Financial Advisor Success Podcast Archives

Welcome everyone! Welcome to the 465th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Todd Pisarczyk. Todd is the founder of Momentous Wealth Management, an RIA based in Vancouver, Washington, that oversees approximately $400 million in assets under management for 400 client households.

What's unique about Todd, though, is how he worked his way through the choice of whether to sell or keep his firm after hitting a complexity wall by analyzing both the numbers (creating his own spreadsheet in the process) and the lifestyle considerations of this decision.

In this episode, we talk in-depth about how Todd found that as his business grew (to around 350 clients) he became frustrated by the increasing lack of freedom and time (despite the financial success of the firm itself), how Todd started receiving offers to acquire his firm (which led him to consider what he wanted the rest of his career [and future ownership of the firm] to look like and what would be most financially advantageous for himself), and how Todd built a spreadsheet to analyze offers that showed that holding on to the firm (even if it meant eventually selling at a lower multiple to internal successors) could lead to a better financial outcome (particularly given the strong growth his firm was experiencing).

We also talk about how Todd, after deciding against selling his firm, brought in newer advisors, which both helped to spread out the workload of the growing firm but also energized him by allowing him to spend more time coaching these new hires, how Todd worked with a consultant to document and build out his firm’s processes to streamline operations and more efficiently scale, and how Todd has found that time blocking (including adopting a surge meeting structure that fits his needs) has allowed him to have more control over his schedule and gives him time to both work in the business and on the business.

And be certain to listen to the end, where Todd shares how his forward-leaning approach towards technology adoption has not just been about gaining efficiency but also freeing up time to provide a deeper level of planning for his clients (which has led to an increased pace of client referrals), how Todd has prioritized creating an attractive client experience to differentiate his firm at a time when clients have many ways to tap into comprehensive financial advice, and how Todd’s idea of success has shifted over time from constantly seeking ‘more’ (in terms of clients, AUM, or other factors) to creating an environment where the next generation of advisors at his firm can be successful themselves.

So, whether you’re interested in learning about making the decision to keep or sell a firm when approaching a complexity wall, keeping financial and personal considerations in mind when making this momentous decision, or leveraging technology to provide a deeper level of financial planning and generate more client referrals in the process, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Todd Pisarczyk.

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Welcome everyone! Welcome to the 463rd episode of the Financial Advisor Success Podcast!

My guest on today's podcast is David Stevens. David is the president of Stevens Capital Partners, an RIA based in Omaha, Nebraska, that oversees approximately $500 million in assets under management for 475 client households.

What's unique about David, though, is how he is able to generate 10 to 15 client referrals per week by coaching his clients to make more effective introductions to friends and family members who might be good-fit clients for his firm.

In this episode, we talk in-depth about how David helps clients understand that making referrals is a 'normal' practice (encouraging them to do so without being asked to do so directly), how David raises the topic of referrals during the discovery phase with prospects (sometimes introducing the possibility of aggregated fees for family members that come on as well), at the recommendations meeting with new clients (after his firm has been able to show that it's able to address the client's pain points), and at the 60-day mark with clients (after they've had first-hand experience with the firm's service offering), and how David encourages clients to make a warm introduction through texting, with the referred prospect and the advisor on the message (which he finds tends to produce higher response rates compared to an email or simply passing along the firm's phone number).

We also talk about how David's firm has developed four client segments (based on their wealth and complexity) and how the firm's advisors typically work with a single segment to match their skills to that segment's needs, how David created a service offering for next-generation clients who might not meet the firm's minimum asset requirements but can be served effectively and efficiently by having one advisor focus on this entire segment, and how David, after recognizing the depth of service his firm provides, raised his fees for new clients and transitioned existing clients to the new fee schedule over time (doing so in a one-on-one conversation rather than with a blanket email), finding little pushback based on their experience and relationship with his firm.

And be certain to listen to the end, where David shares how he created a written guide to business development that lays out a step-by-step process, from handling an initial contact through ten years working with a client (to support advisors who come to his firm without formal sales training), how David overcame the challenge of having to let staff members go when they have strong technical skills but might not be a culture fit for the firm, and how David ultimately views success as how many people are better off because of his work (including how his firm gives away 10% of its profits to charity).

So, whether you're interested in learning about generating more client referrals by having clients make more effective introductions, establishing client segments, or effectively communicating a fee increase to clients, then we hope you enjoy this episode of the Financial Advisor Success podcast, with David Stevens.

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Welcome everyone! Welcome to the 458th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Lisa Brown. Lisa is the president of Greenwood Gearhart, an RIA based in Fayetteville, Arkansas, that oversees approximately $1.8 billion in assets under management for 1,070 client households.

What's unique about Lisa, though, is how her firm has implemented an approach of "calm excellence" (in contrast to a practice of "urgent perfectionism") that has allowed her firm to manage its rapid growth while maintaining a high level of client service and mitigating potential burnout amongst staff members.

In this episode, we talk in-depth about how Lisa's firm made the transition from being investment-centric to being planning-centric (helping it avoid fee compression and maintain the same fee schedule it's had for its 43- year history), how Lisa's firm experienced significant growth after developing its comprehensive planning model (while also adding significant work for the firm's staff), and how Lisa found that striving for perfection in the planning process led to burnout amongst team members (who sometimes would work past midnight trying to create the best possible plans and client experience).

We also talk about how Lisa recognized that her team was likely on an unsustainable path and instead developed a framework of "calm excellence" (which her firm defines as "Striving to be our best with measured and paced progress while allowing ourselves to learn and grow from challenges and mistakes"), how Lisa's approach has her team focus primarily on what matters most to the client and what's going to move the needle for them (reducing the number of supposedly "urgent" tasks they face during the day), and how Lisa's "calm excellence" model has led to more efficient (and fewer) work hours for her staff and an element of mutual respect with clients (as both the firm and the clients focus on what's most important).

And be certain to listen to the end, where Lisa shares how her firm reduced the number of internal meetings to two (a daily huddle and a regular investment committee meeting) and only brought back other meetings on an as-needed basis (freeing up staff time for more important tasks), how Lisa's firm has boosted morale by implementing a "kudos" program that allows team members to publicly recognize peers (and award them with a $100 gift card), and how Lisa overcame her own perfectionist tendencies through coaching, reading, and journaling and ultimately embrace the calm excellence framework.

So, whether you're interested in learning about how to overcome the temptation of perfectionism, how to incorporate a framework of "calm excellence" across an entire firm, or how to effectively reduce the number of meetings on team members' calendars, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Lisa Brown.

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