The Evolving Advisor Podcast: Recent Episodes
The Evolving Advisor Podcast
Join Jeff Concepcion, Founder & CEO of Stratos Wealth Partners for The Evolving Advisor Podcast! The Evolving Advisor podcast is dedicated to equipping independent financial advisors with the tips, insights, and knowledge needed to evolve in every aspect of his or her life, both inside and outside the business.
I will be sharing insights from my years of experience as an advisor, entrepreneur, and CEO, along with advice from some of the industry’s top Financial Advisors, CEOs, business consultants.
Tune in to hear more about: • The journey from Advisor to CEO • Strategies to work smarter, not harder • Embracing technology to improve efficiency • How to win the war for talent • Best practices for organic and inorganic growth • How to create a road map to independence
I’ll also have insights on: • How to have a successful work/life balance • The importance of giving back to your community • …and much more!
As an added bonus, at the end of each show you’ll get to listen to my guests showcase their talent with Podcast Karaoke! Podcasting will never be the same!
In this episode, Jeff and Erin discuss:
- The power of building a team and bringing on the right clients.
- Taking the time to spend on your business, not just in your business.
- Reciprocity, compliments, and asking questions.
- Putting in the work every day to find your success.
- Finding a higher purpose than your comfort.
Key Takeaways:
- You need to invest in your business to grow your business.
- Marketing can be outsourced, but prospecting involves you.
- When you put things out into the universe, things will work out.
- Always have three different prospecting activities going at the same time. Prospects get to choose how they engage with you.
- The whole world is rooting for your success. There are so many needs in the world, and you are only limited by your imagination.
"If you can have a big enough why, and you and your spouse or your significant other can buy into that, then the late night hours of doing a seminar or going in on a Saturday to pick up a check or whatever, it starts to have purpose and meaning toward an end that you're trying to achieve." — Erin Botsford
Episode References:
- Zoe Empowers: https://zoeempowers.org/
Connect with Erin Botsford:
Website: https://erinbotsford.com/
Book - The Seven Figure Firm: https://erinbotsford.com/free-book/
LinkedIn: https://www.linkedin.com/in/erinbotsford/
Facebook: https://www.facebook.com/theadvisorauthority/
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and David discuss:
- Growing up in the financial advising industry.
- Building and training your team to think and act like owners.
- Balancing internal and external stakeholders.
- When things go well in a gentle handoff.
- Having a vision when building your business.
Key Takeaways:
- Human capital is not just one of your largest expenses, but also one of your greatest assets.
- Consider working with other organizations that work in symbiotic ways where you can assist each other and neither of you needs to do everything or things outside of your strengths.
- Your exit is not just about who can write the biggest check, but who is the right fit for your organization.
- Continuing to work, even part-time, after a handoff, when done intentionally, historically, organizations will see growth one year after the deal has closed.
"The things the advisors do today influence the exit decision out there five and 10 years from now or longer." — David Grau, Jr.
Connect with David Grau, Jr.:
Website: https://www.successionresource.com/
LinkedIn: https://www.linkedin.com/in/davidgraujr/
X: https://twitter.com/successionrg
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Paul discuss:
- Guiding successful successions.
- Succession scenarios that fall through.
- Thinking bigger sooner.
- Attracting and retaining talent.
Key Takeaways:
- Finding the right successor starts with cultural alignment, not only with the founder, but with your existing team and clients as well.
- When things don’t go as planned, partnership and alignment from culture are more important than ever.
- The more refined and intentional you can get around identifying your ideal client profile, as well as your unique value proposition, the more you’re going to be able to accelerate primary source growth.
- It’s about culture and talent. If you can get those right, that is foundational to your talent acquisition, retention, and organizational growth.
"Growth for the sake of growth is not a great thing. Intentional growth is optimal." — Paul Stetz
Connect with Paul Stetz:
LinkedIn: https://www.linkedin.com/in/paul-stetz/
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Oleg discuss:
- Database, data warehouse, and data lake.
- How Invent takes a data lake and creates ease of use for advisors.
- The three groups of advisor’s reactions to AI.
- The increased accessibility of tech.
Key Takeaways:
- Data lakes store not just rows and columns, but also related files all in a single storage system.
- Everybody is different and has their view of how they want to do business and provide value. Invent dashboards allow advisors to set things up in the way it works for them and their clients.
- It is important to own your data - that is the new goal within business apps.
- RIAs are starting to dabble in the software world because it is becoming more accessible to build your own app.
"One of the most important things when you build a new app in the wealth management space is integration. You can't just build an app in a vacuum. It needs to integrate with everything." — Oleg Tishkevich
Connect with Oleg Tishkevich:
Website: https://invent.us/about-us/
LinkedIn: https://www.linkedin.com/in/olegtishkevich
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Liz discuss:
- Key items people should consider when bringing a partner into your business.
- Understanding your key problems to solve.
- What attributes make your business more attractive and bring more value to your enterprise.
- Connecting with your workforce and staying in touch with the human dynamic.
Key Takeaways:
- If you know you have a 3-5-year time horizon, your planning should have already started, but if it isn’t, start now.
- The clients you serve inform who you ought to be talking to.
- Pick a couple of key factors that added to value increase: the human capital, organic growth in a systematic and consistent way, client retention, driving profitability, and equitizing the team,
- Dilution of talent will not increase value. Consider doing fewer things at a higher level, then add to them when it makes sense.
"Pick three. Stay laser-focused, nail those three, and then evolve to add your next goal as you're working the first one into a more institutionalized framework. And that adds more value to a billion dollar firm than trying to do everything." — Liz Nesvold
Connect with Liz Nesvold:
Website: https://emigrantpartners.com/
LinkedIn: https://www.linkedin.com/in/liz-nesvold-9421065/
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Kate discuss:
- How she got started helping advisors grow and scale with excellent client experiences.
- Using creativity to adapt a CRM to work for your advising practice.
- Kate’s 5-Step proven process to achieve your goals.
- Having collaborative conversations to create the best possible experiences.
Key Takeaways:
- An advisor's number one responsibility is an amazing client experience. At its core, the CRM will help manage this information to obtain and retain clients.
- Document your experience, take it to the CRM, and build out the automations and workflows to deliver the ideal client experience.
- You will find your CRM cannot solve every problem and do all the things. That is not its purpose. But there are other technologies that can integrate with the CRM and in your processes to streamline everything.
- Using a dictation or voice-to-text will help you document more efficiently. Like anything else, you will want to review the information before completing.
"What does it mean to go above and beyond what's expected of you? That's what separates people, that's what separates these experiences, and that's what earns you referrals." — Kate Guillen
Connect with Kate Guillen:
Website: https://www.simplicityoperations.com/
LinkedIn: https://www.linkedin.com/in/kate-guillen-118801126
LinkedIn: https://www.linkedin.com/company/simplicity-ops/
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Gary discuss:
- Acquiring the right talent.
- Attrition rates, training programs, and building a successful team for the long haul.
- Investing in talent and building your business plan every year.
- Best models for young, future leader advisors.
- Balancing quarterly goals with long-term relationship building.
Key Takeaways:
- The biggest indicator of success is not personality. It’s about communication and expectations.
- Training falls short when your firm is only looking at the spreadsheet or assessment and not the relationship with the employees.
- The advisor of the future will look different than what we know right now.
- Being authentic is now more important than just building a brand for many young advisors.
- The fundamentals never go out of style. You will always need to create relationships and build trust.
"The biggest indicator of success that I've seen in my 10 years of doing this has been the ability for a mentor-mentee relationship, and really just presenting upfront expectations and creating a roadmap for the mentee." — Gary Kuhn
Connect with Gary Kuhn:
LinkedIn: https://www.linkedin.com/in/gary-kuhn-0b624293/
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff, Ted, and Scott discuss:
- Understanding valuation metrics and the significance of recurring revenue and organic AUM growth.
- The pitfalls of DIY approaches.
- The importance of cultural fit and why it matters more than money alone.
- The potential for minority transactions.
Key Takeaways:
- 60% of our clients have taken less money because it's a better cultural and environmental fit not only for themselves but for their staff and their clients. Fit is just more important when it's aligned than just getting the bigger paycheck.
- Most of the firms that we work with will want the advisor to have some sort of skin in the game from an equity perspective
- Founding shareholders are never going to be able to monetize at the same multiples with internal stakeholders as they can with external stakeholders. It’s a balance between taking care of the loyal people versus having a good outcome for them and their families.
- Most people don't know how to run the numbers, especially over a three to five-year period, to show that true trajectory and that hockey stick growth.
- As an advisor, you need to look at your goals, not just those for your clients.
"It's silly to go at it by yourself, because you're highly inexperienced, not as an advisor, but highly inexperienced as a deal negotiator." — Ted Jenkin
Connect with Ted Jenkin & Scott DiGiammarino:
Website: https://www.jptdpartners.com/
Ted’s LinkedIn: https://www.linkedin.com/in/theceoadvisor/
Scott’s LinkedIn: https://www.linkedin.com/in/scottdigiammarino/
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
Welcome to another episode of The Evolving Advisor, the podcast designed to guide Financial Advisors toward achieving both business and personal success. Hosted by Jeff Concepcion, a seasoned advisor, entrepreneur, and CEO, this episode is packed with actionable insights on one of the most pressing topics in the financial advisory industry today—navigating the complexities of financial advisory transactions and growth.
