The Confident Advisor Practice Podcast

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In this episode of the Confident Advisor Practice, hosts Bill Bush and Brother Pete delve into the significant benefits of joining a community of like-minded financial advisors. They explore how collaboration, knowledge sharing, and support within such communities can empower advisors, enhance their practice management, and foster professional growth. The discussion also touches on their experiences and insights from the Horizon Advisor Network, illustrating the practical advantages of community engagement in the financial advisory landscape.

Episode Highlights:

00:00:07 - Introduction: The episode kicks off with an overview of the podcast's mission to provide advisors with strategies and confidence-building techniques. The hosts introduce the topic of the benefits of joining a like-minded advisors' community.

00:00:32 - The Value of Community: Brother Pete and Bill discuss the intrinsic value found in joining a community of advisors, emphasizing collaboration and the cultivation of a shared knowledge base. They touch on how communal experiences, like attending conferences, can spark new ideas and foster growth.

00:01:32 - Power in Numbers: The discussion shifts towards the power in numbers, exploring how communities can offer vast resources, including shared knowledge and collective problem-solving, which individual advisors might not possess on their own.

00:02:08 - Sharing Within the Community: Bill highlights how advisors can benefit from sharing insights and strategies within their network, offering as an example the Horizon Advisor Network's collaborative environment which consists of diverse advisors from across the country.

00:03:14 - Knowledge Sharing and Education: Pete shares how Horizon's Investalytics group facilitates deep discussions on fund performance and portfolio design, showcasing the tangible educational benefits of being part of an active advisor community.

00:04:20 - Support and Accountability: The hosts talk about the comprehensive support system within the Horizon Advisor Network, including regular check-ins and coaching sessions which foster a strong sense of accountability among its members.

00:06:28 - Confidence and Empowerment through Community: Bill and Pete discuss how being part of a supportive community can significantly boost an advisor's confidence and empower them to make more informed and bold business decisions.

00:07:05 - Inspiration and Role Models: The conversation turns to how community members can serve as role models and sources of inspiration, illustrating how success stories within the network can motivate and guide newer advisors.

00:08:22 - Networking and Collaboration: Highlighting the benefits of networking, the hosts describe how collaboration within the advisor network can open new opportunities and foster meaningful relationships.

00:09:55 - Gaining Fresh Perspectives: Pete emphasizes the importance of bringing in fresh perspectives and staying open to new ideas to evolve and improve one's advisory practice within a community setting.

00:11:22 - Building Confidence: The podcast loops back to the theme of confidence, discussing how being part overall of a nurturing network can significantly bolster an advisor's belief in their own capabilities and the value they bring to clients.

00:13:15 - Specialized Support: Bill outlines how specialized support from the network can assist advisors in dealing with niche areas or specific client needs, further emphasizing the community's role in an advisor's professional development.

00:14:58 - Open Door Policy: The hosts explain the "open door" policy within their network, which allows for unrestricted access to advice and support from the network's leadership, spotlighting the community's commitment to each member's success.

00:17:04 - Recap and Conclusion: The episode concludes with a recap of the discussed benefits, underscoring the transformative impact joining a like-minded advisors' community can have on one's practice.

Key Takeaways:

Joining a community of like-minded financial advisors offers numerous benefits, including access to a collective knowledge base, networking opportunities, and a supportive environment conducive to growth.
Candid sharing of strategies, experiences, and insights within such communities can help advisors navigate challenges, discover new opportunities, and achieve their business goals more effectively.
The presence of role models and the availability of specialized support within the network serve as vital resources for personal and professional development, encouraging continuous learning and improvement.
Engagement in a community fosters a sense of belonging and contributes to building confidence, which is crucial for personal fulfillment and business success in the advisory field.

Tweetable Quotes:

"There's power in collaboration and shared knowledge among advisors."
"Being part of an advisory community can significantly boost confidence and empower advisors."

-"Learning from the successes within your network can be a powerful motivator."

Resources Mentioned:

https://www.horizonfg.com/

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Summary:

In this episode of the Confident Advisor Practice, hosts Bill Bush and Brother Pete delve into the top 10 frustrations financial advisors face in their profession. Through their discussion, they explore various challenges, from operational support to the constant need for self-promotion, offering insights and potential solutions to each issue. This conversation sheds light on the complexities of the financial advisor role and provides valuable perspectives for professionals looking to navigate these common obstacles effectively.

Episode Highlights:

00:00:07: Bill Bush and Brother Pete kick off the podcast with a warm greeting and quickly move to set the episode's theme, focusing on the mix of frustration and reward that characterizes the financial advisor profession. They set the stage for a deep dive into the common challenges advisors face, emphasizing the profession's inherently complex nature and how it can sometimes lead tofrustration despite its rewarding aspects.

00:00:31: Pete responds with agreement, highlighting how the complexity of the financial advisory business can introduce numerous frustration points. He points out the critical role of various individuals in the chain of financial advice and account management, setting the context for a detailed exploration of specific challenges.

00:00:47: Bill and Pete acknowledge that while the business has its frustrating moments, it remains deeply enriching and rewarding. This remark provides a balanced view of the financial advisory profession, suggesting that despite its challenges, the career offers significant fulfillment.

00:01:11: The conversation transitions to a detailed countdown of the top 10 frustrations of financial advisors, starting with the lack of operational support. Bill and Pete discuss the common structure of independent advisory practices and the challenges of operational tasks that many advisors face, especially those in small practices without dedicated support staff.

00:03:25: Bill brings up the issue of feeling isolated in the financial advisory field, a sentiment underscored by the industry’s fragmented nature. The discussion covers strategies for overcoming this challenge, such as seeking community and networking opportunities.

00:05:04: Revenue fluctuations are highlighted as a significant source of frustration, stemming from the business's inherently unpredictable nature. The hosts discuss the impact of market movements on advisory fees and the challenges of fluctuating income in the early years of commission-based business.

00:06:17: The conversation shifts to the difficulties in selecting the right technology for business operations. Bill and Pete share insights into the constant evolution of tech tools and the challenge of keeping up with new developments without being distracted by "shiny object syndrome."

00:08:08: The hosts discuss work-life balance, emphasizing the non-stop nature of the financial advisory role and the importance of prioritizing and being present in each aspect of life. This segment acknowledges the personal challenges advisors face in managing their professional and personal commitments.

00:10:13: Attracting ideal clients is identified as a major frustration, with a focus on developing an understanding of who an ideal client is over time. The discussion includes strategies for identifying and focusing on clients who align with the advisor's strengths and values.

00:11:18: Compliance headaches take the spotlight as a significant challenge, with acknowledgment of the essential role of compliance departments and the stress of adhering to a complex regulatory landscape.

00:13:46: Capping growth potential is discussed as a frustration that stems from the operational and administrative demands on advisors, preventing them from focusing on growth activities. The importance of building a supportive team to overcome growth barriers is emphasized.

00:15:17: The challenges of finding trustworthy partners and fitting culture into the business are explored, highlighting the importance of establishing reliable relationships within the industry.

00:16:28: The episode concludes with the number one frustration: constantly selling oneself. This segment reflects on the relentless need for financial advisors to promote their services and the pressures of continuously seeking new clients.

Key Takeaways:

Operational support and leveraging technology are pivotal in managing and reducing the workload of financial advisors, enabling them to focus more on client relationships and strategic growth.
Building a sense of community and overcoming feelings of isolation are essential for maintaining a positive outlook and fostering professional development within the financial advisory field.
Effective management of revenue fluctuations, compliance requirements, and work-life balance are key to long-term success and personal well-being in financial advising.
Identifying and attracting ideal clients, along with building a supportive team and trustworthy partnerships, are crucial steps toward sustainable business growth and reducing professional frustrations.

Tweetable Quotes:

"In our industry, complexity and frustration go hand-in-hand, but it's also incredibly rewarding." - Pete
"Overcoming operational challenges and isolation requires creating a supportive community and leveraging technology effectively." - Bill
"Finding your ideal client isn't just good for business; it's essential for personal fulfillment in our profession." – Pete

Resources Mentioned:

https://www.horizonfg.com/

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In this episode of The Confident Advisor Practice, hosts Bill and Pete Bush explore various strategies and insights for financial advisors aiming to enhance their practice's confidence levels. The discussion revolves around navigating the traditionally slower summer months in the advisory business, focusing on marketing versus sales activities, engagement opportunities, and personal and professional development strategies to maintain and even accelerate business momentum.

Episode Highlights:

· 00:07: Bill welcomes listeners to the podcast, introducing the purpose of The Confident Advisor Practice is to provide financial advisors with strategies and insights for building confidence in their practice. The exchange sets the stage for an episode dedicated to tackling the unique challenges and opportunities that the summer season presents in the advisory landscape.

· 00:26: Bill and Pete discuss the transitioning seasons and mention how significant life events like graduations and holidays mark time passing. This introduction into the discussion about seasonal changes signals the importance of planning and adapting personal and business activities accordingly.

· 00:32: Pete talks about the slower pace of business during the summer due to annual travels and clients' vacation traditions. He introduces the concept that despite the reduced pace, there are still valuable opportunities for advisors to stay connected with clients and keep the wheels of progress turning.

· 01:18: Both hosts emphasize that business doesn't stop during the summer, highlighting the necessity for advisors to proactively plan and utilize this time effectively. This approach challenges the mindset of passively accepting the summer slowdown, urging advisors to seek opportunities for growth and engagement during these months.

· 01:42: The conversation shifts to detailing the differences between sales and marketing in the advisory field, with particular focus on how each functions continuously throughout the year. They highlight summer as a unique opportunity for marketing and relationship-building activities, even if direct sales opportunities may be fewer.

· 02:54: Bill and Pete discuss the importance of messaging and staying in contact with clients, especially when out of the office. The conversation suggests utilizing modern tools and technology to plan and automate communications, ensuring advisors remain present in their clients' lives irrespective of physical availability.

· 03:11: They explore the role of current technology and tools, such as AI, in facilitating effective communication and planning during less active business periods. This highlights the blending of human insight and technology to maintain a consistent presence and outreach to clients.

· 04:06: Discussing the value of personal interactions and trust-building activities during summer events, the hosts illustrate how being physically present and engaged in community events can foster deeper trust and relationships with potential and existing clients.

· 05:27: The discussion turns to strategies for effectively using downtime, such as continuing education and system updates. This segment underscores the importance of using quieter periods for personal and professional development, ensuring readiness for increased activity levels in subsequent months.

· 10:18: The hosts suggest organizing events and utilizing summer Fridays as opportunities for team bonding and culture-building within advisory practices. They provide practical advice on leveraging the summer for both personal enjoyment and setting the stage for a productive fall.

· 15:16: In closing, Bill and Pete encourage listeners to maintain momentum and focus throughout the summer, using the slower pace as an opportunity to prepare for a strong year-end. They remind listeners about the importance of goal orientation and continual activity for sustained success.

Key Takeaways:

· The summer months present unique opportunities for financial advisors to focus on marketing, relationship building, and personal development despite a traditionally slower pace of business.

· Leveraging technology and planning can ensure continuous engagement with clients and prospects, minimizing the impact of physical unavailability due to vacations or office closures.

· Personal and professional development, along with strategic planning for the fall, are critical during the summer to maintain and build momentum in your practice.

Tweetable Quotes:

· "Using downtime effectively is not just about taking a break; it's about strategically preparing for the next season of growth in your practice." - Bill Bush

· "Trust is built not just online but in person, staring into somebody's eyeballs. Summer events offer that perfect chance to deepen those relationships." - Pete Bush

· "Keep the engine running all summer with strategic planning and engagement to jumpstart your fall." - Pete Bush

Resources Mentioned:

https://www.horizonfg.com/

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In this episode of the Confident Advisor Practice Podcast, hosts Bill and Pete Bush dive into the intricacies of the Office of Supervisory Jurisdiction (OSJ) model, sharing their insights and experiences from the Horizon Advisor Network. They discuss the evolving role of OSJs in the securities industry, shedding light on how OSJs provide support, compliance, supervision, and additional value to independent financial advisors. The episode covers the benefits of plugging into an OSJ, the personal touch and community it offers, and tackles common misconceptions about the model.

Episode Highlights:

00:00:07: Bill welcomes listeners to the podcast and sets the stage for the episode's focus on the OSJ model within the Horizon Advisor Network. He highlights the purpose of the podcast, which is to provide tips, strategies, and perspectives for building confidence in financial advisors’ practices. The introduction underscores the significance of understanding the OSJ model for those in the securities industry.
00:00:41: Pete expresses his pleasure in joining the conversation, setting a collaborative tone for the episode. The brief

exchange emphasizes the close relationship between the hosts and hints at the episode's informal but informative style.

00:00:54: The conversation shifts to a detailed explanation of the OSJ (Office of Supervisory Jurisdiction). Pete clarifies the vague understanding some listeners might have about OSJs, leading into a definition of the acronym and its significance in the securities industry. This segment is crucial for establishing a foundational understanding of the topic.
00:02:08: Bill and Pete discuss the specific responsibilities and requirements of an OSJ, including the necessity of holding a Series 24 license. This breakdown helps clarify the regulatory and supervisory roles that OSJs play within broker-dealer firms, making it easier for listeners to grasp the breadth of an OSJ's duties.
00:03:29: The hosts touch on the scale and scope of the Horizon Advisor Network's OSJ, mentioning the number of advisors and geographical distribution. This segment highlights the network's growth and the logistical complexities of managing a wide-spanning network of advisors.
00:04:30: Pete elaborates on the evolution of the OSJ model from a compliance and supervision focus to a value-added service provider. Here, specific examples like marketing programs, business coaching, and community-building efforts are discussed, illustrating the OSJs role beyond regulatory functions.
00:05:15: The episode narrows in on the tangible benefits of joining an OSJ for independent advisors, emphasizing the financial arrangements, personal attention, and the broader support ecosystem. Pete provides insights into how OSJs like

Horizon Advisor Network cater to various advisor needs, contributing to their professional growth and client service capabilities.

00:07:37: Discussion turns to the importance and impact of in-person gatherings within the OSJ community. This part of the conversation underscores the value of face-to-face interactions in fostering relationships and community spirit among networked advisors.
00:08:49: Bill and Pete address some common misunderstandings about OSJs, such as concerns about client ownership and operational freedom. This segment serves to debunk myths and present the OSJ model as an enhancing rather than restricting partnership for advisors.
00:10:20: The hosts explore the diverse sizes and types of advisory practices that find value in plugging into an OSJ, reflecting on their own practice's growth and development alongside their affiliates.
00:13:46: Pete identifies the most significant challenges faced by OSJs, focusing on the people management aspect of advisory practices. This insight sheds light on the multifaceted role of OSJs in advising on business operations, growth strategies, and practice management.
00:15:58: The episode concludes with reflections on the rewarding aspects of operating an OSJ, particularly in enabling advisor growth, facilitating successful exits, and enhancing client service. Pete’s perspective offers a holistic view of the OSJ’s impact on the advisory landscape.

Key Takeaways:

The OSJ model plays a pivotal role in providing compliance, supervision, and additional value-added services to independent financial advisors, enhancing their ability to serve clients effectively.
Joining an OSJ like the Horizon Advisor Network offers advisors a blend of regulatory support and community benefits, including personalized attention, professional development opportunities, and a supportive advisor ecosystem.
Common misconceptions about OSJs, such as concerns over client ownership and operational restrictions, are largely unfounded, with OSJs enabling rather than limiting advisor independence and growth.

Tweetable Quotes:

"Understanding the OSJ model is crucial for anyone in the securities industry looking to enhance their practice." – Bill Bush
"The evolution of OSJs from purely compliance roles to providers of value-added services represents a significant shift in the industry." - Pete Bush
"Being part of an OSJ offers a personal touch and a supportive community, vital for independent advisors aiming for growth." - Pete Bush

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In this episode of the Confident Advisor Practice podcast, hosts Bill Bush and Pete share valuable insights and tips for successful interviews and public speaking engagements. They discuss their experiences with interviews and conversations on various platforms. They mention that interviews can sometimes feel like conversations or Q&A sessions, whether on podcasts, at events, or in articles.

Episode Highlights:

· 02:01: The hosts, Bill and Pete Bush emphasize the importance of preparation for interviews, suggesting that being prepared helps you come across as more natural and confident. This preparation includes anticipating questions, rehearsing responses, and having a system for delivering messages.

· 04:53: Anticipating questions and rehearsing potential responses is recommended, especially for podcasts and interviews. The hosts mention that some interviewers provide a general line of questioning to help guests prepare.

· 06:32: The hosts discuss the importance of storytelling in interviews, recommending a clear beginning, middle, and end to your stories. They suggest focusing on two or three main points to convey effectively.

· 09:11: They emphasize the importance of brevity and using sound bites to convey your message effectively. They discuss the use of stories and anecdotes to make your points more memorable.

· 10:55: The hosts discuss the importance of being conversational and using language that resonates with the audience's level of sophistication. They suggest avoiding jargon and overly technical language.

· 12:59: They suggest taking your time to answer questions and not rushing your responses. They discuss the use of pauses and redirections to gather your thoughts and deliver a thoughtful response.

· 14:44: The hosts emphasize the importance of projecting confidence and authority in your responses. They suggest using facts and statistics to back up your points and establish credibility.

· 17:55: They encourage practice and repetition to improve your interviewing skills, comparing it to building a muscle. The hosts suggest that with practice, you can become more comfortable and confident in interviews.

Key Points:

Anticipate questions, rehearse responses, and have a system for delivering messages.
Use clear beginning, middle, and end to convey main points effectively and make them memorable.
Speak confidently, use relatable language, and back up points with facts and statistics.

