My guest on today's podcast is Dana Anspach. Dana is a financial advisor and the founder of Sensible Money, an advisory firm based in Scottsdale, Arizona, that oversees more than $130 million of investment assets for retired - or nearly-retired - Baby Boomer clients.
What's unique about Dana's advisory business, though, is that while the industry has been focused on the idea that younger Gen X and Gen Y clients will want to work with financial advisors virtually, Dana has built a firm where all of her 110 virtual clients – from as far away as Hawaii and Alaska – are Baby Boomers, not Millennials. And Dana attracts those virtual Baby Boomer clients to her specialized retirement planning solutions through her online writing on platforms like About.com's Money Over 55 section, Marketwatch's RetireMentors, and her own book "Control Your Retirement Destiny", which collectively are generating over 100 online prospects every year. And those virtual Baby Boomer prospects start by filling out a 40-question pre-meeting data gathering form, just to have the opportunity to talk to someone on Dana’s team about potentially working with the firm!
In this episode, Dana talks in depth about how she attracts prospects, screens them, presents her services to them, and onboards them, all without ever meeting them in person. She also shares the exact 3-meeting financial planning process she uses to generate a nearly-$7,000 average financial planning fee (without needing a separate data-gathering meeting), and why she chose to use a TAMP – a third-party asset management platform – to implement her client portfolios, while charging an overall 1.25% AUM fee for ongoing investment and retirement planning services.
We also talk about what technology tools Dana uses to deliver her services to her fully virtual clients, how she has systematized large portions of her practice – to the point that she's been able to hand off most her prospects and clients to employee advisors she's hired into the firm – and why she compensates the advisors in her firm with a base salary plus bonuses instead of the more "traditional" payment of a percentage of client revenue.
And be certain to listen to the end, where Dana talks about how she's leveraged the value of outside coaches to work through the inevitable challenges that have arisen in her practice, and how she structures her week to allow for the time she needs for client meetings, staff management, and still being able to do all the writing that continues to bring in new virtual Baby Boomer clients to the firm.
So whether you’re trying to have more success getting new clients through online and digital marketing, or simply want some perspective on how a retirement planning niche advisor has built her business, I hope you enjoy this latest episode of the Financial Advisor Success podcast!