The Indie Advisor: Recent Episodes
tru Independence
The Indie Advisor is a podcast about financial advisors’ entrepreneurial drive for independence and freedom. In each episode, we unpack the most important lessons and strategies for building highly efficient and successful firms. From big picture vision to practical tools and processes, The Indie Advisor will help you skip the status-quo, and forge your own path to success. See how independence can revolutionize your life. Brought to you by tru Independence.
As the next generation of leaders takes the reins of businesses and organizations, they have to be prepared for the challenges ahead. Though they tend to have different values and priorities than their predecessors, what can they do to become successful leaders in their organizations? In this episode, Craig talks with Laurie Nichols, Succession Planning and NextGen Development Coach at Laurie Nichols Coaching and Consulting. With more than 30 years of experience in financial services and as a Certified Professional Coach, Laurie helps owners create and communicate their vision to nextgen professionals and motivate their successors to feel confident in their role and the future of the business. Laurie talks with Craig about what motivates her to practice coaching, how founders can prepare for business and leadership transitions, and what the key components are for developing nextgen advisors.
Key Takeaways
[03:11] - What motivates Laurie to practice coaching.
[08:09] - What makes people want to reach out to Laurie.
[10:39] - Laurie's perspective on nextgen successors taking over the firm.
[14:24] - How founders can prepare for business and leadership transitions.
[19:08] - The dynamics of adapting old-school business strategies to new technologies.
[22:07] - Key components for developing nextgen advisors.
[26:34] - How Laurie helps owners and nextgen leaders align their visions.
Quotes [13:21] - "Communication, engagement, and professional development are what it takes to have a win for the owners, a win for the nextgen successor in the team, and a win for clients." - Laurie Nichols [23:04] - "No matter what your title is today, you start being the leader. It doesn't mean that you’re the boss, you get final decisions on anything in particular, but it's how you show up." - Laurie Nichols [23:34] - "Developing your skills in communicating with intention around your needs helps to break the pattern of ‘conflict avoidance’ because candor is not conflict." - Laurie Nichols
Links
Laurie Nichols on LinkedIn
Laurie Nichols
Bank of America
Connect with our hosts
Craig Stuvland
tru Independence
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TheIndieAdvisor.com
Interested in going independent? Are you interested in going independent, or increasing your independence? Is the process of trying to do it all by yourself overwhelming? tru Independence has the solution. Between our flexible tech stack, growth-oriented services, and a dedicated compliance team that stands in your corner - partnering with tru gives you what you need to efficiently achieve your dream of independence. Stop worrying about what's holding you back. Talk with tru today. Visit tru-ind.com.
Today's rapidly changing business landscape necessitates speed and agility — a lone wolf can no longer survive. The most successful businesses are the ones that have the right team in place. Of course, not every business has the luxury of hiring employees with all of the required skills. In this episode, Craig talks with Craig Butler, Chief Growth Officer and Managing Partner at tru Independence. With nearly three decades of working directly with advisors, Craig has developed extensive knowledge and expertise around how to optimize business performance and enterprise value. Craig is currently engaged in multiple professional roles at tru, including business strategy, innovation, and business development. He is the architect of the tru Advantage practice management program designed to help advisors transform their financial practices into high-performing businesses. A Certified Birkman Consultant and a Certified Journey Business Coach, Craig talks about his best practices for coaching business teams, the importance of delegation to business growth, and the mindset advisors must have before going independent. Key Takeaways
[01:41] - Craig's rich history in wealth management.
[02:54] - Why Craig is passionate about working with independent RIAs.
[04:14] - Craig’s best practices for coaching business teams.
[06:56] - How advisors can build the best client experience.
[09:58] - How the pandemic has affected client experiences in advisory firms.
[11:50] - The importance of delegation in business growth.
[18:11] - What drives wirehouse financial advisors to become independent.
[21:44] - How Craig provides value to independent advisors.
[24:47] - The mindset advisors should have before going independent.
[30:27] - Craig's favorite authors and mentors.