Join Jeff as he sits down with Scott DiGiammarino and Ted Jenkin, the founders of JPTD Partners, to discuss the latest trends and strategies in financial advisory transactions. With decades of combined experience, Scott and Ted offer invaluable advice for advisors looking to understand the evolving landscape of private equity, valuations, and strategic transactions.
In this episode, you’ll discover:
- The Evolution of Private Equity in Financial Advisory: How has private equity impacted the industry and what trends are shaping the future?
- Valuation Insights: Learn why valuations vary and how factors like revenue size and growth trajectories affect your business's worth.
- Transaction Strategies: Explore different types of transactions, including minority vs. majority stakes, and understand the benefits and pitfalls of each.
- -Growth and Profitability Metrics: Discover what metrics matter most to buyers and how you can enhance your business’s value.
- Cultural Fit and Negotiation Tactics: Why aligning with the right partner is crucial and how to effectively negotiate terms that suit your long-term goals.
This episode provides practical advice for advisors at any stage of their career, offering expert insights on maximizing the value of your business and making informed decisions about future transactions. Whether you're contemplating a sale, seeking growth, or simply exploring your options, this conversation is a must-listen.
Tune in now and take the next step in evolving your advisory practice.
Are you ready to revolutionize your financial advising practice? Welcome to The Evolving Advisor podcast, the show dedicated to equipping independent financial advisors with the insights and knowledge needed to excel in business and life. Host Jeff Concepcion, with over 30 years of experience as an advisor, entrepreneur, and CEO, invites you to join him and top industry thought leaders to evolve from where you are today to where you want to be tomorrow.In this episode, Jeff is joined by Stan Slovan, a leading figure in the wealth management industry and a respected author. Together, they delve into the critical components of building successful advisory teams and the art of effective communication. Whether you're an experienced advisor or just starting out, this episode is packed with valuable takeaways.Key Topics Discussed:- Stan Slovan’s unique career journey from law to wealth management.- The evolution from solo practices to team-based approaches in financial advising.- The importance of specialized skills within a team, including tax, estate planning, and financial planning expertise.- How effective communication and trust are fundamental to team success and client retention.- Practical strategies for team building, including leveraging diverse skill sets and ensuring work-life balance.- Insights from Stan’s book, "Better Listening: The Secret to Improving Your Professional and Personal Life," and how it applies to financial advising.Why You Should Listen:- Gain expert insights on transitioning to a team-based advisory model.- Learn practical tips on enhancing communication and building trust within your team.- Discover how better listening can dramatically improve client satisfaction and retention.- Get inspired by Stan Slovan's personal journey and professional achievements.Tune in to this enlightening episode and take the next step in your journey to becoming an evolved advisor. Your success story starts here!
Unlock the secrets to transforming your financial advisory practice into a thriving business with our latest episode of the Evolving Advisor Podcast! Join host Jeff Concepcion as he shares his 30 years of expertise and welcomes special guest Rob Brown, founder of Truest Fan and author of "Truest Fan" and "Delivering the Ultimate Client Experience." Together, they dive deep into the strategies and philosophies that can elevate your advisory practice to new heights.In this episode, you'll discover:- The origins and philosophy behind Truest Fan and its impact on advisor-client relationships.- Key lessons from Rob Brown's career journey, including his transition from advisor to mentor and coach.- How to build and leverage your team to create a scalable and sustainable business.- The importance of dreaming big and setting intentional goals for long-term success.- Practical strategies for fostering deep, meaningful client relationships that drive business growth.- Insights on how to become your clients' ultimate advocate and why it matters.Key Topics:- The power of being a "Truest Fan" for your clients and yourself.- Transitioning from a Financial Advisor role to a business owner mindset.- Real-life success stories of advisors who transformed their practices through strategic coaching.- The significance of investing in relationships and the concept of "relationships under management."- Steps to creating a comprehensive business plan that includes dreaming big, setting goals, and executing sprints.This episode is packed with inspiration, expert insights, and actionable advice that will motivate you to take your practice to the next level. Whether you're a seasoned advisor or just starting out, you'll gain valuable knowledge on building a client-centered business that not only thrives financially but also creates lasting, impactful relationships.Don't miss this chance to learn from the industry's top thought leaders and evolve your advisory practice. Tune in now and start your journey towards achieving ultimate success in both business and life.
Are you ready to take your financial advisory practice to new heights? Welcome to the Evolving Advisor Podcast, where independent financial advisors get the tools, insights, and knowledge they need to excel in business and life. Join host Jeff Concepcion as he leverages over 30 years of industry experience to guide you on a journey of growth and transformation. In this episode, Jeff is joined by two remarkable guests and partners at Stratos Wealth Partners, Elizabeth Mahoney and Micah Kelley, who share their invaluable experiences in building and leading high-performing teams.Tune in to hear Elizabeth Mahoney, Co-President of EverVest, and Micah Kelley, President of Kelley Financial Group, discuss their journey from solo practitioners to leaders of thriving, multi-member teams. Gain practical insights on team building, client relationships, and the strategic investments that drive growth.Key Topics Covered:- Elizabeth Mahoney's Journey: From a sole practitioner to leading a team of ten. Discover how she transitioned from a small practice to a robust, growing business.- Micah Kelley's Path: Learn about Micah's experience growing Kelley Financial Group from a modest start to managing over $700 million in assets.- Team Building: Strategies for assembling and expanding a team, including the roles and functions essential for a thriving practice.- Community Involvement: The impact of community engagement and organizations like Rotary on professional growth and personal fulfillment.- Ownership Mindset: How transitioning to a partner role changes your perspective and drives business decisions.Reinvestment Strategies: The importance of reinvesting in your business and your people for long-term success.- Insourcing vs. Outsourcing: Balancing in-house expertise with external support to maximize efficiency and growth.- Servant Leadership: Leading by example and prioritizing the well-being of your team and clients to achieve collective success.Practical Benefits:- Inspiration and Motivation: Hear real-life stories of success and the challenges overcome by industry leaders.- Expert Insights: Gain actionable advice on team building, client relationships, and strategic investments.- Practical Advice: Learn about the benefits of reinvesting in your business and strategies for sustainable growth.This episode is packed with insights that can help you elevate your practice. Whether you're looking to expand your team, deepen client relationships, or make strategic investments, Elizabeth and Micah's experiences offer a wealth of knowledge. Tune in to discover how you can evolve from where you are today to where you want to be tomorrow.Don't miss out—subscribe now and start your journey with the Evolving Advisor Podcast!
Welcome to the Evolving Advisor Podcast! In this episode, host Jeff Concepcion dives deep into the power of storytelling for financial advisors with special guest Jeff Bartsch, founder of Story Greenlight. Together, they explore how advisors can refine and package their unique stories to build stronger connections, enhance client trust, and take their businesses to new heights.
Key Points:
- Importance of human connection and storytelling in wealth management.
- Jeff Bartsch's journey from Hollywood to coaching executives and advisors.
- Understanding the principles of connectivity and human insight.
- The crossover between communication strategies in Hollywood and wealth management.
- The power of story in transforming client interactions and driving business growth.
- Steps for advisors to identify their ideal client and articulate their story effectively.
- Strategies for refining and packaging your advisor story for maximum impact.
- Building trust through shared values and personalized storytelling.
- Invitation for a free coaching consultation for podcast listeners.
Benefits for Listeners:
- Gain insights into the psychology of storytelling and its impact on client relationships.
- Learn practical steps to refine your advisor story and connect more deeply with clients.
- Discover strategies to build trust, attract ideal clients, and elevate your business.
- Access a free coaching consultation to personalize these concepts for your practice.
We'd love to hear your thoughts and questions about crafting your advisor story and building stronger client connections. Share your insights and reach out for a free coaching consultation by visiting Story Greenlight. Join us on this journey of evolving as financial advisors!
Welcome to the Evolving Advisor podcast, where we delve into the dynamic world of wealth management and financial advisory services. In this episode, we're thrilled to have Rob Nelson, CEO and founder of North Rock, join us. Rob brings nearly three decades of industry experience and leadership, offering unique insights into the evolving landscape of wealth management.Rob shares his journey and insights into how North Rock has redefined traditional wealth management by bridging the gap between conventional practices and the family office approach.Key topics covered include:- The development of North Rock's "personal office experience" for clients- Tailoring bespoke services for entrepreneurs, athletes, corporate executives, and multi-generational families- Evolution of North Rock's service model and the transition from financial advice to holistic advisory support- Responding to client needs and pain points to expand service offerings- The origins of North Rock's unique approach to wealth management- Responding to client needs: From investment management to comprehensive advisory services- Integrating property and casualty services within the advisory framework- Balancing external partnerships with internal capabilities to enhance client experiences- The future of wealth management: Navigating complexity and expanding service offerings- Strategies for advisors to evolve and remain relevant in a changing industry landscapeJoin us as we explore the transformation of wealth management and uncover actionable strategies for advisors to navigate the evolving landscape. Tune in to gain insights, inspiration, and practical advice from industry leaders like Rob Nelson. Don't miss out on this enlightening episode of the Evolving Advisor podcast!Connect with Jeffrey Concepcion: Website: https://www.stratoswealthpartners.comContact: https://www.stratoswealthpartners.com/contactTwitter: https://twitter.com/Stratos_WealthFacebook: https://www.facebook.com/stratoswealthpartnersLinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff, Lou, and Jeff discuss:
- Running a successful private practice to launching a national brand.