Tweetable Quotes:

· "Storytelling is key! Use a clear beginning, middle, and end to convey main points effectively and make them memorable.” - Pete

· "Be authentic! Speak naturally and let your personality shine through to connect with your audience.” - Pete

· "Know your audience! Tailor your language and examples to resonate with your listeners and keep them interested." - Bill

Resource Mentioned:

· Podcast Editing

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The Confident Advisor Practice podcast, hosted by Bill Bush and Pete Bush of the Horizon Advisor Network, explores tips, strategies, and perspectives for financial advisors to build, maintain, and grow confidence in their practice. In this episode, they discuss the beginning of a new year and the importance of setting goals for the financial advisor's business. The episode also aims to provide practical advice for financial advisors on building relationships with existing clients, expanding services, and ultimately growing revenue in their practices.

Episode Highlights

· 00.45: Pete emphasizes that the start of the year is a time when goals are typically set. He notes that financial advisors rarely wake up on January 1st thinking they had a good year and decide to do less in the coming year. Instead, they set goals for growth and success in their practice.

· 01.09: The conversation touches on the distractions that may arise throughout the year, such as political events, interest rates, and conflicts overseas. Despite the potential noise from external factors, the hosts emphasize the importance of focusing on business planning and growth.

· 02.36: The ability to stay focused despite external factors can be a superpower and even a competitive advantage for financial advisors.

· 03.45: The episode aims to provide guidance on growing and succeeding in the face of uncertainties.

· 04.24: The hosts discuss the idea of exploring new avenues, such as donor-advised funds, as an additional service for clients.

· 06.07: Pete highlighting the importance of engaging with high-net-worth clients and ensuring that the planning process is comprehensive. He mentions scenarios where advisors may have inherited large investment clients or acquired clients who haven't been through the full planning process.

· 07.09: Bill introduces the concept of an expansion passport, a self-assessment tool or questionnaire aimed at younger people. He emphasizes that this tool is a good way to open doors by asking questions that may not be solely investment related.

· 09.12: Pete emphasizes the need for a system, often using a Customer Relationship Management (CRM) tool, to continually put the advisor in front of this broader audience.

· 10.16: The hosts discuss the concept of being "referrable" and how the top 20% of clients can act as flag-wavers, potentially providing valuable referrals.

· 11.31: While it may be difficult to raise fees based on percentage charges, financial advisors can focus on charging separately for unique services or intellectual capital. By offering something distinctive, advisors can set their own prices.

· 14.08: The hosts discuss the importance of reviewing expenses at the end of the year and questioning the relevance of each item.

· 15.48: The hosts stress the fundamental purpose of being in business—to make a profit—and the importance of managing expenses to maximize profitability.

· 16.40: Bill and Pete discuss a conceptual framework using a four-square box to categorize potential clients based on their familiarity with the advisor and awareness of their financial needs.

· 18.36: The hosts encourage financial advisors to concentrate their marketing efforts on individuals they know and who are already aware of their financial needs. This includes people who have shown interest, attended events, or expressed concerns related to their financial situations.

· 20.15: Recognizing that financial advisors have limited resources; the hosts suggest focusing efforts to achieve maximum results.

3 Key Points

Bill outlines three primary ways for financial advisors to grow their profits on the top line of their business.
The episode provides financial advisors with insights on different aspects of growing revenue and profits, including the strategic consideration of raising prices and the importance of cost management.
The hosts recently conducted a Q1 focus call for their advisor network, and they plan to share some timely and essential insights for all advisors.

Tweetable Quotes

· “By maintaining focus and executing their plans, advisors can look back at the end of the year and see that they achieved their goals or made progress, even if unexpected challenges arose.: - Pete

· “Doing more business with existing clients is a straightforward path to revenue growth.” – Bill

· “Staying focused on the plan amid external uncertainties is considered a competitive advantage and a way to achieve success.” - Pete

Resources Mentioned:

The Confident Advisor Practice Podcast
Horizon Advisor Network Website

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On today's episode of "The Confident Advisor Practice Podcast," a podcast from the Horizon Advisor Network, hosts Bill Bush and Chad Soileau talks to Theresa Barnard from Evergreen Solutions. They explain that they met Theresa through their involvement on the board of the Financial Planners Association of Louisiana and how they got to know each other.

Episode Highlights

· 01:56: The host talks about the EOS system (Entrepreneurial Operating System). They mention that the EOS system was derived from Gino Wickman's work, possibly referring to a book called "Traction" by Gino Wickman.

· 02:24: Theresa mentions that she entered the wealth management industry in 1999 as a licensed advisor and spent most of her career working in ensemble practices. She eventually found herself in practice leadership roles, which she describes as a natural progression in her career.

· 03:09: Theresa mentions that she had the opportunity to implement EOS into her practice two years ago and served in the integrator role. This experience led her to realize her true passion, which involves creating a conducive environment for growth and helping companies have a more significant impact on their clients and communities.

· 04:46: EOS may not be the best fit for those who don't seek growth or change in their business. Theresa implies that EOS is more appropriate for business owners who are interested in improving efficiency, achieving growth, and making changes to their practice.

· 05:40: Theresa elaborates on the criteria for advisors who should consider implementing the EOS system. She emphasizes that EOS is suitable for advisors in ensemble practices who have a desire to grow and increase their impact on clients, employees, and their community.

· 07:01: Theresa explains that EOS is essentially a business operating system designed specifically for entrepreneurial business owners.

· 08:24: Bill and Chad discuss the flexibility of the EOS system and how it can be tailored to suit the unique needs and preferences of each advisor's practice. They emphasize that EOS provides a framework that doesn't require advisors to reinvent the wheel, allowing them to adapt and integrate it into their practices as they see fit.

· 11:58: Theresa emphasizes that the "people" component often stands out as the most complex and messy part of the business, primarily because people are inherently complex. She notes that one of the initial impacts of implementing EOS is focusing on finding the right people for the right positions within the organization.

· 13:50: Theresa emphasizes the need for individuals to be in roles that match their natural abilities and interests, using the analogy that if she were to do interior design work, no matter how hard she tried, it wouldn't be a good fit.

· 16:02: Bill, Chad and Theresa discuss how this concept encourages individuals and teams to prioritize their most crucial objectives over less important tasks, ensuring that they allocate their time and resources wisely during a 90-day period.

· 17:52: Bill and Chad talk about the interconnectivity of the components and how they must work together seamlessly for success.

· 19:27: Companies can choose to work with professional EOS implementers who are franchisees of EOS. These professionals serve as coaches, facilitators, and teachers, guiding the leadership team of a company through the implementation of EOS.

· 23:20: The arrangement with an Integrator often depends on the company's specific situation and goals. Theresa highlights the importance of finding the right fit for the Integrator role, whether internally or externally, to ensure that the responsibilities are managed effectively, and that the Integrator can help drive the company's success.

· 24:23: Theresa’s goal is to help her clients eventually graduate from her services when they have either developed an internal team member to take on the Integrator role or their company has grown to the point where they can afford a full-time Integrator.

· 25:23: Theresa shares insights into her role as an Integrator, explaining that she works with companies on a part-time basis, helping them implement EOS and optimize their operations.

· 27:02: Theresa clarifies that her goal is to eventually help clients graduate from her services when they have developed an internal team member or grown to a size where they can afford a full-time Integrator.

3 Key Points

Theresa explains that EOS is essentially a business operating system designed specifically for entrepreneurial business owners.
Theresa highlights that EOS provides a simple yet effective framework for aligning core values with hiring decisions, recognizing, promoting, and potentially separating individuals based on value alignment.
Theresa talks about the significance of having the right people in the right seats within an organization, using EOS tools like the People Analyzer. She highlights the flexibility of EOS, as it can be implemented in various industries, and discusses the EOS concept of "rocks" as 90-day objectives to drive progress.

Tweetable Quotes

· “The EOS system is described as a framework to help entrepreneurs, business owners, and advisors run their practices more efficiently and effectively, with the goal of achieving growth.” - Theresa Barnard

· “Businesses are always looking for better ways to operate, and EOS offers a proven system that can help advisors create ensemble practices.” – Bill

· “A company can self-implement EOS using the downloadable tools provided by EOS worldwide, such as books like "Traction" and "Get a Grip." However, this self-implementation may take a while as there is a learning curve involved.” - Theresa Barnard

Resources Mentioned:

The Confident Advisor Practice Podcast
Horizon Advisor Network Website

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On today's episode of "The Confident Advisor Practice Podcast," a podcast from the Horizon Advisor Network, hosts Bill Bush and Chad Soileau discuss about the growing popularity of artificial intelligence (AI) in 2023 and its potential positive effects on the financial advisory business. The speakers acknowledge that AI has rapidly emerged and is now widely present. They express their intention to explore the known positive impacts of AI in the financial advisory field and encourage thinking outside the box.

Episode Highlights

· 01.07: Bill and Chad discuss the adaptability of AI to the diversity of practices among financial advisors.

· 02.25: Bill mentions that AI platforms may have a lag in terms of accessing up-to-date information. He further adds that AI's ability to automate tasks and provide insights is evolving rapidly.

· 03:48: Chad talks about the potential of AI in automating tasks, citing an example of an AI machine scheduling appointments and conducting phone conversations.

· 05:09: Bill highlights AI's capability to analyze large amounts of data quickly and provide valuable insights.

· 06:17: Chad discusses the limitations of AI in providing personalized advice. He says that personalized advice and human relationships still hold significant value in the financial industry.

· 07:34: Bill explains how AI can provide a head start in educational projects by generating outlines or training programs quickly. He discusses the potential of AI for on-the-fly educational resources.

· 09:00: Chad mentions AI-powered chatbots on websites as an example of connecting with clients.

· 09:49: Chad highlights the efficiency gains AI can bring to the service aspect of businesses.

· 10:02: Bill and Chad discuss the growing role of AI and its potential for transforming various aspects of business and decision-making.

· 14:13: With AI we are always going to find a way to be better at what we do. But again, nothing beats face to face.

3 Key Points

Chad shares how integrating AI into different aspects of a business can be relatively easy and customizable based on individual preferences.
Chad discusses the potential of AI in streamlining customer service and improving efficiency.
Bill and Chad discuss the ongoing evolution and advancements in AI technology.

Tweetable Quotes

· "Personalized advice and human relationships still hold significant value in the financial industry." – Chad

· "Some clients may embrace AI-based service, while others may still prefer human interaction." – Chad

· "Nothing beats personal relationships with clients." - Chad

Resources Mentioned:

The Confident Advisor Practice Podcast
Horizon Advisor Network Website

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In today's episode of "The Confident Advisor Practice Podcast," a podcast from the Horizon Advisor Network, hosts Bill Bush and Chad Soileau talk about practice management. Today they are going to discuss about the importance of CYA in your practice.

Episode Highlights

§ 01:36: The CYA 360 was born as a single-day event for business owners and business leaders.

§ 01:50: CYA 360 was a one-day symposium with guest speakers all speaking on their individual topic of specialization and expertise, whether that is buy-sell agreements, risk mitigation, company retirement plans, what are all the threats and things they need to be aware of uncovering all those potential issues, so it started as a one-day symposium, later it got morphed into a series.

§ 02:55: Bill talks about the 3 major categories of CYA 360.

§ 03:47: What are some things that individual practices really need to think about that they can implement and do …and kind of make their own.

§ 06:02: Bill shares how things change when you are in your 50s.

§ 08:00: There is not another runway decade out there, Bill has searched before starting their podcast. It is a unique story.

§ 09:30: Bill and Chad discuss the importance of staying relevant and up to date in the digital age.

§ 10:23: One of the ways you can protect yourself always being active, visible, and relevant is by having purpose planned marketing system within your firm.

§ 11:58: Every single day you should always be looking for new opportunities. The bigger deal is having a documented plan of client acquisition.

§ 13:22: Build a unique ability team. Stick to what you are best at as a new advisor, you have to be a Jack of all trades, but as you start to expand out, it doesn't necessarily mean you have to add a bunch of employees, but it is about maybe leveraging your strengths.

§ 15:58: Chad advises doing some legacy planning with children or grandchildren that come behind, but also diversifying the age groups of the clients that you are also working with as well too because you can have some clients that are bit closer to the end.

§ 16:23: If you are building a practice that has a kind of diversified age group. You can pretty much guarantee yourself that you are going to always be busy, and you are going to always have someone to talk to.

§ 19:07: Growth attracts growth, and if you are giving off the image to existing clients and prospective clients that we are growing organization, we are adding this, we are doing these things, we are having success, you are going to have a whole likely a bigger probability or better probability of getting referred again by an existing client or maybe someone who is not even a client but knows your business.

§ 24:39: Everyone who works behind the scenes knows who's responsible for what tasks, what things need to be done and the follow-ups and then of course, they do a weekly meeting with all those.

§ 25:48: As a business owner ask yourself, what happens if I can't work for two months, three months. How does my business keep going on right and the succession plan or the succession partner is what if I can't come back and what happens there?

§ 26:54: If you're an advisor, you tend to focus on all the bright and shiny things that you have fun doing.

3 Key Points

Chad explains how to build your brand or something with your own intellectual property.
Stay focused on the things you need to be focused on, and even if you can do that other piece, you are not going to be as good at it.
Chad shares how important it is to build a team, implement operation systems, and build a consistent, reliable service experience.

Tweetable Quotes

§ "Any client that comes into our firm, it's going to be basically how we do our business in the financial planning process, the investment implementation process, and the planning process." – Bill

§ "I talked to advisors throughout our network, the overwhelming majority don't have anything like this, and they kind of just wing it." - Chad

§ "For some people, there might be some panicking. For others, it's, while I'm well ahead of this, but at any rate, it is critical time to really start getting intentional about what are the next 30-40, possibly even 50 years of my life going to look like and what can I do now to make progress in those areas." - Bill

§ "The next 10-to-15-year period, we call that period this runway decade, and it's important and earnest and significant for people just turning 50, but also for people up in their upper 50s too because you know folks are working longer. So, this 10-to-15-year period before you actually retire." - Bill

§ "You should always be focused on keeping the clients that you have, but finding the new clients that you don't have." – Chad

§ "If you only do rollovers, if you only do this, if you only do that, you'll get to a point where you're going to be a little bit stagnant." - Chad

Resources Mentioned:

The Confident Advisor Practice Podcast
Horizon Advisor Network Website

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In today's episode of "The Confident Advisor Practice Podcast," a podcast from the Horizon Advisor Network, hosts Bill Bush and Chad Soileau talk about referrals, the golden egg of the business substitute.

Episode Highlights

· 01:20: Bill and Chad are going to talk about the three typical types of referrals that you may want to concentrate on and then obviously use all at the same time.

· 01:40: First type of referral is passive referral, meaning somebody else is referring to.

· 02:47: The next type of referral in called the reactive referral. It's typically that someone you know that knows what you do and you have told them, hey, look, if you ever meet someone who XYZ, make sure you tell them.

· 04:39: The third of referral is called the manufactured referral.

· 06:52: If you get a manufactured referral, you are probably 75% of the way there. So your probability of closing that business or gaining a new client goes up.

· 07:38: To be successful, you have to have a few things going on at once and be diversified in referrals.

· 08:04: Typically, most people don't just want one type of referral, then it hopefully adds to some sort of consistency as well.

· 10:11: No matter what type of referral, when you take a look at these in totality, it's leveraging those existing relationships.

· 10.40: Bill and Chad shares how increasing your credibility can help you to gain more referrals.

· 11:45: The manufacturer referral is the one that's really much more guided, much more specific.

· 11:50: The referral source is essentially set you up to make the connection and to meet that person, and really, that's where your highest degree of probability of having success is going.

3 Key Points

Bill and Chad explain if you have all three kinds of referrals working at the same time, that's going to be very beneficial.
Bill and Chad talk about the importance of leveraging existing relationships, if you're not doing that, you lose out on a lot.
It's a snowball effect, if someone whom someone else knows, then that person can spread the message for you as well.

Tweetable Quotes

· "Passive referrals have probably the least bit of frequency of the time that it does happen, but at the end of the day still it's a referral and it's still good." - Chad

· "Manufactured referrals is where you are going to give your clients COI's team members whatever it may be, kind of a training on how to recognize that if they are in a conversation and they hear particular things where you have done some training with them of maybe see how to again, kind of really manufacture the referral itself in the sense of if you hear this, this is how you should say XYZ to maybe develop that referral." – Chad

· "As an advisor, our ears kind of perk up to certain things. You know, if I hear anybody that's talking about. Changing jobs, retiring inheritance, having you know all these different life events that happen. Typically, my ears are kind of wired for it." - Chad

· "If one particular bucket of referral source isn't working well on one type, then you might have the other one or two that are generating something." - Bill

Resources Mentioned:

The Confident Advisor Practice Podcast
Horizon Advisor Network Website
Horizon Advisor LinkedIn
Bill Bush
Podcast Editing

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In today's episode of "The Confident Advisor Practice Podcast", a podcast from the Horizon Advisor Network, hosts Bill Bush and Chad Soileau talk about working on the business and working in the business.

Episode Highlights

40: As per Chad, many advisors are struggling with the differences between working on your business and working in your business and what it does to your business.
23: Chad talks about the importance of bigger-picture thinking tools and how they play an important role in "working on the business."
37: Chad explains how "Working in your business" is more of a tactical piece of your business.
41: The two most important things as an Advisor are keeping the clients you have and finding the ones you don't have yet.
51: There are advantages, certain distinct advantages in working in your business. There is the fact that working in your business hopefully is building strong relationships with your current clients.
46: Being in the trenches and working with clients on a daily basis, you are able to stay informed and ensure that you are providing your clients with the best possible advice.
46: By focusing on the bigger picture and working on the business, advisors can identify and address inefficiencies that lead to more streamlined and profitable operations, which is always a good thing for the bottom line.
56: Bill shares how he has noticed at the beginning of the year that there have been a lot of educational opportunities around marketing which is working on the business and practice management and things of that nature.