Quotes [05:46] - "I think understanding the unique personality of everybody on a team is important to understand the organizational strengths. What they bring to the table needs to be leveraged appropriately and understanding what motivates and drives them." - Craig Butler [06:38] - "I'm a big believer that you can't have a great business unless you have a great team. I've never seen a great business that doesn't have a great team to support it." - Craig Butler [15:04] - "People think they're going to save money by trying to do all the other kinds of things on their own without hiring the right staff. But ultimately, the opportunity costs are very high in a scenario like that." - Craig Butler
Links
Craig Butler on LinkedIn
Craig Butler Email
Craig Butler mobile number: 770 656 7212
The Birkman Method
Richard Branson
The Virgin Group | Virgin
The Heart of Mentoring
Connect with our hosts
Craig Stuvland
tru Independence
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TheIndieAdvisor.com
Interested in going independent? Are you interested in going independent, or increasing your independence? Is the process of trying to do it all by yourself overwhelming? tru Independence has the solution. Between our flexible tech stack, growth-oriented services, and a dedicated compliance team that stands in your corner - partnering with tru gives you what you need to efficiently achieve your dream of independence. Stop worrying about what’s holding you back. Talk with tru today. Visit tru-ind.com.
Creating an independent advisory business can be a great way to break into the industry and provide clients with personalized services. It is, however, a complex process that requires a number of legal decisions, especially when starting from scratch. In today’s episode, Craig talks with John Davis, Attorney and Partner at Lynch Conger McLane. In his role, John helps people start businesses, run them effectively, and pass them on to the next generation. As a result of his achievements in legal practice and recognition from peers, he was named a Super Lawyers Rising Star from 2014-2018. John talks with Craig about the three important things to keep in mind when going independent, what advisors need to know when deciding on the firm structure, as well as specifics on how to protect the business.
Key Takeaways
[01:41] - Three things to keep in mind when going independent.
[06:26] - Who owns the enterprise value
[08:04] - What advisors need to know when deciding on the firm structure.
[13:56] - What individuals and teams need to consider when naming their organizations.
[19:22] - The general rules of thumb for growing a business.
[23:14] - The other nitty-gritty parts of going independent.
[29:19] - How much time does it take to prepare and launch an advisory business?
[31:56] - A range of expected costs for setting up a new company.
[34:59] - John's advice for anyone interested in going independent.
Quotes [13:07] - "It's really almost impossible for the CPA and the lawyer to tell what's the right entity decision until the advisor knows the answer to the first three questions—how are we going to pay ourselves, who controls what, and who owns the value of the business?" - John Davis [18:27] - "It's worth picking a name that doesn't have a conflict. And then from the get-go, seeking federal trademark registration." - John Davis [21:55] - "CPAs often are your best friend. As a team, have a great relationship with a CPA and regularly review your tax situation. Sometimes you can just see your CPA as a tax preparer but you can ask them to be a business advisor." - John Davis
Links
John Davis on LinkedIn
Lynch Murphy McLane
Connect with our hosts
Craig Stuvland
tru Independence
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TheIndieAdvisor.com
Interested in going independent? Are you interested in going independent, or increasing your independence? Is the process of trying to do it all by yourself overwhelming? tru Independence has the solution. Between our flexible tech stack, growth-oriented services, and a dedicated compliance team that stands in your corner - partnering with tru gives you what you need to efficiently achieve your dream of independence. Stop worrying about what’s holding you back. Talk with tru today. Visit tru-ind.com.
Financial advisors have a fiduciary responsibility to their clients to manage their money in the best way possible. This means looking into all aspects of wealth management, from choosing the right investment vehicles to asset allocation and diversification. With the wealth management industry constantly evolving, how can advisors stay on top of emerging trends and developments? In today’s episode, Craig talks with Gavin Spitzner, Founder and President of Wealth Consulting Partners. Following a successful 25-year career in the financial services advisory and wealthtech space, Gavin launched Wealth Consulting Partners in 2015 with a mission to help forward-looking wealth management organizations and the providers that serve them transform, evolve, and achieve their unique business goals. Gavin talks with Craig about how wealth management has evolved over the years, and what advisors need to pay attention to when it comes to investments, technology, outsourcing, and alternative investments.
