successful relationship. He shares what it takes to work with other professionals, how those relationships can be so rewarding, and why protecting the other professional's reputation is critical to the relationship.

Key Takeaways

• [02:12] - Briggs Advisory Group: who they are and what they do.
• [06:00] - The types of clients Skip works with the most.
• [09:12] - Why Skip founded Briggs Advisory Group.
• [11:28] - What inspired Skip to get into wealth management.
• [14:00] - How Skip defines financial planning and wealth management.
• [16:59] - Skip's approach to helping clients find what they truly need.
• [19:56] - The reason Skip partners with Buckingham Strategic Wealth.
• [21:54] - What Skip's relationship with other professionals looks like.
• [25:41] - Why having relationships with other professionals can be rewarding.
• [30:59] - How Skip overcomes the risks of gaining clients through referrals.
• [33:39] - Why Briggs Advisory Group is the primary referee among solicitors.
• [39:02] - Skip's secret sauce for managing a large client base.

Quotes

[20:36] - "We wanted to be free to make what we believed were the right decisions for our clients. And being our own RIA and having a support team like Buckingham gave us the flexibility to do what we thought was right for our clients." ~ Skip Briggs

[23:42] - "Each relationship is a little different, but we treat them as partners and are uber-sensitive to what's going on in that relationship." ~ Skip Briggs

[39:19] - "If we say we serve our clients as no one else will, we're doing things for the client no one else will. And that means people and time." ~ Skip Briggs

Links

• Skip Briggs on LinkedIn
• Briggs Advisory Group
• Briggs Advisory Group on Twitter
• Christopher Ricci

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• Steve on LinkedIn
• Buckingham Strategic Partners

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Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)

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The process of succession planning is difficult enough, but the transition from gen one to gen two of managing an advisory business can be even more challenging. Having different values, goals, and priorities, how can the two generations of advisors make the transition successful?

In this episode, Steve talks with Aaron Terwedo, Vice President of Financial Planning at TFS Advisors. After completing his military career, Aaron wanted his civilian life to reflect one of his deeply held values - serving and helping others. He intended to work with Terwedo Financial Services while he worked his way through his law enforcement program, but spending time with clients has led him to find a different way to make an impact.

As a gen two advisor, Aaron talks with Steve about the challenges he had to overcome in transitioning from his gen one father, the three main principles that are important to both gen one and gen two advisors, and the importance of agreement on principles to find common ground and consistency from one generation to the next.

Key Takeaways

• [02:01] - What TFS Advisors is and how it serves its clients.
• [04:56] - How Aaron got started at TFS Advisors.
• [08:29] - How Aaron bridged the generational gap in managing the business.
• [12:04] - How Aaron overcame the challenges of transitioning into the family business.
• [17:26] - The core principles of managing a family business.
• [19:57] - What TFS Advisors' client service model looks like.
• [23:03] - Aaron's future plans for the company.
• [26:30] - How Aaron defines financial planning.
• [31:51] - What Aaron wished he had done earlier in his business career.
• [34:08] - How Aaron spends his week working on the business.

Quotes

[10:50] - "Finance is just one aspect of retirement. Many of the issues that people are struggling with, especially today, are the emotions of retirement. Approximately 50% of retirees go into depression. That is one of the gaps that we could help fill." ~ Aaron Terwedo

[27:50] - "Getting clients comfortable enough to share things they don't share with many people is very important in financial planning. The more we know about our clients, the better we can serve them." ~ Aaron Terwedo

[29:45] - "A lot of times, financial planning is thought of as the numbers. What impact does it have on the future if you make that decision? But if we never get to that future, it will never matter."~ Aaron Terwedo

Links

• Aaron Terwedo on LinkedIn
• TFS Advisors
• Dale Terwedo
• Boeing

Connect with our hosts

• Steve on LinkedIn
• Buckingham Strategic Partners

Subscribe and stay in touch

• Apple Podcasts
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Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)

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When most people think about their financial future, their first thoughts are about numbers and investments. However, financial planning is about so much more than just money. It's about living with your core values and purpose and making choices and decisions that align with your goals, ethics, and beliefs.

In this episode, Steve talks with Nathan Fulks and Samuel Dye, Managing Partners and Stewardship Coaches at Family Wealth Partners. In their roles, Nathan and Samuel serve individuals, families, and business owners through comprehensive, values-based financial planning. At Family Wealth Partners, they call themselves Stewardship Coaches instead of Financial Advisors to demonstrate that the role they play goes beyond simply financial decisions.

As the second-generation owners of Family Wealth Partners, Nathan and Samuel talk with Steve about their team structure and how important it is for the founding partner to bring and help them pass the trust of the clients and the entire team. As young advisors, they also speak about why they call themselves stewardship coaches instead of financial advisors and the importance of finding your style in engaging clients and resisting the temptation of trying to be like someone else.

Key Takeaways

• [01:29] - What Family Wealth Partners looks like.
• [03:33] - What brought Samuel and Nathan to Family Wealth Partners.
• [05:41] - How Samuel and Nathan have helped Family Wealth Partners grow.
• [07:52] - Why Samuel and Nathan call themselves stewardship coaches.
• [11:04] - Samuel and Nathan's discovery process for getting to know their clients.
• [16:06] - How Samuel and Nathan gain clients' trust to communicate openly.
• [21:14] - Samuel and Nathan's most common conversations with clients.
• [24:29] - The challenges Nathan and Samuel face at the beginning of their careers.
• [30:58] - What Nathan and Samuel consider most important in client relationships.
• [37:33] - How Nathan and Samuel balance their roles as business owners and stewardship coaches.
• [40:24] - How Nathan and Samuel invest in their personal development.

Quotes

[17:12] - "Every stewardship coach can put their spin on things, and it's based on their personality. It came down to building up the level of confidence we needed through the experience we were able to sit through and then figure out how to make it our own." ~ Samuel Dye

[20:49] - "Trust is hard to build. So the more involved you are from square one with a client, the better the relationship will be." ~ Nathan Fulks

[21:40] - "One thing that people have a challenge with when they think of transitioning from working and creating a paycheck to the next season of their life is how they recreate income and being thoughtful around their legacy." ~ Samuel Dye

Links

• Nathan Fulks on LinkedIn
• Samuel Dye on LinkedIn
• Family Wealth Partners
• Liberty University
• Kingdom Advisors

Connect with our hosts

• Steve on LinkedIn
• Buckingham Strategic Partners

Subscribe and stay in touch

• Apple Podcasts
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• Follow Buckingham Strategic Partners on Twitter

Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)

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Most people think of financial planning as crunching numbers and making investment decisions. But in reality, financial planning is about so much more than that. It's about helping people live their best lives. And to do that, having a conversation that goes beyond the numbers is important.

In this episode, Steve talks with Jeff Vistica, Wealth Advisor at Vistica Wealth Advisors. In his role, Jeff focuses on addressing and solving clients' most pressing tax, estate, and financial concerns. Their clients include individuals with special needs and those caring for a loved one with special needs, dental practitioners, retirement plan sponsors, families, and individuals.

As a CFP and chartered special needs consultant, Jeff talks with Steve about how he goes the extra mile to help clients clarify their goals and connect them with their financial goals, his idea of no-agenda meetings, and the importance of family mission statements for multigenerational planning.

Key Takeaways

• [01:57] - What Vistica Wealth Advisors can do for its clients.
• [05:52] - How Jeff built his client base.
• [08:06] - How Jeff goes the extra mile in serving clients.
• [11:50] - The value of discovery meetings in building client relationships.
• [13:31] - What the discovery process looks like.
• [17:09] - At what stage do prospects become clients.
• [18:23] - How Vistica Wealth Advisors keeps its clients' documents up to date.
• [21:48] - Jeff's approach to multigenerational wealth planning.
• [27:34] - How Jeff overcame the challenges of life planning.
• [31:29] - Jeff's advice to his younger self.
• [32:37] - What it’s like for Jeff to work with his father in the business.

Quotes

[11:50] - "If we're bringing on a new relationship, the most effective start is having multiple discovery meetings. We get to know as deeply and comfortably as the new family might be willing to become." ~ Jeff Vistica

[14:51] - "We never prepare an agenda for a meeting. We leave it completely open. Keeping it open-ended and folks in the driver's seat at all times is part of our fiduciary responsibility. It also sets the right tone for a relationship or partnership." ~ Jeff Vistica

[22:29] - "For clients struggling with what they want to do from a wealth transfer perspective, we'll help them articulate a family mission statement. And within that family mission statement, they will identify the core family values they want to pass along." ~ Jeff Vistica

Links

• Jeff Vistica on LinkedIn
• Vistica Wealth Advisors
• Lynne Mosier
• MoneyGuidePro
• Buckingham Strategic Wealth
• RightCapital

Connect with our hosts

• Steve on LinkedIn
• Buckingham Strategic Partners

Subscribe and stay in touch

• Apple Podcasts
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• Steve on LinkedIn
• Follow Buckingham Strategic Partners on Twitter

Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)

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People tend to get caught up in numbers when planning their finances and lose sight of what's important. However, the goal of true wealth management is not just to have a plan but to have one based on values, priorities, and goals. It's about aligning your money with your values so that your finances reflect what's important to you.

In this episode, Steve talks with Michael Thompson. Michael is the Senior Wealth Advisor at Copper Leaf Financial with more than 25 years of experience helping clients achieve their financial goals. Also serving as a partner at Copper Leaf Financial, Michael is the steward and director of the planning process, driving strategy, bringing together expertise, and delivering true, comprehensive planning and wealth management. Michael's areas of expertise are evidence-based and sustainable investing, retiree transitions, and complex estate and philanthropic planning.

Michael talks with Steve about how he partnered with a 35-year-old CPA firm to help them take the next step in helping their clients get what they call true wealth management, their planning process, and how his past career prepared him to take on the challenge of launching Copper Leaf Financial to reach the success they've had to date.

Key Takeaways

• [01:42] - An overview of how Copper Leaf Financial serves its clients.
• [03:32] - The reasons behind Copper Leaf Financial's founding.
• [07:35] - What made Michael the right person to launch Copper Leaf Financial.
• [13:20] - What true wealth management means.
• [15:02] - The challenges of partnering with an already successful accounting firm.
• [18:34] - What it's like to be a CPA and wealth manager.
• [20:21] - How Michael and his team run their CPA and wealth management firm.
• [22:49] - What the deliverables of a CPA and financial planning firm look like.
• [26:09] - How Michael integrated eMoney and MoneyGuidePro into their business process.
• [27:25] - Copper Leaf Financial's onboarding process.
• [33:24] - How Michael stays on top of the wealth management industry.

Quotes

[08:26] - "I grew up in a world where financial planning is all about not just having a plan but implementing and managing that plan through time." ~ Michael Thompson

[14:15] - "True wealth management is about aligning the money to live the life people want and helping them achieve that level of fulfillment and contentment." ~ Michael Thompson

[29:52] - "We never get pushback anymore. I always tell people that if there's a pushback, it's in our brain or the advisor's brain and not the client's brain. If we tell clients the reason we charge, that makes sense for clients and certainly makes sense for us." ~ Michael Thompson

Links

• Michael Thompson on LinkedIn
• Copper Leaf Financial
• John Davis
• Bret Hodgdon
• Davis & Hodgdon CPAs
• Brian Portnoy
• MoneyGuidePro
• eMoney Advisor

Connect with our hosts

• Steve on LinkedIn
• Buckingham Strategic Partners

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Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third-party data which may become outdated or otherwise superseded without notice. Third-party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professionals based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)

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It is common for people to focus on planning their financial future. They plan for retirement and save for major purchases. Unfortunately, taxes play a significant role in their savings and investment. Despite this, there is a disconnect between tax professionals and financial advisors. What can financial services firms do to bridge the gap between tax professionals and financial advisors to best serve their mutual clients?

In this episode, Steve talks with Steven Jarvis, CEO and Head CPA of Retirement Tax Services. In his role, Steven works with financial advisors to deliver massive value on tax planning through a year-round tax service model that keeps the advisor in control but leverages the team's expertise. His goal is to help bridge the gap between tax professionals, financial advisors, and their mutual clients to reduce most people's largest retirement expense - taxes.

Steven talks with Steve about how he built a company devoted to helping advisors who are committed to tax planning and preparation, what makes a successful partnership between a CPA and an advisor, and the importance of using technology and software to maximize efficiency, but how it cannot replace the experience and wisdom of an advisor.

Key Takeaways

• [01:59] - Steven's journey to building a successful tax services firm.
• [04:03] - Why tax services did not exist before.
• [05:36] - How Steven and his team have continued to grow over the years.
• [08:27] - How advisors and tax professionals can build a great working relationship.
• [10:47] - Stevens' approach to partnering with advisors.
• [12:20] - How Steven and his advisors work with clients during tax preparation.
• [16:51] - The qualities Steven looks for in an advisor.
• [20:37] - Why most advisors do not provide tax planning services.
• [23:17] - The benefits of software programs for tax planning.
• [26:17] - What Steven looks for in advisors and how he works with them.
• [28:29] - Costs associated with tax preparation.
• [31:28] - A book Steven recommends reading.

Quotes

[04:28] - "The industry has been built on compliance and filing returns every year. It's a high-volume, low-margin game, especially for solo CPAs or small CPA teams. They don't own businesses. They own jobs. They can only grow if they put in more hours and if they turn out more returns." ~ Steven Jarvis

[13:38] - "Most people want to know they're taken care of, but they don't feel like they need to sit down with a CPA. Taxpayers are a passenger on the bus. They're not the driver."~ Steven Jarvis

[21:02] - "Advisors see the value of tax planning but aren't sure how to do so. They feel limitations either because they're not a CPA or their client already has a CPA, and they're not sure where those boundaries are of not stepping on other people's toes or crossing kind of professional lines." ~ Steven Jarvis

Links

• Steven Jarvis on LinkedIn
• Steven Jarvis on Twitter
• Retirement Tax Services
• Retirement Tax Services Podcast
• Extreme Ownership: How U.S. Navy SEALs Lead and Win

Connect with our hosts

• Steve on LinkedIn
• Buckingham Strategic Partners

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Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third-party data which may become outdated or otherwise superseded without notice. Third-party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based on current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)

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Few things are as important to a client's success as having a great team of advisors. Great advisors are always on the hunt for new ways to help their clients grow and live better lives. They understand that it's not just about the business but also the person's life and family. But how can wealth management firms develop great advisors?

In this episode, Steve talks with Alex Potts. Alex sits on the Board of Directors for Buckingham Wealth Partners while also serving as President of Buckingham Strategic Partners, comprised of BAM Advisor Services, LLC and Loring Ward. As president, he focuses on forward-looking strategies, vision, and growth for their Turnkey Asset Management Platform (TAMP) business.

Alex talks with Steve about the origins of Admired Advisor as content for advisors at Buckingham, the difference between a trusted advisor and a leader, and what great advisors do to serve their clients.

Key Takeaways

• [01:40] - Alex's journey into the wealth management industry.
• [03:38] - What wealth management looked like 32 years ago.
• [06:21] - How TAMP advisors help clients deal with the complexity of investing.
• [10:05] - The qualities that make a great advisor.
• [13:18] - What Admired Leadership is and why it matters to advisors.
• [16:44] - The difference between a trusted advisor and a leader.
• [21:08] - How behavior affects clients' investment decisions.
• [27:42] - How can advisors assess if they are truly advisors or just facilitators.
• [32:09] - The advisors' response to the admired leadership concept.
• [34:32] - What great leaders do to serve the people around them.
• [38:05] - What Alex learned from an advisor that changed how he engages with clients.
• [39:27] - The work Alex is doing now to enhance advisors' client care.

Quotes

[04:42] - "Advisors can build with thousands of asset classes, mutual funds, or ETFs out in the wild. You could build a great portfolio, but the portfolio is only as good as the solutions you bring your clients." ~ Alex Potts

[12:18] - "When you see a great advisor, you see a great leader. Not only are they great advisors to their community of clients, but they're also great leaders outside of their advisory business." ~ Alex Potts

[35:38] - "Great leaders are always on the hunt for ways to help people around them live better lives." ~ Alex Potts

Links

• Alex Potts on LinkedIn
• Buckingham Strategic Partners
• Santa Clara University
• Chip Roame
• Dimensional Fund Advisors

Connect with our hosts

• Steve on LinkedIn
• Buckingham Strategic Partners

Subscribe and stay in touch

• Apple Podcasts
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Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)

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Much thought and discussion go into the right way to do things in financial services. But what is the right way? While every financial advisor has their methodologies, processes, and systems, successful financial advisors share things in common. They are passionate about their work, have a deep conviction that they are making a difference in their clients' lives, and are vulnerable with their clients, sharing their own stories and experiences in a way that builds trust.

In today's episode, Steve talks with Matt Miller, Regional Director at Buckingham Strategic Partners. Before joining Buckingham, Matt worked as an Associate Regional Director for Dimensional Fund Advisors. At Buckingham, Matt manages the Associate Regional Director's team, which serves advisors, start-ups, and clients interested in partnering with the company.

Matt talks with Steve about his life and business experiences, how conviction usually leads to vulnerability, and how vulnerability plays an important role in creating strong relationships with clients.