Three Key Points

Bill and Chad discuss the meaning of working on the business and working in the business.
Chad explains why as an advisor you should be doing dollar activities as much as possible.
Chad explains how many advisors tend to kind of get caught up more on working in the business as opposed to really working on the business

Tweetable Quotes

"Working on your business is you thinking of the ideas that you can help your revenue in a better way." - Chad
"Working in the business, it's not typically something or an activity that is driving revenue or keeping revenue or growing the practice, it's more of the involuntary things you have to do like service request, distributions, trades." - Chad
"Working on your business is kind of taking a step back, looking at the big picture of things." - Bill

Resources Mentioned

The Confident Advisor Practice Podcast
csoileau@horizonfg.com | 225-612-3820

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In today’s episode of “The Confident Advisor Practice Podcast”, a podcast from the Horizon Advisor Network, hosts Bill Bush and Chad Soileau talk about the opportunities that advisors may have given the current market conditions. They go through the list of five down-market opportunities for advisors to improve their practices now.

Episode Highlights

01:10 – Chad says there are opportunities around every corner. If you're new or may have been around for a while or maybe at the end of your practice, there are always opportunities in every situation.
03:00 - The idea of being first to reach out to your clients, when things get ugly, instead of having them call you, a lot of clients appreciate that, regardless of if it's good or bad news.
05:00 – We need to start and see how far we've come in and change that perspective to the client of like that this will pass and this creates opportunities, says Chad.
06:55 – Bill states that their second point or opportunity in a downturn market would be to introduce alternative ideas and offerings to their practice.
09:10 - We've had several advisors in the network itself who historically did a lot of the portfolio construction and management more like a Fund Manager.
11:10 – Bill mentions you also need to be cognizant about what else is happening out there with the advisors that are not being proactive.
13:15 – Chad states that they do a really good job of communicating with their clients, and with all the different groups of people they want to tell their stories.
15:20 – Bill tells Chad to talk about the number five opportunity which is ‘Increasing Your Knowledge Base’.
17:30 – This is a good time for reflection, and a good time to take action. Downturns are never fun for anybody but certainly some opportunities. Difficult times always bring opportunities; you just have to look for them, says Chad.

Three Key Points

Chad thinks that proving your worth and galvanizing your relationship with your clients is one of the things that we always do as advisors. We know our worth, and we believe in ourselves but in an up-market when things are going well it's not so hard to kind of prove your worth. It's whenever the market takes a turn that becomes a little difficult and it is where you pay your dues in a sense of having the opportunity to show your clients while you're here showing them your expertise and your knowledge in the market. Such things paint a good picture for you as the advisor.
They all independently came up with one thing that was consistent with each one of their speeches and it was that if you're not doing financial planning yet then probably this is the perfect time to do it. However, in markets like this that are a little difficult, if it's been more transaction airy in its nature, bringing the financial planning aspect into it kind of sets them apart from a lot of other advisors who are maybe not bringing that into their practice and it helps them along as well to whenever they're talking about returns and market conditions.
The fourth opportunity for the advisors could be Acquisition and Book Management. So there could be an opportunity to hear that this is not a good opportunity. That this is one of the best times you can probably do that because again, advisors who are maybe kind of at the sun setting of their career, difficult times like this are some of the best times to start reaching out because compliance is getting a little bit more difficult. If you're looking for those opportunities, especially in markets like we have right now, you may find that you're going to have a lot more opportunities and success while finding someone that may be willing to have a good conversation with you about secession. Being introspective at this time is also a good time to do that too.

Tweetable Quotes

“I'm one of the board members of the Financial Planners Association of Louisiana and I was a panel speaker a few weeks ago.” – Chad Soileau
“No. 1 is to prove your worth and galvanize your relationships with your clients.” – Bill Bush
“Clients are always looking for kind of your tone, it's kind of what the young child with a parent.” – Chad Soileau
“They're looking for confidence, they're looking for reassurance, they're looking at what is their path?” - Chad Soileau
“I think that Risk Mitigation is one of, if you go back to our Horizons Process, we have the financial major which is one of the Seven Pillars of that.” – Bill Bush
“We're looking to help people and a lot of people are looking for answers right now, and we can facilitate that.” – Chad Soileau
“Now we do podcasts here, but there are blogs, there are newsletters, emails, videos, and all types of those.” – Bill Bush
“So, what better time to start doing this now, and start kind of looking at what can I change for next year?” - Chad Soileau

Resources Mentioned

The Confident Advisor Practice Podcast
csoileau@horizonfg.com
Horizon Advisor Network Website
Horizon Advisor LinkedIn
Bill Bush
Podcast Editing

Call the Horizon Financial Group: (225) 612-3820

View Details

In today’s episode of “The Confident Advisor Practice Podcast”, a podcast from the Horizon Advisor Network, hosts Bill Bush and Chad Soileau talk about the retirement plans and 401(k) plans for advisors. They discuss various company retirement plans, where most of which are 401(k) plans.

Episode Highlights

02:35 – Bill mentions that they have about 75 company retirement plans. Most of those are 401(k) plans, a few simple IRAs, and a 457 plan.
04:35 – They probably spend any given week 50 to 60 to 70% of their time inside that retirement plan space, says Chad.
06:32 – Bill shares some of the good things about getting into this sector. It does bring some value to those existing relationships where they can offer something that they have some knowledge and specialization in helping them.
08:24 - People have to get very competitive to attract new employees, unemployment being so low and the need for workers being so high that a lot of folks are looking at how do we attract, states Bill.
10:40 – Bill says, when we run into opportunities, oftentimes, it is a case of where a plan has an advisor and they're not present and they are not servicing the plan.
12:00 – Chad says, it's the opportunity to bring in a more diversified clientele, or to bring in a diversified revenue stream.
14:29 – Bill highlights that it is the time for commitment, especially if we build that practice and it becomes a real division where we have like 75 plans.
16:18 - We've got to know where those parameters are on Plan size and building pricing accordingly, says Bill.
18:40 – Chad states that there are those considerations that one needs to look at and it's one of those things with an advisor that they have to look at their business and say that the ROI on this is going to be what they want it to be.
20:15 – Bill mentions that in a start-up plan, there are no assets. One is starting from ground zero, and so in those instances, they will charge a project fee.
22:00 - Just have those conversations with companies that already have a plan and maybe are being under-serviced.
24:14 - One of the things they do have on the horizon website is a webinar they did for business owners. It's about starting a 401 K plan.
26:00 – Bill mentions that they do have a system here and it's important when they show this to potential clients, it's called the 401k Confidence System.

Three Key Points

Bill shares some of the other things one should consider if they're going into this to become a plan advisor - the time commitment and the willingness to say, “I'm going to do this and do this means education to the plans”. It means helping that plan sponsor fulfill their fiduciary duty which means quarterly monitoring of the funds, making sure that the funds are up to speed compared to their peers, and following the investment policy statement.
Bill mentions it is a lot to think through in terms of how are we going to service, how are we going to bring value, and whether we are appropriately pricing things to be competitive.
Bill shares there are other breaks to have automatic enrollment, those were enacted and boosted as a result of the securities act. There's other legislation being drawn up now that will even make it more beneficial for business owners to do that. So, it is getting a lot of attention on the national level, and for those types of things and just having that conversation is a great thing.

Tweetable Quotes

“I came out of the healthcare industry and got licensed and part of my indoctrination with the horizon was to help Andy on the 401(k) side.” – Bill Bush
“A lot of times in a company retirement plan, that employee the only advisor that they'll ever know, will be the 401(k)advisor.” – Bill Bush
“Healthcare makes up about 30 35% of the plans we have.” - Bill Bush
“Regardless of what your industry is, there's typically going to be a lot of opportunities.” - Chad Soileau
“Other ways of attracting and retaining employees, especially key employees is Hey, have you guys considered a non-qualified plan?” - Bill Bush
“Really all parties involved in them need to be up on the latest regulations and all that to make sure there are no surprises.” – Bill Bush
“If you want these plans to be sticky, you do need to reprice them.” - Bill Bush
“When we have initial conversations with plan sponsors about us servicing the plan, and that can mean a lot of things.” – Bill Bush
“You start with one or two small plans and then that in itself usually gives you the opportunity for other plans.” - Chad Soileau
“That annual fee can be a part of the of what you get the tax break on it.” - Bill Bush
“Set yourself apart. Try to find ways that make your story unique.” - Bill Bush

Resources Mentioned

The Confident Advisor Practice Podcast
csoileau@horizonfg.com
Horizon Advisor Network Website
Horizon Advisor LinkedIn
Bill Bush
Podcast Editing

Call the Horizon Financial Group: (225) 612-3820

View Details

In today’s episode of “The Confident Advisor Practice”, a podcast from the Horizon Advisor Network that explores tips, strategies, and perspectives for building, maintaining, and growing confidence in your practice as a financial advisor. In this episode, hosts Bill Bush and Chad Soileau discuss the topic ‘How to Elevate Your Practice Marketing via Podcasting’. They will dive into some best practices, some barriers, and ways advisors should be doing podcasts for expanding their marketing efforts.

Episode Highlights

01:20 - Chad thinks a lot of advisors are starting to look at podcasting as a marketing tool with a lot more interest in how we start.
03:00 - One of the barriers Bill thinks is that a lot of people might consider how to get started. The other thing is that even if you decide to jump in and don't just stick your toe in the water, the cost of the equipment, the grand scheme of things is pretty minimal.
05:00 - You can go as expansive as you want or you can keep it as simple as you want but obviously spending a few dollars on it, mentions Chad.
07:30 - The world is constantly changing, especially in the digital world. So to keep up and participate in that and to be a part of that is certainly welcome, says Bill.
09:00 – Bill says that they have some good headphones that everybody can listen to, and hear what everybody's saying. So you hear things live and then beyond that, you have the ability to do a podcast with a remote guest.
11:05 - It's all about networking - if you can feature a guest on your podcast, and then share the link with them, they will further share it in their network and in their social media posts, that just exposes more people to you.
13:00 – The next thing Bill talks about is the process or post-production work. So, after recording the conversation you'll want to make sure your audio levels are good and the show notes are in order.
14:20 – There is a lot of post-production work like checking audio levels, editing audio, and writing show noes before finally uploading the podcasts on sites. Bill says that they are associated with a company called com that takes care of all these post-production tasks for them.
16:00 – There is little time involved in compliance and once the compliance is done, then they can post the podcast.
18:15 - There is a cost to have someone else do post-production work and a lot of times it's worthwhile. Beyond that, what episodes are done on the platforms, sharing the content via networking or social media, is what matters.
20:20 - If you're doing something fairly, and timely, there could be a little lag on the production or compliance end, but not a lot, says Bill.

Three Key Points

A podcast can be posted on a website, it can be shared on social media, and people can experience that 24 hours a day. It's not an appointment of television or whatever that multiplies your message because literally hundreds and thousands of people can hear that message if it's appropriately distributed. So to multiply yourself and your message if you have a good message, to have that kind of open fire and have that power is a good thing.
Pre-pandemic, they were using ‘Skype’, and ‘FaceTime’. Also, there were some technical things they have to go through to make sure mics, inputs, and sounds were correct. But during the pandemic, there was a meteoric rise of a platform called ‘Zoom’. They did podcasts using ‘Zoom’ and if you record those, zoom actually records the video and it also records the audio split out already so that you can go back and download it so you can have a remote guest anywhere.
We have three podcasts that are up and running now pretty regularly. One of those is ‘Inside the Plan with the 401k Brothers’, hosted by brothers Andy and Bill Bush, there chiefly their audience is 401 K participants because they have a big book 401k business and so that's a lot of educational pieces and that's mostly Andy and Bill Bush just talking so that podcast is without a guest. Then there is another podcast called – ‘The Runway Decade’, which is centered around this book that's coming out later in the summer of the year. Every episode will have guests that are chiefly in their 50s the book is focusing on people under 50. So think about that in terms of guests or no guests.

Tweetable Quotes

“I think it's become a lot easier to start and to do events or podcasting or video and that's because we're kind of carrying around these miniature production studios in our pockets.”- Bill Bush
“The first thing I would start with is the equipment which is going to be the easiest part of this unit.” - Chad Soileau
“The other thing is to show your expertise or your acumen/knowledge, so you're able to display that and talk legitimately about that.” - Bill Bush
“The idea that it gives you so many avenues to share, or to communicate, like for us, we'll send it out to the network.” - Chad Soileau
“So we have independent channels for each person talking.” – Bill Bush
“Don't just think in terms of who's right in my back door, but who are some folks that would be interesting to listen to and bring them in.” - Bill Bush
“I would say just be open-minded because the remote thing I've found at times has been great.” - Bill Bush
“We have a company that we are engaged with is Barevalue, and com is the website.” – Bill Bush
“It's kind of cool the way that they price this out now using the Barevalue platform that we're on. The cost you pay for that is based on how long the episode is.” – Bill Bush
“There are services called Podcast Host Hosting Services, the one we use as Libsyn and we've used them for five or six years now.” – Bill Bush
“I know one of the podcasts I listened to, there's a service called the Podcast Factory, and it’s kind of like a podcast in a box.” - Chad Soileau
“For me, the actual shooting, recording, and all these pieces are not that difficult.” - Chad Soileau

Resources Mentioned

The Confident Advisor Practice Podcast
csoileau@horizonfg.com
Horizon Advisor Network Website
Horizon Advisor LinkedIn
Bill Bush
Podcast Editing

Call the Horizon Financial Group: (225) 612-3820

View Details

In today’s episode of “The Confident Advisor Practice Podcast”, a podcast from the Horizon Advisor Network, hosts Bill Bush and Chad Soileau discuss the best practice for advisors including continuity and succession. Episode Highlights

01:12 – Bill mentions that only about 10% of advisors have written, executable continuity documents in place.
03:50 – Bill asks about the ‘Continuity Agreement’, he enquires what is it, how do you get one in place and what does it cover?
06:10 – There are two pieces with continuity agreements. It can be temporary, and it can be triggered by a short-term disability or it can also be triggered by the owner passing away or death, says Chad.
07:33 – Chad says, the other thing that it does for the protector is typically there's going to be something called a right of first refusal.
10:05 – Buy Sell is a confirmation that yeah, I do want to buy it and you're like, Yeah, I do want to sell it to you. So, we're formally agreeing that we're going to go into this relationship of a future purchase, states Chad.
12:45 –Internal succession is the easiest thing to do because that internal partner is usually very knowledgeable about the book, the clients, and with staff.
14:46 – Bill asks about some of the things that could potentially go wrong when you're looking at continuity and secession.
16:50 – Bill says, it's in everybody's best interest; you find the right partner, whether you're the buyer or the seller, it's ultimately an agreement in a partnership, and that hopefully is successful, so that's key.

Three Key Points

The reason why an advisor should even consider the steps when we’re talking about continuity is, that it's the beginning process of you having a plan for your business. The importance is, that it does a lot of protecting, and in that it protects your clients, assets, team, your practice, family and protects the value of your book of business. It can also be your foot in the door to becoming a secession partner, but at the end of the day we own businesses, and that's your book of business. The very first step is having the continuity agreement and that does so many things to do protecting.
Chad explains that ‘Continuity agreement’ is typically a shorter-term protection policy in a sense that lets that protector come in, lets that owner step back and take care of themselves. You have that span of time that the protector will come in, manage the book, and do the servicing.
The biggest thing with Continuity Succession is, that it's not communicating well about what's expected to happen or to not happen. You should have an understanding of each other's philosophies.

Tweetable Quotes

“90% of clients want their advisors to have a plan in place to protect their assets knowing what's going to happen in the event should something go wrong.” – Bill Bush
“Continuity agreement can also be your foot in the door to becoming a secession partner.” - Chad Soileau
“The great thing about the continuity agreement, you can really make it to whatever you want it to be.” - Chad Soileau
“Buy-sell is typically a game you have, an owner and a buyer.” - Chad Soileau
“If something happens, I'm not obligated but what I want to write the first refusal.” - Chad Soileau
“Revenue is key in valuation. So, you want to protect that as much as you possibly can.” - Chad Soileau
“Always making sure that the agreements are up-to-date.” - Chad Soileau
“The secession agreement is basically the agreement to buy right now.” - Chad Soileau

Resources Mentioned

The Confident Advisor Practice Podcast
csoileau@horizonfg.com
Horizon Advisor Network Website
Horizon Advisor LinkedIn
Bill Bush
Call the Horizon Financial Group: (225) 612-3820
Podcast Editing

View Details

In today’s episode of “The Confident Advisor Practice Podcast”, a podcast from the Horizon Advisor Network, hosts Bill Bush and Chad Soileau bring us Part 2 of their discussion on “Growth by Acquisition”. They’ll continue the conversation by talking about networking, continuity and succession partnerships, marketing and outreach programs, and looking for the “seeds of discontent”.