Key Takeaways
[02:01] - What led Gavin to form Wealth Consulting Partners.
[06:42] - How wealth management has evolved over the years.
[09:53] - Gavin's advice for financial advisors and planners.
[12:58] - A few top technology providers that every advisory firm should look into.
[16:48] - What advisors need to pay attention to when it comes to investments.
[21:22] - Gavin's thoughts on crypto investing.
[25:59] - Why outsourcing is a great way to grow a business.
[28:10] - What the future holds for M&A.
[32:21] - How RIAs can best represent buyers or sellers.
Quotes [21:44] - "85% of millennial millionaires have 50% or more of their worth in crypto, which is an amazing stat. But whether you believe in it or not as an asset class, you can't hide your head in the sand. For some, whether you believe in Bitcoin or other cryptocurrencies themselves, blockchain itself is probably the clearest winner, no matter what ends up happening." - Gavin Spitzner [26:22] - "There's so much to do to run the business, grow the business, and manage the business. You have to be selective. You have to decide. And the good news is there's more options than ever before to outsource things and be able to keep the things that matter to you." - Gavin Spitzner [36:00] - "We need more people in this business with high EQ, with humanities backgrounds, other backgrounds, not necessarily just everybody coming out of college with a finance degree. We need to diversify.” - Gavin Spitzner
Links
Gavin Spitzner on LinkedIn
Gavin Spitzner Email
Wealth Consulting Partners
PGIM
Envestnet
Lumiant
Bento Engine
Connect with our hosts
Craig Stuvland
tru Independence
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TheIndieAdvisor.com
Interested in going independent? Are you interested in going independent, or increasing your independence? Is the process of trying to do it all by yourself overwhelming? tru Independence has the solution. Between our flexible tech stack, growth-oriented services, and a dedicated compliance team that stands in your corner - partnering with tru gives you what you need to efficiently achieve your dream of independence. Stop worrying about what’s holding you back. Talk with tru today. Visit tru-ind.com.
Public relations professionals have long understood the importance of building relationships with key members of the media. But in the social media age, where news breaks online and stakeholders can communicate directly with brands, it’s more important than ever to have a comprehensive social media strategy in place. When done correctly, social media can be a powerful public relations tool that helps build relationships with key journalists, connect with potential customers and clients, and establish a strong online presence. In today’s episode, Craig talks with Jason Lahita, Founding Partner of StreetCred PR and Jimmy Moock, Managing Partner of StreetCred PR. Together, they have more than 40 years of financial PR experience. At StreetCred PR, the culture is one of collaboration, education, and continuous improvement on the part of every PR practitioner, all in an effort to deliver their clients outstanding results. Jason and Jimmy talk with Craig about the role public relations plays in the marketing ecosystem, what it means to “play to win” at StreetCred, and what social media can do for public relations.
Key Takeaways
[02:51] - The vision behind StreetCred.
[04:57] - What attracted Jimmy to the financial services industry.
[07:08] - How Jason and Jimmy value their relationships with the media.
[10:49] - What it means to “play to win” at StreetCred.
[14:15] - When is the right time to hire a PR firm?
[16:40] - How to play the PR game.
[22:58] - How media and public relations have evolved over time.
[24:02] - What social media can do for public relations.
[25:23] - The advice that Jason and Jimmy give to advisory firms.
[29:47] - Books, podcasts, and mentors that have profoundly influenced Jimmy’s and Jason's careers and personal lives.
