The transition to fee-based services has prompted advisors to prioritize fee-worthiness, with clients focusing less on cost and more on perceived value.
Plus, the complexities of relationship management may be amplified in a B2B upscaling model.
In this episode, Duncan MacPherson speaks with Bill Sowell, CEO of Sowell Management, about the distinction between salesmanship and stewardship, and what it takes to cultivate lasting client relationships. They also talk about the shift from a B2C organic growth model to a franchise-ready B2B upscaling model.
They discuss:
Being a consolidator versus adopting a methodical organic growth model
How Bill’s firm struck a powerful balance between the proverbial Wall Street-Main Street dynamics
Why advisors should never lose sight of relationship management
The path to strong advisor partnerships and an effective fit process
How technology and the Great Wealth Transfer are shaping financial services
Bill began his career in the financial services industry in 1990 and quickly became a top producer within the industry. In 1995, he began a fee-only practice now known as Sowell Management, which services a broad spectrum of some of the top Independent Advisor Representatives (IARs), and Registered Investment Advisors (RIAs) in the United States. He and his wife, Cindy, have worked as a team for more than 20 years. Bill is a bridge builder. He is passionate about helping advisors see an independent and prosperous future and guiding them through the entire journey.
In the fast-paced and ever-evolving world of financial advising, get ready to discover timely and timeless strategies that help you achieve professional contrast and create enduring value for clients.
In this 50th-episode special, Duncan MacPherson is back with co-author of The Blue Square Method, Chris Jeppesen, Chief of Advisory Practices at First Trust. Gleaning from their life experiences and the success stories of high-performing advisors, they share valuable best practices to achieve long-term growth.
They discuss:
Why more and more advisors are finding personal rejuvenation in their work
The upcoming retirement wave in the industry and the opportunities it presents
A process-driven approach to exhibiting empathy and personalization
How AI is revolutionizing financial services
The power of testimonials in building trust and attracting clients
Chris Jeppesen is the head of advisory practices at First Trust, a firm known not only for its robust investment product line which includes UITs, ETFs, SMAs, and VAs (to name a few) but also for its commitment to the growth of financial advisors. First Trust has dedicated many years to finding (and investing in) creative ways to help financial advisors grow their practices. Chris’ goal over the last 18 years has been to give financial advisors the tools to develop an efficient business model focused on building long-term client trust and loyalty. Chris is also the co-author of The Advisor Playbook and The Blue Square Method.
For years, financial advisors saw themselves as brokers, being mostly transactional and product-driven.
Today, advisors wear many hats. It’s no longer just a book of business, but an actual business!
In this episode, Duncan MacPherson joins Max Winthrop, CEO, and Lucas Winthrop, COO, of Winthrop Wealth and long-time clients of Pareto Systems. They emphasize the importance of embracing a C-suite approach to streamline core business functions and deliver a consistent and elevated client experience.
They discuss:
How to build effective functional teams with high functional accountability
How key C-suite positions can be refined and optimized for an advisory practice
The need for a philosophical alignment across the firm, which spills over to clients and strategic partners
Strategies for creating a process-driven and well-integrated business structure
Max Winthrop is the Chief Executive Officer at Winthrop Wealth. Max has consistently challenged the industry norms for wealth management providers, investing in creating a team-based wealth management experience that is complemented by a cutting-edge technology platform. He has over ten years of experience in the financial services and investment management industry. He is responsible for setting the firm’s strategy, broadening the service offering, and constantly working to enhance the client experience.
Max spearheaded the creation of the Winthrop Wealth Registered Investment Advisor (RIA) in 2017, implementing a partnership structure, a scalable technology infrastructure, and built out an experienced team of professionals. Since the creation of the new RIA, Winthrop Wealth has grown its asset base of regulatory advisory assets, won numerous employer awards, and was recently named to the INC 5000 (2021) list of fastest growing private companies.
Max’s prior work experience with a Fortune 500 Financial Organization equipped him with a leadership/management skillset. He also spent time as an investment analyst structuring large, institutional, Regulation D private placements.
Max believes that the industry needs an injection of youth and is working towards extending services, previously reserved for only wealthy individuals, to the younger millennial generation.