01:22 – Bill enquires from Chad that who needs to know the story?
03:05 – Chad suggests considering the support staff that helps you through your broker dealer. He mentions that their growth officers and consultants have been very good for them, because they lean in a lot.
05:35– He highlights to pay attention to some of the people who might be approaching retirement and those things that are going on right now may be within your own circle.
08:25 – Chad says that face-to-face discussion with clients / prospects is worth, it's always better than, an impersonal approach. He also states that as far as for prospecting and making connections is concerned, he leverages it every single week and day, he’s on LinkedIn, looking for opportunities.
10:40 – Chad points out that the avenue of continuity of succession, it doesn't matter the age, but typically somebody's coming-up to the age of retirement somewhere around 65, 70 or 75 years, that's a good one. That's a good conversation starter.
13:15– Bill questions that what can we do marketing wise, and kind of that outreach to really push prospecting forward?
15:40 – Chad highlights that the other thing he’s going to probably do next year is start doing like a gift card campaign.
17:50 – Bill asks about the subscription service and asks Chad to elaborate on that.
19:15– Chad explains about the Message Movers service, that's a communication that we come out typically every month or two months.
21:15 – He says there's this term called ‘Seeds of Discontent’, this is one of the first things he learned when he got into this business.
24:00 – Bill thinks that “If you're in a partnership or you're in a silo situation and some other guy dissolves that, then it's like what do I do.”
26:40 – He says that if there's one thing that kind of take away from all this is really the timing portion of this based on the statue game alone, the opportunity is really out there

Three Key Points

Bill and Chad dive deep into the topic - ‘Growth through Acquisition’; they give some suggestions that they have and advise to have an open mind because there are a lot of things going on to make things work. They discuss some of the things to consider before even starting getting into that growth by acquisition mode.
Chad says that they have kind of a legacy platform which is called Legacy Builder and it's available to Advisors who are willing to do certain things through the broker dealer so, maybe you need to check with the resources / websites that you have for them. All of these resources have a free membership but the bigger deal with most of these is that your membership will typically give you quicker access.
Chad advises to not to be scared of trying new things. According to him, it's in this age, in this day, you have to be inventive and you have to find a new angle to get in touch with those opportunities. The big deal is just to be prepared, be top of mind and to be preferable.

Tweetable Quotes

“Also consider the support staff that helps you through, your broker dealers, growth officers and consultants has been very good for us, because we lean in a lot and we leverage a lot of our partners.” - Chad Soileau
“There are all these external sources that are out and running into other advisors. We don't even know another opportunity, so obviously, that's important place.” - Bill Bush
“Well, boards, like for me, I'm on the FPA board, right.” - Chad Soileau
“Only you know, between 25 and 30% of these people have continuity partners.” - Chad Soileau
“Because there are a lot of places to where if you're captive, you can only transfer that book to someone already inside of that captive agency.” - Chad Soileau
“So, I always kind of say this right as Advisors, your ears get tuned, right?” - Chad Soileau
“Acquiring a book takes a lot of work and patience. It is just like prospecting, go into it understanding it's there's no easy button.” - Chad Soileau
“And in the meantime, go kiss some frogs.” - Bill Bush

Resources Mentioned

The Confident Advisor Practice Podcast
csoileau@horizonfg.com
Horizon Advisor Network Website
Horizon Advisor LinkedIn
Bill Bush
Podcast Editing

Call the Horizon Financial Group: (225) 612-3820

View Details

In today’s episode of “The Confident Advisor Practice Podcast”, a podcast from the Horizon Advisor Network, hosts Bill Bush and Chad Soileau discuss on one of the things that is talked about throughout the financial industry and network which is ‘Growth by Acquisition’. In Part 1 of this 2-part topic, Bill asks if you are ready to take on some growth.

Episode Highlights

01:10 - Chad gives an insight about ‘Horizon – The Advisor Network’. He says that they also do consulting services and nationwide they have about 55 producing advisors. They manage about 2.7 billion as a group, under management.
03:10 – He starts with some things to consider before we even get the process started. He states you have to have the will and the want because this is mostly a slow game.
05:06 – Bill asks about the “Capacity Issue”, he enquires that if you a full book, and you're really busy with that, how do you take on the additional capacity?
08:30 – Chad gives his views on why now is a really good time for ‘Growth by Acquisition’. He mentions that roughly only 26 to 27% of advisors have an emergency continuity plan in place for death and disability and only 13% have begun planning for succession in retirement.
11:16: He says that to start with you need to identify what you're looking for, and quickly and eliminate practices or books that are not a good fit.
13:50 – As per Chad, when you can effectively communicate all the things, it starts to take down the barriers of scepticism and what you want to start doing just like with any client is. You want to eliminate as much fear as you possibly can.
16:30 – Chad says that what he always kind of have on his activity list is that he has a particular day in a week that he is going to visit the websites, just to make sure he’s not missing an opportunity.
18:10 – “Have you found a range on how good is the information these type of resources are supplying?” asks Bill.
Bill and Chad dive deep into the topic - ‘Growth through Acquisition’; they give some suggestions that they have and advise to have an open mind because there are a lot of things going on to make things work. They discuss some of the things to consider before even starting getting into that growth by acquisition mode.
Chad says that they have kind of a legacy platform which is called Legacy Builder and it's available to Advisors who are willing to do certain things through the broker dealer so, maybe you need to check with the resources / websites that you have for them. All of these resources have a free membership but the bigger deal with most of these is that your membership will typically give you quicker access.
Chad advises to not to be scared of trying new things. According to him, it's in this age, in this day, you have to be inventive and you have to find a new angle to get in touch with those opportunities. The big deal is just to be prepared, be top of mind and to be preferable.

Tweetable Quotes

“So, we have folks that are plugged into us all across the country” - Bill Bush
“There’s an element of time, how much time are you willing to dedicate to this? You can say time, but I mean, really, it's like activity for prospecting. You have to dedicate so much time every week, every month, every quarter every year.” - Chad Soileau
“But let's talk about why now, you know, is really a good time for this.” - Bill Bush
“So, I think what you got to do first is really identify, what am I looking for? Right? That's kind of your starting point.” - Chad Soileau
“You have to create a plan to connect and develop an activity plan.” - Chad Soileau
“Let's get into some of the prospecting ideas and how do you really go out there and find opportunities?” - Bill Bush
“Sometimes I make a little bit of edits if there's something peculiar, or that stands out in their message.” - Chad Soileau

Resources Mentioned

The Confident Advisor Practice Podcast
csoileau@horizonfg.com
Horizon Advisor Network Website
Horizon Advisor LinkedIn
Bill Bush
Podcast Editing

Call the Horizon Financial Group: (225) 612-3820

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In today’s episode of “The Confident Advisor Practice Podcast”, a podcast from the Horizon Advisor Network, hosts Bill Bush and Chad Soileau talk about some of the things that you can focus on during the vacations / summertime that will help you get to the next level and keep you moving forward.

Episode Highlights

01: - Bill says that there's been a lot of travel happening lately as things are opening up and so a lot of clients & prospects are heading out of town.
03:27: - As per Chad, you can't allow yourself to use the summer slowdown as an excuse to lose focus and to kind of abandon activity.
05:15: - Chad defines what he means by staying active.
07:27: - Bill thinks that lately they are observing reopening of events being held and that can lead to opportunities to get in front of crowd now which wasn't available maybe a year ago when everything was locked down.
09:42: - Bill states that he has used this time to do some of the self-learning.
11:44: - Bill points out that it's also a good time to start planning for some of the activities as the end of third quarter is approaching.
13:00: - According to Chad, this is a perfect time to explore a few different things, because you have more time right now and this may not be for everyone.
14:44: - They both talk about quarterly goals as it could be pretty busy during last couple of weeks.

Three Key Points

As per Bill and Chad, one thing they practice at Horizon is that they have weekly advisor meetings and they constantly track all these activities without taking a week off.
Bill mentions that they have an event coming-up with a Broker Dealer, where he will be on stage and would be talking about some of the activities they do to grow their marketing efforts.
Chad suggests doing some social networking activities during these vacations like trying a blog, doing some newsletters, sending emails to your clients, doing some beta test, etc. as it’s the perfect time to do so.

Tweetable Quotes

“You know there's summertime, where people are typically taking vacations, yeah.” - Chad Soileau
“A lot going on at that time, a lot of distractions and activities outside of the norm, yeah it is for everyone right.” – Bill Bush
“I would tell you, you know, right now, throughout the year people are very busy for the majority of the year, let's call it, right.” - Chad Soileau
“We do track in our meetings, we call them stages.” - Bill Bush
“This is kind of a good time to, if you haven't been creative and done a newsletter or blog” - Bill Bush
“It's a perfect time to start looking at those things.” - Chad Soileau

Resources Mentioned

The Confident Advisor Practice Podcast
csoileau@horizonfg.com
Horizon Advisor Network Website
Horizon Advisor LinkedIn
Bill Bush

Call the Horizon Financial Group: (225) 612-3820

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In today’s episode of “The Confident Advisor Practice Podcast” hosts Bill Bush and Chad Soileau talk about growth, particularly through client acquisition, and shares some great tips to grow the business through Networking, Marketing, Prospecting and Communicating.

Episode Highlights

02.03 - Chad Soileau says that we all have to remember that this is a game and it is only won in the field.
03.55 – As per Chad Soileau, if we really want to go forward and want to reinvent ourselves, we need to ask what we would like our business to be.
05.21 – According to him, we need a presentation process and we have to be consistent with it and that is going to clearly outline to whoever it is that we're speaking; whether it's a client, referral sources COI or whatever.
06.25 – Chad Soileau highlights that our content wealth experience is kind of pitch book that we put in front of a client to show them our process, and the value that we bring.
08.02 – He discusses that just like client’s plan, we have to look back and see what was and then what do we want this thing to evolve into.
10.26 – As per him, there should be a plan for, Marketing (what is going to be our outreach & who we are going to contact) &, Prospecting (communicate to our existing clients or affiliates within the network but also to kind of communicate to people who are outside).
12.32 – He points out that we always have to think, where we want to be in next 6 months.
13.58 - In his opinion you have to show gratitude. It’s a differentiator and says a lot about who you are as a person and who your firm is.
15.57- He uses LinkedIn to grow network and to communicate, to know what he has been going on and what should he do as an individual.
18.00 – Chand Soileau states that we should keep track of who we are talking to, when was the last time we talked to them, when did we give them a referral, did they send us a referral, all these things help you to stay on track with your communications.
19.17 –Chand expresses that you can help people in accomplishing their goals and that’s what it is about.

Three Key Points

Messaging becomes really important especially if we're speaking with referral sources.
Stories plays a big role. It keeps the client at the center of attention inside of this and it ultimately put the client at ease, give them clarity and make them confident.
We have to take as many different mediums as we can, to speak and really communicate as much as possible.

Tweetable Quotes

” You know, it's, as our CEO Peter says, you know, He always says, if it is to be it's up to me yeah correctly now in his case that's self-responsibility.” - Chad Soileau
“I think the big thing is identifying who you're going to see, obviously we've talked about this several times before but it is, it's not just a scattershot thing to identify with specifics of who you're targeting.” – Bill Bush
“Not all roads are straight, but it's a little bit straighter, so to speak.” - Chad Soileau
“I've talked a lot about this about making the client the hero of the story.” – Bill Bush
“I have to make sure that not only am I servicing my clients, and doing presentations for existing clients, things along those lines. But again, I have to have time allocated towards finding the next client.” - Chad Soileau
“I've always said is just once you try to once, it means you've tried to watch, don't expect immediate results that it does take going back to the drawing board several times, especially if you've tried something new you know it might take some tweaking along the way.” – Bill Bush

Resources Mentioned

The Confident Advisor Practice Podcast
csoileau@horizonfg.com
Horizon Advisor Network Website
Horizon Advisor LinkedIn
Bill Bush

Call the Horizon Financial Group: (225) 612-3820

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During this episode of The Confident Advisor Practice Podcast, Bill Bush and Chad Soileau speak with Jaci Russo of brandRUSSO and Brand State U about branding strategies, different ways to engage branding professionals in support of your business, and more.

Episode Highlights:

1:12 - Jaci Russo is a brand strategist with over 25 years of experience and is co-founder of brandRUSSO.
2:15 - The key first step is to define what you mean by brand before you start talking about it.
2:25 - Brand does not mean your logo; that’s the brand identity. The brand is the emotional connection between a person and a company, product, or service.
3:50 - Branding isn’t just demographics, but psychographics including how people feel and behave.
4:48 - brandRUSSO has just released a book called He Said, She Said: Branding, about their trademark strategy called Razor Branding.
5:05 - Razor Branding is made up of 4 core elements, and the first is focus. Who are you talking to?
5:30 - Next is promise: Why should they listen to you? What do you have to offer them that other advisors don’t?
5:50 - Next is connection: What are you going to say, and where are you going to say it?
6:18 - Last is harmony: If you’ve done the first three steps, this should take care of itself because you’ll know who you’re talking to, what you’re going to say to them, and how and where to say it.
7:44 - Jaci will be leading a 5-day challenge starting on March 15 about content creation for social media.
8:10 - Jaci loves creating mind maps as a starting point to create your social media content.
8:20 - Write down everything that is a challenge for your target audience whether or not you have a solution for it, and then you’ll have generated content ideas that are about your audience and not yourself.
9:10 - The new marketing strategy is to make your target audience the hero in the story instead of making yourself the hero in the story who will save your target audience.
9:46 - Jaci recently launched another company called Brand State U to help people who can’t afford an agency to still get low-cost professional branding support.
13:00 - Every few years, Jaci had to change the industry focus of her business, so she’s used to curveballs like COVID has thrown us.
13:26 - Despite being based in Lafayette, LA and not a major city, Jaci and her husband have had clients from all over the country and world from day one; about 80% of their revenue is from outside Louisiana.
16:19 - If someone is hoping to engage a brand strategist, they should first look within at how much they’re willing to change so they know what level of assistance they need.
19:12 - In building a team, for brandRUSSO, it started with the benefits package and extends to Jaci’s firm belief in work-life balance as more than just lip service.
19:54 - They have a robust virtual internship program that they hire at least one full time employee out of each year.
20:25 - Jaci also invests about $5,000 per employee per year in professional development.
22:05 - Brand State U takes everything clients have asked Jaci and turns it into an online course.
23:07 - They have live classrooms twice a month to get your questions answered along the way.
23:19 - Brand State U has a membership for $49/month, which is much less than clients would pay to work with Jaci one on one.

3 Key Points:

Your logo is not your branding; it is only one small part of your branding, which is really about the emotional connection formed between a person and your business.
Today’s winning brand strategy is about letting your audience know that you understand them and the challenges they face.
There are a lot of resources online for you to get better at branding for a low cost, so whether you engage a professional strategist one-on-one has to do with how much time and effort you’re willing to make versus how much you’re willing to spend.

Tweetable Quotes:

“It’s not about how you see yourself, it’s about letting your audience know that you understand them and what they’re going through." –Jaci Russo
"There’s not one way to get 100 clients, but there are probably 100 ways to get at least one client." –Bill Bush
"I think that every entrepreneur has to have a little bit of bravery and a little bit of stupidity, and the ratio balance changes over the years." –Jaci Russo
"If you have the resources, the money, to hire an expert, you do that, because you’re gonna end up getting a better deal in the end. If you have time, not money, then you learn how to do it yourself." –Jaci Russo

Resources Mentioned:

Horizon Advisor Network
The Confident Advisor Practice Podcast
bbush@horizonfg.com
csoileau@horizonfg.com
Call the Horizon Financial Group: (225) 612-3820
brandRUSSO website
He Said, She Said: Branding book
Jaci Russo: Website, Twitter
Brand State U website

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During this episode of The Confident Advisor Practice Podcast, Bill Bush and Chad Soileau share how to think about your business’ branding in terms of the five senses.

Episode Highlights:

1:20 - Bill and Chad are centering their podcast theme around branding for the first quarter of 2021.
2:21 - Even if you’re not doing it consciously, you are always building your brand.
2:30 - Find the “who,” or the other people who are experts around branding to help you.
4:00 - Think about your branding in terms of the five senses.
4:40 - Sight is the most obvious—beyond your logo, what does your office look like and what is the first impression it will give a client?
6:52 - Social media counts towards sight as well—what is the quality of your video content and graphic design, your font and color consistency, etc.
9:45 - For touch/feel, what are the materials you use? This can mean brochures, photos, promotional materials, etc.
10:38 - In another sense of feel, what’s the culture of how you do business?
11:05 - You want your office to be pleasant to all the senses when a client walks in, and that includes smell. Even for one-on-one meetings, do you smell good?
12:05 - Smell includes food, like gifts you receive or send around the holidays.
12:54 - Smell ties into taste, and you remember different companies because of what they send to you, be it food or candles.
13:45 - For sound, who is answering the phones? What does your hold music sound like?
16:24 - Bill recently did a module about story branding, and thinking about the story that you’re telling your clients.
17:22 - You’re always trying to build and improve and change when you have to change.

3 Key Points:

Everything you do, whether conscious or not, builds your brand.
Thinking about your branding in terms of the five senses will help you go deeper than just your logo or website.
Think about your brand as the story you are telling your clients.

Tweetable Quotes:

“It’s more than just the logo, more than just the website. It’s those deep things of paying attention to, can this affect my brand? Is it building my brand in the way I want it to or not?” –Chad Soileau
“What story are you telling out there, but also defining the audience that you’re helping and what problems are you helping them solve?” –Bill Bush

Resources Mentioned:

Horizon Advisor Network
The Confident Advisor Practice Podcast
bbush@horizonfg.com
csoileau@horizonfg.com
Call the Horizon Financial Group: (225) 612-3820

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During this episode of The Confident Advisor Practice Podcast, Bill Bush, Chad Soileau, and Pete Bush talk about the importance of knowing when to say no to a business opportunity.

Episode Highlights:

01:17 – They discuss why saying no is important in running a practice because you can't take on every opportunity that comes your way.
03:59 – Practices should have a defined vision to avoid a catch-all strategy.
04:40 – If you don't make a clear choice about who you want to serve, you have to be able to provide mixed service levels to clients with varying needs.
05:44 – Chad talks about the importance of describing your ideal client.
06:46 – Pete talks about hiring the right person for your organization.
07:34 – All of your business decisions go back to your vision.
08:59 – What are some tools or resources to figure out your strategic planning?
11:04 – Talk to practice coaches and talk about what you really want.
12:05 – What are some times where you said yes to something, or knew that you should say no because they weren't the right fit?
13:32 – It's hard not to have FOMO, or fear of missing out, on a client.
14:06 – You can lean on your outline of an ideal client and your vision when you have to say no to a client to demonstrate that it isn't personal.