Key Takeaways

• [01:44] - How Matt came to join Buckingham Strategic Partners.
• [05:48] - People who had a significant impact on Matt's life.
• [10:10] - How Matt knows if an advisor has a conviction.
• [13:09] - What Matt did to overcome advisors' resistance.
• [14:57] - How an advisor runs a great practice.
• [17:36] - What Matt usually talks about during client events.
• [20:29] - The qualities that make advisors more successful.
• [24:48] - What advisors need to do to avoid burnout and keep their passion high.
• [26:13] - How Matt spends his time outside of work.
• [27:27] - What Matt learned from people who have had the biggest impact on his life.

Quotes

[08:02] - "As I begin to see the power of relationships, I see those things that I thought were my biggest weakness could be my biggest strength if I embraced them." ~ Matt Miller

[09:55] - "We need to wake up every day, and we don't want just to strap our shoes on to go to the office. We wanted purpose, conviction, and passion behind what we do." ~ Matt Miller

[12:13] - "To have conviction, you have to have the ability and the skills. You can't just think you're doing a good job. You have to know you are doing a good job." ~ Matt Miller

Links

• Matt Miller on LinkedIn
• Dimensional Fund Advisors
• Bo Cornell
• Jeffrey Levine
• Michael Kitsis

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• Buckingham Strategic Partners

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Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third-party data which may become outdated or otherwise superseded without notice. Third-party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)

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Financial independence and security are life goals. They are something that most people aspire to achieve. And while there's no magic bullet for financial success, one important step you can take to give yourself the best chance of achieving your financial goals is life planning.

In this episode, Steve talks with Joe Delaney, Founder and Managing Director at Lifeguard Wealth. With more than 35 years of financial industry experience, Joe founded Lifeguard Wealth to help others realize their goals and dreams. He reinforces his seasoned experience as a wealth manager, corporate executive, business owner, real estate owner and broker, CPA, and community leader, by collaborating with a national network of financial professionals and academic thought leaders.

As a former ocean lifeguard in his youth, Joe integrates his first responder mentality and talks about what it means to be a life planner. He also speaks about the tools needed to understand the client's most profound goals, what motivates him to start his advisory firm, and how he establishes long-term client relationships.

Key Takeaways

• [01:30] - How Lifeguard Wealth serves its clients.
• [04:01] - How Lifeguard Wealth got its name.
• [08:12] - Joe's professional career before Lifeguard Wealth.
• [10:04] - What it means to be a life planner.
• [16:18] - How Joe defines the line between client relationships and advisory work.
• [18:38] - How Joe establishes long-term client relationships.
• [21:03] - What motivated Joe to start his advisory firm.
• [25:31] - Joe's approach to working with multi-generational clients.
• [30:33] - What was Joe's client engagement like during the pandemic.

Quotes

[10:54] - "We're only on this earth for a very short period of time, so why not live your best life." ~ Joe Delaney

[19:12] - "It's important to get to know clients and ensure they're going to be a good fit. Not every client's the right client, and we're not always the right advisor for a client opportunity." ~ Joe Delaney

[22:26] - "Referrals are the currency of ProVisors. I'm consistently the number one giver in my group. I have plenty to give, and when you give, you do receive." ~ Joe Delaney

Links

• Joe Delaney on LinkedIn
• Lifeguard Wealth
• ProVisors
• PGIM Real Estate
• Lend Lease
• Property Capital LLC
• Blackstone
• Kinder Institute of Life Planning
• George Kinder
• EVOKE Life Planning Training
• John Bowen
• CEG Worldwide

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• Steve on LinkedIn
• Buckingham Strategic Partners

Subscribe and stay in touch

• Apple Podcasts
• Spotify
• Steve on LinkedIn
• Follow Buckingham Strategic Partners on Twitter

Disclosure

For informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is based upon third party data which may become outdated or otherwise superseded without notice. Third party information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Some analysis presented is based off current economic information and may become outdated or irrelevant without notice. Individuals should speak with their qualified financial professional based on his or her unique circumstances. Neither the Securities and Exchange Commission (SEC) nor any other federal or state agency have approved, determined the accuracy, or confirmed the adequacy of this podcast. © 2022 Buckingham Wealth Partners, LLC. Buckingham Strategic Wealth, LLC and Buckingham Strategic Partners, LLC (collectively, Buckingham Wealth Partners)

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At its core, financial life planning is about taking a holistic approach to your finances. It's about understanding how your money fits into your overall life and ensuring that your financial life aligns with your values and goals. But financial planning is not just about numbers. It's also about building relationships.

In this episode, Steve talks with Ronald Bernstein, Co-Founder and Managing Member of Prism Planning Partners. Ronald became a financial advisor in 2005 after working for years as a Certified Public Accountant and CFO of a publicly-traded medical supply company. After over a decade of experience, he founded Prism Planning Partners in 2018. Alongside co-founders, they set out to establish a different kind of financial planning experience that embraced the multi-faceted emotional, human elements of life planning and sophisticated, analytical financial planning.

Ronald talks with Steve about how he and his team have built a firm serving 75 households and 130 million assets after just five years. He also speaks about how he blends traditional planning with life planning and strategies they use to focus on the bigger priorities for their business and clients.

Key Takeaways

• [01:19] - What Prism Planning Partners can offer clients.
• [02:47] - The difference between planning and investing.
• [04:59] - An overview of Ron's career before founding Prism Planning Partners.
• [06:43] - What led Ron to start his advisory firm?
• [08:01] - How Ron builds relationships with potential clients.
• [14:01] - What Ron does to market his services to a broader audience.
• [18:06] - A game-changing strategy that gives Ron more freedom to do more.
• [22:35] - Prism Planning Partners' ideal clients.
• [26:45] - How Ron prepared himself to provide effective client service.
• [33:01] - How Ron stays current with best practices in planning and advising.

Quotes

[24:14] - "Financial planning allows clients to advance their particular needs without offering up or giving their assets to an advisor." - Ronald Bernstein

[26:59] - "Life is a series of building blocks. And when you get into a situation where you can go on your own, you have to take the best of everything you learned. And a lot of that comes from the mistakes you've made along the way." - Ronald Bernstein

[28:28] - "The relationship-building component and earning somebody's trust are paramount to longevity in the advisory business." - Ronald Bernstein

Links

• Ronald Bernstein on LinkedIn
• Prism Planning Partners
• Money Quotient

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• Steve on LinkedIn
• Buckingham Strategic Partners

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When Eric graduated from law school, his goal was to become a sports lawyer, helping athletes untangle their complicated web of money, taxes, and asset protection. In fact, as a relief pitcher in his younger years, Eric started his career giving advice from the bullpen.

Despite his enthusiasm, when he started his first job at a law firm, Eric realized that being on the clock prevented authentic conversations and deep relationships with clients. Trying his hand at an insurance agency and trust company, Eric figured selling products and focusing solely on asset management wouldn’t fulfill him either. Launching Amphora Wealth Management in 2011, Eric found the destination his career had been leading him to all along.

In this episode, Eric talks with Steve about how practicing law shaped his relationship with clients, the importance of redefining what success looks like, how Eric built a process for ensuring authentic client conversations, and why clients’ comments about why they’ve left previous advisors is a telling reminder for us all.

Key Takeaways

• [01:19] - An overview of Amphora Wealth Management.
• [03:21] - Why Eric hasn’t needed to expand his staff.
• [06:20] - What Eric was doing before wealth management and his decision to form Amphora.
• [13:26] - How Eric describes his relationship with clients and his philosophy on honest advice.
• [18:53] - Why ambiance matters in Eric’s discovery meetings.
• [20:47] - The major difference between being an estate planner and acting as a comprehensive advisor.
• [23:26] - Why Eric spends less time fixing previous mistakes and his general approach to making corrections.
• [25:11] - What Eric’s client base looks like.
• [27:08] - The challenge of working with metric-minded clients.
• [29:41] - What Eric spends the most time on with clients.
• [33:15] - How Eric handles clients who aren’t a strong fit.
• [36:45] - How Eric stays abreast of financial trends.

Quotes

[18:15] - “You have to really understand your client and how to deliver the message and when to deliver the message. They might not be ready to hear what you have to say.” ~ Eric Sobocinski

[25:00] - “The more time we have, the better we know the clients, the better we’re able to give them advice.” ~ Eric Sobocinski

[36:19] - “If anyone calls and you don’t want to talk to them, they probably shouldn’t be your client.” ~ Eric Sobocinski

Links

• Eric Sobocinski
• Amphora Wealth Management
• Amy Waheed
• Northwestern Mutual
• Dimensional Fund Advisors
• Rose Bowl Parade
• The University of North Carolina
• Villanova University
• Duke University
• Philadelphia Phillies

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• Steve on LinkedIn
• Buckingham Strategic Partners

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Long-standing traditions can evolve over time. Especially when calls for evolution come from paying clients. For example, Bland Garvey, a 54-year-old CPA firm, added a wealth advisory arm in 2005. While the move was major, John Garvey Jr. calls it the best business decision in the firm’s five decades. And not just because business boomed.

Aside from attracting more prospects, the move transformed the relationship advisors at Bland Garvey developed with clients. More transactional in years prior, John noticed his bond with clients deepening as his scope of work broadened.

John’s work in wealth advisory was something existing clients specifically requested. Even before the switch to wealth management, John prioritized his relationship with clients. From the office setup to the structure of initial client conversations, every decision at Bland Garvey is made with clients' best interests at heart.

In this episode, John talks with Steve about Bland Garvey’s decision to add wealth advisory services, why John’s service model and team approach are important, how the office is designed to enhance the client experience, John’s perspective on client evolution, and why an investment philosophy is essential to John’s performance as an advisor.

Key Takeaways

• [01:11] - An introduction to John and Bland Garvey Wealth Advisors.
• [03:53] - What prompted Bland Garvey to add wealth advisory services.
• [06:25] - Why John and Bland Garvey focus on the client-advisor relationship.
• [08:34] - How the structure of John’s meetings helps clients open up.
• [12:25] - Why John’s relationship with clients feels less transactional.
• [14:21] - How upgrading Bland Garvey’s office space transformed the client experience.
• [18:03] - The strategic logistics behind John’s initial client meetings.
• [21:52] - How client needs have evolved over the years.
• [24:24] - Why having an investment philosophy is invaluable.
• [26:22] - Why Bland Garvey has a team approach.
• [30:21] - How frequently John meets with clients.
• [35:13] - What John wishes he could have done differently.

Quotes

[06:11] - “It’s probably been the single best business decision we’ve made in the history of the firm and that’s to add the wealth advisory work.” ~ John Garvey Jr.

[22:08] - “I would challenge the idea that the client’s needs have evolved. I think the clients’ needs have remained fairly consistent, we just better understand what they need and we’re now better prepared to offer them what they need. And sometimes they don’t even know what they need and it’s our job to have this conversation to go beyond the investments.” ~ John Garvey Jr.

[33:09] - “When the ‘you-know-what’ hits the fan, we try and be proactive. We’re not alarmists either, we don’t overdo the communication every time there’s a blip in the market because we want the clients to sense our confidence. If we give the impression that we’re panicking, it gives them permission to panic.” ~ John Garvey Jr.

Links

• John Garvey Jr.
• Bland Garvey Wealth Advisors
• Dimensional Fund Advisors
• Dan Wheeler

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• Steve on LinkedIn
• Buckingham Strategic Partners

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Regardless of where he is, who he’s speaking to, or what they’re talking about, Bridger Parsons prides himself on being consistent. In his words, consistency of character is the hallmark of a great advisor.

One of Bridger’s core values is connecting with clients before diving into the nuances of their portfolios. At Old Town Wealth Advisors, Bridger and his advisors plan with goals, performance, and people in mind.

In this episode, Bridger talks with Steve about avoiding technicalities and embracing what’s personal, why frequency beats length and quality, the types of clients Bridger prefers meeting, and how Bridger prioritizes over a hundred client relationships.

Key Takeaways

• [02:02] - An overview of Old Town Wealth Advisors.
• [04:33] - How and why Bridger’s firm evolved into a full-service, holistic planning company.
• [08:42] - What a typical week looks like for Bridger.
• [11:32] - How Bridger prioritizes contact with his 125 clients.
• [12:48] - Why Bridger removes formality from his client conversations.
• [16:39] - Why Bridger prefers clients who value the relational aspect of a client-advisor relationship.
• [17:21] - What a typical review meeting looks like at Old Town Wealth Advisors.
• [19:11] - What tactical resources Bridger uses in client review meetings.
• [20:04] - How Bridger fosters a community among advisors and clients.
• [21:44] - How Bridger grows his firm.
• [23:59] - What makes a client discovery meeting successful (and enjoyable).
• [25:56] - Why remaining active in his community energizes Bridger.
• [26:47] - What Bridger strategically outsources.
• [29:08] - What language Bridger avoids when speaking to clients.
• [33:03] - How other people have shaped Bridger’s advisor ideas.

Quotes

[16:49] - “It’s not rewarding, even if it might be financially rewarding, to work with someone that, at least in my opinion, I don’t have that connection with or that relationship with.” ~ Bridger Parsons

[28:36] - “The old saying, ‘personal finance is more personal than finance,’ I’ve always adhered to that idea. There are so many other avenues outside of building and designing and managing portfolios that I think have a bigger impact on their financial goals in the long run that that’s where we tend to focus our energies.” ~ Bridger Parsons

[35:25] - “I think the greatest thing about this industry is that we get to work with fascinating people that have had fascinating lives. They built careers, businesses, and lives in unique ways and it’s a pleasure for me to be able to hear those stories.” ~ Bridger Parsons

Links

• Bridger Parsons
• Old Town Wealth Advisors
• MoneyGuide
• Colorado State University

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• Steve on LinkedIn

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David and Nancy Bailin lead their team of advisors with clear values: servant leadership, personalized care, and integrity. Those core values have led Personal Wealth Strategies through a global pandemic, an acquisition during remote work, and a slew of clients who lean on the team at Personal Wealth during times of hardship.

David and Nancy know that stating your values and believing in a client-first experience is nothing new. It’s the follow-through that counts. Do what you say you will, no matter how minor the statement.

In this episode, David and Nancy Bailin talk with Steve about why their thoughtfulness drives team decisions and the client experience, how they managed a significant acquisition and added an additional team member during tough times, why systems and processes are integral to their business success, and what inspirational challenge they’ve posed for fellow financial advisors.

Key Takeaways

• [01:24] - An introduction to Personal Wealth Strategies.
• [03:56] - What operations Nancy manages and how that complements Buckingham’s services.
• [05:38] - What Personal Wealth’s core values are.
• [09:33] - How David and Nancy maintain their team’s longevity.
• [12:05] - How David and Nancy integrated a new firm.
• [18:36] - Why Personal Wealth lost a few clients in the merger.
• [23:14] - Personal Wealth’s process for keeping customers engaged.
• [31:39] - How David and Nancy categorize clients.
• [37:01] - How Personal Wealth employees are empowered to impact the lives of clients.

Quotes

[07:35] - “I view the role that we play as providing comfort to our clients. We provide comfort to our clients through the advice and coaching that we provide them. And we want to be able to let them have hope for the future. We want them to walk out of the office and to have a smile on their face because they can see that they have confidence in the goals that they’ve set and that they’re going to achieve those goals.” ~ David Bailin

[09:03] - “Maintaining that culture of openness, respect, a team approach. When you have that type of synergy, the clients feel that as well. So the mindset here in this office is just that, it is servant leadership. And everything we do is seen through that lens.” ~ Nancy Bailin

[16:08] - “Clients look for that predictability, particularly in turbulent markets. But they want to know that you’re going to be there for them when things get rough, and the way they know that is you do what you say you’re going to do.” ~ David Bailin

Links

• David Bailin
• Nancy Bailin
• Personal Wealth Strategies
• Justin Rice
• Denise Walker
• Diane Moscatello
• Ian Mindas
• Princeton University
• LinkedIn
• Redtail
• Parallo
• Ugg
• Etsy

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• Steve on LinkedIn
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What if a room could make the difference between a distracted client and an authentic conversation? With help from Buckingham’s Design Build Protect process and life map cards, Paul Ragone of Integrity Wealth Services has designed such a room.

Surprising with a location change, Paul introduces clients to what he calls the “experience room.” A room with dimmer lighting, darker walls, and a stack of questions encouraging strangers to share what’s really driving their financial lives, their financial dreams, and their financial fears.

This experience in a small room has led to more referrals and more growth than Paul’s ever experienced. And that growth took place without adding a single staff member.

In this episode, Paul talks with Steve about overcoming his fear of growth, the method behind Paul’s five meeting client experience process, how Paul initiates more authentic conversations amongst prospective clients, why Paul started focusing on SEO, and how Paul created an in-house one-stop-shop for client services.