Quotes [17:21] - "Every firm leader or every C-suite executive has gotten to where she or he is because of hard work and they've got brains. But when you're entering into something new, like being interviewed, whether it's on camera, whether it's via audio or just a phone interview, you need to be able to make sure that you are approaching it thoughtfully and you are as prepared as possible. And sometimes that is going to take a high degree or at least some coaching." - Jimmy Moock [25:48] - "Don't turn your nose up to social media, Twitter, Instagram, Facebook, and all the other platforms where you can really amplify your message and where future generations of your own clients will expect you to be present. You don't have to be the best Instagrammer or Tweeter or LinkedIn user or Facebooker in the world, but you do have to have a legitimate presence there." - Jason Lahita
Links
Jason Lahita on LinkedIn
Jimmy Moock on Linkedin
Jason Lahita Email
Jimmy Moock Email
StreetCred PR
StreetCred PR on Twitter
Gregory FCA
General Electric
Sony Corporation
Panasonic Global
AT&T
Joe Duran
FiComm Partners
Amit Dogra
Our Thing with Sammy The Bull
Sea Stories: My Life in Special Operations
Connect with our hosts
Craig Stuvland
tru Independence
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TheIndieAdvisor.com
Interested in going independent? Are you interested in going independent, or increasing your independence? Is the process of trying to do it all by yourself overwhelming? tru Independence has the solution. Between our flexible tech stack, growth-oriented services, and a dedicated compliance team that stands in your corner - partnering with tru gives you what you need to efficiently achieve your dream of independence. Stop worrying about what’s holding you back. Talk with tru today. Visit tru-ind.com.
Compliance is more than just following rules; it's about managing risks. Compliance protects businesses and customers alike. The ability to adhere to regulations can mean the difference between staying in business and going out of business. As compliance is an ever-evolving and complex field, how can institutions and independent financial advisors adapt their strategies to keep up with changing regulations? In today’s episode, Craig talks with Stacy Sizemore, Chief Compliance Officer at tru Independence. Stacy has more than 20 years of experience in the financial industry, 12 of which have been in the field of compliance. Her strong background in compliance, regulatory audits, and passion for organization are tremendous assets to tru Independence. Stacy talks with Craig about the roadmap to achieving compliance, what advisors need to know about SEC audits, and the list of new rules that the SEC will be implementing in the coming months.
Key Takeaways
[03:57] - How Stacy helps advisors navigate compliance when going independent.
[05:58] - The roadmap for achieving compliance.
[10:01] - How FINRA differs from the SEC.
[12:06] - Some differences between an independent fiduciary environment and a regulated one.
[13:09] - ADVs and how they must be updated.
[18:11] - The role technology plays in compliance.
[19:32] - What advisors need to know about SEC audits.
[23:44] - What cyber security has to do with compliance.
[24:51] - New rules the SEC will be implementing in the coming months.
[30:52] - One of the biggest lessons Stacy has learned from her mentors.
Quotes [05:36] - "When you (advisors) are leaving one of those big wirehouses, you have this big fear of 'What don't I know, what do I know, what do I need, and how do I protect myself?' because you're walking out of one comfy little place." - Stacy Sizemore [12:19] - "When you're at a wirehouse, they're having to make their policies based on a large amount of individuals. When you're with an RIA, your own RIA, you make the rules. You're in an independent space, you have to make the decisions." - Stacy Sizemore [20:16] - "Fearing the SEC, fearing an audit—it's not as bad and daunting as somebody would think. Again, what the SEC is doing is trying to protect the clients, the public." - Stacy Sizemore
Links
Stacy Sizemore on LinkedIn
D.A. Davidson
M Financial Group
Keybridge Research
Paul Dalton
Smith Barney (now Morgan Stanley)
Connect with our hosts
Craig Stuvland
tru Independence
Subscribe and stay in touch
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TheIndieAdvisor.com
Interested in going independent? Are you interested in going independent or increasing your independence? Is the process of trying to do it all by yourself overwhelming? tru Independence has the solution. Between our flexible tech stack, growth-oriented services, and a dedicated compliance team that stands in your corner - partnering with tru gives you what you need to efficiently achieve your dream of independence. Stop worrying about what’s holding you back. Talk with tru today. Visit tru-ind.com.