3 Key Points:

You should be able to describe your ideal client.
Your vision informs everything, including who you hire.
Speaking to coaches is a great way to develop your strategic plan.

Tweetable Quotes:

"So that forced people into saying yes to a lot of things because they generated revenue, that maybe if they were thinking like a business person, they would have passed on." –Bill Bush
"The vision doesn't just focus you in looking for the right clients, it actually attracts the right people to show up to help you develop that business." –Pete Bush
"I can certainly think of client situations that I thought looked really good on the surface that as you got into them, weren't a right fit." –Bill Bush

Resources Mentioned:

Horizon Advisor Network
The Confident Advisor Practice Podcast
bbush@horizonfg.com
csoileau@horizonfg.com
pbush@horizonfg.com
Call the Horizon Financial Group: (225) 612-3820

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During this episode of The Confident Advisor Practice Podcast, Bill Bush, Chad Soileau, and Pete Bush talk about the importance of knowing when to say no to a business opportunity.

Episode Highlights:

01:17 – They discuss why saying no is important in running a practice because you can't take on every opportunity that comes your way.
03:59 – Practices should have a defined vision to avoid a catch-all strategy.
04:40 – If you don't make a clear choice about who you want to serve, you have to be able to provide mixed service levels to clients with varying needs.
05:44 – Chad talks about the importance of describing your ideal client.
06:46 – Pete talks about hiring the right person for your organization.
07:34 – All of your business decisions go back to your vision.
08:59 – What are some tools or resources to figure out your strategic planning?
11:04 – Talk to practice coaches and talk about what you really want.
12:05 – What are some times where you said yes to something, or knew that you should say no because they weren't the right fit?
13:32 – It's hard not to have FOMO, or fear of missing out, on a client.
14:06 – You can lean on your outline of an ideal client and your vision when you have to say no to a client to demonstrate that it isn't personal.

3 Key Points:

You should be able to describe your ideal client.
Your vision informs everything, including who you hire.
Speaking to coaches is a great way to develop your strategic plan.

Tweetable Quotes:

"So that forced people into saying yes to a lot of things because they generated revenue, that maybe if they were thinking like a business person, they would have passed on." –Bill Bush
"The vision doesn't just focus you in looking for the right clients, it actually attracts the right people to show up to help you develop that business." –Pete Bush
"I can certainly think of client situations that I thought looked really good on the surface that as you got into them, weren't a right fit." –Bill Bush

Resources Mentioned:

Horizon Advisor Network
The Confident Advisor Practice Podcast
bbush@horizonfg.com
csoileau@horizonfg.com
Call the Horizon Financial Group: (225) 612-3820

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During this episode of The Confident Advisor Practice Podcast, Bill Bush and Chad Soileau talk about best practices for meetings on Zoom.

Episode Highlights:

01:42 – Bill and Chad discuss the prevalence of Zoom during the COVID-19 pandemic and how to create a good Zoom presentation.
03:30 – Do some practice runs on Zoom with your coworker to familiarize yourself with the software's functionality.
05:00 – How can you make your Zoom meeting not look bad? Think about the visuals—what's behind you?
05:56 – You can use a virtual background or green screen in Zoom.
06:50 – Make sure your camera lens is clean.
07:22 – You can plug in a higher quality external camera to your laptop to increase the production value, and consider purchasing a separate microphone.
10:04 – Remember to unmute yourself, but it's still common courtesy to mute yourself when you aren't talking. You can also turn your video on and off to prevent distractions to others.
11:37 – Even though first impressions are digital now, you should still look presentable in meetings with clients.
12:42 – Staying on top of scheduling is very important so everyone who needs to use a company's Zoom account is able to do so, without disruptions from other meetings running over time.
13:54 – Depending on your Zoom subscription, you may run out of time.
14:30 – Remember that people can see you if you are constantly on your phone or distracted in other ways.
15:52 – If you are hosting an open meeting, be aware that "Zoom bobbing" is a thing and you could have uninvited guests pop in. You might prefer to lock the meeting with a password.

3 Key Points:

Make sure you know how to use all of the features you plan on accessing during a meeting to limit fumbling and technological delays.
Consider how you and your background looks on camera.
Be considerate of others’ time when scheduling a Zoom meeting.

Tweetable Quotes:

"Your background and your appearance is only as good as the camera that you have. Something simple is: make sure your lens is clean!" –Chad Soileau
"You only have that one time to make a good first impression, and although it's digitally now, it's still an impression." –Bill Bush
"I don't like the idea that if I'm the host and there's other people on there and they're doing everything else but paying attention, then why are you even on the call?" –Chad Soileau

Resources Mentioned:

Horizon Advisor Network
The Confident Advisor Practice Podcast
bbush@horizonfg.com
csoileau@horizonfg.com
Call the Horizon Financial Group: (225) 612-3820

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During this episode of The Confident Advisor Practice Podcast, Bill Bush and Chad Soileau talk about 19 different things that happened during the coronavirus pandemic that can be viewed as positive.

Episode Highlights:

01:41 – Bill Bush and Chad Soileau discuss that there are positive things that came out of the COVID-19 crisis?
02:50 – What are ways to be organized and efficient?
04:00 – Prepare a planning process on both the client side and the advisor side.
04:55 – What are some positives that have come out of trust?
05:47 – Which pluses emerged on the technology side?
07:28 – Place an importance on good leadership.
08:10 – How often do you reach out to your clients and adapt to their needs?
10:10 – COVID-19 was a chance to stress test your staff and address wants and
13:26 – Look for chances to enhance even when situations are difficult and help

others make better decisions.

15:58 – They talk about their personal work/life balance when working from home

during the coronavirus.

3 Key Points:

Be organized and efficient in your practice to prepare for challenging times.
You are only as good as the weakest link in your chain.
There are opportunities to grow during all situations.

Tweetable Quotes:

(Technological efficiency) “Us using Zoom, being more efficient in the way that we can talk to our clients, and talk to our peers, and talk to our partners so to speak, it has pulled all that forward.” – Chad Soileau.
“What is the difference between an obstacle and an opportunity? Our attitude toward it. Every opportunity has a difficulty. Every difficulty has an opportunity.” – Chad Soileau.
“You have to find a way to get in touch with your client, and the idea that maybe what you did before worked. Now maybe it doesn’t.” – Chad Soileau.

Resources Mentioned:

Horizon Advisor Network
The Confident Advisor Practice Podcast
bbush@horizonfg.com
csoileau@horizonfg.com
Call the Horizon Financial Group: (225) 612-3820

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This episode of The Confident Advisor Practice Podcast with Bill Bush and Chad Soileau talk about the importance of your clients trusting you, and ways to maintain that during times of uncertainty like COVID-19.

Episode Highlights:

01:41 – Bill Bush and Chad Soileau discuss changes in communication due to

the coronavirus.

02:26 – Chad expresses the importance of a client’s trust.
03:00 – Times of uncertainty push people to find answers from those they trust.
03:46 – What happens if there is a breakdown in a client getting in touch with you?
05:39 – Is your voicemail operating correctly?
06:23 – Are contact numbers and email addresses up-to-date?
08:57 – Do you have trade instructions and the proper disclosures on your
voicemail?
11:35 – Are you prepared with a plan B when you sit down with a client?
12:47 – Proactive communication on a frequent level with clients is key.
14:44 – Keep bringing value to clients.
15:03 – Chad talks about a blog post he recent posted about trust.

3 Key Points:

Make sure your voicemail is operating correctly and check that it isn’t full.
Be sure that you don’t have old contact numbers, email addresses, and website information in your system.
Have more than one plan prepared for your clients to keep their confidence in you strong.

Tweetable Quotes:

“A client’s trust is very hard to come by, and it is very hard to earn. But the opposite side of that is it is really easy to lose at the same time.” – Chad Soileau.
“It’s those small things, it's those bricks that you build up that wall of trust with a client that can easily get chipped away.” – Chad Soileau.
“There is no amount of talking or reasoning you can do with a client that is going to change their mind. So, do you have some alternatives that are there, maybe plan B, maybe plan C?” – Chad Soileau.

Resources Mentioned:

Horizon Advisor Network
The Confident Advisor Practice Podcast
bbush@horizonfg.com
csoileau@horizonfg.com
Call the Horizon Financial Group: (225) 612-3820

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This episode of The Confident Advisor Practice Podcast with Bill Bush and Chad Soileau talk about the similarities of what it takes to have success in sports and having success in the financial arena. Bill and Chad break down how the Three Ts: talent, team, and time play a key role...along with the non-T-word ‘luck.’

Episode Highlights:

01:45 – Bill Bush and Chad Soileau make the comparison between the NASCAR
success and having financial success.
02:51 – Financial success starts with having great talent involved.
03:24 – Make sure your talent is supported by a strong and resourceful team.
04:58 – Time is needed for talent and teams to work together and establish

success in the long run.

06:53 – Luck is the x-factor that rewards those that are ready for it.
08:07 – It is not just one element. It typically takes all of them working in unison.

3 Key Points:

Talent is the front-stage, client-facing element in the financial world that is respected for their experience.
The team has talent as well and they support and develop the frontline talent from the background.
Time is the long-term continuity and familiarity that builds sustainability.

Tweetable Quotes:

(Success in NASCAR) “Sometimes it is the talent. Sometimes it is the car. Sometimes it is luck. Most of the time it is all three.” – Chad Soileau.
“Luck favors the prepared. As we all know, if you are doing the right things over time and you are consistently doing them over and over and over and over and over, luck is going to be on your side more often than not.” – Chad Soileau.
“If you want to go fast, go alone. If you want to go forward, go together.” – Chad Soileau.

Resources Mentioned:

Horizon Advisor Network
The Confident Advisor Practice Podcast
bbush@horizonfg.com
csoileau@horizonfg.com
com

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This episode of The Confident Advisor Practice Podcast with Bill Bush and Chad Soileau expands upon three common financial terms and applies them to managing your practice: diversification, allocation, and re-balancing. Learn what they mean to you as a business owner, how they can improve your practice management, and the ways in which they will focus the way you are using your time.

Episode Highlights:

00:55 – Bill Bush and Chad Soileau introduce the topic of applying the financial

terms diversify, allocate, and rebalance to managing their practice.

02:37 – What is diversification and how does it apply to your focases and your

activities?

04:40 – Make sure you have enough diversification for what you are focusing on.
05:34 – View your allocation in terms of prioritizing your energy, resources and time

to areas of importance.

07:20 – Rebalancing is important to reconfigure your actions to match your intent.
09:05 – Toggl.com is a tool used at Horizon that keeps track of what you are

doing.

3 Key Points:

Diversification is a risk management strategy that mixes a wide variety of investments in a particular portfolio.
Allocation is how you are applying your time, resources, and energy into your areas of improvement.
Rebalancing is a great way to start a business year to look back at the previous year to see where improvement is needed.

Tweetable Quotes:

“Look at where your focuses were. Was I very diversified in my thoughts? Was I very diversified in my actions? Was I over-diversified in what I did? Was I under-diversified in what I did?” – Chad Soileau.
“Anytime you focus more on one particular area of your business, well then something else inevitably is going to fall behind.” – Chad Soileau.
“Certain asset classes are going to get overweighed and it is not where you originally started and you have to ask yourself, ‘Do I want it to continue being that way because this is working for us right now?” – Chad Soileau.

Resources Mentioned:

Horizon Advisor Network
The Confident Advisor Practice Podcast
bbush@horizonfg.com
csoileau@horizonfg.com
com

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This episode of The Confident Advisor Practice Podcast with Bill Bush and Chad Soileau of the Horizon Financial Group covers about how to build better clients by investing in continual learning.

Episode Highlights:

1:09 - Chad talks about when he was a junior advisor, and he watched the film GlenGarry Glen Ross
2:00 - Chad says the blog is about being a better student at your profession, and getting better at what you are doing, so you’ll close more business.
2:32 - Where do you start on the concept of ‘Always be learning?’
3:24 - Designations and industry standard learning as an educational component to the career- CRPS, CPFA
4:25 - How people put value on seeking out a specialist
4:42 - How Chad goes to peer group events and networking to upskill and learn
6:52 - Windshield opportunities - podcasts are a great way to broaden your knowledge
8:47 - Chad discusses coaching services to increase knowledge and expand their business
10:47 - Mentoring or being mentored?
11:58 - Bill shares his story of mentoring
13:30 - What about resources, and how they support learning?
15:50 - What would you like to share as final points, and your quote from the blog?

3 Key Points:

Don’t just be a student of your industry, broaden your horizons
Consistently attend events for a year round educational opportunity
Learning will take you further than anything else in your business

Tweetable Quotes:

“ABC - Always be closing. You should always be looking for the opportunity to close business - you should always be pressing, to some extent” - Chad Soileau.
“To find those better clients, and to really be better at what you do, you should always be learning” - Chad Soileau.
“Don’t just listen to industry type podcasts - generalise. If you’re going into a client meeting and all you’re talking about is X’s and O’s, it’s going to get boring.” - Bill Bush
“Go back and reflect. Take notes. Go back and look at it consciously. Try adding something new in - it’s one of the better ways to find new clients and close new business” - Chad Soileau.
“Better clients demand more, pay more, and make it easier for you to level up. Better clients challenge you to dig deeper and do what you’re capable of. You don’t do better by working more hours - you can’t work more hours. You do better by finding better clients” - Seth Godin

Resources Mentioned:

Blog - Always Be Learning
1992 movie GlenGarry Glen Ross
Horizon Financial Group
The Confident Wealth Podcast
Bill Bush
Bill Bush’s Email: BBush@HorizonFG.com
Chad Soileau
Chad Soileau’s Email: CSoileau@HorizonFG.com
FPA - Financial Planning Association
NAPA - National Association of Planning Advisors

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This episode of The Confident Advisor Practice Podcast with Bill Bush and Chad Soileau of the Horizon Financial Group talk about succession planning, the benefits that advisors need to be aware of, and the resources that Horizon Financial Group can provide.

Episode Highlights:

01:09 – Chad Soileau introduces himself and how he got involved with Horizon

Financial Group.

02:09 – What does Chad’s job at Horizon Financial Group?
03:27 – Chad discusses a blog post he wrote about succession planning and the

importance of it.

08:17 – What steps should someone take in their 40s if they don’t have a
succession plan in place?
10:07 – How did things work out with the advisor that Chad was sharing a story
about?
1136:04 – 15%-20% of the advisors that Chad Soileau talks to actually have
succession plans in place.
12:57 – What kind of attitude does Chad see among advisors in their 60s?
13:55 – Advisors should think about the optics of having a succession plan in place
that they can talk about with their clients to lead by example.
15:00 – What resources does the Horizon Financial Group have available?

3 Key Points:

Chad Soileu’s role at Horizon Financial Group includes: helping other advisors build their practice, protecting that practice, and finding ways for them to leave that practice.
Without succession plans in place, any buying advisor is going to try to get the best value for their purchase as possible.
What is the value of your book of business to know what you are dealing with and consult with someone that has experience.

Tweetable Quotes:

(Succession planning) “Advisors really work with clients for planning purposes in a lot of ways. But often times they don’t think about it in their own roles.” – Bill Bush.
“People have two things that they care about, most...their money and their family. And it is not necessarily in that order sometimes.” – Chad Soileau.
“Maybe the first part is, getting a sample copy of what a continuity plan or succession plan looks like.” – Chad Soileau

Resources Mentioned:

Horizon Advisor Network
The Confident Advisor Practice Podcast
Bill Bush
Bill Bush’s Email: BBush@HorizonFG.com
Chad Soileau
Chad Soileau’s Email: CSoileau@HorizonFG.com
Dan Mayes: mayes@cetera.com
LinkedIn
Chad's Blog An Act o Love

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This episode comes from a recent Horizon Advisor Network coaching call with Pete Bush, who explains how and why to charge consulting fees to take your business to the next level. You’ll learn why you should charge this way to position yourself as a problem solver with a business that will be ready for big changes in the financial planning industry.

Show Notes:

2:07--- What is fee for service or fee for advice?
4:09--- What is a financial planning consulting agreement?
5:25--- What is the ERISA participant advice program agreement?
6:05— What is the plan advice and consulting program?
6:50--- Why should you charge this way?
6:54--- Position yourself as a problem solver.
9:43--- Separate planning and advice from the implementation of advice.
11:58--- This industry is evolving and will continue to evolve.
12:48--- How do you go from product-based compensation or an asset management program to fee for service or fee for advice?
14:10--- Develop specialized knowledge that sets you apart.
15:11--- Develop a narrative around leading with planning.
18:48--- How do you have a planning discussion?
21:54--- How do we present the actual amount we charge?
23:43--- How do we collect the fee?
27:48--- How does this take your business to the next level?

3 Key Points:

When you begin charging a fee for service or a fee for advice you’re charging clients for your wisdom, your experience, and your unique problem-solving capabilities.
When you charge this way, you are actively preparing for the future of this business.
When you lead with planning services, you will take your business to the next level.