Key Takeaways

• [01:24] - A brief introduction to Integrity Wealth Services and Integrity’s unique domain name.
• [03:57] - How Paul built his firm into a one-stop-shop for advisory planning.
• [07:29] - The method behind Paul’s intricate client onboarding process.
• [09:57] - How prospective clients (and Paul) react to Paul’s “experience room.”
• [13:17] - Why Paul’s strategy initiates more authentic conversations among prospective clients.
• [15:12] - What Paul’s prospective clients experience in meeting three.
• [17:06] - How Paul steers prospective clients towards alternative solutions.
• [18:32] - How Paul incorporates in-house CPA and estate planning services.
• [20:05] - How clients react to Buckingham’s life map cards.
• [25:10] - Why Paul prefers in-person meetings to remote calls.
• [28:03] - How Paul commonly receives client referrals and why Paul plans to take existing clients through the life map/”experience room” process.
• [31:11] - How Paul stays educated on new and developing client resources.
• [31:50] - What Paul’s working on to continue enhancing the client experience.

Quotes

[12:28] - “Here’s the thing. I think if I told them in the previous meeting that the next meeting was going to be in a different room and have these cards and all that, I think the experience would not be the same. So I like to keep them off guard. And as a result, the conversations are amazing, and honestly, sometimes even emotional.” ~ Paul Ragone

[28:48] - “I’ve noticed that the referrals that we are receiving, which has been quite a bit from our clients lately, have been the ones that have gone through that experience room. That definitely resonated with them and those are my biggest referral sources.” ~ Paul Ragone

[32:17] - “CPAs are more focused on this year or maybe next year. Whereas we have to look down the road maybe 20 years or more in some cases. So Holistiplan, and I should say the new tax planning module MoneyGuide, really do a great job with that. And I’m constantly looking for ways to improve the client experience and really add value to this relationship that I have with them.” ~ Paul Ragone

Links

• Paul Ragone
• Integrity Wealth Services
• Maria Ragone
• Dan Goldie

• FASuccess Ep 131: The (Nearly) $1B Solo Advisor: Scaling Up Client Focus By Outsourcing Everything Else, with Dan Goldie

• The Admired Advisor: Simplifying Structure and Building a Family Office with Alfredo Mesa
• U.S. Planning Group
• Buckingham Design | Build | Protect
• Holistiplan
• Zoom
• Facebook

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• Steve on LinkedIn
• Buckingham Strategic Partners

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Lessons from a strong leader apply to every managerial role. Whether you oversee employees, advisors, clients, or whomever, the principles of management are universal. Wendy Hartman, President of Buckingham Strategic Wealth, is no stranger to practicing what she preaches, applying the same leadership and communication skills to her advisors as she expects advisors to do for their clients.

Before she led advisors through client relationships, Wendy was establishing relationships of her own. Eventually, after time spent as a credit analyst and a Master’s Degree in Finance, those relationships landed her a role in wealth management. There, Wendy worked hands-on with clients for the first time, learning to serve clients well and truly understanding the importance of being a fiduciary. That time spent with clients and career-long friendships also introduced Wendy to Buckingham.

In this episode, Wendy talks with Steve about the value of friendship, how Wendy’s relationship framework guides her philosophy on managing teams and clients through periods of growth, how to build and maintain a positive work culture, invaluable strategies for avoiding conflict, and the one career lesson Wendy wishes she’d learned earlier.

Key Takeaways

• [01:11] - How Wendy became Buckingham’s president.
• [03:20] - What Wendy’s career looked like before Buckingham.
• [06:36] - How Wendy approaches goals and what goals she has for Buckingham.
• [10:18] - How Wendy manages relationships throughout periods of busy growth.
• [13:55] - Why Wendy’s relationship strategy with advisors mirrors the advisor-client relationship she encourages.
• [15:18] - How long it takes new teams, new branches, and new offices to fully integrate into Buckingham’s and shared vision.
• [17:48] - How Wendy helps advisors eliminate distractions and focus on client relationships.
• [21:05] - What a typical team looks like within one of Wendy’s offices.
• [23:10] - What characteristics Wendy looks for when adding team members, and her process for identifying those characteristics.
• [27:04] - Why talent will choose Buckingham in a competitive market.
• [29:10] - How Wendy handles conflict among advisors.
• [32:46] - An important lesson Wendy wishes she learned earlier.
• [34:02] - An advisor Wendy aims to emulate.

Quotes

[06:17] - “Throughout all of the different positions I’ve held, it’s always been a focus on the clients and serving clients well, and I would just really credit all of those different experiences to really being able to then connect with all the clients I’ve served over the years.” ~ Wendy Hartman

[13:35] - “When everyone is part of what the growth is, what is being communicated, and they feel a part of it, we’re able to achieve really amazing things together.” ~ Wendy Hartman

[24:17] - “The wealth advisor in particular, it has to be a strong leadership mindset and that people will want to follow you. And what I mean by that is, clients will work with our advisors because of who our advisors are.” ~ Wendy Hartman

Links

• Wendy Hartman
• Bank of America
• Bert Schweizer

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• Steve on LinkedIn
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Rarely is one’s career path a straight line. In most cases, an unlikely side step corrects our path forward. Alfredo Mesa’s journey is no exception. When Alfredo graduated with a degree in finance, his only options were brokerage firms, insurance companies, and banks. Missing that element of intimate financial planning, Alfredo turned to entrepreneurship and, eventually, real estate. Then one day, Alfredo sold property to a CPA who suggested he consider RIAs if financial planning was his end goal. The rest is history.

Today, Alfredo runs Mesa Financial Group, adhering to the Dan Goldie method of simplifying everything. He’s a team of one who believes in building relationships with clients as they’re building their wealth while fostering relationships with CPAs and attorneys. Beyond business partners, Alfredo favors managing clients over managing employees. So although he’s the only captain at his ship’s wheel, Alfredo’s found a system that allows him to remain engaged with a growing roster of clients.

In this episode, Alfredo talks with Steve about his method for doing it all while finding time for his clients, his perspective on staying flexible for both clients and himself, and the strong convictions behind his “why”.

Key Takeaways

• [01:11] - An introduction to Alfredo and Mesa Financial Group.
• [04:00] - How Alfredo transitioned into financial planning.
• [04:41] - Why Alfredo chose the RIA model.
• [10:07] - Why Alfredo is so intentional with his business model.
• [14:22] - How Alfredo determines what’s worth his time.
• [16:42] - How Alfredo defines himself.
• [18:00] - How Alfredo manages to stay sharp on the nuances of financial planning, and why relationships have helped him better serve his clients.
• [21:05] - Who Alfredo’s “ideal client” is and how he determines whether or not a potential client will be a good fit.
• [23:25] - What Alfredo discusses in the first client meeting.
• [27:51] - Why Alfredo doesn’t mind letting go of clients who aren’t a strong fit.
• [30:15] - How Alfredo created a client-focused firm while maintaining his one-man structure.
• [33:57] - How and when Alfredo meets with clients.
• [42:21] - What Alfredo believes his client capacity is.
• [44:08] - What Alfredo’s working on that he believes will enhance the client experience.

Quotes

[05:08] - “One of the things that I constantly work hard on is: I try to simplify my practice as much as possible. And to some extent, I carry that with our clients. Let’s not complicate your planning, let’s not complicate your investments any more than we need to.” ~ Alfredo Mesa

[07:20] - “We always try to work with, as clients, people who share the same values, the same beliefs, when it comes to portfolio management, and planning, and ethical views, and morality, and so forth and so on. I think that applies to who you’re doing business with and serving those particular clients.” ~ Alfredo Mesa

[41:42] - “Clients don’t know how this should work. This financial planning thing for most of our clients is new. We can set the expectations so they know what to expect and what this is going to look like. And I find that sets them at ease and gives you the opportunity to deliver exactly what you’re telling them is going to happen.” ~ Alfredo Mesa

Links

• Alfredo Mesa
• Mesa Financial Group
• Dan Goldie
• Dimensional Fund Advisors
• U.S. Planning Group
• CI Assante Wealth Management

Connect with our hosts

• Steve on LinkedIn
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Years ago, as two companies faced a tough merger, April Aandal sat in a room full of advisors, agenda in hand, trying her best to foster a productive meeting. But the room was distracted and uninterested in the bullet points she’d prioritized. Instead, they were interested in their own agendas. When the advisors slowly began turning to one another, sharing their anxieties and leaning on a room full of perspectives, April tossed out her agenda, sat down, and simply listened.

That one experience taught April how to become a part of the table versus striving to lead outside of it. Her current role as a Sr. Relationship Specialist at Avantis is all about educating investors on the investment offerings available to them. And part of that responsibility entails being the steady guide in a room full of advisors. She’s a proponent of advisor “study groups”, but as she points out, there’s a right way and a wrong way to convene.

In this episode, Steve and April discuss how April creates a positive and productive environment for advisors to convene, the incredible growth she’s seen in advisors after joining study groups, the importance of vulnerability, and the dos and don’ts for facilitating advisor education.

Key Takeaways

• [01:25] - An introduction to April.
• [03:15] - How April’s previous achievements led her to Avantis.
• [10:06] - What evolution April has seen in advisor-client relations since 1999.
• [14:51] - What makes a great study group.
• [18:07] - How to benefit from and successfully contribute to an advisor study group.
• [20:46] - Why transparency and vulnerability are important and how to build trust amongst advisors.
• [27:59] - How to manage expectations in a study group.
• [32:04] - Why advisors have a fiduciary responsibility to bring awareness and choice to their clients.
• [34:35] - How advisors can find a community and why they’re invaluable.
• [39:33] - What April’s working on that excites her.

Quotes

[13:02] - “In order for something to be successful, and on the theme of collaboration, if you’re co-creating with the client, sitting beside the client as opposed to across the table from the client, they’re less likely to just sabotage the plan and they’re more likely to lean into it and own it for themselves.” ~ April Aandal

[15:19] - “You can’t make [study groups] prescriptive. It has to be organic. Communities are organic in nature. People come into a space because it’s relevant for them. And they will stay in a space or an interaction while it remains relevant.” ~ April Aandal

Links

• April on LinkedIn
• Avantis Investors Home

Connect with our hosts

• Steve on LinkedIn
• Buckingham Strategic Partners

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When Chris Williams began his career in a small accounting department, he missed interacting with the people on the other end of his spreadsheets. As he transitioned into financial services and advanced through large advisory firms, that desire to build close relationships with clients persisted. While he got close, nothing compares to the bond you establish with clients building an RIA of your own.

So Chris did just that. Today he serves a niche client base – primarily baby boomers and serial entrepreneurs. He’s an intimate player in his clients’ financial lives and that responsibility has more than fulfilled his desire to work closely with the people he serves. In fact, Chris views clients as an extension of his family rather than a cohort of strangers. Even when he left a larger firm to launch his RIA, Chris’ primary concern wasn’t his own well-being, but that of his clients who faithfully followed.

In this episode, Steve and Chris discuss how Chris built a team of experts to serve clients holistically, his selective approach to onboarding new clients, how previous experiences at larger firms shaped his current practice, and Chris’ secret to maintaining strong relationships with clients through good times and bad.

Key Takeaways

• [01:58] - An introduction to Chris and Capital Fiduciary Advisors.
• [03:16] - What prompted Chris to launch his own RIA and the niche market Chris serves today.
• [06:44] - How the desire to serve and develop deeper relationships with clients drove Chris’ career decisions.
• [08:51] - How Chris determines if potential clients are a strong fit.
• [13:46] - Why Chris prioritizes maintaining relationships in times of change.
• [17:19] - How Chris brought over tools and resources from his previous firm into his own RIA.
• [20:56] - What key mistake Chris made throughout his career.
• [21:58] - How Chris offboards clients who aren’t the best fit.
• [27:02] - What Chris’ ongoing client meetings look like.
• [30:31] - How Chris built out an expert team to deliver strategies beyond a client’s investment portfolio.
• [36:21] - What Chris wishes he could do differently.
• [38:02] - What Chris is working on now.

Quotes

[14:01] - “I’ve always believed that you take the high road and you be honest with everybody along the way. It usually comes full circle — providing complete transparency and just having those difficult conversations.” ~ Chris Williams

[35:37] - “If you think about why I evaluate clients the way that I do, I guess it resonates like this: I am applying for a job with somebody, and do I want to work for that person?” ~ Chris Williams

[38:49] - “There is enough people for us all to serve, but how can we really refine it to serve those people as best as we can? And that’s been very refreshing for me in the independent advisory group, of a lot of people like-minded such as yourself trying to put this type of material out there to help other people and advance the greater good in our profession.” ~ Chris Williams

Links

• Chris on LinkedIn
• Capital Fiduciary Advisors
• Merril Lynch
• Questions Great Financial Advisors Ask...And Investors Need To Know

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• Steve on LinkedIn
• Buckingham Strategic Partners

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In the late 90s, Eric Clarke was running an RIA firm and needed a reliable tech solution to increase efficiencies and improve the client experience. Unfortunately, nothing available to Eric worked at the level his firm required. Fiduciary RIAs were still an emerging trend and the tech world was slow to catch on. So Eric decided to develop solutions himself. In December 1999, Orion Advisor Services was born.

Eric believes that Orion’s growth is largely a testament to the success of independent advisors over the years. But it’s not just the rise of the independent fiduciary that accounts for Orion’s tremendous success. It’s also the way Eric approaches decision-making and the values that lead Eric to industry-disrupting solutions.

In this episode, Steve and Eric discuss Eric’s vision for starting Orion, how Eric consistently makes decisions that disrupt the industry, the frameworks he follows in business and in life, and where every great idea should originate.

Key Takeaways

• [01:47] - A brief introduction to Eric and Orion’s origin story.
• [05:55] - What technology and resources were unavailable for RIA firms when Eric started Orion.
• [08:53] - How Eric allocates resources and makes big decisions.
• [13:32] - What changes Eric has seen in the advisor value proposition over the last twenty years and how Orion has adapted accordingly.
• [16:07] - Why Eric focuses on client outcomes over higher returns.
• [19:31] - How Eric decides what resources to build from within versus what resources to outsource.
• [25:10] - How Eric helps frustrated advisors elevate their value proposition.
• [27:30] - Where Eric draws his inspiration.
• [29:48] - How simple frameworks keep Eric level-headed as he’s disrupting the industry.
• [31:40] - How Eric learns from advisor feedback.
• [34:52] - What exciting things Eric is working on at Orion.

Quotes

[17:44] - “Allowing our advisors to truly understand their clients at a deeper level, understand what they’re trying to accomplish, understand what they value, will allow us to then not only have a better connection with that investor, but it will put the advisor in position to provide better coaching advice during volatile periods.” ~ Eric Clarke

[28:27] - “The thing that excites me is thinking about the innovative ways that we can be helpful to our advisors, how we can disrupt the traditional ways of thinking, and ultimately help advisors win more than their fair share of opportunities. I’m a firm believer that there’s not a better way for an investor to achieve success than being aligned with an independent fiduciary advisor.” ~ Eric Clarke

Links

• Eric on LinkedIn
• Orion Advisor Services
• The Social Dilemma
• HiddenLevers
• BasisCode
• Advizr
• Traction by Gino Wickman

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• Steve on LinkedIn
• Buckingham Strategic Partners

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Do you ever wish you could have a financial do-over? Jim Crider spent the first few years of his career speaking to clients and wishing he could turn back their financial clocks. After all, just a few poor decisions early in life can derail a meaningful retirement and leave you racing to the finish line.

While many advisors gravitate toward clients who’ve accumulated a substantial nest egg, Jim has done something different. And when you specialize, your services are all the more valuable.

Besides a bold choice in clientele, Jim launched his business mid-pandemic and just three weeks before the birth of his third child. Navigating remote relationships and year one as a business owner has certainly been challenging, but Jim’s success can be attributed to the same skillset he provides clients: planning.

In this episode, Jim talks with Steve about his refreshing ideas on frameworks, the tools he uses to deliver a superior client experience, how he launched a successful practice mid-pandemic, and how he discovers what’s really important to clients while reminding them of those values every step of the way.

Key Takeaways

• [01:16] - An introduction to Intentional Living FP.
• [03:31] - How many families Jim works with.
• [04:12] - How Jim launched a firm in the middle of a pandemic.
• [08:08] - How Jim markets himself.
• [10:11] - How Jim makes his compensation work with a younger demographic (a breakdown of his fee structure).
• [13:32] - Why Jim tries to uncover his clients’ “big rocks” in every conversation.
• [21:22] - How Jim keeps that first enriching client conversation going.
• [27:04] - Why Jim is particular about who he works with.
• [29:21] - Why Jim’s clients aren’t concerned about the economy.
• [30:47] - How Jim structures client communication.
• [33:30] - When Jim thinks he’ll need to expand his operation.
• [35:39] - What resources Jim leverages to stay sharp.

Quotes

[19:34] - “Very rarely does someone even ask, ‘hey what’s important to you in life? Who do you want to be and what do you want to do?’ And that’s just so freeing.” ~ Jim Crider

[25:41] - “This is about your life. You said this is important to you, let's do it. So that is how we keep that flame going — making sure we’re not neglecting it. It’s not about the money. We could do the best tax planning ever, if the taxes saved and the investments made don’t serve that purpose, we’ve missed the mark. ” ~ Jim Crider

[27:59] - “My job is to understand and help people get very articulate of what’s important in life. And I simply come alongside and help them use their money in the most efficient and effective way to help them serve that purpose. It’s that simple.” ~ Jim Crider

Links

• Jim Crider
• Intentional Living FP
• Amazon
• George Kinder’s Three Questions for Financial Life Planning
• Carl Richards
• Kitces & Carl Ep 75: Crafting A Statement of Financial Purpose To Find The Client’s Financial Why
• Wealthbox
• Bitcoin
• Michael Kitces
• Reese Harper

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• Steve on LinkedIn
• Buckingham Strategic Partners

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Sometimes our past informs our future. Often, that connection is unexpected and unpredictable, as was certainly the case for Mike Dixon. Mike was working at Chevron when he began thinking about the idea of transitioning into financial services. When the time finally came to begin his business full-time, Chevron graciously left Mike to handle outplacement for retirees. Through that process, Mike obtained about 40 to 50 clients per week and so began his new career as a financial advisor.