- Reasons for going independent.
- Creating the vision and keeping the local flavor of your firm.
- Building a great team with next-generation talent.
Key Takeaways:
- Think big! When you achieve your goals, think about what is next and set your next goal.
- Working with a coach can better assist you in your transition from being an advisor to being a CEO and running an organization.
- Look ahead, don’t focus on the past. Don’t hold attachment to the sunk costs that aren’t working for you any longer.
- As a financial guide, you need to know your clients, the financial landscape, where they want to go, and the timeline they want to get there.
- Harness the power of collaboration and team, delegate everything that someone else does better than you. Put the right people in the right seats, let them do their thing, and you will be amazed at what happens.
"The clients don’t care about the name - they care about the service they are getting." — Jeff Brown
Connect with Jeff Brown:
Website: https://stratosprivatewealth.com/
LinkedIn: https://www.linkedin.com/in/jeff-brown-15349b/
Connect with Lou Camacho:
Twitter:https://twitter.com/loucamachoswa
Website: https://www.stratoswealthpartners.com
LinkedIn:https://www.linkedin.com/in/loucamacho
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Greg discuss:
- The evolution of FactSet and how it is still assisting financial advisors.
- Changing technology and AI in the financial advising industry.
- Techstack choices, flexibility, and integration.
- How to become a best-in-class advisor from a tech perspective.
Key Takeaways:
- Ask “Will this product help our clients solve a problem in their daily lives?” If you can answer yes to that question, looking into the product as an investment or service add for your firm could be worth it.
- Focus on your client experience and you can’t go wrong.
- As your firm grows, you will need different things for your clients and advisors. Looking for tech that will integrate with each other can help you scale more easily and effectively.
- Use the client feedback as a guide for how you’re going to evolve your tech stack in the future.
"Focus on the end client, that should give you the answers they need about where you're headed. Concentrate on what they're telling you about how they're using services in the industry, and really use that client feedback as a guide toward how you build your technology stack." — Greg King
Connect with Greg King:
Website: https://insight.factset.com/
LinkedIn: https://www.linkedin.com/in/greg-king-b650b33/
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Aaron discuss:
- How conservative, moderate, and aggressive mean different things in different industries (and how they need to be described for financial advising).
- Persistence and pivoting when things don’t go as planned.
- Building a company and rebranding to better fit the mission.
- Best practices for financial advisors.
Key Takeaways:
- The client needs to be in the role of the hero - the financial advisor needs to be the Obi-Wan Kenobi to your client’s Luke Skywalker.
- Understand how the value driver can apply to what your customers want and need.
- Build your firm with an eye towards the future, whatever that looks like for you.
- Make sure your firm is growing, no matter what the market is doing. The impact of the market should not be the only thing growing your firm.
"Growth is the lifeblood of businesses. If we're not being real with ourselves about how we're growing, excluding market impact, I think we're gonna be in trouble as advisory businesses." — Aaron Klein
Connect with Aaron Klein:
Website: https://nitrogenwealth.com/
LinkedIn: https://www.linkedin.com/in/aaronklein/
Twitter: https://twitter.com/AaronKlein
Twitter: https://twitter.com/NitrogenWealth
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Matt discuss:
- The inner dynamics of working with family to build a great firm.
- Adopting technology for a better firm.
- Understanding the ROI of technology and innovation.
- The generational shift in wealth and in people.
- Finding your why and getting your message distributed.
Key Takeaways:
- The mentality needed around new technology is actually changing the mentality around change and failure.
- Most new tech does not work immediately for you out of the box - you need to be prepared and ready for that.
- You need to put money on the intangible things that technology assists with to fully understand the true ROI of your technology investments.
- Creating efficiencies is the only way to increase your time building and maintaining relationships.
"We're not only changing the mentality but also changing where we're looking at innovation. We're not just looking inside of our industry, we're using other industries to teach us and inspire us on what's possible inside of our industry." — Matt Reiner
Connect with Matt Reiner:
Website: https://www.mattreiner.com/
Website: https://www.yourwealth.com/
YouTube: https://www.youtube.com/channel/UCrca3m7ryDjzNrGs0rDzZFQ
Twitter: https://twitter.com/mattreiner
LinkedIn: https://www.linkedin.com/in/matt-reiner-cfa-cfp%C2%AE-35159216/ \
The Circle: https://the-circle.beehiiv.com/subscribe
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Claudio discuss:
- Listening and watching for your client's needs.
- Building a team to serve and growing through the generations.
- Creating a pathway to ownership.
- Unique investment opportunities within your advising firm.
Key Takeaways:
- Consider making decisions in a committee to best serve your clients and invest in the best options.
- In order to build the best enduring firm, you need to train and build the second generation in a way that will make everyone feel like a partner.
- If nobody manages an account alone, you allow others to learn and grow from the senior partners while also sharing the talents and ideas of the junior partners.
- The US has the most accurate market for transacting in real estate investment properties in the world with the necessary legal protection you need with a tenant.
"In order for the company to endure, we need to build the second generation." — Claudio Núñez Sanchez de la Barquera
Connect with Claudio Núñez Sanchez de la Barquera:
Website: https://nscasesores.com/
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Brian discuss:
- The employment landscape in financial advising.
- Escaping a captive work model.
- The biggest benefits and risks in transitioning out of a firm.
- Managing compliance.
Key Takeaways:
- There is no indentured servitude. Anyone in a captive work model is able to leave, but you need to understand the risks and plan accordingly.
- States and firms will vary on what is allowed during an exit or transition.
- Have a plan and stick to that plan. People are the greatest risk to a plan because they are likely to deviate from those solid plans.
- You need someone objective to look at your business to avoid conflict of interest and close the risk gaps.
"As transitions get larger and more complex with more people involved, it's really important to ensure that everyone is operating in lockstep and in alignment with one another because the success or failure of these transitions is often determined by the weakest link." — Brian Hamburger
Connect with Brian Hamburger:
Website: https://marketcounsel.com/
Website: https://hamburgerlaw.com/
Website: https://about.me/hdelux
LinkedIn: https://www.linkedin.com/in/hamburger/
Twitter: https://twitter.com/HDelux
Twitter: https://twitter.com/MarketCounsel
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Joe discuss:
- Joe’s professional journey in financial wealth management on both sides of the Atlantic.
- Building a financial advising firm with a mission and clarity of purpose.
- Utilizing resources to help going independent that were not available 20 years ago.
- Building reciprocal relationships with your clients and partners.
Key Takeaways:
- Understand your goal and the ultimate purpose of your firm. Use your skills to better the lives of others and solve the pain that they are having.
- The less we seek success and wealth, the more we actually find success and wealth because people have a radar and they can sense sincerity, mission, and intention.
- Give off your time if you can help without expecting anything in return.
- If you’re not offending someone - being thoughtfully provocative - you’re likely not speaking from the heart and with true candor.
"I never looked at this as a small company, even when we were zero. I always built the company with the intention of building a platform to help others. Whether it's me or whether it's other people, I wanted to build a system that would allow for providing solutions to others to alleviate that stress and anxiety around finance and investment." — Joe Cardello
Connect with Joe Cardello:
Website: https://www.augustwealthadvisors.com/
Facebook: https://www.facebook.com/AugustWealthAdvisors/
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and John discuss:
- Size, scale, and the evolving landscape of the financial advising industry.
- The elements of durability for your firm.
- Hiring and retention in wealth management firms.
- M&A and looking for a partner.
Key Takeaways:
- Scale is really the ability to build out people, processes, and technology in a way that makes the firm more profitable and/or improves the client experience.
- Culture and career paths are crucial in your firm to attract and keep top talent.
- Take care of your key people before they want to leave. Don’t wait until you’re desperate, be proactive about taking care of your people.
- M&A transactions are more about risk sharing now than they have been in the past.
"Before you can plan for a transaction, you have to know the kind of transaction you are looking for." — John Furey
Connect with John Furey:
Website: https://www.advisorgrowthllc.com/
LinkedIn: https://www.linkedin.com/in/jfureyags/
LinkedIn: https://www.linkedin.com/company/advisor-growth-strategies-llc/
Twitter: https://twitter.com/AdvisorGrowth
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Jeremy discuss:
- Being creative and innovative as an independent advisor.
- Building a client book within the cogs of the big wirehouses.
- Digital growth in the wealth management industry.
- Why consistency is the key to success.
Key Takeaways:
- Being inquisitive as to how you can best help your clients is the key to finding creative solutions that can change the industry.
- Having a good digital footprint will help you serve clients internationally, not just within your limited geographic area.
- When someone goes to your website, in the first 3 seconds, they need to know who you are and what you do.
- Things worth learning to take time. Take that time, as most people won’t take it. But know where the money and time balance is and know where your dollars are going.