Tweetable Quotes:

“When you have the ability to charge this way, it definitely separates planning and advice from implementing advice.” – Pete Bush
“You have to have a scope of knowledge and ability to help people beyond picking investments.” – Pete Bush
“You ask open-ended questions so that they get really clear on their answers.” – Pete Bush

Resources Mentioned:

Think and Grow Rich (book)
The Confident Wealth Experience
Connect National Investment and Finance Conference
Decipher
Advice Pay
Rachel Stewart
Horizon Advisor Network
Contact Information:
- pbush@horizonfg.com

Think and Grow Rich: The Original, an Official Publication of The Napoleon Hill Foundation

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This episode comes from a recent Horizon Advisor Network coaching call with Pete Bush, who addresses the difference in whether your practice is a stock or a bond? Learn the characteristics of stocks and bonds as they apply to a business, how the estimated value of your business effects you whether you are buying selling, or in a holding pattern, and how you should be balancing your total revenue between labor and expenses.

Show Notes:

0:43--- Whether your practice is a stock or bond effects your strategy
0:56--- Think of your business as a long-term investment
2:17--- Like any investment, your business should have a capital value
3:58— What are some of the characteristics of a bond
5:56--- What is the credit quality of the business’s clients that are producing the income
7:44--- What are the characteristics of a stock
8:23--- Quality stocks mature companies that create earning pay dividends

9:45--- How do stocks and bonds differ

10:28--- How much should your total revenue go to labor and expenses
11:36--- Stocks should have a greater multiple of its liquidation value than bonds
13:50--- Wealth accumulation comes from owning not lending
15:28--- How can you get an initial value estimated for your practice
17:19--- Should you take clients based on your overall average client revenue
19:28--- How do evaluations metrics matter if you are in the holding pattern
20:45--- What should you do if your business is a bond and you want it to be a stock
22:34--- Where would you go to find good information on the Truelytics software

3 Key Points:

Are you building your business, liquidating your business, or looking to buy and absorb other companies?
Bonds typically mature at a fixed known rate, pay yields, and normally are less volatile than stocks.
Stocks are often valued as a multiple of their earnings.

Tweetable Quotes:

We started off as actually thinking about our business in terms of an investment, versus a job or a career.” – Pete Bush
“We certainly expect stocks to grow over time. We expect them to grow above and beyond any income they might produce.” – Pete Bush
“Your compensation for labor, that’s your compensation as an advisor, should be about 40% of your total revenue.”

Resources Mentioned:

The Confident Advisor Practice-- Discover more about the Podcast
Horizon Advisor Network
Contact Information:
- pbush@horizonfg.com

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This episode captures Pete Bush’s recent quarterly coaching call for Horizon Network, and he talks about buying and selling practices and what you can do to position yourself well.

Show Notes:

1:00 - How to make your practice the most attractive buyer or seller in the market
4:00 - A buyer preparation service can make you the ideal buyer
5:00 - Why do we want to be an attractive buyer or seller?
- We want to have the best fit for our clients
6:53 - Succession is a long thought out process to plan
7:20 - You want to choose a successor that you can work closely with
8:00 - How to successfully execute continuity
9:31 - As a buyer, having everything put together makes you a company of confidence for a selling company to turnover their clients to
11:14 - Know your numbers cold - Revenue, Expenses, and other KPIs
13:00 - Always be prepared and know what the process is
14:15 - Take a different approach to marketing your practice than you do to marketing to clients
15:20 - Know your documents and paperwork
19:47 - You save thousands of dollars by working with Horizon and Cetera

3 Key Points:

We want to be an attractive buyer or seller because we want to attract our ideal clients.
Selling is relatively immediate whereas succession planning takes time and compatibility.
Know your numbers and documents. If you know your revenue and key KPIs, you know your ideal client, buyer, or seller.

Tweetable Quotes:

“Take a different approach to marketing your practice than you do to marketing to clients.”–Pete.
“If you put off retirement planning one day, no harm, no foul, but there becomes a moment when it is too late.” – Pete.
“It doesn’t matter what the solution is it just matters that we all have one.” –Pete.

Resources Mentioned:

Discover more about the Podcast at The Confident Advisor Practice

Horizon Advisor Network

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During this installment of The Confident Advisor Practice from the Horizon Advisor Network, hosts Pete Bush and Bill Bush, CEO and Advisors at the Horizon Financial Group, sit with Brett Harrison, CEO of Cetera Advisors. They discuss managing your financial advising business through the future and industry shifts.

Show Notes:

00:47---Introduction of guest Brett Harrison, CEO of Cetera.
1:52--- Advisors don´t run on natural performance anymore they run off of emotional and logical desires of clients.
2:18--- Financial planning can be more emotional.
3:14--- Cetera has developed a tool to successfully do financial planning. Advisors need this tool too.
4:00--- Connecting on a human level is necessary in financial planning today.
5:40--- To help the next gen investor, financial advisors need to upgrade the technology of the practice.
7:00--- We need an online platform that clients can reference when they are up at night.
8:00--- The next generation of professionals need to know how to run businesses and pay their own taxes.
8:20--- Focusing on female advisors. There is a huge gender gap in the advising industry.
10:00--- There is a disconnect between the old and the young.
13:30--- Partnership between Cetera and Genstar
14:06--- Exposure to executive management and board is a critical dynamic for change in the industry.
14:33--- Breaking into growth strategies within the financial advising industry.
16:30--- The new industry shifting question: who can you choose to partner and align with in the industry?

3 Key Points:

The financial advising industry cannot rely solely on natural movement of markets. As it depends on client's emotions, the present day advisor must connect on a human level. It can't be all about data.
The incoming flow of Next Gen investors are pushing the industry to update their technologies. This will be a different age of clients where they aren't interested in managing a life outside of the office--ie paying their own taxes, working abroad. Financial advisors need to factor these life changes into their advising.
There is an ever present age and gender gap between advisors and clients. Advisors need to stay up to date with trends and connect them to their clients.

Tweetable Quotes:

“It is about connecting with the person. It is not all about the spreadsheets” –Pete.
“The financial well-being of a household is second ot health.” – Brett.
“Health and wealth are connected.” –Bill.
“To help with the Next Gen investor, we need to upgrade ourselves in regards to our interaction with technology.” –Brett.

Resources Mentioned:

The Confident Advisor Practice-- Discover more about the Podcast
Horizon Advisor Network
Contact Information:
- Brett Harrison

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During this installment of The Confident Advisor Practice from the Horizon Advisor Network, host Pete Bush, Advisor at the Horizon Financial Group, discusses the concept of having five dials for your business. The five dial approach gives business owners five key metrics to ¨fly¨ their business.

Show Notes:

1:00---Introduction of the five dials that will help you manage your business
3:17---If five dials are working, you can be sure your business is running well.
4:27---The five dials are different depending on the plane you are flying
5:00--- Discussion about the Five dials:
- 90 Day Accounts Receivable
- Number of engaged opportunities in the pipeline (Keep 20 opportunities)
- Current cash on-hand
- The amount of new recurring revenue added
- Profit and loss statement budget vs actual
19:00---The five dials become the language of business
20:00---Your overhead should be about 30-40%
22:00---Five dials are important metrics to focus on within a business.

3 Key Points:

Flying a plane can be very complex much like running a business. Though there is a sprawling dashboard to fly a plane, only five dials truly matter. Running a business can be approached the same way.
Pete Bush shares the five dials (key metrics) he uses to run his business.
The five dials are 90 day accounts receivable, Number of engaged opportunities in the pipeline, current cash on-hand, amount of recurring revenue, and profit and loss statement.

Tweetable Quotes:

“The five dials become the language of business.” –Pete
“At the end of the day when you wake up and know these five things, you are going to feel pretty good.” –Pete.
“This is about maintaining proper financial dynamics so you have something on the pulse.” –Pete.

Resources Mentioned:

The Confident Advisor Practice-- Discover more about the Podcast
Horizon Advisor Network

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During this installment of The Confident Advisor Practice from the Horizon Advisor Network, hosts Bill Bush and Pete Bush, Advisors at the Horizon Financial Group, discuss how to manage your business smartly with Jeff Litteken and Geoff Lamoine from Remotelink Solutions. Remotelink Solutions offers a versatile service to help supplement and complement your business. They take the administrative tasks off your plate so that you can focus on what matters: your clients. A Cetera-certified company, Remotelink is the perfect solution to augment your business and do what you love again.

Show Notes:

00:47---Introduction of the Jeff Litteken and Geoff Lemoine from RemoteLink Solutions.
00:52---RemoteLink Solutions is a key operation solution for solo advisors who need some leverage.
1:00--- RemoteLink Solutions provide support to companies in a variety of tasks.
1:40---Employees are the most important asset of a company.
2:00---We look at taking the less important activities off of the advisors plate so the advisor can get in front of the client--the most important part.
2:30--- RemoteLink solutions can take care of investing, compliance, administrative functions, meeting preparations, money movement, and finance.
3:22---RemoteLink gets into the details and ¨weeds¨ so that the advisor can provide support to clients.
6:00---Streamlining operations and allowing advisors to manage the details not only allows them to do the work that matters but also engage their clients fully.
7:40---The service helps both established and growing practices
8:00---RemoteLink Solutions can come into your business and fill in the gaps.
9:20---Optimizing businesses through unique ability teamwork such as remote solutions
11:20---There is opportunity lost by training new employees
12:30---RemoteLink Solution takes care of the training costs and time for you.
13:31---The Cetera connection and advisor advantage allows Remotelink solutions to be audited just as your business is. Their systems are encrypted and their solutions meet industry standards.
17:00---The RemoteLink Model ensures the business succeeds with their services and doesn't lose growth.
18:00--Time is invaluable. Any service that can give people time back is valuable.
19:20---You can start small and as you build confidence with the solution, you can grow from there.
19:40---We want to manage the business and not have the business manage us.
21:30---The RemoteLink team allows the business to be more proactive than reactive.

3 Key Points:

Leverage your business and revert to focusing on the things that matter by using Remotelink Solutions.
Being a financial advisor is a small part of the job. There are many other administrative, compliance, and financial tasks to complete. Remotelink Solutions supplements and complements growing as well as established businesses.
Get the help you need for the time you need by contacting Remotelink Solutions .

Tweetable Quotes:

“We can help you with three things: Anything you don't want to do, anything you don't know how to do, and anything you don't get paid to do .” –Geoff Lemoine.
“Our offering is attractive to any practice out there.” –Jeff Littekin.
“If you are able to put together in the right combination, the right skills and capabilities then magic starts to happen.” –Pete Bush.

Resources Mentioned:

The Confident Advisor Practice-- Discover more about the Podcast
Horizon Advisor Network
Contact Information:
- Jeff Litteken
  - 619-795-7403
  - litteken@ceteraadvisors.com
- Geoff Lemoine
  - (619)-795-7405
  - info@remotelink.com

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During this installment of The Confident Advisor Practice from the Horizon Advisor Network, host Pete Bush, CEO of the Horizon Financial Group, discusses the importance of having a Pipeline Management System. Pete leaves us with the necessary tips and tricks to develop a client acquisition process that works for our own businesses. He imparts the information in an easily digestible bite that allows us to walk away with in-depth knowledge about pipelines, client acquisition, and segmenting.

Show Notes:

1:00---Introduction of today´s topic--Pipeline Management Systems
3:40--- Companies with Pipeline Management are able to shorten the process from finding an opportunity to generating revenue.
5:35---The first step to having a pipeline management system is having a defined acquisition process.
5:53---A defined acquisition process is having a defined way that clients will get into the pipeline--Acquisition can include going to certain events and sharing what you do. This is the step where you generate contact information.
6:15---A defined acquisition process is casting a net to gather people and prospecting is turning those people into actionable meetings where you can share your story.
7:54---People can be classified as a prospect once you can classify them as someone who could be interested in your services.
8:36---Find a way to keep prospective clients organized after generating leads.
12:53---Having a lot of names in a database without classifying them isn't an efficient way to segment your prospective clients. Segment your prospects when you meet them. This segmenting will allow for meaningful follow-up communication.
14:20---Pipeline management is moving people through this process-- acquiring (generating leads), prospecting, proposing, actuating (in-process), and finally, becoming a client.
15:30---Make sure to follow-up with your prospective clients to keep them moving forward through the pipeline process. Segmenting makes this easier.
16:20---Disqualify and eliminate clients who should no longer be in your prospecting database.
17:30---Throughout the pipeline process, simplify your efforts to multiply your results.
18:16---To have a pipeline management process you need to have the following: A process, segments of the process (assigning different client stages to the pipeline), an accountability partner (to contribute and keep the process moving), and action (moving your client through the different pipeline stages).
19:50--- A powerful way to turn leads into clients.
20:45--- Following-up with prospects is an important step.
24:50---A 90-day rule helps keep us on schedule and take action on steps that are important now.

3 Key Points:

Having a Pipeline Management system is important in developing a clientele base.
The first step to developing a pipeline is to understand where, how, and what you are doing to acquire new clients. This information lays the foundation for your pipeline.
Continuous segmenting is important to be able to follow-up with specific prospective clients in an appropriate manner. Segmenting is key to chasing leads and adding value for clients.

Tweetable Quotes:

“Don´t think ¨how do I do this?¨ Think who.” – Pete.
“Simplify efforts to multiply results.” – Pete.
“Companies with Pipeline Management shorten the lifetime of going from opportunity to revenue .” – Pete.

Resources Mentioned:

The Confident Advisor Practice-- Discover more about the Podcast
Horizon Advisor Network
Learn more about Pete Bush

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During this installment of The Confident Advisor Practice from the Horizon Advisor Network, hosts Bill Bush and Pete Bush interview Dan Mayes, SVP Succession Planning and Business Acquisition at Cetera Financial Group. They define and discuss continuity and succession planning. They also define 4 common challenges that advisors face with succession planning as well as a process for creating a plan. The episode concludes with an overview of Cetera’s new “Legacy Builder Program”.

Time Stamped Show Notes:

00:54 – Defining what “continuity” is: how your business continues in the event of an unplanned circumstance such as disability or death.
01:07 – Defining what “succession” is: how your business continues in the event of planned circumstances.
01:25 – Introducing guest Dan Mayes from Cetera Financial Group.
02:19 – Dan Mayes introduces himself and talks about his current career role and background.
- 03:03 – Dan has been involved in over 300 transactions of practices changing hands.
- 03:49 – Since 2015, this type of transaction exceeds $43 million in GDC/Gross Revenue.
04:24 – Pete points out how valuable this podcast discussion is for practice owners.
05:45 – Dan talks about the state of the industry relating to continuity and succession.
- 05:47 – Continuity planning relates to an unplanned exit (death or disability).
- 05:56 – Succession planning relates to a planned exit (typically retirement).
- 06:10 – Dan introduces “business acquisition” as the buy-side of these transactions.
- 06:15 – Continuity, succession and business acquisition are related, but need to be looked at separately.
- 06:45 – At Cetera, 30% of advisors report having a written continuity plan in place.
07:48 – Pete points out that many people might think that having their children in the business or having had conversations will constitute a continuity plan.
08:20 – Dan explains that verbal agreements are unenforceable. Written documents are crucial
08:54 – Discussing the “graying” of this industry
- 09:00 – The average advisor at Cetera is just under 60 years old and industry average is in the mid 50s. This means that the need for continuity planning will increase over the next 5-10 years.
- 11:01 – Dan references the challenge of creating a career path and profession for the next generation.
11:17 – Defining and discussing the challenges that advisors talk about in assembling a continuity plan.
- 11:30 – Financial Planning Association Article – 4 challenges to succession planning.
  - 11:48 – Strategic: who is the right successor?
  - 11:59 – Personal: what am (the advisor) going to be doing in retirement?
  - 12:09 – Structural: how to optimize your business for succession?
  - 12: 21 – Mechanical: paperwork, agreements and formalities.
- 13:19 – Solving the “strategic” challenge is typically the most common challenge.
14:28 – Discussing advisors evolving into an emeritus role as part of a succession plan.
15:52 – What are the other 70% doing about succession? They’re actively thinking about it and are often too busy to address succession planning.
- 16:42 – Creating “mental images” of what retirement goals would be (starting a charity, 2nd career, etc.)?
- 16:59 – Defining a timeline to give us time to effectively transition.
17:40 – A reasonable timeline for succession planning is 3-7 years.
18:28 – What are some of the potential issues/problems to be aware of?
- 19:28 – Regulatory: are both buyers and sellers appropriately licensed?
- 19:58 – Price: Deal structures and tax implications are often unique. Seeking support from tax and legal advisors.
- 22:12 – Discussion maintaining consistent culture from seller to buyer (from client standpoint).
23:03 – Introducing and understanding process for developing a plan:
- 23:26 – Defining goals (as buyers and sellers).
- 23:57 – Analyze financial resources for the seller’s new lifestyle in retirement.
- 24:23 – Design a plan based on resources and filling gaps by planning
- 25:05 – Implementing over time – more time equals more control
- 25:15 – Tweaking and adjusting plan over time
26:23 – Discussing Cetera’s “Legacy Builder Program”
- 27:16 – Cetera assurance for continuity, but still encouraging proper succession planning.
28:28 – Concluding Dan’s interview with a clearer understanding of how Cetera’s services benefit advisors who need succession and continuity planning.

3 Key Points:

Continuity planning relates to unplanned “exit” (death or disability) while succession planning relates to planned “exit” (typically retirement).
30% of advisors have documented continuity/succession plans. It is advisable to establish your plan 3-7 years in advance.
Cetera is launching a new “Legacy Builder Program” which will promise to buy advisor businesses in the event of an unplanned death or disability. However, this program ALSO allows advisor businesses to develop succession plans for planned sale or transition.