Lucas Winthrop is the Chief Operating Officer at Winthrop Wealth, where he collaborates with the leadership team to shape the firm’s strategic direction and plan. He plays a crucial role in focusing and marshaling firm resources to see the firm’s vision come to fruition. Winthrop Wealth’s current strategic plan includes initiatives related to building exceptional teams, implementing innovative solutions, and designing streamlined processes and structures to help drive scalable, positive outcomes. With over a decade of experience in financial services, Lucas is determined to disrupt outdated industry practices and usher in a new era of possibilities by focusing not on what has been but instead asking what could be.
To drive business optimization and strong business performance outcomes, Lucas focuses on anchoring and fostering a culture of collaboration and innovation that is ready to disrupt outdated industry practices or take advantage of disruption. Since launching the RIA alongside his brother Max in 2017, Winthrop has achieved remarkable success, including securing a coveted position on the esteemed INCE 5000 (2021) list of the fastest-growing private companies. Before joining Winthrop Wealth, Lucas was co-founder and CFO of a non-profit organization, and co-founded a music entertainment company.
Lucas’s obsession is to find out what interests and drives those around him and to unlock their utmost potential. With a profound love for the financial services industry, he enjoys connecting with his industry peers and assisting them in optimizing their businesses.
Have you ever stepped into your clients’ shoes to see your business from their point of view? Understanding how they perceive your value is key to building lasting relationships.
In this episode, Duncan MacPherson engages in a thought-provoking conversation with Steve Phillips, Chief Practice Management and Development Officer at USA Financial and a consultant at Pareto Systems. Together, they explore strategies for effectively articulating your value proposition and turning clients into enthusiastic advocates.
They discuss:
Three golden questions to ask your existing clients
The path from endorsements to introductions (i.e., quality referrals)
How “client advisory councils” and “ideal client meetings” can rejuvenate your relationships and generate valuable feedback
Powerful ways to position (not pitch!) your value to clients
Steve Phillips is the Chief Practice Management and Development Officer, joining USA Financial in 2019. He leads the coaching and consulting team working with USA Financial advisors to increase the enterprise value of their firms through tailored ongoing and evolving practice management initiatives. In addition to Steve’s integral role within the coaching team, he works with the sales team to develop strong and productive partner relationships with advisors. This interconnective approach between coaching and sales strategically elevates the overall client experience provided.
Steve Phillips is also a Pareto Certified Practice Management Consultant at Pareto Systems. He has spent over 25 years in the financial services industry as a speaker, trainer, and educator working with advisors, product development firms, and carriers.
Advisors, are you looking for ways to rejuvenate your client relationships?
Creating a meaningful impact in their lives is only a part of it. It’s equally important that your clients know (and appreciate) your value and process!
In this episode, Duncan MacPherson joins Matt Cardella, a financial advisor at Raymond James. Matt shares how his business has achieved professional contrast and improved relationships with a process-driven approach.
They discuss:
How to make your message more compelling by thinking beyond the technicalities
The significance of converting ideas into intellectual property
Connecting “authentically” with your clients
How to make your clients appreciate you more
The path to greater work-life balance as a financial advisor
Matt began his career at Edward Jones in 2002 with a strong desire to help people make good financial decisions. In 2003, Matt hung out his shingle in Hinesville, Georgia. After 17 years, he made the change to Raymond James. Matt, along with his team, helps families and business people with their investments, but there is much more to it than just money. Matt and his team are committed to supporting their clients in every aspect of their lives, and finances are just the beginning. They recognize that financial well-being impacts many other areas of life. Their commitment to provide personalized and comprehensive planning goes far beyond investments. They help their clients navigate toward a brighter future with financial confidence.
It is very common for first-generation, self-made, affluent people to shield their children from hardships.
But that safety net can become a hammock of complacency…and entitlement!
In this episode, Duncan MacPherson joins Jeff Savlov, family business and wealth consultant, and the founder of Blum & Savlov, LLP. They discuss how to address family dynamics in wealth management — ultimately avoiding strained relationships among all future inheritors of wealth.