"If someone is asking a question in the chat feature, we are responding live. I want to be able to connect when someone is within our ecosystem. I want them to have their questions answered in the most efficient way possible." — Jeremy Finger
Connect with Jeremy Finger:
Website: https://riverbendwealthmanagement.com/
LinkedIn: linkedin.com/in/jeremy-finger-cfp%C2%AE-cima%C2%AE-crpc%C2%AE-400b9926/
Facebook: https://www.facebook.com/riverbendwealthmanagement/
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Frank discuss:
- Transitioning from being an advisor to being a consultant and coach to advisors.
- Frank’s key message when coaching advisors.
- The questions to answer to know if you should move firms.
- Talking to those who have made transitions.
Key Takeaways:
- You need to understand the advisor and their team as well as they do in order to best help coach them.
- It’s less about placement and more about education and guidance.
- If you are moving firms, you want to be making the relationship between your client and your firm more connected.
- Understand what you want from your firm. That will help you decide if you want to go out on your own or if you want to work with another advisory group or firm.
"I just really want advisors when they make a decision to have all the necessary information to make the right choice." — Frank LaRosa
Connect with Frank LaRosa:
Website: https://eliteconsultingpartners.com/
LinkedIn: https://www.linkedin.com/in/eliteceo-franklarosa/
Twitter: https://twitter.com/ERCBoss
Facebook: https://www.facebook.com/EliteConsultingPartners/
Instagram: https://www.instagram.com/eliteconsultingpartners/
YouTube: https://www.youtube.com/channel/UCRjHhruwbtu1d3N-KleWR_g
LinkedIn: https://www.linkedin.com/company/elite-consulting-partners/
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Ray discuss:
- What it takes to build an enduring enterprise.
- Options for phasing yourself out or into other positions as your firm grows.
- The processes and steps of a transition plan.
- The war for talent and how you can bring in the right talent for your firm.
Key Takeaways:
- It is hard work building your boutique business into an enterprise.
- Build a next-generation team that is capable of serving your clients and their families multi-generationally.
- More freedom is created with each step down in a transition plan.
- The value for the client is still going to be in the human aspect of advising, even as technology becomes more common in the advising field.
- To find top talent, you have to be flexible. That was true 17 years ago, and it is still true today.
"The longer the time we have, the longer the transition, but the advisors can speed that freedom date up if they want, they just need to be really effective at stepping down and letting others step up and choosing those people wisely. " — Ray Sclafani
Episode References:
Book: Turn the Ship Around by L. David Marquet
https://www.amazon.com/Turn-Ship-Around-Turning-Followers/dp/1591846404
Video: “Greatness” by David Marquet: https://www.youtube.com/watch?v=OqmdLcyES_Q
Connect with Ray Sclafani:
Website: https://www.clientwise.com/
LinkedIn: https://www.linkedin.com/in/raysclafani/
Twitter: https://twitter.com/raysclafani
Twitter: https://twitter.com/ClientWise
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Katherine discuss:
- How Katherine’s mom inspired her to dig into finances and, ultimately, start her firm with her brother.
- Being authentic to who you are and listening to your gut instincts.
- Parting with a larger firm gracefully, even if not easily.
- Getting clarity on what you want to do in your firm for your clients.
Key Takeaways:
- Music and math are tied in the same epicenter in the brain.
- You can build and grow your firm through referrals if you develop your relationships with the clients you are working with.
- In the independent space, you have your choice of tools to make you more efficient to handle larger clients and their wealth.
- When you go independent, you have to evolve your thinking from an advisor to a CEO. It’s a different lens on the industry and on your firm.
"You really can't win a holistic financial planning game without playing defense and offense." — Katherine Forrester Schneewind
Connect with Katherine Forrester Schneewind:
Website: https://highnotewealth.com/
LinkedIn: https://www.linkedin.com/in/katherine-forrester-schneewind-6722904/
Twitter: https://twitter.com/HighNoteWealth
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Lou discuss:
- Catalysts and benefits of independence.
- Dispelling the myths of leaving a wirehouse.
- Financial engineering and creating enterprise value.
- Making the shift from advisor to executive.
Key Takeaways:
- You can do nearly anything independently that you can do within a wirehouse.
- You rarely, if ever, see advisors who leave the wirehouse to go independent return to the wirehouse.
- There is a cost of complacency for staying where you’re at versus making the decision to explore other opportunities.
- Recruiting and M&A to grow your practice don’t happen on their own, they take effort and responsibility to grow your business.
"As people think about creating value, it's not only this financial engineering, which is critically important, but it's having something that can continue beyond a founder." — Jeff Concepcion
Connect with Lou Camacho:
Twitter:https://twitter.com/loucamachoswa
Website: https://www.stratoswealthpartners.com
LinkedIn:https://www.linkedin.com/in/loucamacho
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Arwen discuss:
- Building a financial advising firm from the ground up.
- Navigating owning a business through the dot com bust and the great recession.
- Marketing directly to women and other minority groups.
- How LIFE with Arwen can help you as a financial advisor.
Key Takeaways:
- Even if things don’t seem to work out, they may lead you to a bigger thing than you would have ever considered possible.
- Be you. Be authentic. Be honest with who you are and who you want to be.
- Regardless of who you are trying to appeal to, you must speak their language to properly connect with them.
- Having the right tools can help you to succeed on things that seem logical and easy but are not as straightforward as they appear.
"It takes more than designing a pink invitation and sticking some flowers on it to get women to trust you with their financial concerns." — Arwen Becker
About Arwen Becker:
As the second shortest player on a division 1 volleyball team, Arwen Becker learned that hard work and perseverance are more valuable than natural talent. She also learned that preparation could get you through just about anything—including her 1999 cougar attack. Just a few months after that attack, Arwen found herself as a 24-year-old divorced Zoology grad seeking a higher-paying job. That landed her into a newly launched retirement planning firm and a new career in financial planning. For 22 years, she was the co-owner of Becker Retirement Group with her husband Randy, until a national firm acquired it.
After meeting with thousands of women over the years, Arwen has taken a direct focus on changing the way women are financially educated by creating her training organization, LIFE with Arwen. LIFE is an acronym – Leaders Inspiring Female/Financial Empowerment that arms advisors with the proper tools to succeed in their practice, and to bring awareness to this national issue of female financial empowerment. Arwen leads and educates advisors to better understand how women learn differently, how to connect using story, and best practices to thrive in marketing to women.
Arwen speaks nationally, more than 40 times a year, is the author of She Handled It, So Can You!, creator of the YouVersion Women & Money devotional, is the host of the She Handled It! podcast, and is often featured as a guest expert on TD Ameritrade Network, Yahoo Finance, and many others. She is a proud mom to three boys, and a life-long athlete who loves to travel.
Connect with Arwen Becker:
- Speaking:
- Keynote Promo Reel: https://youtu.be/TrLeBPTU7jk
- Speaker Reel: https://www.youtube.com/watch?v=iL9vbUfAxBI&t=10s
- Social:
- YouTube: www.youtube.com/channel/UCoYi4S0Rwf2jMAES_XnOkMA
- Facebook: www.facebook.com/lifewitharwen
- LinkedIn: https://www.linkedin.com/in/arwen-becker-064980138/
- Instagram: https://www.instagram.com/life.with.arwen/
- Twitter: www.twitter.com/lifewitharwen
- TikTok: https://www.tiktok.com/@arwenbecker
- Website: www.lifewitharwen.com
- Podcast: www.lifewitharwen.com/podcast
- Books:
- She Handled It, So Can You! (author) https://www.amazon.com/She-Handled-Can-You-Empowering/dp/173539050X/ref=sr_1_1?dchild=1&keywords=arwen+becker&qid=1620934756&sr=8-1
- Why Didn’t Anyone Tell Me This Shit Before? (contributor) https://www.amazon.com/Didnt-Anybody-Tell-This-Before-ebook/dp/B07RG6WXJC/ref=sr_1_1?crid=3RV6V6QUKSCEA&dchild=1&keywords=why+didn%27t+anyone+tell+me+this+shit+before&qid=1620934820&sprefix=why+didn%27t+anyo%2Caps%2C228&sr=8-1
- YouVersion Devotional: www.bible.com/reading-plans/24729
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Jason discuss:
- How Jason’s professional career has strengthened his lateral, creative thinking.
- Working for the client first and foremost.
- Business networking and relationship building.
- High compensation for high value.
Key Takeaways:
- No does not mean it cannot be done, it means that it cannot be done in that certain way.
- There are no secrets from your financial advisor - it all shows up on your balance sheet in the end.
- In your firm, you do not all need to do every job perfectly. Having specialties (with specific cross training) can give you a more rounded firm that can better serve clients through different aspects of their plan.
- When you give someone an ownership stake, it is amazing how different they will think.
"At the end of the day sincerity to what you are and who you are makes more impact on clients than anything else." — Jason Howard
Connect with Jason Howard:
Website: https://www.outcomeprivatewealth.com/
LinkedIn: https://www.linkedin.com/in/jason-howard-673642105/
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Chris discuss:
- Communicating with clients during downturns.
- The beginning of RCA and how Chris got to where he is professionally.
- Nesting to grow your firm.
- Being involved in the lives of your clients to best be able to serve them.
Key Takeaways:
- You can win hearts and mindshare when you are proactive in your communication with your clients.