As an entrepreneur, it’s essential to build a strong team of partners. Partnership can create a powerhouse of individuals working together in synergy toward a common goal - developing their businesses and themselves as leaders. In today’s episode, Craig talks with Amit Dogra, President & COO of tru Independence, a services-based platform that provides unconflicted, uncompromised advice for new and existing RIAs. Amit is an executive with more than 20 years of experience in helping investment advisors, FinTech firms, family offices, and wirehouse firms grow through business leadership, practice management, service delivery, investment management, business development, and relationship management. At tru Independence, Amit is responsible for overseeing the day-to-day operations, growing the business, and driving execution across all areas of the company. Amit talks with Craig about some of the key areas entrepreneurs need to focus on to grow their businesses, what advice he can give to wirehouse advisors considering going independent, and why partnership can be a powerful tool for business growth.
Key Takeaways
[01:38] - What attracted Amit to a career in wealth management.
[04:54] - Some of the key areas entrepreneurs need to focus on to grow their businesses.
[09:47] - Amit's advice to wirehouse advisors thinking of going independent.
[13:00] - Why partnership is a powerful tool for growth.
[17:48] - Among so many choices, why Amit chose tru Independence.
[21:43] - Amit's greatest inspirations in the world of wealth management.
[26:10] - The concept behind his favorite tagline - “Energy plus velocity equals execution”.
Quotes [06:55] - “You’re an entrepenuer, you’re a business owner. And you set the tone and tenor for the leadership of the culture of their business." - Amit Dogra [11:40] - "Transitioning is intense. Transitioning is not fun. Transitioning is never easy. But the good news is, it's all overcomeable and it's not infinite. It's finite." - Amit Dogra [13:46] - "Everybody has a coach. Everybody has a partner and partnership isn’t a sign of weakness." - Amit Dogra [15:59] - "Partnership isn't a weakness. Partnership is progressive. Partnership is an enhancement and partnership gets you back to what you wanted to do, speaking with clients, growing your business, being a leader and an entrepreneur." - Amit Dogra
Links
Amit Dogra on LinkedIn
Sanctuary Wealth
Third Seven Capital
Hightower Advisors
Brinker Capital
Orion Advisor Solution
Noreen Beaman
Moss Adams
Mark Tibergien
Connect with our hosts
Craig Stuvland
tru Independence
Subscribe and stay in touch
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TheIndieAdvisor.com
Interested in going independent? Are you interested in going independent or increasing your independence? Is the process of trying to do it all by yourself overwhelming? tru Independence has the solution. Between our flexible tech stack, growth-oriented services, and a dedicated compliance team that stands in your corner - partnering with tru gives you what you need to efficiently achieve your dream of independence. Stop worrying about what’s holding you back. Talk with tru today. Visit tru-ind.com.
In today’s episode, Craig talks with Mark Albers, President and CEO of Kinetic Strategic Partners, an independent advisory firm that provides objective, data-driven advice which allows financial advisors to make decisions and take care of clients on their terms. Mark began his financial services career in 1994 and has served as a financial advisor, producing branch manager, complex director, and regional sales manager for both Merrill Lynch and Morgan Stanley. His diverse experience led him to found Kinetic Strategic Partners in 2012 to advise large, experienced wirehouse teams who serve complex clients. Mark talks with Craig about what sets him apart from other independent consultants, how wirehouse advisors can do more in the independent space, and what key factors one must consider when selecting an advisory firm.
Key Takeaways
[02:34] - What motivated Mark to establish Kinetic Strategic Partners.
[06:23] - What sets Mark apart from other independent consultants.
[10:16] - Mark's perspective on wirehouse advisors becoming independent.
[14:05] - How Kinetic Strategic Partners qualifies potential clients.
[20:32] - Mark’s thoughts on monetizing businesses through succession.
[24:04] - Some key elements to consider when choosing an advisory firm.
[28:24] - What prevents wirehouse advisors from becoming independent.
[30:11] - Four of the most challenging wirehouse experiences.
[33:20] - One of the key aspects to consider when working with advisors.
[36:21] - What influenced Mark to pursue a career in the advisory field.