Grateful for the opportunity from his former employer, Mike brings intentional gratitude into every aspect of his practice today. He’s grateful for the clients who trust him enough to introduce their family members and friends, and he’s sure to remind clients of the power gratitude has to transform their lives.

In this episode, Mike talks with Steve about how his practice has evolved over the last 30 years, the power of gratitude, how to disagree and offboard gracefully, fostering client trust, and why he hasn’t abandoned old-school gestures despite the technology all around us.

Key Takeaways

• [01:41] - An introduction to Mike and Dixon Financial Services.
• [03:28] - How Mike’s career before advising launched his future as a financial advisor.
• [06:52] - How Mike’s team is structured.
• [09:47] - What an introduction really means to Mike and his business.
• [12:15] - Why clients trust Mike with referrals.
• [13:54] - How Mike shows appreciation for the people who make introductions.
• [16:01] - What Mike’s first client meeting looks like and how it has evolved over the years.
• [18:21] - How Mike resists the urge to overshare financial knowledge in client meetings.
• [20:53] - How Mike handles clients that are no longer a great fit.
• [24:30] - How to offboard clients gracefully.
• [29:31] - How Mike leans on specialists to fill in the gaps of his holistic approach.
• [31:34] - What trends have evolved in Mike’s 32-year career and how he has managed to evolve alongside them.
• [34:46] - What motivates Mike.
• [35:58] - Where Mike refuses to compromise.

Quotes

[09:01] - “We work as a team, we don’t have individual clients, we just all serve the clients of the firm, and we all work to get to know the clients and it’s been a good process.” ~ Mike Dixon

[10:39] - “I think it’s the greatest compliment that can be given. When an introduction comes, it just means so much to us that somebody would entrust us with either a loved one or a close friend.” ~ Mike Dixon

[26:27] - “We want to be as positive or more positive when a client leaves [versus] when they come on. We want them treated at least equally, if not better.” ~ Mike Dixon

[33:20] - “Our main focus in the earlier days was thinking we were just about investments, to knowing we’re much more than that. We’re driving to quality of life, to helping people improve their life.” ~ Mike Dixon

Links

• Mike Dixon
• Dixon Financial Services
• Wayne Freeman
• Walter Au
• Tyler Mullen
• Chevron
• Behavioral Finance: The Second Generation
• Meir Statman
• Dan Wheeler
• DFA
• Dr. Randall Stutman
• Alex Potts
• Learning To Dance in the Rain: The Power of Gratitude

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• Steve on LinkedIn
• Buckingham Strategic Partners

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Shaw Pritchett spent 20 years as a tax accountant at Jackson Thornton, before transitioning to the asset management side of the business in 2015. Now in his eighth year as a holistic wealth advisor, Shaw has added “navigating a global crisis” to his resume.

In 2020, even as a pandemic sent the world spinning, Shaw kept his team calm and focused, accommodating their needs, and continuing to grow Jackson Thornton despite it all. Shaw attributes his success to personal growth as an advisor and the patience he learned playing professional golf.

In this episode, Steve talks with Shaw about making the leap from accounting to wealth management, how he encourages clients to set big financial goals, avoiding a task-oriented mindset, acting like a team player, thriving during a pandemic, and what professional golf has taught Shaw about communicating with clients and coming out on top.

Key Takeaways

• [01:16] - An introduction to Shaw and the origin story of Jackson Thornton.
• [02:40] - How Jackson Thornton has evolved and what the firm looks like today.
• [04:25] - How Shaw decided to take the leap into asset management after 20 years as a CPA.
• [07:17] - How Shaw's career as a professional golfer taught him valuable lessons as a financial advisor.
• [11:22] - How Shaw stays on top of an ever-changing marketplace.
• [13:00] - How Shaw’s communication style with clients has changed over the years.
• [14:26] - Why it’s important to listen to clients and understand first and foremost what their hot button issues are.
• [15:55] - How Shaw encourages clients to think big when setting goals.
• [19:01] - The importance of managing your limited time with clients.
• [20:55] - How Shaw was able to grow his business amidst a global pandemic.
• [27:35] - How Shaw manages referrals from clients.
• [28:51] - How Shaw views his role at Jackson Thornton.
• [32:26] - What Shaw would do differently if he could go back in time.

Quotes

[15:34] - “You really gotta get it to where you can relate on a client’s level and you want them to get through a meeting, get through an encounter, understanding what you’re saying. And I think in a lot of cases, stories and other ways to relate information to people other than just cold hard data and facts is probably a better way to go.” ~ Shaw Pritchett

[25:22] - “I am still working on the concept of being comfortable with silence in a meeting, I’m not really good about that. I’ve got partners that are a lot better at that than me. But I do think having that focus on letting the client have some airtime is important.” ~ Shaw Pritchett

[30:22] - “I don’t want it to be about Shaw. I think through the early part of my career, I’ve always been really competitive, and it needed to be about me and my recognition. And what I’ve learned throughout the years is, just because I succeed doesn’t mean someone else can’t succeed.” ~ Shaw Pritchett

Links

• Shaw on LinkedIn
• Jackson Thornton Asset Management
• RSM US Alliance
• Admired Advisor: Work Ethic, Critical Thinking, and Risk-Taking with Ernest Clark
• Huntingdon College
• NAIA
• Huntingdon Athletic Hall of Fame
• Alabama State Senior & Super Senior Four-Ball Championship
• Alabama State Match Play & Senior Match Play Championship
• The Discovery Booklet

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• Steve on LinkedIn
• Buckingham Strategic Partners

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As advisors eager to please and develop relationships with clients, it’s tempting to become a true chameleon. Blending in with every client, transforming into their reflection, and establishing such harsh boundaries that clients never meet the real you. Although there’s a time for mirroring clients, Megan Gorman believes in the power of authenticity when it comes to building close-knit relationships and fostering client loyalty.

Founder of Chequers Financial Management in San Francisco, Megan’s commitment to authenticity solidified her company’s tremendous growth over the past seven years. Specializing in high net worth clients, the chaos and emotion involved in high stakes financial decisions means that establishing close relationships with clients is all the more essential for the success of her business. Not to mention, having the backing of a team whose desire it is to learn and grow.

In this episode, Steve and Megan discuss the importance of paving your own path as an advisor, how to establish and maintain close relationships with clients, the one aspect of her business that Megan outsources, and what she believes is the real meaning of wealth.

Key Takeaways

• [01:11] - An introduction to Megan and Chequers Financial Management.
• [03:22] - What Megan looks for in potential team members.
• [03:46] - What Megan’s client niche is.
• [06:13] - Why Megan believes in authenticity and helping clients feel respected.
• [13:32] - How to remain an expert on everything while planning holistically.
• [20:00] - How to start the conversation with a potential client.
• [23:41] - How Megan developed her theory on authenticity.
• [30:49] - Why it’s important to have a point of view and remember what wealth really means.
• [35:30] - How to add value in a client relationship.
• [36:48] - How Megan finds referrals and grows her business.
• [39:40] - What Megan would change looking back at her career as an advisor.

Quotes

[05:22] - “When you’re an advisor you have to make choices on boundaries and where you’re going to let clients in and where you’re not. And there’s no right or wrong way to do it, I think you have to find what’s authentic to you. And the clients are drawn to advisors who are authentic. The ones who are the biggest successes, they are authentic and they are true to themselves regardless of what that style is.” ~ Megan Gorman

[11:37] - “You can connect with clients, you can be authentic with clients, you can emotionally engage and be an empath with them, but never forget that if we’re doing our job properly, we are also merely a mirror.” ~ Megan Gorman

[16:22] - “When you get into these high net worth and ultra high net worth clients, there's a lot of moving pieces: there’s the technical, there’s the decision-making, and then there’s the emotional. And you’re trying to balance all of them. And so when you work in that space, being close with the client, understanding that client, is really really really important.” ~ Megan Gorman

Links

• Megan on LinkedIn
• Chequers Financial Management
• Ayco
• Delaware Trust

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• Steve on LinkedIn
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Why are some advisors able to consistently grow their businesses, while others stagnate? Michael Kitces, Head of Planning Strategy at Buckingham, is here to define those small but powerful differences.

Like many advisors, Michael got his start in the insurance business, struggling to prospect anyone who’d listen. While his entry into the industry is certainly far from unique, the lessons he derived from a brief stint pushing product are somewhat revolutionary.

Michael believes this product-based introduction leaves advisors with unwanted professional baggage. Why? Because when it comes to building a business that lasts, propositioning every warm body doesn’t help you hone your niche or establish invaluable credibility. Becoming an expert, striving for consistency, and the practice of ongoing planning seal the deal.

In this episode, Steve and Michael discuss Michael’s other must-haves for success in the industry, his surprising take on fee compressions, planning for the long haul, and the inevitable evolution of financial planning.

Key Takeaways

• [01:22] - How Michael entered the financial industry.
• [06:37] - Why financial planning has evolved over the years.
• [13:36] - How financial advisors are adjusting to plans that don’t result in a “sale”, and a frank discussion about the real cause of fee compression.
• [21:13] - How financial planners can move beyond portfolio management.
• [27:15] - Why consistency leads to customer loyalty and business success.
• [42:35] - Why becoming an expert makes things simpler.
• [53:23] - What inspires Michael.

Quotes

[09:53] - “Frankly I think there’s actually a bit of a gap in the marketplace today. Planning software is really good at what to do in the first three to six months of a 30-year client relationship, and kind of weak about supporting the next 29-and-a-half years.” ~ Michael Kitces

[15:50] - “When you sit in the advice model, the dynamics fundamentally shift. I don’t sit across the table from my client. I sit on my client’s side of the table. And we, sitting next to each other shoulder-to-shoulder, look at all the other product companies that are coming at us and try to make a decision about whether we should let them through.” ~ Michael Kitces

[16:41] - “There’s this huge shift that happens when we start sitting on the client-side of the table, but that doesn’t actually cause us to compress our fees, we actually cause the fee compression in the rest of the industry because we’re doing that as a way to add value to our clients.” ~ Michael Kitces

[19:42] - “As I look in the future, while a lot of the discussion over the past 10 to 15 years in the fee world has very heavily been around focusing on cost, I think you’re going to find that increasingly falling to the wayside. And not because cost and cost savings don’t matter, but when the cost of the whole system gets low enough, there are not enough cost savings on the table for cost savings to be your value proposition.” ~ Michael Kitces

Links

• Michael on LinkedIn
• Vanguard
• Dimensional Fund Advisors
• Robert Cialdini
• McDonald's
• Starbucks
• Chick-Fil-A
• Weekend Reading for Financial Planners
• Financial Advisor Success Podcast
• Ron Carson
• Ed Slot
• The Advisors Guide to Annuities by Michael Kitces

Connect with our hosts

• Steve on LinkedIn
• Buckingham Strategic Partners

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According to Ernest Clark, three things have contributed to his professional success: hard work, critical thinking, and three major career risks. While Ernest may have landed in wealth advising by accident, his work ethic, intentionality, and bold decisions have hardly wavered.

Ernest began his career as an accountant in Alabama’s oldest CPA firm. At just 29, Ernest made the risky decision to start a new office 100 miles from the firm’s central hub and essentially became the firm’s rainmaker. Forced to grow his practice, Ernest learned how to close business. The move also inched him toward portfolio management.

By 1998, his firm began the process of launching a portfolio services business. In need of a successor, Ernest studied and passed three exams in less than a year to become a registered investment advisor and take the reins.

In 2007, Ernest took his third major risk: retiring from a successful firm and making a major career change. Today, Ernest serves as Advanced Planning Advisor at Buckingham, providing complex client solutions and acting as an invaluable resource for advisors everywhere.

In this episode, Ernest talks with Steve about his career evolution, expanding into portfolio services, the importance of finding your voice, and what advisors so often miss when it comes to legacy planning.

Key Takeaways

• [01:39] - An introduction to Ernest and his journey to Buckingham.
• [05:10] - How Ernest transitioned into wealth management.
• [10:09] - What Ernest calls the biggest mistake of his career.
• [12:43] - Why critical thinking is a game-changer.
• [14:38] - What the driver was behind Ernest’s firm’s expansion into portfolio services.
• [17:21] - Why Ernest believes there are still opportunities for CPAs and wealth advisors when it comes to integrating tax and finance.
• [24:14] - What’s holding most advisors back.
• [30:01] - Why advisors shouldn’t stress about their lack of universal expertise.
• [33:05] - How to handle clients who won’t do their part.
• [41:38] - The major risks advisors face today.
• [47:53] - How Ernest gauges success.
• [48:20] - The importance of values-based legacy planning.

Quotes

[17:52] - “In 15 years, I think the biggest change that we’ll see from where we’re at today, is that the wealth advisor will be a family’s lead advisor that helps the family capture as much value from the attorney as possible and as much value from the CPA as possible, but they will be the lead.” ~ Ernest Clark

[28:17] - “We always hear that in this industry we need to listen to clients and talk less, and that’s true, but once you listen to the prospect, you’ve got to process the information and you’ve got to speak back to them, resonate to them, connect to them based upon what you’ve heard. And that’s the art of our business.” ~ Ernest Clark

[30:36] - “Your job is to know the client and understand the client and communicate to them and connect with them. You don’t have to know all the solutions to the client’s issues. You just need to understand what are the concerns or the issues that the client has and that’s it. You can get the solution to it from other experts.” ~ Ernest Clark

Links

• Ernest on LinkedIn
• Jackson Thornton Asset Management

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• Steve on LinkedIn
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Most of Mary’s professional life has revolved around succession. In the midst of taking over her father’s advisory firm, Mary linked up with the successor of her uncle’s firm and merged the two businesses to form Cambium Wealth & Legacy Strategies. Now, although years from her own retirement, Mary has trained a successor ready to take the reins.

Long before she spearheaded the impressive merger and developed the professional philosophies she lives by today, Mary was a biology student looking for a way into the financial space. Rather than a path padded with nepotism, Mary was offered a minimum wage filing position at her father’s firm.

While it wasn’t the pinnacle of glamor, she learned an invaluable lesson that transformed her approach to running a business – there’s often a wall between employees and employers. As an employer, it’s important to break down that wall and create a culture where feedback is both appreciated and expected.

In this episode, Steve and Mary discuss how to successfully merge two firms, Cambium’s evolution from investment-focused to planning-centric, the value of work-life harmony, the secret weapon that guides client conversations, and the invaluable advice passed down to Mary from generations of advisors past.

Key Takeaways

• [01:17] - An introduction to Mary and how Cambium was named.
• [03:50] - How Mary spearheaded a successful merger.
• [09:18] - Cambium’s core values and how to promote work-life balance.
• [12:15] - How to hire employees who fit your company’s core values.
• [13:54] - The difference between culture, values, and client experience.
• [15:02] - How Cambium evolved from investment-focused to planning-centric.
• [17:50] - When to incorporate the next generation of clients into the financial fold.
• [18:55] - How Mary matches clients with advisors.
• [20:10] - How to avoid burnout.
• [20:55] - The unique way Cambium expands its clientele.
• [24:21] - How Mary creates a culture where everyone is comfortable giving feedback.
• [28:03] - The best advice from Mary’s predecessors.

Quotes

[16:27] - “We’ve been able to take the focus off the investments – knowing that we’re doing a great job there – and put the focus on what are the problems the client is trying to solve.” ~ Mary Huntley

[28:30] - “My Dad and uncle have told me ad nauseam, if you’re not talking to your clients, somebody else is. And the more painful the markets are, the more frequently you need to chat with them.” ~ Mary Huntley

Links

• Mary on LinkedIn
• Cambium Wealth & Legacy Advisors
• 10th Dimension Leadership Consulting
• 10D Solutions

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• Steve on LinkedIn
• Buckingham Strategic Partners

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Most investors play the long game. Rather than worrying about an ROI tomorrow, they hold with confidence, knowing their gains will be greater the longer they hold steady. Eric’s approach to his firm is much the same. Rather than focusing on immediate client ROI, Eric spends weeks getting to know each client before diving into their financial specifics.

Beginning his career at Norwest/Wells Fargo in 1994, Eric soon realized that large corporations weren’t a great fit. Fortunately, he met another advisor who recruited him to Sound Financial Strategies. There, Eric was allowed to do things differently and place clients before immediate financial gain. The firm continued to grow until eventually the IRA Sound Financial Investments was born.

In this episode, Steve and Eric discuss Eric’s client-centric approach, thinking big picture, and why a comprehensive strategy is the secret ingredient to financial success.