- When you retire, you are switching from getting a paycheck to not, it is important to understand where the money is coming from regularly.
- Putting your money in multiple buckets allows you to understand where the money is and still continue to grow.
- Provide a clear and concise plan that is customized to the client but repeatable.
"This world is getting more complex, not simpler…People just need, want, and desire to find a firm and a group that can help them and then be that firm that they can trust, that they know that you're doing the best job you can, and then they don't have to worry about that anymore." — Chris Kiley
Connect with Chris Kiley:
Website: https://www.rca-online.com/
LinkedIn: https://www.linkedin.com/in/chris-kiley-cfp%C2%AE-crps%C2%AE-4047b25b/
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Ken discuss:
- The systems and practices that separate the good from the great.
- The role of technology in building a great business.
- Client satisfaction.
- Meaningful conversations and educating your clients.
Key Takeaways:
- You don’t rise to the level of your goals, you rise to the level of your systems.
- The best business strategy is a satisfied client. Technology can’t replace traditional human touch.
- The words you say are very powerful. Communicate clearly, communicate meaningfully, communicate powerfully, communicate collaboratively.
- The best firms are made up of competent, motivated people.
"When you start off a relationship, even in a discovery meeting with a new prospect, you want to set an expectation that you can meet, and then you want to back that up with meaningful communication." — Ken Unger
Connect with Ken Unger:
Website: https://preferredadvisoracademy.com/
LinkedIn: https://www.linkedin.com/in/kenneth-unger-34754788/
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Gil discuss:
- Succession planning and partnering.
- Transitioning your business at the right time.
- Building your business and referring the work that doesn’t fit your model.
- Running your own business versus working in a larger brokerage firm.
Key Takeaways:
- Doing what’s right morally for the right reasons will often work out in the end.
- The evolution of technology has changed the game for the financial world.
- Leverage your staff in a way that allows you to show up and perform in the role that you feel is your greatest strength.
- Brokers who are comfortable in their cocoons at the wirehouses have no idea of how big the numbers are when it comes to going out on their own.
"I really never appreciated the relief that I would have, from meeting a prospect and caring less about how I was gonna get paid. It is such a relief to me to not have to figure out how I'm going to fit a square peg into a round hole, and I think the clients receive it better, because they understand that they are not the square peg in my round hole." — Gil Baumgarten
Connect with Gil Baumgarten:
Website: https://gilbaumgarten.com/
Website: https://segmentwm.com/
Book: https://gilbaumgarten.com/book/
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Mark discuss:
- Transitioning away from a large firm.
- Flexibility and collaboration in a financial advising firm.
- Misconceptions about moving into the RIA space.
- Key attributes of successful teams.
Key Takeaways:
- The more firms can evolve, the more they are likely to retain advisors throughout their career.
- Collaboration is key in a good, supportive firm.
- If you’re going out on your own, make sure you understand what it means and that you do understand what it means to own your own business.
- Advisors need to be coachable, open, and be willing to analyze their practice to best succeed.
"I would really encourage every advisor who is open to evaluating where they're at, for their clients and for their career, I would ask you to close your eyes and imagine you had a clean slate. Would you want to be at your existing firm serving clients? Or would you potentially be interested in looking at other alternatives?" — Rob Samson
Connect with Rob Samson:
Website: https://www.joinstratos.com/
LinkedIn: https://www.linkedin.com/in/robert-samson-059a3a23/
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Mark discuss:
- Mark’s journey through the early years of his career in the wire house to being the Managing Partner at Veritas.
- Attributes to early success and attributes have been the key to his long career.
- The progression of business development.
- The important things to look for with mergers and acquisitions of other advisory firms.
Key Takeaways:
- The number one ingredient to success in whatever you do is hard work.
- In order for you to evolve and best serve your clients, you can’t do it alone.
- You have to grow and change as technologies grow and change to keep up with the market and what the clients are looking for and where they are looking.
- Put asking for the referral on the agenda. Make sure the customer feels good, and you feel good, but make the ask every time.
"When you start thinking about and incorporating their interests, goals, and objectives, just like a client, and if you can cater to that and create a vision, a strategy, that can execute on their personal professional goals, their skill sets, and their work ethic, it's impossible to not be successful." — Mark Roman
Connect with Mark Roman:
Website: https://veritasboston.com/
LinkedIn: https://www.linkedin.com/in/mark-roman-5a51b8b/
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Bobbie discuss:
- Caring with no agenda is an advantage.
- Treating people with sincerity (both customers and employees)
- Having men and women in leadership positions in your firm.
- The power in process and communication.
Key Takeaways:
- People can recognize if you care or not. Spend time listening to people and their stories.
- Having empathy for everyone in your firm will help you develop your employees in every spot to be the best they can be.
- Adding diversity to your firm will allow your firm to be better stewards for your community.
- Going independent gives you freedom and flexibility to better serve your clients and utilize your knowledge to focus on your practice.
"What's very unique and has helped me to be more empathetic to everyone within the branch is that I've literally sat in every seat…I am empathetic to those that I surround myself with." — Bobbie Meola
Connect with Bobbie Meola:
Website: https://www.stratoswealthpartners.com/
LinkedIn: https://www.linkedin.com/in/bobbie-meola-36634776/
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Jeff discuss:
• Having a plan and a strategy in all your financial endeavors.
• Creating space for those things that your clients are highly passionate about (even if they don’t recognize it at first).
• Passing on your values of charity, not just your financials.
• Having meaningful dialogue with your clients.
Key Takeaways:
• A lot of people need to be given permission to utilize money in ways that aren’t just accumulation.
• There are more types of capital than just financial - social, spiritual, intellectual, etc. What kind of legacy are you leaving in those other areas as well?
• Deeper conversations lead to deeper relationships. You need to understand what matters to your clients in all aspects of their lives, not just their financial lives.
• Pick one niche and dominate in that space. People are not going to be offended if they are not part of your niche. Know what you do, and do it well.
"Not only is there not enough charitable giving done at death, but if you're going to give it a death, why not have fun giving it while you're alive." — Jeff Thomas
Connect with Jeff Thomas:
Website: https://www.archetypewealth.com/
Book: Trading-Up: https://www.archetypewealth.com/trading-up?hsLang=en
Podcast: The Generous Business Owner - coming soon!
LinkedIn: https://www.linkedin.com/in/jeff-thomas-952848/
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Mike discuss:
- Business development trends from 2021.
- Why people move jobs (and job models).
- Components necessary to build an enduring firm.
- Establishing your vision and strategy.
Key Takeaways:
- Take the opportunity and time that we have now to ask the right questions about what you want for your life and career.
- Flexibility, autonomy, and control tend to be the heart of the reasons why people in financial services move jobs. Culture and building wealth are also critical reasons.
- Communication is critical to being a CEO.
- Vision and strategy incorporate what you do, but also who you do it for.
"The future of our business is a multi-gender, multi-ethnic, multi-generational team that has a strong technology adoption and is able to really mirror the marketplace and be resources to all types of clients, and all types of communities." — Mike O'Brien
Connect with Mike O'Brien:
Website: https://www.stratoswealthpartners.com
LinkedIn: https://www.linkedin.com/in/michgerob
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Lou discuss:
- M&A trends from 2021.
- Underutilized segments of the market.
- Bringing in strategic, minority partners.
- Finding, recruiting, retaining, and developing talent.
Key Takeaways:
- Firms are going to have to be smarter than they ever have before, not only in terms of the types of deals, but also what you're willing to pay for those transactions.
- Any and all folks who touch M&A, whether it's valuation firms, law firms, or the banks that finance these types of transactions, people are frenzied, and they're buried right now.
- Align yourself with someone who's going to help you become a better version of what you already are.
- There are a lot of individuals that want a greater sense of autonomy and ownership in their practice than they're going to get at the large wirehouses, banks, or wherever they are coming from.
- When you find good people, figure out how to integrate them into the organization and where they can add value versus simply backfilling Role X or Role Y.
"Unless you have a dedicated effort to recruit and onboard people, it's not going to happen. Unless you're really dedicating concerted efforts towards an M&A pipeline, it is probably not going to happen. " — Jeff Concepcion
Connect with Lou Camacho:
Twitter:https://twitter.com/loucamachoswa
Website: https://www.stratoswealthpartners.com
LinkedIn:https://www.linkedin.com/in/loucamacho
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Linda discuss:
• M&As in the wealth management space.
• The evolution of the wealth management space and the rapid acceleration over the last few years.
• Questions asked by the M&A lawyer when you are looking to sell your firm.
• Having flexibility in your transactions (especially as different generations are tending to want different things).
Key Takeaways:
• You need to understand the regulatory schemes that your client is under, as an M&A attorney, to avoid missteps in the transaction.
• It is easier to come up with creative solutions if you understand the industry.
• Both the buyer and the seller should do their due diligence in an M&A transaction to understand what it will be like post-closing.
• Understanding what you want is necessary, but you also need to understand when to walk away from a transaction.