Quotes [11:39] - "One of the hard things for our clients who are all wirehouse advisors to initially accept is that they've been told their whole career that this is the only place where you have access to X. And in some cases, they can do more in the independent space, there are better products or a broader array." - Mark Albers [26:06] - "There's no perfect firm and there's no perfect partner. But if you know all the information going in and make an informed decision, you're in a better position." - Mark Albers
Links
Mark Albers on LinkedIn
Mark Albers Email
Merrill Lynch
Morgan Stanley
Connect with our hosts
Craig Stuvland
tru Independence
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TheIndieAdvisor.com
Interested in going independent? Are you interested in going independent, or increasing your independence? Is the process of trying to do it all by yourself overwhelming? tru Independence has the solution. Between our flexible tech stack, growth-oriented services, and a dedicated compliance team that stands in your corner - partnering with tru gives you what you need to efficiently achieve your dream of independence. Stop worrying about what’s holding you back. Talk with tru today. Visit tru-ind.com.
Insurance is a necessary part of financial planning. While it is one of those things that many people overlook, it helps you protect yourself from unexpected situations that can cripple your finances. In addition to providing a sense of protection and security, insurance can also be used as a tool for financial stability. In this episode, Craig talks with Al Lorenzi, Principal and Co-Founder at The LRM Group. In a discussion with financial advisors about insurance solutions in the RIA world, Al realized there wasn't really a model that is tailored specifically for RIAs. With a strong belief that insurance is the foundation of any solid financial plan, he created an independent insurance consulting firm that supports RIAs in developing insurance-based estate, business, and wealth protection strategies. Al talks with Craig about why insurance should be incorporated in financial planning, how he structures a holistic financial plan, and what advice he can give to financial service professionals.
Key Takeaways
[01:35] - What motivated Al to establish the LRM Group.
[02:27] - Why insurance is the foundation of any solid financial plan.
[03:26] - What sets LRM apart from other financial advisory firms.
[07:31] - Al's holistic approach to financial planning.
[09:11] - How Al has helped clients and advisors.
[13:32] - What independent advisors need to know about pricing and services.
[15:37] - What's next for the LRM Group.
[17:51] - Al’s advice to financial service professionals.
Quotes [02:27] - "Insurance is really the foundation of any solid financial plan. People earn an income, and if you add it up over a 30-year working career, that income is really going to fuel all their financial goals in their lives. And if they don't have insurance to protect that income, it's fragile and it could fall apart. So any solid financial plan should have some good risk management as a piece of that." - Al Lorenzi [04:39] - "One of the things that we bring to the table for advisors is 100% of our business comes from RIAs. We bring a different mindset to that relationship because the RIA is our client. Our business model is to serve RIAs and their clients." - Al Lorenzi
Links
Al Lorenzi on LinkedIn
Al Lorenzi Email
The LRM Group
Connect with our hosts
Craig Stuvland
tru Independence
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TheIndieAdvisor.com
Interested in going independent? Are you interested in going independent, or increasing your independence? Is the process of trying to do it all by yourself overwhelming? Tru Independence has the solution. Between our flexible tech stack, growth-oriented services, and a dedicated compliance team that stands in your corner - partnering with Tru gives you what you need to efficiently achieve your dream of independence. Stop worrying about what’s holding you back. Talk with Tru today. Visit tru-ind.com.
Many businesses will invest in new marketing strategies, but fail to invest in ways that will help them truly capture and keep more clients. In today’s episode, Craig talks with Tommy Martin, Partner and CEO at Vestia Wealth Advisors, CEO at Mammoth, and author of the bestselling book, Doctor’s Eyes Only. Tommy brings a wealth of experience to his role at Vestia. Tommy has been named nationally to Investment News’ inaugural list of Top 40 Under 40 Advisors, and was selected as one of eight industry visionaries “who will pull the rest of the profession into the next stratum”. Tommy talks with Craig about what inspired him and his team to work with healthcare professionals, how they help clients achieve their goals, and why finding partners and coaches is key to running a successful business.
Key Takeaways
[02:30] - Why businesses need an operating system.
[03:49] - The motivation behind Vestia Wealth Advisors' foundation.
[05:56] - What inspired Tommy and his team to serve healthcare professionals.
[09:44] - How Vestia helps clients achieve their ultimate goals.
[12:46] - What led to the formation of Mammoth.