Tweetable Quotes:

“Dan Mayes from Cetera Financial Group is the go-to-guy in helping advisors think through continuity and succession.” – Pete Bush
“While I should celebrate that 30% [of advisors] have a plan, I’m also worried that only 30% have a plan.” – Dan Mayes
“You’re going to be exiting this industry at some point in the future. The question is are you going to control that process?” – Dan Mayes
“If we don’t know our destination, how can we design a path to get there?” – Dan Mayes

Resources Mentioned:

Horizon Financial Group – website for Horizon Financial Group
Confident Advisor Practice – podcast for Confident Advisor Practice
Financial Planning Association – website for Financial Planning Association
Dan Mayes Contact Info:
- 619-702-9604
- mayes@cetera.com
- LinkedIn

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During this installment of The Confident Advisor Practice from the Horizon Advisor Network, hosts Bill Bush and Chris Sullivan interview Jesse Hurst, President of Impel Wealth Management. They discuss his history in financial management, and how Impel has grown and collaborates with partners like Horizon Financial Group.

Time Stamped Show Notes:

01:40 – Jesse started in this business in 1987.
02:25 – Has been hired before by Ohio Edison to teach retirement planning workshops for 55 and over for executives.
03:10 – Formed Millennial Group with partners back in 1997 which led to Impel Wealth Management.
06:21 – Jesse oversaw things like training and service, coordinating marketing and PR, writing content, and investment committee fund.
09:10 – Impel works with six investment strategists and research groups.
12:14 – They are managing four different risk profiles.
16:33 – If you bring money management in house, you can answer questions about what you did for clients.
19:41 – Jesse’s wife has a HR consulting and recruiting company and does all of his outsources HR, payroll and book-keeping.

3 Key Points:

Impel Wealth Management manages between 160-170 client families and about $200 million in assets.
Most Impel Management Clients are between 55-85 years old.
Impel works with six investment strategists and research groups that they collaborate with.

Tweetable Quotes:

“We’re (Impel Wealth Management) somewhere between 160-170 key client families that we work with.” – Jesse Hurst.
“We have about six different investment strategists and research groups that we work with, and they have been specifically chosen for content and kind of worldview outlook.” – Jesse Hurst.
“If you were a solo adviser and you didn’t have the access to resources of the group that we have here within Impel with our collaboration with Horizon, I’m not sure it would be the highest and best use of your time.” – Jesse Hurst.

Resources Mentioned:

Horizon Financial Group – website for Horizon Financial Group
Confident Advisor Practice – podcast for Confident Advisor Practice
Jesse Hurst – LinkedIn for Jesse Hurst
Impel Wealth Management-website

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Summary:

During this installment of The Confident Advisor Practice from the Horizon Advisor Network, hosts Bill Bush and Chris Sullivan interview guest Richard Whitworth, the Managing Director – Business Consulting at Cetera Financial Group. The talk moves around various topics and concerns related to the changes that artificial intelligence are creating in the financial advisement and investment community.

Time Stamped Show Notes:

01:32 – How advisors look at their exit strategies, ever-increasing regulations, and how to stay relevant are all general concerns financial advisors have about A.I..
02:59 – The average age in the industry for the independent channel is about 56 years old.
05:10 – At a client’s moment of need is when human financial planners outshines artificial intelligence.
07:00 – If advisors really know their clients, and accept that big data is going to be omnipresent, is going to lead to a solid firm.
09:11 – Horizon Financial Group is divided into three companies: Horizon Wealth Management, retirement plans, and the Horizon Advisor Networks.
14:28 – Advisors have access to a vast supply of inputs and information to understand how big data can assist them.
17:15 – Horizon has the opportunity to share real world examples with advisors.
19:34 – Being rooted in quantitative stats helps you drive better performance for your firm.
21:25 – Do you have the right configuration of people?
21:55 – Being able to look at data and what your work flows look like, and then being able to build checklists or roadmaps for those workflows drives process efficiency.

3 Key Points:

General concerns financial advisors have about A.I.. include: how advisors look at their exit strategies, ever-increasing regulations, and how to stay relevant.
Baby boomers are high adopters of new technologies.
What is the division of your clients?

Tweetable Quotes:

“The average age in the industry for the independent channel is about 56 years of age.” – Richard Whitworth.
“There is a high percentage of advisors that have an indication that they are going to exit in the next five to ten years.” – Richard Whitworth.
“At its core and definition, the investment management, wealth management, and advice business is a high-touch client relationship-driven business.” – Richard Whitworth.

Resources Mentioned:

Horizon Financial Group – website for Horizon Financial Group
Confident Advisor Practice – podcast for Confident Advisor Practice
Richard Whitworth – LinkedIn for Richard Whitworth

● Richard.Whitworth@Cetera.com – Richard Whitworth’s email address

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Today on the Confident Advisor Practice from the Horizon Advisor Network, host Bill Bush and Pete Bush of the Horizon Financial Group discuss with Cam Morton, a business broker who deals in acquisitions, sales, and mergers. They discuss what is involved for business owners to successfully exit their companies.

Time Stamped Show Notes:

00:56 – Cam Morton has worked on Wall Street and ran a publically-traded REIT (real estate investment trust) and sold after 10 years.
01:15 – Exist planning and buying and selling businesses became Cam’s interest.
01:45 – VR Business Brokers has about 70 locations around the globe.
03:55 – There are roughly 10 trillion businesses owned by baby boomers.
05:11 – People that help business owners exit their business include: financial advisors, lawyers, accountants, and insurance agents.
09:25 – You are going to leave your business at some point.
10:00 – How do you plan to leave your business?
13:28 – Exit planner typically handle a broad amount of business types and risk types.
16:02 – The Exit Planning Institute and OwnerReadiness.com are great resources for planners.
18:38 – Camm Morton can be contacted at CMorton@VRBatonRouge.com and

(225) 663-5999.

3 Key Points:

1. VR Business Brokers has about 70 locations around the globe.
90% of the people save 90% of their money in their retirement accounts, and this is where advisors go to service.
VR Business Brokers works with financial advisors to help their clients figure out how to exit, what the company’s value is, what they can do to improve the company’s value, what is their life going to look like after they sells their company?

Tweetable Quotes:

“A lot of business brokers approach the world with, gee, when can I sell your asset? We (VR Business Brokers ) try to approach it by…how do we help you get the most out of selling your asset, when it’s time.” – Camm Morton.
“90% of the people save 90% of their money in their retirement accounts.” – Pete Bush.
“The financial advisors tend to be very trusted by their clients. And there is a lot of value out there in companies that are going to have to trade hands as the baby boomers have to exit their business.”– Camm Morton.

Resources Mentioned:

Horizon Financial Group – website for Horizon Financial Group
Confident Advisor Practice – podcast for Confident Advisor Practice
Confident Business Leader Scorecard – scorecard for Confident Advisor Practice
Camm Morton – LinkedIn for Camm Morton

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Building Your Retirement Plans Team Summary:

Today on the Confident Advisor Practice from the Horizon Advisor Network, host Bill Bush and Pete Bush of the Horizon Financial Group continue discussing retirement plans with Andy Bush, who heads up the retirement plans services at Horizon Financial Group, and provides assistance in the advisors network.

Time Stamped Show Notes:

01:38 – Andy Bush has a passion for the retirement plan marketplace, helping to 65 plans and $300 million in assets.
02:15 – Andy achieved his growth by: having a good team, specialize in retirement plans, and become well known as the person to go to.
03:33 – Grow with a team who have special skills that the group needs.
04:24 – You can only go so far alone, it’s a team sport.
04:39 – Andy’s team is serving 65 plans, and just over 5,000 employees, he has three advisors and two administrative employees for paperwork and communications.
05:49 – Advisors to plans are going to have to be fiduciaries now, so it is important to gain specialized knowledge.
07:25 – NAPA, the National Association of Planned Advisors came out of ASPA, the American Society of Pension Actuaries.
09:36 – Identity the important people in your organize and their roles, find partnerships, and make yourself know to improve your reputation.
13:32 – Offering education and events are important for opportunities to learn andmeet new folks.

3 Key Points:

Build a good team around you.
Become a specialist in your area of expertise.
Become well known for your skillset.

Tweetable Quotes:

“If you want to go fast, go alone. If you want to go far, you got to go together.” – Pete Bush
“NAPA, the National Association of Planned Advisors came out of ASPA, which was the American Society of Pension Actuaries.” – Andy Bush
“Identify the important people, and their roles, in your organization for you to build your business.” – Andy Bush

Resources Mentioned:

Horizon Financial Group – website for Horizon Financial Group
Confident Advisor Practice – podcast for Confident Advisor Practice
Confident Business Leader Scorecard: – scorecard for Confident Advisor Practice

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Teaming Up with a TPA: Building Success in Retirement Plans Business Summary:

In this podcast episode of Confident Advisor Practice by Bill Bush and Pete Bush of the Horizon Advisor Network, they welcome their guest Melissa Terito, a partner and CPA at the accounting and business advisement firm Faulk & Winkler. Melissa handles their third party administrative practice (TPA) – branded as Sentinel Pension & Payroll. They have an enlightening discussion about the benefits of financial advisors and TPAs working together on behalf of their clients to add piece-of-mind and value to retirement plans.

Time Stamped Show Notes:

00:44 – Melissa Terito, CPA gives an introduction about her work at Faulk & Winkler.
02:01 – Melissa discusses how a TPA can work with a financial advisor with a 401k plan.
03:02 – What makes a good interaction between a financial advisor and a TPA according to Melissa is trust with their client.
04:42 – Melissa shares examples about a few positive experiences with advisors that understand the value of that teamwork.
07:04 – When Melissa started with Faulk & Winkler 9 years ago they had about 125 plans with a team of three and they have grown to six fulltime people and one intern.
08:54 – Some of the qualities that a financial advisor looking for a TPA should look for include: make sure they know what they are talking about and immediate response time,
10:09 – The average advisor has less than five plans – which means they aren’t using technical expertise on a regular basis like someone with a large case load.
10:51 – Advisors can get better with retirement plans by having plan documents in their office and being proactive by setting up meetings with the clients several times a year.
13:27 – Melissa deals with quite a few retirement plan opportunities outside of her local service area of Baton Rouge, Louisiana.
14:32 – The 316 administrative services is liability on the TPA for signing the 5500,making sure notices go out, approving all loans and distributions –everything the sponsor would be doing.
16:26 – Some broker dealers are not allowing their advisors to serve as a 321 or
18:05 – Clients are reassured when they see their financial advisor and TPA working as a team on their behalf and have a strong bond.
19:12 – The closing credits

3 Key Points:

For the interaction between a financial advisor and a TPA to work they have to trust each other with the client.
Qualities a financial advisor should look for in a TPA include: immediate response time and that they know what they are talking about.
Advisors can improve with retirement plans by having plan documents in their office and setting up meetings with the client several times a year.

Tweetable Quotes:

“When you think about what constitutes a retirement plan, there is the legal document, there’s accounting and administration, then there is the investment side of it., to invest the dollars that go into it.” – Pete Bush.
“I’ve never gone to a meeting with an advisor and a current client, a potential client and not had something to bring to the table.” – Melissa Terito.
“I think facetime with the client is important.” – Melissa Terito.

Resources Mentioned:

Horizon Financial Group – website for Horizon Financial Group
Confident Advisor Practice – podcast for Confident Advisor Practice
Faulk & Winkler – Melissa Terito’s Faulk & Winkler profile page
LinkedIn – Melissa Terito’s LinkedIn profile page
Sentinel Pension & Payroll – Faulk & Winkler’s pension service

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Completing The Confident Advisor Scorecard. Summary:

During this installment of The Confident Advisor Practice from the Horizon Advisor Network, Bill Bush, Pete Bush, and Chris Sullivan discuss the importance of building your team and continuity and succession—the last two categories on the Confident Advisor Scorecard.

Time Stamped Show Notes:

00:54 – Bill Bush, Pete Bush, and Chris Sullivan prepare to wrap up their ongoing discussion of the Confident Advisor Scorecard.
01:11 – Building Your Team: Scoring yourself 1-3 means this statement might be true:
Prefer to work alone but know you can benefit from help.
Don’t like managing people and see them as an expense.
02:23 – Look at the people you are training as an investment that will earn a return.
03:47 – Most advisors are coming out of a producer mentality with the focus on revenue-generating ideas.
05:15 – Building Your Team: Scoring yourself 4-6 means:
You believe in having employees, but just to divide the work.
You become frustrated when they make mistakes because they have to where many hats.
Workers don’t feel a part of the overall vision, and are only motivated by their paycheck.
06:43 – Often advisors will end up with a ton of clients, and 6-7 administrative assistants doing the same role.
07:36 – Building Your Team: Scoring yourself 7-9 means:
You have reached success by surrounding yourself with talented team members that are engaged in your vision.
Employees have become proficient in their roles and processing the business you attract.
09:32 – Building Your Team: Scoring yourself 10-12 means:
Your self-managing team helps to define the culture, goals, and vision of the ever-growing future of the company.
Employees have a stake in the outcome.
Team members are leaders and continue to grow their personal capabilities and grow the overall team.
12:30 – Continuity and Succession: Scoring yourself 1-3 means:
The practice would not be able to survive your death, disability, or retirement.
You are uncertain of how your family and employees would be affected in such an event.
15:19 – Continuity and Succession: Scoring yourself 4-6 means:
You have a “gentleman’s handshake” with someone and you have communicated to someone on your team what to do if something goes wrong.
You know you need a firm plan in place if things fall apart, but you continue to procrastinate.
Retirement is a ways away, and you assume you still have time.
16:37 – Continuity and Succession: Scoring yourself 7-9 means:
You have legal agreements in place with an identified continuity partner.
You have a buy/sell agreement in place funded by life insurance.
You believe someone will buy your business when you retire.
18:24 – Continuity and Succession: Scoring yourself 10-12 means:
You’re confident that the updated written agreements that you have in place will protect your family, your team, and your clients, based on a three-phase plan for continuity, integration, and eventual sale of your business.
You have annual evaluations of your business done.
You keep striving to add value.

3 Key Points:

Investing in quality employees is an important investment that you pay overtime instead of all up front.
Provide your team with a stake and vested interest in the company beyond just their paycheck.
Preparing for continuity and succession is important for you, your family, your employees, and the clients that you serve.

Tweetable Quotes:

“What would be the return on investment in a person, in the form of leverage you can get so you can go out and maybe bring in an extra client?” – Pete Bush.
“The investment in a person, you don’t even have to come up with all the money at one time…you’re doing it over a period of time, maybe 1/26th every couple of weeks as you are doing payroll.” – Chris Sullivan.
“Team has become so crucial to the operation of the business that your demise, or your absence from the business, you’re recognizing that it doesn’t just effect you.” – Pete Bush.

Resources Mentioned:

Horizon Financial Group – website for Horizon Financial Group
Confident Advisor Practice – podcast for Confident Advisor Practice

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Processes and Procedures

Summary:

The Confident Advisor Practice from the Horizon Advisor Network discusses the importance of process and procedures, how they can be properly embedded into your company to make them easily taught and transferable to new employees, and how to empower your team to make your agency run smoother without depending on the owner having to micro-manage everything.

Time Stamped Show Notes:

● 01:03 – Bill Bush, Pete Bush, and Chris Sullivan introduce the topic of processes and procedures.
● 02:51 – First Statement for Processes and Procedures: deals with doing paperwork yourself and growing frustrated with how to remain compliant. Surround yourself with people that can handle your weaknesses.
● 06:50 – Second Statement for Processes and Procedures: involves not having put your processes and procedures in writing. It is difficult to convey it to them, but needs to be shared so it doesn’t get lost with the one person that knows.
● 12:07 – Third Statement for Processes and Procedures: involves having tasks properly delegated to qualified team members for financial advisors to make better use of their time.
● 16:35 – Fourth Statement for Processes and Procedures: is for when you have defined the levels of service you offer to the different levels of clients and the team has created the system that is easily taught and transferred.
● 17:19 – You can have a self-managing company that still has a leader. Empower your team instead of trying to dwell on control.
● 19:15 – Decide what you want to do and then ask who can help you execute it.

3 Key Points:

The hourly rate for a financial advisor to talk to prospective clients and to assist current customers about updates is around $1000 an hour, but unfortunately their time often gets distracted by smaller tasks that should be delegated to others.
Quantify work as performing tasks that you enjoy doing.
Instead of focusing on what to do, focus on who can do it for you.

Tweetable Quotes:

“Everybody has sales, and service, and operations and administration. Every business.” – Bill Bush.
“It’s different roles, different procedures. And you don’t get bogged down with everyone doing the same thing.” – Chris Sullivan.
“What an advisor needs to do is give themselves permission to quantify work as stuff
that they enjoy to do.” – Chris Sullivan.

Resources Mentioned:

● Horizon Financial Group – website for Horizon Financial Group
● Confident Advisor Practice – podcast for Confident Advisor Practice

Horizon Advisor Network-website for Horizon Advisor Network

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Improving Your Professional Network Summary:

Today on the Confident Advisor Practice from the Horizon Advisor Network, host Bill Bush, Pete Bush and Chris Sullivan of the Horizon Financial Group continue discussing the Confident Advisor Practice scorecard for rating financial advisors and business owners. They have previously covered Financial Management, Vision, Value Proposition, and Business Development. Now they get into the four grading sections of “Professional Network.” Learn the importance of trust and sharing your talents in building out your network as a financial advisor.

Time Stamped Show Notes:

01:03 – They discuss the 5th category of the Confident Advisor Practice Scorecard: “Professional Network:
01:53 – Score yourself 1-3 if you are suspicious about CPAs and other service providers and focusing on what your professional network can do for you and not what you can do for them.
04:10 – Score yourself 4-6 if you only refer other professionals business if they refer business back to you. You network but you don’t share how your approach could benefit them.
06:35 – Score yourself 7-9 if through working with clients you have gotten to know some of their other professional relationships and you randomly receive referrals. You are active in the community and sit on boards and have earned trust and respect. But your opportunities are coming to you randomly.
10:33 – Score yourself 10-12 if have a network of specialists ready to help you and your clients and routinely refer your best clients to them. You keep them updated on how you can add value to their clients. You trust them and they trust you.
13:03 – Pete mentions the importance of not asking for anything until you have had the chance to give first. Create opportunities to build a professional network with individual meets and taking them out to eat.
16:25 – Part of your value proposition is to connect clients with other specialists without pretending you know it all.
17:32 – Next Episode Preview on, Process and Procedures, Unique Ability Teamwork, and Continuity and Succession.
19:24 – The closing credits

3 Key Points:

1. Keep professionals in your network updated on how you can add value to their clients.
Don’t ask for anything until you have had the chance to give that person help first.
Your value proposition should include connecting clients with other specialists without pretending you know everything they need help with.