Key Takeaways

• [00:56] - About Eric and Sound Financial Investments.
• [01:34] - How Sound Financial is structured.
• [02:23] - Where Eric got his start.
• [04:45] - Eric’s goal for the first client interaction.
• [09:49] - How to interpret a client’s answers.
• [15:13] - When Eric brings money into the conversation.
• [18:30] - Eric’s charge policy and what he looks for in potential clients.
• [21:35] - The most common client concern.
• [24:07] - Eric’s ideal client.
• [31:22] - How Eric finds clients.
• [33:45] - How Eric stays educated.
• [35:45] - Eric’s closing thoughts.

Quotes

[07:44] - “It’s not about a pot of money so to speak. You're much more than that. I need to get to know Steve as a human being, to know when you want to retire, how you want to retire.” ~ Eric Lansford

[19:18] - “The number one prerequisite that I’m looking for in a person for me to work with is, you have to be nice.” ~ Eric Lansford

[33:59] - “Focus in on one or two areas that you do really well and just blow that up. And then hire support people behind you that are going to take care of the other pieces.” ~ Eric Lansford

[35:51] - “The client sitting in front of you is more than just a pot of money. There is no, ‘what is your number?’ The mathematical formulas of wealth = money x rate x time — yeah in an ideal world or a perfect world works out. But in the real world, it doesn’t. So it’s ‘how do we take this asset, how do we take this product, this piece of your financial life, and combine it with two or three other things, and make it work wonderfully.’” ~ Eric Lansford

Links

• Eric on LinkedIn
• Sound Financial Investments
• Sound Financial Strategies
• Wells Fargo
• Boeing
• Morning Star

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• Steve on LinkedIn
• Buckingham Strategic Partners

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At the very end of our lives, we shouldn’t be concerned about the financial well-being of those we’re leaving behind. Unfortunately for many, that peace of mind is a luxury. Neel Shah of Beacon Wealth Solutions is on a mission to bring that financial peace to as many clients as possible through a complete planning approach.

After graduating with a finance degree, Neel had to choose between the financial advisory path and law school. Ultimately, Neel chose law school and spent the next 20 years behind the wheel of corporate business and real estate transactions. After a while, Neel discovered his passion for the advisory side and began diving into trust and estate planning.

Although an improvement, Neel still felt he could dig deeper with clients, so he revisited his old background and began developing relationships with CPAs, financial advisors, and insurance agents - professionals who quickly became his primary referral source. It wasn’t long before Neel’s firm fully embraced the RIA model and Beacon Wealth Solutions was born.

In this episode, Neel talks with Steve about executing that tough pivot, his unique outlook on clients, his role as a change agent, and the mindset shifts that transformed his career and his life.

Key Takeaways

• [01:26] - About Beacon Wealth Solutions.
• [05:17] - How Neel built out and executed his joint-service model.
• [11:29] - How Neel shifted from retail to wholesale.
• [14:27] - What surprised Neel about shifting to direct-to-consumer.
• [15:17] - Neel’s biggest daily challenge.
• [16:57] - How Neel gets clients to actually take action.
• [18:24] - The biggest value-add for advisors.
• [21:12] - How Neel manages his time.
• [26:16] - The clients who most benefit from Neel’s services.
• [27:47] - Where Neel’s new clients come from.
• [31:41] - What the discovery process looks like.
• [32:19] - How Neel educates his clients.
• [34:08] - The importance of asking questions.
• [35:10] - How to prioritize client goals.
• [37:19] - The future of Beacon Wealth Solutions.

Quotes

(14:55) “We fall in love with what we have and what we do. And we think that we’re amazing at it. And clearly we should be amazing at it or else we shouldn’t be doing it. But I think what I underestimated is our need to be change agents. We need to be agents of change. We need to educate people that there are better ways of doing this.” ~ Neel Shah

(17:43) “The value that we bring is this EQ communication skill. And what I’ve learned more than ever is that that is probably the biggest value that I can bring to people. I think we kind of underestimate that because it might come naturally to us.” ~ Neel Shah

(18:27) “I’ve fallen less in love with what I do but more in love with for whom I do it. And if I go in with that mindset, that love mindset, I feel like that’s been one of the most impactful mindset shifts for me.” ~ Neel Shah

(34:13) “The power is really just asking the right questions. If you can ask the right questions, you’ll get everything that you need to know. And listen to their answers and then make sure that your follow-up questions relate to what they’re talking about. Because they’ll tell you exactly what’s on their mind. And if you have a set agenda going into that meeting of things that you think you want to talk about, they’re probably not listening to you anymore because you’re not addressing what’s on their mind.” ~ Neel Shah

Links

• Neel on LinkedIn
• Beacon Wealth Solutions
• Shah Total Planning
• Shah Total Planning on YouTube
• Shah & Associates
• Shah & Associates Blog
• Design. Build. Protect.
• LegalZoom

Connect with our hosts

• Steve on LinkedIn
• Buckingham Strategic Partners

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It’s no secret that athletes need someone in their corner. Mike George of Athletes Financial strives to be that someone, helping athletes with their financial lives through education and earned trust.

Mike began his career at IMG working with the likes of Peyton Manning and Derek Jeter. When he opened his own firm, Mike made a conscious choice to focus on quality over quantity, keeping his client list lean and his services top-notch.

As his career evolved, Mike realized the importance of maintaining relationships with agents as well as the athletes. He describes why advising is like recruiting and how athletes have measured themselves against an arbitrary locker room standard for far too long. Mike’s goal is always to break through that inner athletic circle and give athletes an education and an alternative voice of reason.

In this episode, Mike talks with Steve about the number one risk of advising athletes, how Mike defines success, and why reputation will always beat the market.

Key Takeaways

• [01:28] - Mike’s career path.
• [02:38] - Why athletes need to trust their advisor above all else.
• [07:21] - Why Mike is intentional with his relationships.
• [12:18] - The biggest risk with advising athletes.
• [13:44] - What success means for Mike.
• [15:49] - Red flags to be mindful of when choosing clients.
• [23:30] - Why a menu suite of services works better than an all-or-nothing approach.
• [30:20] - Why an athlete’s relationship with a financial advisor is often their longest and most important professional relationship.

Quotes

(7:30) “Everything is fundamental in trust. And at the end of the day, your reputation is what’s going to get out into the marketplace, whether it’s athletes, whether it’s ultra high net-worth individuals, once you get into a niche like that it’s truly a small world that you’re dealing with. And the sports world is no different.” ~ Mike George

(13:47) “At the end of the day, I’m actually a translator between the financial and capital markets and the athlete. And what I’ve been told I do a good job at is bringing it down to layman’s terms, making sure not just that I communicate it but also that I listen to the client and make sure that they understand what I’m saying in a way that is impactful for them to internalize it. Because one of the most important things isn’t return on the portfolio — it’s actually getting our clients to save their dollars.” ~ Mike George

(17:21) “You’re hiring a financial advisor to help you save your money, not to help you spend your money. So if we’re just spending money and moving money around for clients as opposed to activities that are aimed at driving their net worth positively, we can figure that out pretty quick.” ~ Mike George

Links

• Mike George on LinkedIn
• Athletes Financial
• IMG
• The Admired Advisor 034: Client Segmentation Strategies with Jim Dischert
• Dimensional Fund Advisors
• Vanguard

Connect with our hosts

• Steve on LinkedIn
• Buckingham Strategic Partners

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In this episode, Steve talks with Barry LaValley of the Retirement Lifestyle Center.

While Barry always thought that graduate school was in his future, the financial services industry called his name before he could start down the academic path. After spending eight years as an investment advisor, Barry landed a role with Fidelity where he began training advisors on what he calls financial gerontology: the human process of acting, thinking, and making decisions with money.

Inspired by the work, Barry built the Retirement Lifestyle Center in 1998. Although his initial focus was retirement planning, today Barry focuses just as much on helping advisors develop interpersonal skills. For Barry, advisors are coaches above all else. Building a strong client-advisor relationship is a requirement for long-term success. In a world where investment is commoditized, clients need a reason to choose a human over an iPhone app, and that reason is the relationship.

Barry talks with Steve about the importance of life-based conversations, how to earn client trust, and why too many advisors focus on how they work over what services they provide.

“A wealth advisor is going to be, first-of-all, more of a coach than an advisor. I don’t like the term advisor even though that’s what we use and what legally we have to use. I believe that the positioning that a wealth advisor takes is as a coach, helping clients understand the key life issues that have to be planned for and then helping them build a strategy to be able to get there.” ~ Barry LaValley

Main Takeaways * Stop focusing on how you work and start focusing on what you do. The technology and the products are how you work. What you do is coach, communicate, counsel, and mentor. * Being likable is more important than being understood and being smart. If clients don’t like you, they’ll never trust you enough to follow your advice. * There’s a common misunderstanding that clients understand their own issues. Rather, clients need advisors to illuminate the financial issues they’re likely unaware of or don’t consider top-of-mind. * Clients are more likely to follow plans that feel like a collaboration. Most people don’t respond well when they’re told what to do. When you lead clients to identify their own issues, they feel involved in the decision-making process.

Connect with our host * Steve on LinkedIn * Buckingham Strategic Partners

Links and Important Mentions * Barry LaValley on LinkedIn * Retirement Lifestyle Center * Fidelity * Bill Bachrach * Values-Based Selling: The Art of Building High-Trust Client Relationships

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In this episode, Steve talks with Stan Royer of Claris Advisors in St. Louis, Missouri.

After retiring from life as a professional baseball player, Stan needed a post-MLB game plan. With a background in economics, Stan got his feet wet in the insurance industry before realizing investment management was where he wanted to be. After meeting his co-founder and building his firm from scratch, Claris Advisors now serves 280 clients and manages over $600 million in assets.

Stan’s life in the major leagues helped him develop a competitive and goal-oriented mindset. Today, this mindset motivates Stan to help clients win and achieve their financial objectives. The more time he spends focusing on client goals, the more likely his clients will win and stay with him for the long haul.

Stan talks with Steve about helping clients win, planning for the unexpected, the importance of intentionality, and values to look for when bringing on employees and clients.

“When I’m advising, I’m really wanting to win and I’m wanting to win with our clients. And that means that we go through this whole journey together and at the end of the day, we win. And winning means fulfilling those goals and objectives that they have.” ~ Stan Royer

Main Takeaways * The goal is to keep clients for life. Set that expectation when you begin establishing relationships with potential clients. * The biggest non-negotiable for hiring is work ethic. You can teach people how to do a job, but rarely can you teach someone work ethic. Similarly, ideal clients are patient and disciplined. * To survive in wealth management, you have to bring more to the table than just investment strategy. Integrating a CPA firm is a fantastic way to expand your services and create a more holistic experience for clients. * When it comes to messaging, delivery matters. For your messaging as an advisor to come across as genuine, your delivery method should match your personality.

Connect with our host * Steve on LinkedIn * Buckingham Strategic Partners

Links and Important Mentions * Stan Royer on LinkedIn * Claris Advisors

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In this episode, Steve talks with Ryan Brott, Director and CCO at Ellerbrock-Norris Wealth Strategies.

As an advisor, exit planning is a lot about mitigating risks, but three years ago, Ryan took a big risk and jumped out of the corporate world and into his own RIA firm. He knew he could fill existing gaps in the RIA industry in risk management and fiduciary services, so the move felt less risky to him. Ryan’s biggest differentiator is the time and care he puts into the client onboarding process and ensuring that clients feel heard and valued.

Ryan talks with Steve about the importance of a holistic planning approach, the convergence of wealth management and risk management, and the impact of client decision-making.

“You have to be confident in where you’re headed, what you’re doing as a company in totality. When you do that, and you’ve clearly defined your target market and who your partners are that are going to help you get to where you want to go, it will start to change your take on what you thought were risks.” ~ Ryan Brott

Main Takeaways * Wealth management and risk management go hand in hand. Risk in business, risk in tax management, and risk in lifestyle—everything should be taken into consideration when managing investments and preparing your retirement plan. * A robust onboarding process is essential for attracting the right clients. From the introductory call to the discovery phase to data collection—both parties must invest time and energy in the process. * Earn your prospects' confidence by presenting a great value proposition and by showing high competency. Detail the tools, resources, expertise, and support you can provide. Articulate your process in a way that makes it easy for clients to go back to anytime they have financial decisions to make.

Connect with our host * Steve on LinkedIn * Buckingham Strategic Partners

Links and Important Mentions * Ryan Brott on LinkedIn * Ellerbrock-Norris Wealth Strategies * TD Ameritrade * Microsoft Excel * Michael Kitces

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In this episode, Steve talks with Jim Dischert, Founder and CEO of Three Sixty Wealth Management.

Since 1995, Jim has been helping business magnates and wealthy investors secure their future with long-term investment and retirement plans. One of the turning points in Jim’s career was his journey to reassessing who his ideal client was and understanding how he could best deploy his staff and energy to offer better service. An outcome of that work included a 30 percent reduction in his client base. Even throughout that process, he still put his clients first by helping those clients that were no longer a fit for his firm find a new advisor that was better suited to their needs.

Jim talks with Steve about the core strengths of a successful client base, ways of implementing client segmentation, and strategies for how to maintain professional relationships in your business.

“When we talk about going through a transition, client segmentation and identifying the ideal clients are equally important to identify the strengths of a firm. Not only do we evaluate and segment our clients, but we also look at the professional relationships that we have and how we can better align ourselves.” ~ Jim Dischert

Main Takeaways * When going into a transition, the first step is to look at your business model and evaluate how the segmentation for your clients will be efficiently implemented. * Two driving factors for a successful transition include offering top-of-the-line service that focuses on client's needs and helping them leverage their time, effort, and focus for other more important life goals. * Client segmentation and scouting for the ideal clients are as important as identifying your strengths as a firm. Firms should focus on maximizing a client's income, reducing the taxes that they pay, and simplifying everything for them. * You must have a clear mission and vision, and be ready to pivot and say “no” when your performance and efficiency are at risk.

Connect with our host * Steve on LinkedIn * Buckingham Strategic Partners

Links and Important Mentions * Jim Dischert on LinkedIn * Three Sixty Wealth Management * Buckingham Strategic Partners * 360 Retirement Radio | WLS-AM * CEG * John Bowen

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In this episode, Steve talks with the Managing Partner at Collective Wealth Advisors LLC, Trey Nelson.

Trey has been a consistent contributor to the financial services industry for nearly 20 years, including a stint as the Vice President and Regional Director of Loring Ward (now Buckingham). His depth of knowledge afforded him the opportunity to offer his expertise in wealth management to world-renowned personalities and the top wealth managers in the country for more than a decade.

While he's back to being a wealth advisor, he has stayed true to his core values: putting the clients first. He’s currently spearheading his family-owned firm that has a rapidly growing number of clients in six different states.

Trey talks with Steve about the power of simplicity in the client discovery process, the role of trust in building a strong team of experts, and how vulnerability can help grow your client base.

“The client needs help in understanding all the stuff in their life that needs to be planned for and provided solutions to—and it takes more than one person, it takes a team. Getting comfortable as an advisor, being vulnerable, bringing others that are equally smart into the equation—that’s what clients need today.” ~ Trey Nelson

Main Takeaways * Stepping away from your tasks, even for a little while, can help you gain a better and clearer perspective about what you’re doing and why. * A client-centered firm has to acknowledge simplicity in its discovery process. The three key elements involved in a strong discovery process include getting the clients to take action, avoiding complex portfolios, and implementing an adaptable process over time. * The most successful advisors focus on getting better as leaders and communicating better with people, not just on upscaling technical expertise. * There is power in vulnerability. It is easier to scale your firm and help your clients achieve success when you build trust, open up, and strive for sincerity. * Insights and feedback from clients are invaluable. It’s the best metric for knowing what to improve and how your firm is truly making an impact.

Links and Important Mentions * Trey Nelson on LinkedIn * Collective Wealth Advisors * Buckingham Strategic Partners * Leonardo Da Vinci * Staying Accountable, Planning for Success and Making It Resonate with Peter Succoso

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In this episode, Steve talks with Peter Succoso of Sherpa Financial in Wilmington, Delaware.

Peter’s worn many hats throughout his four-decade career. He spent his early years primarily in support roles until an opportunity led him straight to consulting. There, Peter discovered his true passion: adding value by helping others make great business decisions. After a series of mergers and acquisitions, Sherpa Financial now helps clients design a map for their financial future.

Rather than building investment portfolios, Peter realized that his primary purpose was helping others make their money last throughout retirement. Much like a shepherd, Peter guides clients back down their mountain after a lifetime of financial trekking.

Peter talks with Steve about achieving goals as a business owner, making corporate change stick, the importance of accountability, and why business principles should resonate with your employees and the clients you serve.

“One of the things that people have to understand in our business is that, in addition to doing the work that you love to do – work with people, manage investments, help them with their various life needs – there’s also the part of it that’s really important and that’s running a business.” ~ Peter Succoso

Main Takeaways * Building your own business after years of corporate life teaches you lessons similar to those that clients learn upon retirement. At some point, you have to learn to move forward without the support you’ve always leaned on. * Before launching a business, make a SWOT analysis. Analyzing your strengths, weaknesses, opportunities, and threats will help highlight the gaps in your business and the areas you can capitalize on. * Find accountability partners because accountability is essential for success. * Listen to clients more than you speak. Listening to their stories and their feedback will help you add value and understand when you’re providing that value.