[21:29] - How Tommy views alternative investments.
[25:00] - How Mammoth manages the technology side of the business.
[27:22] - The importance of having a coach, even for professionals.
[29:36] - The conversation that changed Tommy's life as an advisor.
[33:38] - What factors influence advisors' decision to become independent.
[40:02] - Tommy's advice to business owners and advisors.
Quotes [16:19] - "As a wealth manager, I am not recommending people rush out and build their own funds. I think very few firms should actually do that. For us, it was 20 years in the making. We'd already had some experience with private real estate funds. And the next kind of the new extension to that was to do some special purpose vehicle in the healthcare space that we knew." - Tommy Martin [27:22] - "One of the things I just came to believe pretty early in my professional career is that everybody who is doing really outstanding things has some incredible support with them. Nobody's doing it alone." - Tommy Martin [40:42] - "Be absolutely intentional about what you’re are trying to accomplish. And I think what happens to most advisors is they get trapped in the whirlwind of the day-to-day business and they're never able to step back and work on the business. If you're not spending at least half a day very intentionally working on the business, not in it, how do you expect to move forward and make progress?" - Tommy Martin
Links
Tommy Martin on LinkedIn
Vestia Wealth Advisors
Mammoth
Traction
Verne Harnish
Scaling Up
Kim Mackrill
Jud Mackrill
Tiger Woods
Joe Lukacs
Connect with our hosts
Craig Stuvland
tru Independence
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TheIndieAdvisor.com
Interested in going independent? Are you interested in going independent, or increasing your independence? Is the process of trying to do it all by yourself overwhelming? Tru Independence has the solution. Between our flexible tech stack, growth-oriented services, and a dedicated compliance team that stands in your corner - partnering with Tru gives you what you need to efficiently achieve your dream of independence. Stop worrying about what’s holding you back. Talk with tru today. Visit tru-ind.com.
Financial services is an industry where many women do not feel comfortable and find it difficult to fit in. Creating a space where women can openly share their financial stories and learn from each other can help them gain confidence in making money decisions and provide support for any questions or challenges that may arise. In this episode, Craig talks with Lauren Pearson, Managing Director of Somerset Advisory and Founder of The Wealth Edit. Lauren is a champion for women, advocating for women advisors and women investors. She continues to break barriers to help women find their place in the financial system where they can create what they want without judgment or shame. Craig talks to Lauren about what drives her to create companies and communities dedicated to women’s financial empowerment, how becoming an independent advisor leads to more creativity, and how her community has been enabling women to find their confidence and clarity in managing their finances.
Key Takeaways
[03:00] - Why Lauren started her own firm.
[05:04] - Why going outside wirehouses leads to more creativity.
[07:03] - How Lauren found her ideal clients.
[09:18] - The concept behind Somerset Advisory and The Wealth Edit.
[16:58] - What's next for Somerset Advisory.
[21:24] - The impact of the pandemic on communities.
[25:39] - Lauren’s advice to young women who are looking into the investment advisory space.
Quotes [11:33] - "Instead of having women fit in this financial box that was made for men, let's create an ecosystem where women can get the confidence and clarity that they want and need in order to navigate wealth in ways that are important to them." - Lauren Pearson [12:33] - "The financial system treats all women as if they're the same, but they're not. Everyone is unique and their journey is unique." - Lauren Pearson [25:39] - "The best thing you can do if you're considering a career in financial services as a woman is really reach out and connect with people that you respect in the industry." - Lauren Pearson
Links
Lauren Pearson on LinkedIn
Cornerstone Schools of Alabama
Alabama Ballet
Planned Giving - The University of Alabama
United Way
YMCA
Somerset Advisory
The Wealth Edit
Emily Fleming
Forbes Magazine
Working Mother Magazine
David Curran
The 12 Week Year
Nail It Then Scale It
Connect with our hosts
Craig Stuvland
tru Independence
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TheIndieAdvisor.com
Interested in going independent? Are you interested in going independent, or increasing your independence? Is the process of trying to do it all by yourself overwhelming? tru Independence has the solution. Between our flexible tech stack, growth-oriented services, and a dedicated compliance team that stands in your corner - partnering with tru gives you what you need to efficiently achieve your dream of independence. Stop worrying about what’s holding you back. Talk with tru today. Visit tru-ind.com.