"When you are selecting your buyer, think ahead of time about what kind of buyer you're looking for...Really sit back and think about what you want from the transaction. Do you want to exit? Do you want to cash out? Do you want to stay? Will you be working 10 more years? There's all those things that you need to think about." — Linda Paullin-Hebden
Connect with Linda Paullin-Hebden:
Website: https://www.wnj.com/
LinkedIn: https://www.linkedin.com/in/linda-paullin-hebden-71456a9/
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
Today’s conversation is with Amy Parvaneh, Founder & CEO of Select Advisors Institute. In 2014, Amy launched Select Advisors Institute to motivate, train, and partner with service providers who are looking to grow at the same pace and trajectory she has grown her career and businesses.
Today’s conversation is with Paul Saganey, Founder & President of Integrated Partners. Integrated Partners is a hybrid RIA headquartered in Waltham, Massachusetts that manages over $10 billion for about 18,000 affluent clients. They specialize is helping CPA's offer financial services to their own affluent clients.
Today’s conversation is with Reese Harper, Founder & CEO of Dentist Advisors and Elements. Jeff and Reese discuss the ins and outs of targeting and growing a niche market and best practices for success.
Today’s conversation is with Anthony Truino, Chief Executive Officer who is at the forefront of the vision permeating Twenty Four Wealth.
Today’s conversation is with President at Solin Strategic LLC and Evidence Based Advisor Marketing, a coaching and digital marketing service that works exclusively with evidence-based investment advisors.
Today’s conversation is with Duncan MacPherson, the CEO of Pareto Systems, an industry leading business development firm dedicated to the elite professionals and companies within the fee-for-service sector. Duncan and his team of consultants work with professionals in a wide range of fields including Financial Services, Insurance, Accounting, Legal, Mortgage, and Consulting to create predictable, sustainable, and duplicable businesses. Pareto Systems is well known for its approach which is based on best practices and for its focus on implementation.
Today’s conversation is with Domenic Rinaldi, the President and Managing Partner of Sun Acquisitions. He was awarded the professional designation of Certified Business Intermediary from the International Business Brokers Association and is considered an expert in the field of business brokerage. He is a seasoned executive who brings over 30 years of proven experience in merger/acquisition, sales, service, marketing and operations to the business brokerage arena.
In this episode, Jeff and Domenic discuss how to acquire or exit your business with no regrets!
Today’s conversation is with the team at Bill Good Marketing, Frantz Widmaier, CEO, Matt Hicken, AAMS®, Senior VP of Client Success, and Stephanie Peterson, Head of Growth. Bill Good Marketing helps advisors systematically grow their practice while reducing the complexity of practice management.
In this episode, we’ll learn about how client communications have evolved over time, top advisor best practices, and how to succeed with what motivates you the most.
Today’s conversation is with Stratos Partners, Charles Shapiro, Chief Development Officer, and Chris Walling, Founding Partner. In this episode, Jeff, Charles, and Chris, discuss the current Advisor landscape and their experience working with wirehouse and bank model advisors transitioning to the independent model.
Today’s conversation is with Dr. Travis Parry, founder of Make Time Institute, Speaker, Coach, and #1 Bestselling Author of "Achieving Balance: Make Time to Reach Your Business and Personal Goals in an Overworked World.” Travis teaches overworked financial professionals and business owners how to get 20% of their time back so they can invest it in achieving their goals and living their life on purpose.
In this episode, Jeff and Dr. Travis, talk about the traps of being a workaholic, how stress can be detrimental to your body and mental health, the 5 myths of work/life balance, and much more!
Today’s conversation is with Jeff Dobyns, President of Southwestern Investment Group. Jeff has enjoyed extraordinary success providing comprehensive financial planning to retirees, entrepreneurs, entertainers and executives by taking the time to truly know his clients, understand their goals and develop and execute their ongoing, strategic, financial plans.
In this episode, Jeff talks about the importance of going above and beyond in servicing your clients and his unique advisor mentoring program that he developed to help young advisors succeed in this new environment.
In this episode, Jeff and Jeff discuss:
• The evolution of the brokerage space.
• Key motivations and drivers for advisors when looking to independence.
• Succession planning and transitions.
• What advisors value by way of support.
Key Takeaways:
• By far, the reason W-2 advisors leave their firm is quality of life.
• The great advisors say what the client needs to hear, not what they want to hear.
• When clients are used to working with a team, it becomes easier to transfer or transition out because they aren’t used to working with only one person.
• If you have plateaued, the first step is recognizing it. The second is to seek help.
"Growth is a function of time and time is a function of distraction. When we think about the time spent, there's something to be said on keeping things simple to allow folks to manage more assets and grow their business." — Jeff Nash
In this episode, Jeff and Kirk discuss:
• Kirk’s early desire to go into wealth management, even after a poor first internship experience.
• Why you may want to use alternative custodians.
• Finding where your audience is and meeting them there consistently.
• Focusing on the areas that you know.
Key Takeaways:
• Novelty is about getting something different. It's about getting somebody interested enough to get them into the tent
• No matter how good you are (or you think you are), the prospect isn’t going to know that because they don’t know what they’re looking for.
• Create unique content, don’t just use canned content, to attract those who want to work with you.
• It is probably going to take you longer than you think it will, so throw out your notion of how long your ideas will take to come to fruition.
"The amount of opportunity out there is tremendous, and our firm, we're only scratching the surface of it. And if I could work with other people collaboratively...the sky’s the limit." — Kirk Chisholm
In this episode, Jeff and Daniel discuss:
• The three things you need to know about working in the financial industry.
• Thinking ahead to the next step to make seamless transitions.
• The process of transitioning.
• Reinvesting in talent and technology.
Key Takeaways:
• As part of the Latino community, becoming part of the family is absolutely critical.
• Latino clients will work with you because they trust you, they like, and, distantly, they think you can make them money.
• The firm is made up of human beings and their well-being is critical.
• You cannot rest in this business, you have to continuously find what the clients are seeking and what they are interested in.
"We're not trying to tell others, ‘Our way is the only way.’ We want to share our great way of doing things, but we will learn from whoever comes in, we just want them to feel what we have, to get comfortable with what do we have because we're very certain that, in other places, they will not find what we have." — Daniel Priwin
In this episode, Jeff and Randy discuss:
• Randy’s background in accounting and how he transitioned to wealth management.
• The ingredients of a partnership that can endure.
• Promoting your firm to specialty markets.
• Growth and future goals at Randy’s firm.
Key Takeaways:
• Seminars can be a great form of business development - but you have to be presenting what people are really looking for.
• Friendship and trust are key to a partnership - you have to be concerned about your parent more than yourself and in reverse.
• Serve first. Learn constantly.
• Keep a focus on your messaging especially during transition periods.
"As far as growth is concerned from a revenue or firm standpoint, those numbers will stay the same, but really, focusing on growing the people - growing the team - so it gets bigger and stronger. And so that in 10 years when we do want to slow down, I know our clients are in really, really good hands." — Randy Siller
Connect with Randy Siller:
Website: SillerAndCohen.com
LinkedIn: linkedin.com/in/randypsiller
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Chandon discuss:
• Chandon’s passion for the financial industry from a young age and his exposure to high and ultra-high net worth clients from early in his career.
• Being intimate and available for your clients with your service in your niche.
• Leveraging your team to increase your bandwidth.
• How Stratos was able to help with the transition to an individual firm.
Key Takeaways:
• Build your book of business through referrals, your network, and the network of the firm you are working with.
• Being in front of clients is critical. Find ways to connect with those clients as often as you reasonably can. Be diligent in scheduling your time.
• It is critical to know your partner (if you choose to have a business partner) extremely well. It is also important to have the same goals in the business and be working toward the same thing.
• Focus on a discipline to deliver wealth management to your clients. Don’t try and be all things to all people.
"The touch is critical. Everybody says they do it and they service the heck out of their clients, but the execution of it is critical. One truly needs to stay focused on making sure that clients are touched, because if not, someone else will." — Chandon Simonis
In this episode, Jeff, Lou, and Nancy discuss:
- Deal Structures: Cash is King
- Thinking straight and not just falling in love with an opportunity.
- Incorporating the risk of breakage.
- What stands out when you look at a firm’s financials.
- Why people buy and sell and looking at it as a process.
Key Takeaways:
- There is a risk in both ways - there is a risk if the owner is too involved in the business, but there is also a risk if the owner has no involvement in the business.
- Look at the debt and see what is going on with the interest - this will tell you more information than just the P&L.
- You need to be thinking about what makes you and your business attractive as the seller.
- Not all investments and expenses are created equal.
"When you take a look at the process of buyers and sellers, people need to reflect on the fact that actually is a process and not an event." — Jeff Concepcion
In this episode, Jeff, Mindy, and Louis discuss:
• The bedroom floor days of Diamond Consulting and its evolution to the strong advising company they are today.
• What teams and advisors are finding attractive as they explore independence.
• Freedom, flexibility, and control in advising.
• Building a family-based business.
Key Takeaways:
• Jettisoning the tried and true transactional recruiting approach and beginning to forge my own approach can make all the difference. Know what is important to you and know what is going on.
• Advisors want to be educated and guided, not sold.
• When thinking of succession, the layout will look different for every advisor depending on what aspects they are willing to cede control of. And there are options for everyone out there.
• Begin with the end in mind. Rise above and work on the business, not just in your business, right from the start.