Links and Important Mentions * Peter on LinkedIn * Sherpa Financial * Designing Your Life * Admired Advisor 015: Investing in Client Relationships and Hands-On Advising with Doug Howes * Asset-Map * MoneyGuide Pro * Everplans * 27 Principles Every Investor Should Know by Steven J. Atkinson

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In this episode, Steve talks with Chris Gardner, President of FMF&E Wealth Management in Syracuse, New York.

Chris was fortunate enough to begin his career in the investment space, managing big money at an early age. Eventually, Chris craved meaning beyond numbers and after a failed business attempt, he moved from Boston back to New York in 2001. Back in New York, Chris joined an IRA and has not looked back since.

While he’s always loved working with people, it took a personal tragedy for Chris to realize the power of getting vulnerable with clients. At the end of the day, he believes this business has nothing to do with pie charts and projection graphs, and everything to do with building relationships with clients based on trust.

Chris talks with Steve about the power of encouraging clients to tell their own stories, the best ways to address client concerns, and how advisors can stop wasting time on things that don’t matter.

“I see our job of getting things down to a bite-sized level for people. I mean the highest level of mastery I think would be simplicity, right? So if we can get people to really get some feel for what direction they’re going in, then we get a chance of building trust with them and then we get a chance at having a lifelong client.” ~ Chris Gardner, CFP

Main Takeaways * Spend more time listening to your client than speaking at them. Listening to your client helps you understand where they’re coming from which, in turn, helps you become a champion for them. * There’s always an emotional question behind a numbers question. When you’re vulnerable with clients, they’re encouraged to act the same way. That vulnerability helps you address the root cause of their questions. * Work with people who share similar values. When you care about the same things as your clients, serving them becomes much easier. * The business of financial advising is a business based on human behavior. To succeed, advisors need to understand empathy. That empathy is something that can never be replaced by robo-advisors.

Links and Important Mentions * Chris on LinkedIn * FMF&E Wealth Management * A Very Personal Finance Story by Chris Gardner * CEG Worldwide * On Fire: The 7 Choices to Ignite a Radically Inspired Life by John O’Leary * Bill Bachrach * George Kinder * Building a StoryBrand: Clarify Your Message So Customers Will Listen by Donald Miller

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In this episode, Steve talks with Brad Wales, Founder of Transition To RIA, an organization dedicated to helping advisors navigate the journey and decision-making process behind launching an RIA.

Simply put, Brad bet his career on the RIA model. After 15 years of learning the ins and outs of the RIA marketplace, Brad realized that most advisors don’t understand RIA or its benefits. So he created a firm with a mission of helping advisors understand their options.

Following the pandemic, many of us are searching for a life change, and advisors are no exception. But the fear of taking that first step can be paralyzing, which is why many advisors who can and should, never pursue the RIA model. If it’s right for them, Brad helps advisors take that first step and help with the unknowns.

Brad talks with Steve about navigating those unknown processes, why sharing information for free boosts business, and the North Star every business owner should follow.

“I won’t even give out my phone number or my email address, not because I’m hiding it, but the reality is, people should go to my website. And if they can see first-hand that they feel that I can be of help to them and that I have the experience to do so then it kind of solves itself. I think you’ve gotta earn people’s trust before you ask for their business.” ~ Brad Wales

Main Takeaways * Information-sharing benefits everyone, including advisors. Sharing free information builds trust between you and a potential client. * Flexibility is a key benefit for starting or joining an existing RIA. The challenge with a big firm is that so often you’re following someone else’s rules and competing for clients with your co-workers. * If you’re worried that your clients won’t follow you into a new business, they probably won’t. When you’re confident that clients will follow you, an RIA may be right for you. * There are no best practices for the RIA model. You can start your own, join an existing RIA or use a middle office provider. * Before making any business decision, ask yourself how it will impact your advisors. Keeping your advisors happy and successful keeps your business afloat.

Links and Important Mentions * Brad on LinkedIn * Transition To RIA * Michael Kitces * Watch Brad’s videos * How to charge for financial planning? * Raymond James

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In this episode, Steve talks with Charlie Weidman, Managing Partner at Heritage Financial Counselors in Bedminster, New Jersey.

After 15 years on Wall Street, Charlie wanted to make an impact for everyday people. So, he set out to launch his own firm. But before opening his doors, Charlie immersed himself in the profession, spending time with others in the field and solidifying his approach to business. He ultimately committed himself to building a firm rooted in financial planning and value-based leadership.

Charlie talks with Steve about how his personal and professional values guide clients through hardships, how to engage the next generation in financial planning, and what holistic planning really means.

“I believe that if our hearts and our minds are aligned then we’re doing good things. Making the world a better place, serving people with purpose, and not doing what we do with a priority on one’s own self-interest.” ~ Charlie Weidman

Main Takeaways * How you behave before a challenge is indicative of how you react and how clients respond to you during a hardship. Establish your personal and professional values from the start so when things do get tough, everyone knows where your values lie and can trust you to steer the ship. * Connect with everyone who has a hand in the financial process, not just those at the top. Treat every colleague like a partner. * To speak to the next generation, make yourself available to clients’ adult children and hire young professionals to build relationships with that younger clientele. * Holistic advising means cohesively communicating with every person involved in a client’s financial life, including estate planning attorneys.

Links and Important Mentions * Charlie on LinkedIn * Heritage Financial Counselors

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In this episode, Steve talks with Akemi Dalvi, CPA, CFP from Kondo Wealth Advisors about serving a niche community and fostering meaningful multi-generational conversations.

After graduating college with a degree in accounting, Akemi did what many other graduates do: she joined a big four firm. Craving more meaning and a healthier work-life balance, she joined her father at Kondo Wealth, the advisory firm he started. At her father’s firm, she specializes in helping Asian Americans plan for retirement and achieve long-term financial goals.

At Kondo, Akemi realized the importance of including every generation in the financial conversation. When clients reach retirement, their primary concern is ensuring their children have a smoother transition than they did.

Akemi talks with Steve about overcoming the financial taboo prevalent in so many Asian American households, the power of community and education in fostering the financial conversation, and her father’s best financial advice.

“There are a lot of people who are technically able to help any one of our clients with their finances, but money is so personal that it’s the intangible soft touch that is what they’re really vetting us for at these events. And then once they feel like that’s somebody I could really open up to about my finances, that’s what opens the door to a long-term relationship.” ~ Akemi Dalvi

Main Takeaways * COVID-19 created more pathways for multi-generational planning. The pandemic emphasized the importance of planning while virtual meetings allowed younger generations a sneak-peak into their parents’ financial plans. These natural conversations helped parents feel like their kids were assisting without taking over. * Younger clients find value in goals-based financial planning. If you can successfully guide younger clients through goals-based planning, they become an ideal client in the long-term. * It’s important to view planning through a multi-generational lens because plans will always impact multiple generations. * Whether the situation is good or bad, clear communication is always critical.

Links and Important Mentions * Akemi on LinkedIn * Kondo Wealth Advisors * PricewaterhouseCooper * AICPA * Robinhood * Bitcoin

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In this episode, Steve talks with Apollo Lupescu, Vice President at Dimensional Fund Advisors, about his academic approach to investing and the power of effective communication.

While in college, Apollo struck up a conversation with a classmate’s father about the stock market. Apollo’s inherent fascination prompted a few extra classes in investing and, ultimately, the pursuit of a Ph.D. Many advisors begin their careers with the same academic passion and overall fascination with money in motion. What we forget, however, is that advising and investing is first-and-foremost a people business. And so often our expertise in mathematics doesn’t translate to expertise in communication, empathy, and conviction.

Apollo talks with Steve about the power of passion, moving beyond the numbers, actionable steps for improving client relationships, and the most effective communication strategies all advisors should implement.

“Advisors are not necessarily only in the investment business, but in the people business. And in that respect, knowledge alone is not sufficient. What I think I had to develop over the years – because I did not have it – was a set of communication skills that can be acquired, that can be learned. And I think what’s hugely important is that advisors realize that it’s not just about the knowledge but also how do you convey that in an effective way?” ~ Apollo Lupescu

Main Takeaways * Advisors, especially younger advisors, want to reference a lot of statistics and research. When it comes to client communication, less is more. Simplify your answers and avoid endless jargon. That simplicity will come with experience and confidence. * You have to make choices and stand behind your commitments. Clients are more likely to listen when you bring a sense of conviction. * Pivot your strategy in both style and content depending on your audience, but always stay genuine to who you are. * Trying to address problems with data and numbers doesn’t work. To help clients listen and engage, you have to approach their problem from an emotional perspective. Start by validating clients and making sure they feel heard. * Practice listening to understand rather than listening to reply. * Have scheduled meetings or events with your clients so they always have something to look forward to.

Links and Important Mentions * Apollo on LinkedIn

• Dimensional
• 27 Principles Every Investor Should Know by Steven J. Atkinson
• Robinhood
• Bitcoin

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In this episode, Steve talks with Larry Swedroe, Chief Research Officer at Buckingham Strategic Wealth.

Larry’s father was a stock market junkie who purchased stocks for Larry the day he was born. When kids his age were reading comics, Larry was reading the financial section of the New York Times. Larry’s ferocious interest in investing persisted throughout college and into his early career. After earning his MBA and, ultimately, a Ph.D. in economics and international trade theory, Larry landed a job at Citi Corp before transitioning into their homeowner’s division. At the time, mortgages were the hot new financial ticket.

A million-dollar mistake taught Larry the importance of broad diversification. As he developed within the financial services industry, he learned that keeping an open mind and holding your opinions loosely was the best way to work and live.

Larry talks with Steve about his incredible journey in the industry, the power of positivity, why ego is overrated, and what ultimately led Larry to partner with Buckingham in the 1990s and commit to helping advisors full-time.

“Your ideas should not be tied up with your sense of self-worth as a person. When you learn something new, be open to it, and here’s what you should tell yourself: ‘I’m glad I learned I was wrong, I’m now smarter.’” ~ Larry Swedroe

Main Takeaways * As advisors, you have to be passionate about the ideas and processes you’re recommending to your clients. You must have a point of view that’s (nearly) unwavering. If you can’t convey your ideas with passion and conviction, no one will listen to you. * Be wary of your pessimism. Staying negative is no way to live, but that pessimism also seeps into your ability to predict financial outcomes. You can’t always assume the worst is coming. * When the evidence doesn’t mesh with your theories, you must toss the theory away, not the evidence. Judge the quality of your decisions by the decision-making process, not by the outcome. * When people are emotional, they rarely listen to reason and they rarely make good decisions. So advisors must learn to be psychologists and speak to their clients on an emotional level rather than spewing facts and academic theory and hoping it will stick. * Clients shouldn’t dismiss more passive investing strategies because effort should never be confused with results.

Links and Important Mentions * Larry on LinkedIn * Citi Corp * A Random Walk Down Wall Street by Burton Malkiel * Dimensional * Bitcoin * The Incredible Shrinking Alpha by Larry Swedroe & Andrew Berkin

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In this episode, Steve talks with Mark Fonville, CEO of Covenant Wealth Advisors in Richmond, Virginia.

In 2010, Mark’s wife Katherine started a wealth management company and in 2018, Mark joined her in the ranks. Since then, they’ve managed to merge without layoffs, revamp their technology, solidify core values, and maintain client trust through a winding road of newfound business ownership and company growth.

Mark began his career in the consulting world. And it was there that he learned the importance of listening to advisors (and people). He’s never afraid to be the “dumbest person in the room” and thrives on absorbing everything around him.

Mark and Steve discuss incorporating tax planning, why core company values determine success, handling a transition in three phases, and the trait Mark admires most in advisors.

“The answer is not always black and white. And when you have a grey area, and I’m not there to help one of our team members make a decision, then the question is, how can they make that decision without support or guidance? And I think without anything else it may be difficult. But when you have values in place that you can fall back on, it just makes it that much easier to carry through with the values that we care about. And if that means that the decision is much more for the benefit of the client than the firm, I would take that every single day.” ~ Mark Fonville

Main Takeaways * Sometimes, the smartest thing to do is to be the dumbest person in the room. Don’t let your ego stop you from growing and learning from the expertise of those around you. * Ask questions and stop focusing on being right. Focus on getting the right answer. * While much of the industry has strayed from tax law, tax impacts every part of our financial lives. So having a comprehensive understanding of tax is essential. * If you’re looking to grow your business, let your clients’ needs drive your decision-making. * Focus on areas no one else is focusing on and price those services at or below market value. Become the go-to advisor for specialties that are hard to come by. That’s how you’ll differentiate yourself in a crowded market.

Links and Important Mentions * Mark on LinkedIn * Covenant Wealth Advisors * Blue Ocean Strategy by W. Chan Kim * Wix * Hootsuite * Mailchimp * ConvertKit

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In this episode, Steve talks with Jeffrey Levine, Chief Planning Officer at Buckingham Wealth Partners.

Jeffrey is a lifelong learner who thrives in a book or a classroom or surrounded by seasoned professionals. Having grown up around the financial industry, he learned much of what he knows now through osmosis. It’s no surprise that when he chose to become an advisor, he immersed himself in learning wherever he could. Jeffrey recommends all new advisors have the same education-first approach to improve client outcomes and establish themselves as the go-to person for a given specialty.

While his day-to-day life no longer involves meeting with clients, Jeffrey focuses on rolling out wealth-planning conversations that allow advisors to address planning issues in a way that’s comprehensible and motivates client action.

Jeffrey and Steve discuss the importance of education, why timeliness is currency, and the no. 1 reason why technology can never replace human advisors.

“What may be mathematically best for clients is not always what is truly best for clients. And that’s because we have to take into consideration feelings and desires and goals, and then also, what is the client actually going to do and stick with? Because a financial plan is not worth the piece of paper it’s written on if the client doesn’t actually do what is suggested and implement. And that is where advisors provide unique value that I don’t see being able to be replicated by any software, by any computer, by any robot for at least the next few decades.” ~ Jeffrey Levine

Main Takeaways * If you’re a new advisor, immerse yourself deeply in your specialty and take education seriously. Seek out sources wherever possible. Become the go-to person for a given specialty. * But if you’re early in your career, also remember not to put too much pressure on yourself. There’s tremendous pressure in the financial services industry and success is a marathon, not a sprint. Focus on the long game. * Timeliness is incredibly comforting for clients. If you see a headline on the news, follow up with your clients the following day with at least some indication that you’re on top of what’s happening. * Social media has diluted information. There’s more information at your fingertips than ever before. * People learn best when they’re interested and entertained. In-person presentations are incredibly impactful when it comes to educating both advisors and clients.

Links and Important Mentions * Jeffrey on LinkedIn * Ed Slott and Company, LLC * Financial Planning * ThinkAdvisor * WealthManagement * Financial Times * CNBC * MarketWatch

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In this episode, Steve talks with Bruce Herbert, Founder and CEO of Newground Social Investment in Seattle, Washington. Newground focuses on helping clients make a socially responsible impact with money.

Whenever money moves, it has an impact. Investing responsibly and thinking long-term has changed company policy for the better and outperformed financially for investors.

Early in his career at Merrill Lynch, Bruce felt the commission-based system inherently created a conflict of interest with clients. That uncomfortable feeling prompted his desire to rework the financial model and focus on impact first.

Now an industry leader in responsible investing, Bruce uses shareholder voices to change company policy rather than simply selling shares and walking away from the morally questionable.

Bruce and Steve discuss the pillars of responsible investing, what every client looks for, the importance of leaning on experts, and why the most sustainable approach is often the most profitable.

“One of the things that I recognized was an almost complete convergence between what’s most profitable and also the most sustainable. If you have a longer-term time horizon – and I don’t mean a century, I mean even just three, five, or 10 years – then what’s the most profitable thing is also the most sustainable, the most equitable thing, the most just and fair thing to be doing. ” ~ Bruce Herbert

Main Takeaways * Exclusionary screenings are just as important as inclusionary screenings. Don’t just exclude tobacco companies from your portfolio if you’re a healthcare professional, actively seek out companies that are making an impact. * Use your rights as a shareholder to actively engage with company management about addressing issues and improving policy and practice. * Those who are more thoughtful and conservative with their portfolios outperform those swinging for the fences at every turn. For better results, focus less on immediate performance and more on planning and portfolio management. * Clients are looking for authenticity and conviction. If you’re interested in responsible investing, you have to go all-in. Switching out of the commission-based model gives you the time and the freedom to invest responsibly and ultimately build long-term client loyalty. * Experts are essential. It’s impossible to know everything, so surround yourself with people who know (nearly) everything about one specialty.

Links and Important Mentions * Newground * Bruce Herbert on LinkedIn * Parametric * Calvert * Merrill Lynch * Parnassus Investments * The Forum for Sustainable and Responsible Investment * US SIF Trends Report 2020 * Impax Asset Management * Getting McDonald’s to the Table - NPR-KUOW Feature on Newground * World Wildlife Fund * MSCI ESG Leaders Index

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In this episode, Steve talks with Clint Haynes, CFP and Founder of NextGen Wealth in Lee’s Summit, Missouri. A self-proclaimed early-adopter, Clint stresses the importance of leveraging technology and creating efficiencies.