As advisors and entrepreneurs, we’re often laser-focused on the destination. But as most seasoned professionals wish their younger selves understood, the journey is more meaningful. John Phoenix shares this sentiment. After years in the industry and multiple successful ventures under his belt, John believes in savoring the journey and pursuing what makes you happy above all else. Following stints at various insurance companies, John founded his first company: Metamorphosis Money Management. He built one of the first tax overlay strategies and ultimately inked a deal with Envestnet in 2011. Over the years, John and partner Jay Hummel have continued forming entities like Wealth Advisor Growth Network and, most recently, AiK2 Insurance Services. John talks with Craig about the life lessons and mentors that have shaped his lengthy career, and also describes his vision for the future of financial services and insurance, pinpointing the industry’s unique challenges and his recipe for investment success.
Key Takeaways
[02:56] - John’s career track.
[04:41] - What led John to start Metamorphosis Money Management
[09:50] - The evolution of the industry and where we’re headed.
[11:54] - The largest issue in the financial services industry.
[12:29] - What a successful acquisition looks like.
[14:58] - How to pick a service provider.
[16:49] - The Importance of educating underwriters.
[21:57] - What to worry about when it comes to cybersecurity.
[24:34] - How to protect your most valuable assets.
[25:12] - Is the fiduciary movement alive and well?
Quotes [8:13] - “As an entrepreneur, what I’ve also learned, is, I think we’re all so focused in this business on the destination, whether that’s our clients focused on retirement or all of us focused on the number that can get us to a retirement, that you tend to not enjoy the journey. I think that that’s very hard as an entrepreneur and the end can really make the process painful and terrible as opposed to really keeping your mind open.” ~ John Phoenix [9:27] - “The other thing that I’ve really grasped this time around is to really pursue in vigor things that make you happy. And that the whole goal of this really is to be happy and to be fulfilled.” ~ John Phoenix [24:35] - “The insurance of all of our most valuable assets, which is our firms, has been a check the box exercise forever. I did it in my two firms, I was told what I needed to own, and I’d give very little thought to it and I’d check the box. But you can’t do that anymore. You really have to dig in and make sure you protect yourself. As a fiduciary, you owe it to your clients as well.” ~ John Phoenix
Links
John Phoenix on LinkedIn
Email John
Jay Hummel
Kemper
Putnam
Alexander Capital L.P.
Envestnet
Wealth Advisor Growth Network
AiK2 Insurance Services
Morgan Stanley
Merrill Lynch
UBS
Dynasty Financial Partners
Hightower Advisors
Focus Financial Partners
Kore Insurance
Chubb
Markel
The Hartford
Tamarac
Black Diamond Wealth Platform
Orion Advisor Technology
Charles Schwab
Itegria
Connect with our hosts
Craig Stuvland
tru Independence
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TheIndieAdvisor.com
Interested in going independent? Are you interested in going independent, or increasing your independence? Is the process of trying to do it all by yourself overwhelming? tru Independence has the solution. Between our flexible tech stack, growth-oriented services, and a dedicated compliance team that stands in your corner - partnering with tru gives you what you need to efficiently achieve your dream of independence. Stop worrying about what’s holding you back. Talk with tru today. Visit tru-ind.com.
The Indie Advisor is a new podcast from tru Independence about financial advisors’ entrepreneurial drive for independence and freedom. In each episode, we unpack the most important lessons and strategies for building highly efficient and successful firms. From big picture vision to practical tools and processes, The Indie Advisor will help you skip the status-quo, and forge your own path to success. If putting revolutionary ideas into practice is your thing, we’d love for you to join us on this journey! Our first episode drops in February, so make sure to subscribe wherever you listen to podcasts. See how independence can revolutionize your life. Learn more at tru-ind.com.
Links
Craig Stuvland
tru Independence