"She saw what advisors wanted and came to the realization that advisors consume information differently. Some would love to receive a phone call from us, others want to read something in their personal email boxes, others read the media, others want to review podcasts, others just talk to their friends. So, by doing that [creating a podcast], it increased the reach of our brand." — Louis Diamond
In this episode, Jeff and John discuss:
• Fundamental principles to acquire clients and grow your business.
• The strategy to success, both organic and inorganic.
• Investing in your business at the expense of current cash flow.
• Key goals to execute and move forward in your business.
Key Takeaways:
• Activity and discipline is at the core of whatever you are striving to achieve.
• Put business development in your calendar or you will get lost in the day to day struggles of the customers.
• You can’t dabble in anything - you have to commit to a strategy in order for it to work.
• To get to the next level, it can’t have anything to do with you. It needs to be relevant beyond you and your experience.
"Successful businesses always have to continue to innovate, or you risk being obsolete, but you're innovating around those core disciplines and activity levels." — John Burns
In this episode, Jeff and Dan discuss:
• Dan’s evolution from entry into the financial world to his current role as CEO at LPL Financial.
• The importance of culture, not just strategy.
• Being purposeful about spending your time with quality.
• Imaging a modernized independent model and creating additional models.
Key Takeaways:
• Not only do you have to have a good strategy, but you also have to be good at executing it. But making sure your culture is aligned with it, is really important.
• Long-term strategy is the driver, and your journey is everything around that.
• There is a growing trend and need for advice in the financial industry, not just with the aging demographics.
• Advisors who have the highest level of success are able to solve the capacity constraints of the job.
"We only have so many moments, and we've got to be present for them, good, bad, or neutral. And make sure you make the most of them. And be extraordinary when we're there with them." — Dan Arnold
In this episode, Jeff and Dan discuss:
• Approaching life as if it is a jigsaw puzzle to be built.
• Accessing the business owner market initially and how it has grown.
• Coordinating with other professional advisors to best care for your client.
• How M&A factors into growth of the business.
Key Takeaways:
• Intention and attention will get you where you are trying to get.
• Elevate your game to allow your business to grow, even if it means pushing yourself further than you think you can go.
• Use thinking-concern-action as a way to connect with other business professionals or referrals to help take care of your client.
• Hire before you can afford.
"Bring the puzzle pieces together, we’re not all the same and that is by design." — Dan Whittenburg
In this episode, Jeff and Karl discuss:
• Karl’s experience and lessons learned along the way to his current role as President and CEO of Emigrant Partners.
• Thinking about forms of liquidity and its relationship to private equity.
• The last ten years and what is coming up in the next ten years.
• Making your business more attractive to potential suitors.
Key Takeaways:
• The vast majority of firms are not growing.
• It’s all relationship based. You need to invest in people.
• Be willing to bet on yourselves.
• Distribute equity and responsibility.
"When it comes down to decision making, those decisions are made by the people that built the business or are running the business and understand it most intimately, not by a private equity sponsor or a strategic partner who has designs of their own." — Karl Heckenberg
In this episode, Jeff and Alisa discuss:
• How WisdomTree has differentiated themselves on asset management and value adds.
• Remaining curious and taking on new tasks to help you expand your own career.
• Client requirements and customizations.
• Reaching minority advisors and finding new great talent.
Key Takeaways:
• A good product is no longer enough to build solid relationships with clients.
• Create a customized client experience, bespoke not boilerplate.
• Think like an owner, not like an advisor. You sometimes have to give something up in order to grow your business further.
• It’s about relationships and people, not about the numbers.
"The people, the management, and how they are incentivized is really critical." — Alisa Maute
In this episode, Jeff and Amelia discuss:
• The story of CityWire and how it has expanded into the USA.
• The rapidly growing RIA community and their growth in the industry.
• What the Best-In-Class RIAs are doing that makes them stand out.
• Those things that may be holding a firm back from thriving.
Key Takeaways:
• The independent RIAs are the future, this is where the growth is.
• For young females in the industry, find a female mentor that can help you grow and expand your skills in the industry.
• Ask questions. People want to teach and they want to help you.
• Treat your employees as business owners, not employees. Give them freedom to help your firm grow and evolve and expand.
"Challenge yourself. Do things you’re afraid of." — Amelia Garland
In this episode, Jeff and Ron discuss:
• Ron’s impressive career journey from wanting to quit the business to his innovating and pioneering path in financial advising.
• The dimensions of trust and how to move up the dimensions.
• The evolution of digital connection to the future of the financial advising industry.
• Putting yourself, your physical health, and your mental health as a priority.
Key Takeaways:
• Think about the heirarching between customer, client, and advocate with those that you work with and serve. How are you moving your customers to become clients then to advocates?
• People crave connection. Even in times like these where we are so isolated, we need to find ways to connect with one another however we can.
• Complacency is the most common form of business cancer - you must be able to adjust and challenge yourselves to better yourself and your company.
• Balance leads to growth, growth leads to balance.
• Build whitespace into your calendar - thinking is something we should all spend more time doing.
"Reinvent yourself before your competition forces you to." — Ron Carson
This Episode was recorded before the Covid-19 Pandemic.
In this episode, Jeff, Lou, and Tricia discuss:
• What the best firms are doing to keep pace with technology in the industry.
• The evolution of technology in the financial industry from tools, to solutions, to experience.
• Access to tools and technologies versus human contact to understand and interact with the technologies.
• When to bring in a CTO and having executive sponsorship of your technology.
Key Takeaways:
• You have to understand how and when your client wants to be contacted and connected with and technology can help with keeping track of that.
• Even with all the technology we have, there is still room for the human touch.
• Even if you don’t yet have a CTO, you can empower your team to oversee your technology needs and drive investments in that direction.
• Technology is strategically important.
"In order to apply technology, you really need to understand the why of what you are doing." — Tricia Haskins
In this episode, Jeff, Liz, and Peter discuss:
- How Peter and Liz made their way into the financial industry and into their current roles at Raymond James and Silver Lane Advisors.
- Recognizing business ownership in the advising industry.
- Traits and characteristics of the best run firms.
- Understanding the value proposition between buyer and seller.
Key Takeaways:
- Succession planning is at a critical stage in the advising industry.
- Time can be your enemy if you haven’t planned ahead on how to preserve your value to the next generation.
- The team dynamic is invaluable, despite being intangible, to the strength of your firm.
- Don’t make the concession on fees, you’ll regret it later. You do justify your value proposition.
"For this industry, who has done such a great job taking care of their own clients, it’s time to reflect inward." — Liz Nesvold
Connect with Liz & Peter Nesvold:
Twitter: @FIGbankers
Website: SilverLane.com & RaymondJames.com
Book: The Art of Distressed M&A and The Art of M&A Valuation and Modeling
LinkedIn: Elizabeth Nesvold & Peter Nesvold
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff & Brent discuss:
• Thoughts on the Corona Virus situation regarding your employees, clients, and community.
• How Brent went from Intern to a gun-slinging entrepreneur to a successful CEO.
• Different stages of business development evolution.
• Be a pro-active thought leader.
• Combining Organic and Inorganic Growth.
Key Takeaways:
• What we do now, during this crisis, will go a long way with your clients and community.
• For the first $100MM just go out and get it.
• Speak anywhere that will have you, teach education courses, attend community events, etc.
• Be a pro-active thought-leader in the community or on social media.
"In the early days, throw a lot of seeds out, and do lots of things." — Brent Brodeski
In this episode, Jeff and Sanjiv discuss:
• Sanjiv’s career evolution with Fidelity to his current position as President of Fidelity Clearing and Custody Solutions.
• Meeting the end investor in creative ways.
• Types of investors and how they work with advisors.
• Growing through a great customer experience, not just acquisition.
Key Takeaways:
• When you are close to the customer and dealing with them every day, you learn what channels and new technologies they will respond to.
• The way you make technology good business is lots of volume, lots of scale, and touching a lot of bases.
• Having multi-year plans gives you direction and expectations, but you need to keep the flexibility to make the exceptions and change as needed to the customers needs.
• The financial success is important, but what's probably more important is if you make people a little bit better than they might have been if they hadn't come into contact with you.
“That combination, of being able to respond quickly to customer needs and to invest steadily over time in good times and in bad times, is a powerful advantage.” — Sanjiv Mirchandani
In this episode, Jeff and Kevin discuss:
• Kevin’s professional journey through accounting and into financial advising and now to CEO.
• The power of hiring to grow your business.
• What it takes to hire and bring on new, young talent in a financial business and supporting your team.
• Creative thinking about value add.
Key Takeaways:
• If you’re afraid to hire or don’t know if it’s the right thing – know that you’re making a 3-month decision and you’ll know if it’s the right thing at that point.
• Include the people you hire in your growth plans – they want to help, so let them, and reward them for it.
• Culture is everything in your company.
• The actual asset management is a commodity. As a financial advisor, you are information, you are counselors, you are peace of mind for your clients.
"Nobody makes you think more about your business than when you start giving away the money that you have that’s yours to somebody else. You’ve got to focus on everything." — Kevin Myeroff
In this episode, Jeff and Jon discuss:
• Jon’s early experience working with clients in pro bono work and how it has aligned with his career.
• How the Foundation for Financial Planning assists those who may not otherwise have access to financial planning resources.
• Weaving personal finance lessons in throughout a child’s life.