Clint has worked in the financial services industry for more than 20 years. He spent the first few years of his career cold-calling potential clients day-in and day-out. Those years of conversation helped Clint hone his ability to build meaningful relationships and connect with clients on a deeper level.

A desire for geographical independence prompted Clint to branch out and start his own firm. Not just an investment manager, Clint leans on both his virtual assistant and the various efficiencies he’s built to save time and, in turn, provide each client with a truly holistic financial plan.

Clint and Steve discuss why technology moves the needle, how digital marketing has accelerated Clint’s growth, and the three questions Clint asks himself before making any business decisions.

“I wouldn’t be able to do all of this if I didn’t hire somebody, unless I integrated technology as efficiently as possible. And so, it plays a huge role. And plus, there are lots of things that I’m not very good at or don’t want to do that technology takes off my plate as well. What I really enjoy doing with clients is the relationship, sitting down with clients, having conversations.” ~ Clint Haynes, CFP

Main Takeaways * Technology allows Clint to run his solo practice as efficiently as possible without hiring full-time employees. The workflows he’s built allow for time-saving automation, and should Clint ever leave the practice or need someone to take over, there are processes in place to make that transition smooth and seamless. * Clint has leveraged digital marketing to launch his practice. He targets keywords that optimize his site when users search for financial planners in the Lee’s Summit area. Clint sees his business like a restaurant – dependent on online reviews and referrals. * It’s important to constantly tweak existing workflows to meet clients’ ever-changing needs and an ever-changing industry. * Clint has learned to treat every client like family. This reminds him to always act with their best interest in mind and provide options wherever possible. * Before making any business decision, Clint asks himself 1) Will this have a positive impact on my family and be worth my time? 2) Is this worth it for my business? and 3) Is this best for my clients?

Links and Important Mentions * NextGen Wealth * Clint on LinkedIn * Wealthbox * Acuity Scheduling * MailChimp * Vidyard * Loom * Citrix ShareFile

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In this episode, Steve talks with Scott Lucia of Andrews, Lucia Wealth Management about putting clients first, turning challenges into opportunities, and the need for innovative technology when it comes to fast growth.

Scott began his career as an analyst at an investment strategy firm and quickly discovered Larry Swedroe’s investment principles. Meanwhile, Scott’s Uncle Bob owned a CPA firm and noticed how many clients wanted advisor referrals. Putting two-and-two together, and despite doubts from industry colleagues, Bob and Scott launched Andrews, Lucia Wealth Management in 2004, with the end goal of helping clients invest better.

Andrews, Lucia Wealth Management approaches business with a client-first focus, providing educational opportunities whenever possible and diving deep into a client’s money goals. Scott credits their fast growth with technology and industry resources that allow them to focus on clients over mundane administrative work.

Scott and Steve discuss why accountants make great advisors, why performance won’t tell the whole story, and how opportunities can arise from the most unlikely scenarios.

“There’s some interesting overlap between flying and wealth management. In flying there's this process called aviate, navigate, communicate. Aviate means fly the plane first, navigate, where are you going, and communicate, talk to air traffic control. And the wealth management version of this would be aviate, your investment strategy, navigate would be creating the plan, and then of course the communicate would be working with your advisor. In flying there’s this incredible sense of freedom in the sky just as there’s a sense of freedom in having a well-constructed wealth plan. ~ Scott Lucia

Main Takeaways * Accountants make great advisors because they’re independent and trustworthy. In other words, they won’t constantly pitch products. And while there may be initial doubts as to whether a firm can handle both accounting and wealth management, resources like Buckingham help firms do both without burning out. * Many advisors focus solely on performance, but great wealth management looks holistically at a client’s financial portfolio. That includes CPA specialties, like how taxes might impact a client’s bottom line on investment returns. * Approach business with a life discovery focus. Ask what money means to your clients and dig deeper to provide a plan that works long-term. * The challenges of quarantine have actually allowed for more personalized and convenient virtual educational sessions for clients. * Empathizing with your clients will help you serve them.

Links and Important Mentions * Scott on LinkedIn * Andrews, Lucia Wealth Management * Dimensional Fund Advisors * The Only Guide to a Winning Investment Strategy You'll Ever Need: Index Funds and Beyond – The Way Smart Money Invests Today by Larry E. Swedroe * Larry E. Swedroe * Discovery Counseling Center

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In this episode, Steve talks with Stephanie Mackara of Charleston Investment Advisors in Charleston, South Carolina.

Stephanie’s path to advisory is unique. After starting an investment management firm and moving to South Carolina to escape the Philadelphia winters, Stephanie started looking for people to work with. She called a local advisor and asked him a simple question – do you have a succession plan? The conversation that followed landed Stephanie an ownership stake in his company.

There weren’t many RIAs in Charleston at the time, and Stephanie’s experience has had a big impact, along with a love for serving others and her commitment to community involvement.

Stephanie and Steve discuss how passion helps us manage time and clients, the long-reaching implications of financial socialization, and why growth only happens for the proactive.

“Find a way to channel the things that make you different – for me, it’s often through writing or even speaking at events. But showing people who you are, and how you can help them, and that you really truly care and have empathy for them and what it is they’re trying to accomplish. I think that’s what I’ve learned and that’s just how I run the business today.” ~ Stephanie Mackara

Main Takeaways * Advising is a helping profession before a sales profession. If you lose sight of striving to help others, you’ll lose your clients. Approach your career with a “serve first” mindset. * Financial socialization is the process in which children learn money habits. As parents, we often teach our children money lessons without realizing it, so we must be mindful about the things we say. Understanding your own financial socialization will help you change your financial habits and guide your kids’ money mindset. * Spend time doing what you’re passionate about. Otherwise, you’ll struggle to finish everything on your to-do list. Clients always pick up on a passionless advisor. And when it comes to big choices, while it may sound cliche, always trust your gut. * Look outside the financial industry for inspiration because chances are, that’s where your clients live.

Links and Important Mentions * Stephanie On LinkedIn * Stephanie On Twitter * Charleston Investment Advisors * Money Minded Families: How To Raise Financially Well Children * Brené Brown

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In this episode, Steve talks with Chris Winkler of Legacy Advisors Private Wealth Management in Chesterton, Indiana.

Watching his single mother work several jobs just to make ends meet, Chris always understood that those who work hard don’t always have access to the financial advising they need. So after a healthy career in financial services, Chris went out on his own and started Legacy in 2009 with the intention of serving others.

Chris’s insatiable curiosity has driven much of his personal and professional growth. While Legacy has experienced inorganic expansion along the way, Chris discusses the processes he’s put in place that have ultimately led to organic growth.

Chris and Steve talk about the importance of maintaining a solid foundation, working from passion, and three things to consider before your company experiences a merger or acquisition.

“Most of us have built a business to serve others. This has never necessarily been about our scoreboard. Obviously, it’s responsible to look at the important metrics of our business, but it’s not something that we obsess about. It’s really the obsession about building and operating a world-class kind of an organization that we would want to become clients of. And that’s kind of the standard that we operate from. Would we want to be a client of our own firm? ” ~ Chris Winkler

Main Takeaways * The firms that survive and thrive after a merger or acquisition always have a solid foundation beforehand. If things are haywire pre-acquisition, they’ll be haywire afterward as well. * Any company your firm acquires should exist for the same purpose as your company, have the same core values, operate in the same business, and serve the same clients. * For your firm to succeed, you must commit to an evidence-based philosophy. It doesn’t matter what your philosophy is, you just need to have one. * Stripping away hierarchy and asking people to operate in their abilities frees up advisors to do what they do best and serve clients exceptionally well.

Links and Important Mentions * Chris on LinkedIn * Legacy Advisors Private Wealth Management

• Who Not How: The Formula To Achieve Bigger Goals Through Accelerating Teamwork

• The Advantage: Why Organizational Health Trumps Everything Else In Business

• Strategic Growth

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In this episode, Steve talks with Jared Siegel, Partner at Delap Wealth Advisory in Lake Oswego, Oregon.

With a background in financial literacy, Jared began working at Delap primarily in business development before he was promoted to Partner and eventually tasked with creating a wealth advisory practice from within.

Jared credits the firm’s successful expansion with a company-wide alignment on culture, objectives, and metrics. He stresses the importance of moving forward as a united front rather than individually. Jared also leans on evidence-based investment and the principles of essentialism.

Jared and Steve talk about the risks associated with adding wealth advisory, the importance of character and competence when it comes to success, and learning to stay present outside the office.

“By defining what we do, it helps us clarify what we don’t do, and a lot of the time strategy is a lot more about what you say no to than what you say yes to.” ~ Jared Siegel

Main Takeaways * Misalignment will disrupt an organization and prevent the ROA from reaching its full potential. * Organizing teams around specific sub-industries allows the firm to have a collective range which thereby increases client impact. Always look for opportunities to improve your portfolio. * Planning works best moving backward while execution works best moving forward. * It’s important to have a dedicated champion when you’re creating a wealth advisory practice from within. * Being intentional with your time is as important as being intentional with your money.

Links and Important Mentions * Jared on LinkedIn * Delap Wealth Advisory * Dimensional * Essentialism

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In this episode, Steve talks with Dan Allison, the President and Managing Partner of Broker’s Clearing House in Des Moines, IA.

Dan started out in financial services after a career in clinical and behavioral psychology. One of the big areas of opportunity he noticed was improving the efficiency of client referrals.

Based on his own research, Dan found that the biggest problem with generating referrals was both a lack of process, and a lack of focus on the right things. For Dan, the key is focusing on “being referable'', and this is best achieved when there is a strong understanding of who you are as a person. It is on this guiding principle that he’s focused his professional career for the last 17 years.

Dan talks with Steve about how he got into the business, how he conducted his research around referrals, and five steps that will help your clients become an organic source of new business for your firm.

"It's great to have more revenue, more profit, and more resources. But growth was a by-product of us delivering value and providing a service that is needed, and being referable in the first place.” ~ Dan Allison

Main Takeaways * Many clients are willing to provide referrals, but aren’t very effective at doing so. * Referral shouldn’t be a bad word. Referrals happen because someone trusts you. They are putting their own reputation on the line. * Growth is a by-product of providing meaningful value in a market. If you focus on providing genuine value, the growth will come. * Certain characteristics are very helpful in turning clients into advocates for your firm — over-delivering on value, understanding your value prop, understanding your capacity, and knowing how to make the introduction. * It’s important to know the difference between clients who are “gold mines” for referrals and those who are “land mines.”

Links and Important Mentions * Broker’s Clearing House * Dan on LinkedIn * Brokers Clearing House on Twitter

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In this episode, Steve talks with Ray Olson, the President and owner of Ray Olson Family Financial Planning in Richmond, Virginia.

Ray, a self-described “recovering CPA”, leans heavily into his client’s inquisitive nature. He pushes them to question the “how” and “why” of his firm’s financial planning advice.

Stepping into his father’s business, Ray transformed it from a product-based firm to a full-service wealth management firm. His father taught him how to approach client discovery: ask simple questions and let the client talk. Listening and learning all you can about your clients before you ever talk about finances is a technique that Ray has passed to his employees.

Ray talks with Steve about why it's important to make sure your client relationships are mutually inquisitive, the steps and experiences that create a warm client culture, and how their focus on improving client experience has led to a 100 percent referral-based business.

“I'm not sitting behind a desk asking a bunch of questions. We're sitting down, almost like in your living room, and I go, ‘So tell me what's important?’ And they've got something to drink to help them relax and be comfortable. Some people aren't going to be comfortable and it's hard to talk about it. But I think I'm pretty good at trying to help relax people because I can talk to them naturally. It's just kind of an instinct.” ~ @RayOlsonLLC

Main Takeaways * A client’s behavior is the biggest threat to their financial plan. That’s why it’s critical for financial planners to understand human behavior and to apply those learnings to how they manage their clients. * Client education leads to more active engagement in their financial decision making. If you can get clients to ask questions and engage with you, they’re going to be more satisfied with the service you provide. * The family unit has to be fully engaged for a financial plan to truly work as intended. The more buy-in you have from the entire family, the better the outcomes. * For clients to share meaningful insights, they have to feel comfortable. It’s the advisor’s job to create an environment that invites and fosters that feeling of comfort and trust.

Links and Important Mentions * The Psychology of Money: Timeless lessons on wealth, greed, and happiness by Morgan Housel * The Checklist Manifesto: How to Get Things Right by Atul Gawande * Bacharach Approach * Ray on Twitter * Ray on LinkedIn * Ray on YouTube * Ray on Facebook

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In this episode, Steve talks with Doug Howes, the CEO of Sapphire Wealth Management in Andover, Massachusetts.

Doug and his team put a lot of focus on the client experience. Throughout the years, Doug has built processes that help him invest in client relationships, but it all started by asking “why” and “how” to have a great client experience.

The stories of how his grandfather handled his sales job greatly influenced how Doug does business. The most important lesson for him was to treat your clients as friends, even when you have nothing to sell. Be there for them, understand their circumstances, and give them white-glove service.

Doug talks with Steve about their client experience process and how it's led to consistent referrals and, in particular, why their clients feel heard and valued. He also discusses how and why his mindset about client experience has shifted over the course of his career.

”One thing that we've learned over the years is that if our team is more engaged with your financial plan than you are, you're not going to be a good fit for our firm.” ~ Douglas Howes

Main Takeaways * It’s not about you. It’s not about your bottom line or your success. It’s about the client and tailoring your business to help them with their wants, needs, desires, and fears. If you’re spending a lot of time thinking about yourself, you need a mindset shift. * The greatest sign of intelligence is being able to say “I don’t know” and then doing the work to find the answer. * Accumulating clients isn’t the same as accumulating the right clients. Focus on high-value, high-quality clients.

Links and Important Mentions * Sapphire Wealth Management * Doug Howes on LinkedIn * Steve Sax

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In this episode, Steve talks with Deanne Rosso and Chuck Vickery of Vickery Financial Services. Vickery Financial is based in Athens, GA, and serves more than 250 families.

While most advisors talk about succession planning with their clients, it’s not often that they think about it in their own business. Vickery’s succession plan began when Deanne was hired as Chuck’s administrative assistant. The more she learned about the business, the more she wanted to do more in terms of certifications and getting in front of clients.

Their shared belief in the purpose of the firm, improving people's lives and being client-centric, allowed Chuck to feel confident in Deanne taking over the business. The staggered transition and incremental growth made the transfer a seamless process.

Deanne and Chuck talk with Steve about how they successfully executed their succession agreement, their belief in evidence-based investments, and how they put an intense focus on clients, their plans, and outcomes.

”Once we made the transition to evidence-based investing, the philosophy just made sense. It aligned so well with our standard of care that we were already implementing with clients. So it was a very easy transition, and you can easily look at a portfolio now, and you can see what's there or what's missing.” ~ Deanne Rosso

Main Takeaways * One of the keys when you buy a practice is making sure that you align well with the existing clients. That takes relationship building, and is a long-term process that can’t be rushed. * Using evidence-based investing gives clients the best chance to be successful investors. This approach shows whether or not something is going to work by putting some certainty into uncertainty. * The best thing that you can do for clients is to have a plan and stick with it. Keep reinforcing the education component over time and build confidence. * One of the keys to success as an advisor is having a hunger for learning and understanding how to teach what you learn to your team and clients.

Links and Important Mentions * Vickery Financial * Deanne Rosso on LinkedIn * Chuck Vickery on LinkedIn

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In this episode, Steve talks with Hilary Hendershott, the founder of Hendershott Wealth Management and the host of Profit Boss Radio. Hilary is an educator and advocate for empowering women to take more ownership of their finances.

Hilary was brought up in the wealth management industry with her dad at the helm of his own wealth management practice. She leaned heavily toward the behavioral and emotional side of financial planning and focused on marketing and messaging at the beginning of her career.

When she set out on her own, she took some of her existing clients with her and, based on her own experiences in the industry, wanted to focus on providing services and education for women so that they felt they could have a seat at the table.

Hilary talks with Steve about her experiences as a young woman in the financial services business, and how feeling like women didn’t belong in conversations about finances fuels her passion to help other women. They also talk about her business development strategies that have led to three distinct service offerings and client bases that she serves.

“Ninety-nine times out of a hundred, you meet a married couple and most of the money is literally in an account titled to his name. I think it's important that women come to the table and be equal in their thoughts about the money and their willingness to be a leader in their relationship about money.” ~ Hilary Hendershott

Main Takeaways * Men and women might have different ways of thinking about money so make sure to gauge and adjust appropriately. * A planner's job is to meet the client where they are, adjust, and use language that helps them. * Most people’s view of money is heavily based on emotion and experience. Understanding this is the key to helping them plan for the future. * Take care of the fundamentals and make sure redundancies are in place. This frees you up to be you and to pursue your life as you see it.

Links and Important Mentions * Hendershott Wealth Management * Profit Boss Radio * Revealed at TEDx: The Surprising Power of Language to Make You Rich * Wealth Multiplier Course * Hilary on Twitter * #FASuccess Ep 115: Building The Confidence To Turn A Personal Mission Into An Advisory Firm Niche, With Hilary Hendershott

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In this episode, Steve talks with Georgia Lee Hussey of Modernist Financial in Portland, Oregon. Georgia founded Modernist Financial five years ago after becoming a CFP and transitioning from a career in the arts.