Tweetable Quotes:

“You are not only needing other professionals to help complete the client’s financial needs...you need to be part of their financial network as well to get some their reciprocal type of referrals.” – Pete Bush
“What you really want to do is position yourself as a valuable resource for their clients and then let the chips fall where they may.” – Pete Bush.
“You are be a magnet versus pursuing.” – Pete Bush
“The law of reciprocation is give first.” – Pete Bush

Resources Mentioned:

Horizon Advisor Network – website for Horizon Advisor Network
Confident Advisor Practice – podcast for Confident Advisor Practice
Confident Business Leader Scorecard: – scorecard for Confident Advisor Practice

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Summary:

In today’s 5th episode of the Confident Advisor Practice from the Horizon Advisor Network, Bill Bush, Pete Bush, and Chris Sullivan of the Horizon Financial Group of Baton Rouge, Louisiana talk about ways to factor in business development when financial advisors rate themselves using the Confident Advisor Practice scorecard. They address the 1-3 category that deals with “the strategy of hope.” The 4-6 category focuses on unfocused advisors that chase the newest and latest ideas to garner clients. Then, there is the 7-9 category that takes business development into the area of having a defined data base of niche clients. Also, the 10-12 category is the level where financial advisors have a dedicated team to handle marketing.

Time Stamped Show Notes:

00:26 – Bill Bush, Pete Bush, and Chris Sullivan introduce the show
00:57 – Start the discussion about business development for the Confident Advisor Practice scorecard with 8 categories
01:41 – The 1-3 Category: Not having the tools to expand in your niche market, a “strategy of hope,” if you don’t get an immediate yes from a prospect they slip away, without a CRM (customer relationship management system) to follow up
05:04 – The 4-6 Category: Advisors that feel if they stay in touch with the newest ideas will lead to business, keep looking for the hottest things, looking for new products to offer, not using a proven strategy
06:29 – Marketing is any activity you do that creates an opportunity.
06:55 – Once prospects move from being attracted by your marketing efforts into your office, next step is your value proposition story – the business development activities lead the prospect to you – need a plan
07:37 – Business development said another way is “selling.” Selling yourself from a value standpoint for the client
08:08 – The 7-9 Category: Advisors with a well-defined niche of clients who continue to come to you for more help and send new client referrals your way, you have a staff member that handles marketing, you have a data base of clients and stay in touch systematically
10:54 – Markets are always changing. What people want is always changing - so don’t get too complacent,- keep looking forward
11:28 – The 10-12 Category: have a dedicated team member that owns and operate the firm’s marketing plan: focusing on branding, public relations, communications, events in each niche market, all efforts are designed to create awareness, educate prospects, inspire them to take action – creating predictable flow of clients
11:59 – You see the machine: Who am I messaging to? What type of business am I trying to develop? And then, what are all the ways I can reach those markets: be a guest columnist, appear on TV or newsprint, interviews, videos, host an event
13:25 – Separating yourself from the day-to-day operations to make more time for developing and expanding the creative processes and strategies to evolve and grow
13:58 – Importance of the unique abilities of an advisor, advisor’s keep doing busy work to avoid harder jobs
15:38 – The tipping point when advisors need to bring on more people: attract enough of a client base to need a support system
17:43 – Frustration leads to needing to hire more people or outsourcing
18:20 – The wrap up of the episode: preview future episodes: professional network, process and procedure, unique ability teamwork, continuity and succession
20:08 – The closing credits

3 Key Points:

Markets are always changing. What people want is always changing - so don’t get too complacent,- keep looking forward.
Who am I messaging to? What type of business am I trying to develop?
The tipping point when advisors need to bring on more people: attract enough of a client base to need a support system

Tweetable Quotes:

“Business development said another way is “selling.” – Chris Sullivan.
“Markets are always changing. What people want is always changing.” – Pete Bush.
“Who am I messaging to? What type of business am I trying to develop? And then, what are all the ways I can reach those markets?” – Pete Bush.
“Frank Sinatra didn’t move pianos.” - Brother Pete quoting Dan Sullivan

Resources Mentioned:

Horizon Advisor Network– website for Horizon Advisor Network
Confident Advisor Practice – podcast for Confident Advisor Practice
Confident Advisor Practice Score Card – score card for Confident Advisor Practice

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Value Proposition and the Confident Advisor Practice Scorecard Confident Advisor Practice by Bill Bush with Brother Pete and Chris Sullivan

-Podcast Show Notes-

Summary:

Today on the Confident Advisor Practice from the Horizon Advisor Network, host Bill Bush, Brother Pete and Chris Sullivan of the Horizon Financial Group continue discussing the Confident Advisor Practice scorecard for rating financial advisors and – with a focus on value proposition. They address the 1-3 category that deals with advisors that target anyone with money to invest. The 4-6 category highlights advisors that do anything to get any client. There is the 7-9 category, which is when more than one niche has been refined and the advisor has solidified their reputation. Finally, there is the 10-12 category that addresses creating a unique and specific client experience.

Time Stamped Show Notes:

00:27 – Bill Bush, Brother Pete, and Chris Sullivan introduce the show
01:00 – Confident Advisor Practice scorecard with 8 categories for financial advisors to rate themselves – with a focus on value proposition
01:20 – Value Proposition explained, packaging the abilities and benefits you can offer and sharing them with others, what we do to help others
02:57 – Scorecard 1-3: Advisors that target anyone with money/casting a wide net, seeing value as picking investments without financial planning, selling third-party money management
04:15 – Not all relationships are what they are cracked up to be
04:43 – If your value proposition is only making investment recommendations with people with money then it is not enough of a niche for who you can be valuable to
05:39 – Scorecard 4-6: Without serving a defined niche, doing one-off projects for clients/whatever it takes to get their business, have a unique story about your value
07:28 – Scorecard 7-9: Proficiency in one or more client niches, developed your story that is easy to share with others, your reputation and abilities are your brand and your value proposition
11:40 – Define the niche ahead of time brings the right conversation leading to the right clients
12:15 – Scorecard 10-12: Created a unique client experience that clients can easily share with others, other deepening levels of engagement with clients, and offers from a team with diverse niche experiences
13:21 – Narrowed down the people you are messaging to the point that you have created not just a suite of services – you’ve elevated it to an experience beyond asset management
15:03 – Focusing your value is the opposite of what most advisors do: they tend to list every single service possible to stuff keywords on their website to be found in a Google search – even if they outsource them or never have done them but think they could
15:34 – Steps an advisor takes to reach the 10-12 level of value proposition:

o 15:51 – Profile your existing clients, who are those people

o 16:02 – Become an expert in that niche

o 16:14 – Build that process and then take that process to market

16:32 – A firm has two types of clients: A Clients: require a team to take care of them and B Clients: can be handled by one person
17:13 – Difference between 7-9 and 10-12: more A Clients in the 10-12
18:14 – Clients that require a team may not focus on one advisor
19:15 – Reaching 10-12 are more likely to talk to their friends about it
19:46 – Next Scorecard topic in the next episode will be Business Development
20:05 – The closing credits

3 Key Points:

Value proposition is making your abilities easily understood to share with clients.
Defining your particular niche for financial advisement ahead of time brings the right conversation leading to the right clients.
A Clients: require a team to take care of them. B Clients: can be handled by one person.

Tweetable Quotes:

“Once you figure out what you are wired to do, it becomes about sharing that message with others.” – Chris Sullivan.
“Let’s just face it, in this business, and in anything we do in life, we are always selling something.” – Bill Bush.
“Make it easy for people to tell your story.” – Chris Sullivan.
“It’s a matter of defining exactly who you want to work with, what you enjoy doing, and how you best go tell that story.” – Chris Sullivan.

Resources Mentioned:

Horizon Advisor Network – website for Horizon Advisor Network
Confident Advisor Practice – podcast for Confident Advisor Practice
Confident Advisor Practice Scorecard – scorecard for Confident Advisor Practice

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How the Confident Advisor Practice Scorecard Deals With Vision

Summary:

The Confident Advisor Practice from the Horizon Advisor Network discusses tip and strategies to grow and maintain confidence in financial advising. This episode has host Bill Bush of the Horizon Financial Group of Baton Rouge, Louisiana chatting with Brother Pete and Chris Sullivan about the ways in which having vision comes into play as they continue discussing the Confident Advisor Practice scorecard for rating financial advisors and business owners. They address the 1-3 category that deals with having vision. The 4-6 category focuses on the action steps and accountability it takes to execute ambitious plan. Then, there is the 7-9 category for adapting and growing and the 10-12 category that addresses the “why” of your business that motivates your achievements.

Time Stamped Show Notes:

00:27 – Bill Bush, Pete Bush, and Chris Sullivan introduce the show
00:51 – Confident Advisor Practice scorecard with 8 categories
01:14 –The 1-3 Category: Discussing having vision, time spent reacting to problems, Financial advisor vs. Business owner
03:56 – The 4-6 Category: Ambitious plans need action steps or accountability to achieve them
07:29 – The 7-9 Category: 3-5 year plan and a built system to grow and adapt as the industry changes, you needing a strong team
08:10 – Person that has grown satisfied and sluggish having the lifestyle they want but lacks stability to last beyond them when they are gone
09:24 – People with the point of view that they have built their business up and may just maintain the value and one day sell it off, The limiting factor: your business begins and ends with you without creating surplus that can outlast you & continuity of care for clients and employees
10:07 – Know what they want to do but maybe not why they are doing it
12:00 – The 10-12 Category – Understand the “Why” Purpose for your business,
13:00 – Executed a plan bigger than themselves, helping people become more confident
14:00 – Being fired up to share your purpose because you know why you are involved in your business and it is about helping others – not just your own lifestyle
14:37 – Where you start to make progress on these categories: reflection/forward thinking then marketing plan elements like dangers, opportunities and strengths to address them
15:35 – Vision without action is just a dream, changing the world of those that you help
16:44 – Boxes 1 and 2: you are by yourself, Boxes 3 and 4: you are sharing it with others
17:08 – Realizing when you need help and power of collaboration – and it is fun
18:06 – How Horizon Financial Group can help it’s associated advisors, wealth of experience
18:49 – Next episode preview: Value Proposition: conveying to others how your team can create value
19:12 – The closing credits

3 Key Points:

Confident Advisor Practice scorecard with 8 categories
Building your business to be bigger than you by knowing “why” you are doing it”
Realizing you need help and the power of collaboration

Tweetable Quotes:

“Business that lack vision lack success.” – Pete Bush.
“You are too busy working in the business to work on the business.” – Bill Bush.
“My “why” is that I love improving things around me.” – Chris Sullivan.
“Vision without action is merely a dream. Action without vision just passes the time. Vision with action can change the world.” – Chris Sullivan.

Resources Mentioned:

Horizon Advisor Network – website for Horizon Advisor Network
Confident Advisor Practice – podcast for Confident Advisor Practice

Confident Advisor Practice Scorecard

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The Confident Advisor Practice Scorecard

Summary: In this episode, Bill and Pete Bush of Horizon Financial Group along with Chris Sullivan discuss the importance of financial management, an important metric on the Confident Advisor Practice Scorecard. They outline the practices and ideals that determine your score—one being low on the Scorecard and twelve being high. Find out why a scarcity mindset will only lead to poor, financial management practices and why those who involve stakeholders are given a positive score. Tune-in to see where you stand in your financial management practices and get insights on how you can improve.

Time Stamped Show Notes: * 00:11 – This podcast is brought to you by the Horizon Advisor Network * 00:30 – Brothers, Bill and Pete, from Horizon Financial Group along with Chris Sullivan host this podcast * 00:53 – In the last episode, we talked about the Confidence Advisor Scorecard + 01:11 – The scorecard consists of eight categories + 01:32 – Today, we will be discussing FINANCIAL MANAGEMENT * 02:05 – Rank yourself from 1 to 12 on four statements + 02:11 – Find out if your financial management practices have the lowest score of 1 * 03:09 – These are people who are running their financial advisory on a scarcity mindset * 04:03 – Difficult to make a mindset shift for someone who has adopted these practices for a prolonged period + 05:05 – Grade and compare yourself to your best self in the future + 05:49 – Do you score a 4, 5 or 6 on the Scorecard? * 06:49 – A person who knows that there is a better way to manage finances, but finds it difficult to manage it all by himself * 08:03 – Someone who has made a jump from a producer to a business owner + 09:00 – Key metrics that a financial advisor need to be mindful of: net revenue after expenses, revenue per client and budgeting + 10:59 – Find out if you can score yourself a 7, 8 or 9 * 11:01 – A comfortable approach which provides for you and your employees * 12:12 – While this is a comfortable model, it may keep you from progressing from good to GREAT * 13:01 – Involve other internal stakeholders who are your second set of eyes * 13:39 – Pipeline management is about adding new clients to your business * 14:08 – Being overconfident is worse than not being confident at all + 15:11 – Do your financial practices merit a top score of 10, 11 or 12? * 15:40 – A polar opposite of someone who scores a 1, 2 or 3 * 16:58 – Using the Scorecard will enable you to kickstart the process to become an ensemble practice * 18:02 – Partnering with people and leveraging their skillsets is the best way to move towards the top slot * 19:00 – We will be tackling the next 7 categories on the Scorecard in upcoming episodes * 19:20 – Try out the Confidence Advisory Scorecard * 20:02 – In the next episode, we'll be talking about VISION * 20:17 – Visit our website to gain more information about our team and services

3 Key Points: 1. People who are running their financial practices on a scarcity mindset score poorly in financial management. 2. Key metrics that a financial advisor needs to be mindful of: net revenue after expenses, revenue per client and budgeting. 3. Use the Scorecard to kickstart the process of being an ensemble practice.

Confident Advisor Practice Scorecard link

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Welcome to The Confident Advisor Practice Summary: In this episode, Bill and Pete Bush of Horizon Financial Group along with Chris Sullivan discuss the importance of being CONFIDENT with your financial advisory practices. They discuss how Horizon Financial Group has grown over the years and list some of the trends and challenges in the financial industry today. Tune-in to hear the benefits of the scorecard created by Bill and Pete that will help you take a closer look at your financial advisory practices. You’ll also hear what it takes to build a confident wealth management practice with the long-term game in mind.

Time Stamped Show Notes: * 00:11 – This podcast is brought to you by theHorizon Advisor Network * 00:30 – Brothers, Bill and Pete, from Horizon Financial Group are the hosts of this podcast * 00:45 – Bill introduces Chris Sullivan

o 01:14 – Chris has been in the industry for 17 years

01:45 – Through this podcast, Bill and Pete hope to help people lead more confident lives

o 02:22 – A financial advisor also needs to feel confident about the practice that he is running

02:50 – No matter what you are doing, if you have confidence in what you are doing, you tend to do it FASTER, BETTER and more efficiently

o 03:35 – People derive confidence from different things (ex. teamwork or their success)

04:15 – Horizon Financial Group has three arms: Wealth Management, 401K retirement plans and the third arm is the Horizon Advisor’s Network
05:30 – Chris joined the Horizon Financial Group two years ago

o 06:25 – Some of the initiatives made when Chris joined have come to fruition; the last two years have been a period of high growth

o 06:33 – Number of advisors in OSJ have grown from 6 in January 2011 to 45

07:13 – Challenges faced by the financial advisory industry

o 07:15 – The industry is rapidly changing; fee compression and industry consolidation are the buzzwords of today

o 07:42 – The independent industry continues to morph into small and large businesses

o 08:00 – The smaller broker/dealers are feeling the heat today

08:56 – Horizon Financial Group has multiple advisors in multiple locations across the country

o 09:26 – A common theme across the board is that all advisors focus on a niche market and function like a business

o 10:13 – They are fee-based or use recurring revenue-type models

o 11:07 – Advisors need to understand that businesses need to function as an interdependent model

12:06 – The idea of a confident wealth practice is built around eight CORE areas

o 13:12 – The Confident Advisor Practice is about benchmarking your current wealth management practices and determining where you want to be in the future

o 14:08 – Pete and Solly created a scorecard together which is a subjective way to analyze your financial advisory practices

o 15:09 – We will be going through the scorecard and each of the eight categories in future podcasts

16:09 – Making that leap from being a sole practitioner to an ensemble practitioner is a huge step

o 17:06 – Taking bite-sized chunks will enable you to make this transition

17:58 – Thinking long-term, advisors often need to spend more time working ON the business rather than IN the business
18:37 – Succession planning is one thing that lots of businesses have not yet figured out; need to lockdown agreements instead of relying on handshakes
20:16 – Try out the Confident Advisor Scorecard
20:43 – Go to the “Affiliate Advisor” section on our website
21:29 – We will be featuring some prominent people from the finance world in future podcasts
22:04 – Visit our website to gain more information about our team and services

3 Key Points: 1. No matter what you do, do it confidently; this will help you to achieve your goals faster, better and more efficiently. 2. To build for the future—spend more time working ON your business rather than IN your business. 3. Taking bite-sized chunks of action will enable you to make the leap from being a sole practitioner to an ensemble practitioner.

The Confident Advisor Practice Podcast: Recent Episodes

Pete Bush