• Most common financial challenges and solutions for those in vulnerable groups.
Key Takeaways:
• A lot of coaching and mentoring in the programs provides good reinforcement and encouragement that can strengthen those in the program.
• Too many people don’t have a basic grounding in financial skills.
• The US financial landscape can be complicated with greater risk landing on the shoulders of the individual. Financial planning can assist with securing a financial future.
• Bringing in a financial advisor early, especially with medical diagnoses, can help to ensure plans are in place to best financial prepare you in the event of a challenge.
"My concern is that folks are not prepared for [the increased risk on the individual]. They don’t have the education, they don’t have the information, they don’t have an easy way to access an expert advisor." — Jon Dauphiné
In this episode, Jeff and Randy discuss:
• The early stages of Carver Financial Services and the practices used to build the client base at his mega practice.
• The three types of seminars to consider if you are looking to leverage your time.
• The service model from a business standpoint.
• Randy’s new book, Ultimate Vacation, and Personal Vision Planning™.
Key Takeaways:
• If done correctly, seminars can leverage your time – it is easier to communicate your message in a group rather than one at a time.
• Follow up and make contact with clients and prospective clients often, more often than you think you need to.
• Are your clients team/firm clients, or individual clients? Are your clients receiving the best service possible from your practice?
• The key to success is focusing on your existing clients and letting them grow your business, rather than focusing on new clients and losing your existing clients.
"Service your clients and they will bring you new business – more business than you can deal with." — Randy Carver
In this episode, Jeff and Lou discuss:
• Listening to the marketplace to find out wants, needs, and pain points.
• Streamlining processes and systems and delegating for growth.
• The struggles of growth years and the reward that comes after.
• Talent and cross-training.
Key Takeaways:
• Advisors value choice, they want to grow their practice, but they want to do it meaningfully.
• Think about what you do that drives the needle, then think about what needs done that someone could probably do better than you.
• Businesses reinvest – in people, human capital, technology, structure.
• There is power and leverage in cross-training, especially for small and mid-sized firms.
"I want people cross-trained so that if someone's out, if someone leaves the firm, whatever the case may be, we have redundancy, but more importantly, scale." — Lou Camacho
In this episode, Jeff and Lou discuss:
• Why it is often hard for advisors to relinquish control to allow their businesses to grow.
• Where too much or too little time is spent when an advisor cannot break into the next level of success.
• Changing the way you operate and your mindset as your firm grows.
• The importance of having a succession agreement.
Key Takeaways:
• You have to fire yourself from certain responsibilities, hire the right people who can do the job better than you, and find a way to retain them in your company.
• The ceiling of complexity is often hit when growing your business and you won’t be able to break through until something changes.
• Do the things that you enjoy doing coupled with doing things that you do well.
• Having a succession plan is important for your family, your company, and your clients.
"If you want to be relevant and think about change in the future, you have to accept the fact that this next generation of investors may have different needs in their early stages." — Jeff Concepcion
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and Deborah discuss:
• Deborah’s self-driven start in financial planning in 1981
• The multi-pronged marketing approach to growing her award-winning business
• Her evolution from advisor to highly successful CEO
• Giving back through wine making and writing
Key Takeaways:
• Build your business by investing in your personal relationships with others
• Educate your market before your ask for the sale
• Learn to fire yourself
• Be authentic to attract the right clients
"If you want to live like others you dream about today, you've got to do what others won't do today to get there" — Deborah Danielson
In this episode, Jeff and Sterling discuss:
• How Sterling got his start with Barron’s over 20 years ago.
• What to do to outpace your peers in organic growth.
• The evolution of the advisors lists Barron’s has provided to the industry.
• Future opportunities and evolutions at Barron’s.
Key Takeaways:
•Think more about it as a business, not a practice.
•Reducing your responsibilities and bringing on talent will allow your business to grow and thrive rather than just continue as it has been.
•Diversification can help your firm and your clients be less tied to the market fluctuations.
•Your business starts dying the moment you stop thinking about how it needs to change.
"The future is going to be brightest for those advisors who have moved away from, or evolved beyond, an investment-centric focused business. I would want to be with a firm or a team that is trying to position itself as the trusted family counselor." — Sterling Shea
In this episode, Jeff and Brit discuss:
• How Brit evolved from a retail space to embracing her background and love of finances.
• The creation of SavviHer to better serve women in the financial advising world.
• The impact of women in the wealth management field.
• How financial advisors can utilize the resources provided by SavviHer to best serve their female clientele.
Key Takeaways:
• Women, historically, have felt underrepresented and misunderstood by the financial services space.
• Introducing girls and young women to the wealth management field early will give them an idea of a field that they may have known nothing about.
• Courses are currently available, with more to come, and there are more formats of content available through SavviHer to help everyone understand financial management.
• It pays to start now and learn and understand your options.
"The mission of SavviHer is to empower every woman to own her financial future. Women can, and should, do this." — Brit Leiser
Connect with Brit Leiser:
Twitter: @_AdvisHER
Facebook: SavviHer
Website: FinanciallySavviHer.com
Pinterest: SavviHer | Personal Finance
YouTube: SavviHer
Instagram: @financially.savviher
LinkedIn: Brittan Leiser
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/
In this episode, Jeff and John discuss:
• John’s professional journey and what lead him to the forming of Advisor Growth Strategies.
• Finding and retaining fantastic talent.
• The tactic of compensation and equity mandates.
• Thinking readiness and preparedness.
Key Takeaways:
• The single biggest consideration is how you come through to independence.
• Changing pricing through transition gives you a chance to reset and recalibrate the value.
• If your objective as a firm is to grow, you always have to be looking for talent.
• All firms have value, but 4% of the independent market controls 60% of the assets.
"You really have to have a strong conviction as to why you’re doing it." — John Furey
In this episode, Jeff and Jeff discuss:
• Jeff’s professional journey into financial advising and how he built his current business.
• Personal development and coaching.
• The three-step process of becoming a client.
• Creating boundaries and balance in your work and life.
Key Takeaways:
• Sell yourself, your process, and your abilities, not just your product.
• Having a coach is the way to go – keeping you on point, focused, and becoming the best version of whatever you want to do.
• It is more enjoyable to work with a coach and you get better results than working by yourself.
• The planning is the most important thing done every day.
"You don’t pay us to make the plan, you pay us to change the plan." - Jeff Brown
In this episode, Jeff and Ray discuss:
• Ray’s evolution from mailroom to entrepreneurial ventures.
• What it takes to be the best in the business.
• The detriments of failing to plan for your own business.
• Consulting closely-held businesses.
Key Takeaways:
• There are two triggers that you have to pull: the heart strings and the purse strings.
• It’s all about human capital – retention, acquisition of top talent, and developing leaders.
• Human capital is an asset, not a liability. The greatest asset on your balance sheet are your people.
• Develop a specialization and go deep with a very specific marketplace. It can be a great part of a client acquisition strategy.
"Founder focused firms are failures if they fail to plan beyond self." — Ray Sclafani
In this episode, Jeff and Michael discuss:
• Michael’s journey to where he is today as a well-known financial speaker and writer.
• How what’s old is new again pertains to the financial advisor world.
• Succession plans and continuity plans for your business.
• Making sure your client is a client, not just a pot of money.
Key Takeaways:
• It takes about a year to get through each phase of Know, Like, and Trust.
• Firms that now work with the most affluent clients today, started middle market back in the day.
• Build for what you do – it was done 20-30 years ago with less technology and less resources.
• If you want to serve a different clientele, build a different business to serve that clientele.
"Ask yourself, what would you do for work if the money didn’t matter." — Michael Kitces
In this episode, Jeff and Mark discuss:
• Mark’s professional journey to his current position as CEO at BNY Mellon | Pershing.
• How valuation has changed and evolved over the years and how it is moving into multiples of EBITDA.
• Understanding the demographics, your respected competitors, your core strengths, and your definition of success.
• Developing niche and emerging markets.
Key Takeaways:
• Develop a technical specialty, develop an industry specialty, get famous at both.
• There is still room in the financial advisory world for smaller organizations.
• How you do business today will not necessarily get you to where you want to go. Look at the developments in the marketplace and see how the demographics are changing.
• Become the employer of choice to a diverse sector of employees.
"This is such an incredible time to be a financial advisor, but it’s also a very threatening time because it’s business built on the way Boomers wanted to be served, not the way in which subsequent generations want to be served." — Mark Tibergien
Welcome to The Evolving Advisor Podcast! The theme of this podcast is going to be evolution. Like the spirit of Stratos, we will be evolving and focusing on people first and entrepreneurs supporting entrepreneurs.
Listen in and join the fun as we evolve and grow together. What got us to where we are, is not going to get us to where we are going.
This podcast will help you to avoid complacency, share ideas, and focus on where you are going so you won’t be left behind.
Join us as we have fun while we learn, grow, and evolve together.
"People first. People should matter more than business, they should matter more than platforms, they should matter more than bottom line." — Jeff Concepcion
Connect with Jeffrey Concepcion:
Website: https://www.stratoswealthpartners.com
Contact: https://www.stratoswealthpartners.com/contact
Twitter: https://twitter.com/Stratos_Wealth
Facebook: https://www.facebook.com/stratoswealthpartners
LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/