Prior to her work as a financial planner, Georgia was a sculptor, writer, and performance artist. After a decade as a professional artist, she realized she needed financial stability, but had no clue how to get there. So, she set about educating herself. Along the way, she found that what she really wanted to do was help others take control of their finances, too.

While her training in the arts might not seem like an obvious background for a financial advisor, it was precisely those experiences that lead her to the financial industry and gave her unique insight into the people she wanted to serve.

Georgia talks with Steve about how financial advice has evolved, and how clients want to be engaged. She also discusses her role as a holistic planner, and how she creates purpose and meaning in her work.

”Where I see an opportunity for change and growth in the industry is to get out of this space where we preordain the results that we think are successful, and rather help people navigate forward into what is right for them.” ~ @Georgia Hussey

Main Takeaways * Building wealth can seem impossible. But if you break it down and learn the skills, it’s very achievable. * It’s important to be an accountability partner to your clients, reminding them that there are real things they want to accomplish. * If possible, educate couples at the same time so they are using the same language and knowledge to make decisions for their family. * Having clients write down their plans or desires on paper gets them thinking about their money in a different way.

Links and Important Mentions * Modernist Financial * B Corp * Georgia on LinkedIn * Modernist Financial on LinkedIn

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In this episode, Steve talks with Dan Goldie, a Certified Financial Planner with Buckingham Strategic Wealth. Though his career started as a professional tennis player, Dan shifted his to financial services in the 90s and never looked back.

Starting from zero clients and minimal experience in 1991, Dan was able to grow his one-man office to 250 clients with $900M in AUM. Even though he’s still doing things mostly by himself, he does lean on Buckingham for support. He likes to say he was always practicing to be a financial planner, even as a tennis player. And that same mindset has paid off in the last 30 years of his career.

Dan shares with Steve how he uses passive-oriented investing with his clients, how high standards of client service has led to sustainable growth, and why he thinks most financial planning is unnecessary.

”I think any strategy that you stick with long-term, you're going to have periods of poor results, not necessarily because the investment strategy is bad but just because of the market environment. You’ve just got to be disciplined and focused and stick to your approach, stick to what you believe in.” ~ @Dan Goldie

Main Takeaways * A lot of financial planning is unnecessary. Try to be efficient and focus on what is top of mind at any given moment. Some clients will never need complex planning, so don’t waste your time on it. * Take things a day at a time. Incremental improvements lead to huge gains. * Poor market performance comes with the job. Make sure you educate your clients about your approach and strategy so they don’t get cold feet and jump ship when there's a downturn. * The industry might be dominated by a handful of firms in the coming decades. It may be better for independent shops to join sooner, and take advantage of the resources.

Links and Important Mentions * Dan Goldie CFP, CFA * The Investment Answer by Dan Goldie and Gordon Murray * Larry Swedroe on Twitter

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In this episode, Steve talks with Darrel Smith, Executive Vice President of First Nebraska Advisory. Throughout his multi-decade career, Darrel has learned a lot about the best ways to work with clients and build long-lasting relationships.

Darrel and his brother built their firm nearly 40 years ago on a foundation of trust and relationships, and First Nebraska Advisory now serves more than 350 clients in 24 states.

Darrel shares with Steve how he approaches relationships when times are tough, how he built out a team to support him, and how these relationships have helped during wealth transfer events.

“People want to know that you care before they know what you know. I think that’s just another value that you can live by that helps you create those relationships.” @Darrel C. Smith

Main Takeaways * Maintaining a relationship with your client’s children is a great way to grow your business. If you’re doing a good job with the parents, they will likely refer you. * Sometimes those with wealth will sit on it in fear of doing the wrong thing. Building trust and being there for them is foundational to helping them manage their money. * Smaller accounts can offer you a great opportunity for the future, so make sure you treat every account the same. That said, it’s important to know when a client is not a good fit. * If stress goes up, trust in your firm goes down. Make sure you’re there for your clients and reassure them during market volatility.

Links and Important Mentions * DeMars Pension Consulting * First Nebraska Advisory

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In this episode, Steve talks with Miye Wire, the founder and managing partner of Miye Wire, LLC, based in Reston, Virginia. Miye takes a team approach to simplifying client finances and builds relationships with clients in a way that makes advising less transactional.

Miye’s firm serves 250 families that are mostly made up of working professionals from Microsoft. Generally, her clients are in their busiest time of life with young kids and aging parents to take care of, which makes it imperative for her team to get to know their clients and their challenges on a deeper level.

Throughout this episode, Steve and Miye discuss how she empowers her team and how they take a proactive, personal approach to learning about and serving their clients. Miye also shares some creative ideas that enable them to get to know their clients and their families.

”The better you get to know your clients and the better your clients get to know you the stronger a relationship you can have even on the business side. And I feel like that goes both ways. It’s not just about us getting to know our clients better, which helps us do a better job in serving them. I think the more clients get to meet us and spend time with us, they sort of realize that everybody on our team is really passionate about what we do and we really, really care about our clients.” @Miye Wire LLC

Main Takeaways * Setting up your team to be seamless and integrated gives your clients a feeling of security. * Being open-minded about other people’s ideas not only gives you a resource for trying different things but helps unify the culture inside your firm. * Consider client events that are focused around recreation, not money. The better your personal relationships with clients, the easier managing their money will become. It also allows you to get to know their families. * Turning off from work and not answering emails and phone calls after hours is a great way to increase your focus during your working hours and avoid burnout.

Links and Important Mentions * Miye Wire LLC * Miye Wire on Facebook * Nothing But Bundt

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In this episode, Steve talks with Josh Koehnen, Ari Crandall, and Joe LeBlanc, the three managing partners of Premier Wealth Advisors in San Diego, California.

Throughout this conversation, they discuss how they merged their three individual practices into an ensemble business, and how the power of the right culture is responsible for their continued success and life balance.

The value they place on having the right staff and empowering them to make decisions is clear in how they run their business. It plays a critical role in serving clients and recruiting new employees.

They also share how they earn referrals from clients' COIs and other educational methods, and get deep into the ‘why’ behind their business.

”We're not trying to be in super-growth mode. We want to get the right types of clients. We set certain minimums to make sure that we're getting the right types of clients. And then when we look at a potential acquisition. It's gotta be the right fit. We don't want to sacrifice quality of life because we're trying to grow too quickly. ” ~ @Premier Wealth Advisors

Main Takeaways * Having agents in the firm specialize in one area helps to divide the work and creates clarity on what questions should be asked by staff and other agents. * When merging firms, giving up control can be hard but it comes with the benefit of not having to manage every aspect of a business by yourself. * You may have your clients for most of their lives. Take the time to get to know them and look for people with whom you enjoy spending time. It will make advising easier. * Take action. The opportunity cost of not taking action can often be worse than whatever downside would come from a potential failure. * Being there for your clients and doing the right thing is the most important thing you can do. If you can’t give them the attention they need, aligning them with someone who can is the right way to go.

Links and Important Mentions * Premier Wealth Advisors * Premier Wealth Advisors on LinkedIn * Premier Wealth Advisors on Facebook * Premier Wealth Advisors on Instagram

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In this episode, Steve talks with Michael Evans of Cogent Strategic Wealth, based in Chicago. As Michael puts it, all the people Cogent serves likely have the ability to do what he does, but simply don’t want to.

Michael’s firm serves 65 families in 17 different states, with clients ranging from heads of households to their adult children.

Michael shares his personal story with Steve about how he ended up as a wealth manager and the gut check that led him there. He also gives insight on how vulnerability can lead to greater trust between clients and advisors.

”I think wealth management is just so much more than wealth management. I think you're actually helping people be better people, better leaders, better spouses, better parents, better community members, better board members for different organizations. I think by having your financial house in order, I absolutely believe you're going to be there for others in a better way when they need to count on you the most. ” ~ @cogentadvisor

Main Takeaways * Wealth management is an exercise in revelation. You’re asking your clients to reveal personal desires or fears around their money. Doing the same on your end can build a stronger relationship and deepen the trust they have with you. * The only thing you should be an expert in is your clients. Understanding your clients well and bringing them a unique solution is one of the best things that you can do for them. * When dealing with couples, it’s always best to get their individual opinions about wealth management and how they see their money working in the future. They may say something that’s never been discussed before between them. * Managing wealth is more than just asset management; it’s bettering the people that you’re working for by helping them put their financial house in order.

Links and Important Mentions * Cogent Strategic Wealth * Michael Evans on Twitter * Micahel Evans on LinkedIn

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In this episode, Steve talks with Yvonne and John O’Neill of O’Neill Financial Management, a registered investment advisor offering a unique approach to investing.

For nearly three decades, John and Yvonne have worked together to guide and serve their clients. They started a tax practice and later added financial services to their offerings. It was a tough decision, but one they don’t regret.

John and Yvonne talk about what it was like taking a huge leap in their business, the struggles they had to work through, and why confidence and trust are so important.

”When you get into tough times with the markets or people's lives, [confidence and trust] really are the driving factors. Those two things together have, I think, given us a chance to think big and grow the practice. ” ~ John O’Neill

Main Takeaways * It takes a tremendous amount of courage to take a leap in your life. Never forget to trust in the choice you made because that’s what is going to bring everything together. * Relationships are the foundation of trust. When your client trusts you and the advice you’re giving them, it’s a game-changer. * Leverage technology to your advantage. Make use of the technology that’s available to you to build relationships and improve your service offerings. * No matter how big your business becomes, it’s important to schedule personal time-off in order to maintain a fresh perspective.

Links and Important Mentions * O’Neill Financial Management * Everplans

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In this episode, Steve talks with Dr. Randall Stutman of CRA Inc, and founder of The Admired Leadership Institute. Randal has been instrumental in helping launch the Buckingham Strategic Partners’ Admired Advisor program.

Early in his career, Randall focused on researching truly special leaders. At the time, he was focused more on demographics and psychological traits as data points. But when he started to see that people who have great outcomes aren’t necessarily great leaders, he realized he needed to focus more on followership as a companion to results-based leadership.

Dr. Stutman has lots of advice on what it means to be an admired leader and how to attain great leadership. His deep research gives him insights generally unheard elsewhere and he uses those insights to teach others how to become great leaders.

"If you know how to give feedback to a 58-year-old in a really powerful way, then it works with an 8-year-old, too. Therefore, you should be doing it all the time.” ~ Dr. Randall Stutman

Main Takeaways * It’s tough to find leaders that are results-oriented and also inspire and create a following from the people they oversee. The Admired Leadership Institute seeks to train people to be both. * The first step in becoming a better leader is to understand who you are and your own preferences, tendencies, and traits. The next is to understand the same thing about the people with whom you work. The final step is accounting for the differences between the two. * We respect and engage people that are consistent. Don’t do impactful things for temporary benefits, but to build long-term habits. * Redundancy, not repetition, is important for your communication as a leader.

Links and Important Mentions * CRA Inc. * Admired Leadership Institute * The Admired Leadership Institute on LinkedIn

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In this episode, Steve talks with Dr. Randall Stutman of CRA Inc, and founder of The Admired Leadership Institute. Randal has been instrumental in helping launch the Buckingham Strategic Partners’ Admired Advisor program.

Early in his career, Randall focused on researching truly special leaders. At the time, he was focused more on demographics and psychological traits as data points. But when he started to see that people who have great outcomes aren’t necessarily great leaders, he realized he needed to focus more on followership as a companion to results-based leadership.

Dr. Stutman has lots of advice on what it means to be an admired leader and how to attain great leadership. His deep research gives him insights generally unheard elsewhere and he uses those insights to teach others how to become great leaders.

”If you know how to give feedback to a 58-year-old in a really powerful way, then it works with an 8-year-old, too. Therefore, you should be doing it all the time.” ~ Dr. Randall Stutman

Main Takeaways * It’s tough to find leaders that are results-oriented and also inspire and create a following from the people they oversee. The Admired Leadership Institute seeks to train people to be both. * The first step in becoming a better leader is to understand who you are and your own preferences, tendencies, and traits. The next is to understand the same thing about the people with whom you work. The final step is accounting for the differences between the two. * We respect and engage people that are consistent. Don’t do impactful things for temporary benefits, but to build long-term habits. * Redundancy, not repetition, is important for your communication as a leader.

Links and Important Mentions * CRA Inc. * Admired Leadership Institute * The Admired Leadership Institute on LinkedIn

Subscribe and Stay in Touch * Apple Podcasts * Spotify * Steve on LinkedIn * Follow Buckingham Strategic Partners on Twitter

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In this episode, Steve talks with Tom and Jeff Berg of Integrated Inc. Wealth Advisors about how to lead a successful staff, using education to help motivate, and why teaching is an essential part of being a leader.

Tom and Jeff Berg are the father and son team that run Integrated Inc. Wealth Advisors. Jeff started as an advisor in 1965, and he’s spent the last 17 years transitioning the business to Tom.

Both Jeff and Tom have learned a lot throughout their careers about how to lead clients well, and how to keep them focused on their goals, even when they push back on advice. With more than 55 years of experience, they share a powerful perspective that can help all advisors with their client relationships.

”Whether it's leading your staff, or leading your client, teach them thoroughly...and then motivate them. If you can't teach and you can't motivate, how can you be a leader?” ~ Jeff Berg

Main Takeaways * You can’t do everything yourself. Consider getting a strategic coach to help you synthesize your best abilities, and hire out the aspects of your business that are a challenge for you. * Teach your staff, as well as your clients, everything that they need to know about what you do and then motivate them. This is an essential element of building trust, which is at the heart of wealth management. * A good advisor should be like a shepherd; guiding their clients through the most perilous of times and protecting them as they go. * Think of your investment strategy as a flower garden. Look for ways to make sure that something is always blooming.

Links and Important Mentions * Integrated Wealth Advisors * Integrated Wealth Advisors on Facebook * The Essential Wooden: A Lifetime of Lessons on Leaders and Leadership by John Wooden

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This week, Steve talks with Rob Ryan about time management, productivity, and how to approach learning. Ryan is the Principal at Ryan Wealth Management.

Rob has been building Ryan Wealth Management for 24 years in a mid-size agriculture city in California. His location is also indicative of the type of clients he serves: mid-size accounts for people embedded in the agriculture industry.

Going into the military as a pilot at a young age, Rob learned the importance of checklists and procedures and how they can ensure efficiency and clear communication. He also learned the value of focusing his energy so that he could put his effort where it’s most needed.

In this episode, Steve and Rob talk about the beauty of processes and checklists, what a truly diversified portfolio looks like, bucket lists, and more!

”I just want to get it right so that I don't have to keep putting my energy, which is limited as one human being, into that one event all of the time. If I can at least set out the path, then I can walk away from that, and it's automated in a sense through that person or through that computer process — and I don't have to think about that anymore. I can move on to something else to think about and add something more to my engine here.” ~ @RyanWealth

Main Takeaways * Efficiency comes from establishing procedures and processes. This enables you to be more productive with your time and your clients’ time. * If your portfolio is truly diversified, there should be a section in your portfolio that is not being affected by the market. * If you’re doing something more than once in your office, then it probably means that it’s a task that can be automated to some extent. Look for those areas of opportunity. * It’s important to encourage clients to think about leaving behind more than just money for their families. It’s about leaving behind a legacy of good decision making as well as positive memories that last a lifetime. * Listening to your clients’ feelings and asking them personal questions not only helps build a strong relationship but it also provides insight into the areas of their investment strategy that you need to focus on as an advisor.

Links and Important Mentions * Ryan Wealth Management * Ryan Wealth Management on Facebook * Ryan Wealth Management on LinkedIn

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In the inaugural episode of The Admired Advisor, Steve Atkinson talks with Maureen McShane, CEO of Capital Investment Management, about productivity, transitioning, and creating great client experiences.

As a financial advisor serving more than 120 families, Maureen has a lot of experience to share. She runs a legacy firm that was passed on to her from her parents and now includes her own daughter as well. And she does it all from a farm in Maryland.

Maureen went to school for elementary education and she has built her approach to advising with the same principles in mind—if she can leave her clients a little more educated than when they arrived, she’s been successful.

In this episode, we talked about how Maureen creates her ideal week, transitioning her firm to a farmhouse, being prepared for your clients, and more!

”When I was starting to take a look at my ideal week, it took me a couple of weeks of deciding what's really important to me and putting those big rocks in first so that my own specific needs and values were met. What do I need to do for my clients? And when do I actually want to do that? When am I at my best?” ~ @maureencim

Main Takeaways * It's imperative to be prepared and anticipate client concerns. Even during crises, check in on your clients and make sure they continue to be well. * Plan out your ideal week and think about what’s truly important to you. This will help you decide where to spend your time and where to let things go that aren’t contributing to your ideal environment. * Having an accountability partner or sounding board can help you stay on track with your schedule and goals.

Links and Important Mentions * Capital Investment Management * Follow Maureen on Twitter * A Woman's Way: Empowering Female Financial Advisors to Authentically Lead and Flourish in a Man’s World by Michelle Donovan and Patty Kraemer * Productivity Uncorked * Franklin Planner * The 7 Habits of Highly Effective People: Powerful Lessons in Personal Change by Stephen Covey * Barron’s * Investment News * The Wall Street Journal