They discuss:
Why family dynamics play a crucial role in continuity and succession planning
Major challenges in family business succession (and how to address them)
Resources for financial advisors to help address family issues faced by affluent clients
How to engage families — including children — in the financial planning process
Jeff is the Founder of Blum & Savlov, LLP and consults with business families, legacy wealth families and the advisors who serve them. He brings more than 30 years of unique experience in sales and marketing, business ownership, entrepreneurial endeavours and family dynamics/psychological training, along with a common-sense style, to his consulting work with families. By integrating his diverse business background, extensive academic work and family dynamics/psychological training with his experience working in his family’s commercial printing business, Jeff helps enterprising families balance family and business/wealth so both will thrive for many generations.
People are bombarded with hundreds of emails and messages daily.
In a world dominated by digital communication, you need to do something that stops your clients in their tracks. You have to snap them out of the trance… But how?
In this episode, Duncan MacPherson joins Cathi Durrell, owner of Lavish Cards, to discuss how to build intimate relationships through personalized, hand-made cards that your clients will treasure for years to come! Get ready to get at least one good idea to elevate your client experience.
They discuss:
The emotional impact of receiving a surprise card
Real-world examples of greeting cards serving as a bridge for referrals and advocacy
Simple yet incredibly effective ideas for lumpy mail
The use of AI in enhancing the card-sending experience
Why greeting cards are a great way to connect with the next-generation
Cathi Durrell, along with her husband Glen, who is a professional photographer, are the owners of Lavish Fine Art Cards, a company they co-founded 11 years ago. Lavish has grown extensively over the past 11 years and specializes in catering to the bespoke communication needs of its clients. The entire crew at Lavish is committed to creating and supplying the highest quality greeting cards. In her spare time, Cathi enjoys travelling and exploring “the back roads” with Glen in search of the next image for Lavish.
Selling a business is a once-in-a-lifetime opportunity for many advisors.
Do you really want to rush into the transaction? Or do you want to make sure you find the right buyer, receive maximum enterprise value, and leave your clients in good hands?
In this episode, Duncan MacPherson interviews Martin Luc Derome, president of Queenston. Specializing in mergers, acquisitions, and valuations in the financial services industry, Martin has invaluable insights for both buyers and sellers on how to navigate the transaction successfully and effectively.
They discuss:
The dos and don’ts of M&A in financial services
Actionable steps that help you maximum your enterprise value
Queenston’s proprietary process to navigate a business sale from start to finish
How to find the ideal buyer/seller (beyond just AUM or EBITDA)
Martin Luc Derome is a seasoned business leader with over 25 years of experience in finance and insurance. He currently serves as President of Queenston M&A Inc., specializing in mergers, acquisitions, transfers and valuations in the financial products industries. He has held executive positions at Financial Horizons Group, and worked as M&A consultant for high-net-worth individuals, business owners, and professionals. Martin Luc is a trusted consultant dedicated to providing personalized solutions to clients. Mr. Derome has successfully completed the “Certified Financial Planner” program.
Do you want to attract, engage, and retain clients without having to spend too much time on tedious marketing tasks?
In this episode, Duncan MacPherson speaks with Kevin Mulhern, CEO and co-founder of AdvisorStream, a digital marketing platform for financial advisors. They talk about making small tweaks to achieve organic growth, focusing on relationship management and automated marketing.
They discuss:
How AdvisorStream helps advisors deliver highly personalized content through a data-driven approach
Three key drivers to exceed expectations: needs-based, values-based, and goals-based
Biggest reasons why clients leave advisors (and how to tackle them)
Empowering your network to become referrers by giving them something to talk about
As an entrepreneur who brings a deep background in the financial service industry, Kevin’s passion has always focused on developing solutions for firms and advisors that create efficiencies, streamline workflow, drive new business and deliver measurable ROI.
During his career, Kevin has worked for both large and boutique wealth management firms while developing a rich background in new media, big data and web-based services. After witnessing a growing need for marketing automation, he brought together a team of like-minded technology and experienced industry experts in 2013 to launch the award-winning AdvisorStream digital marketing platform. Today, AdvisorStream successfully automates millions of personalized communications each week for Advisors across the US, Canada and the UK.
The biggest value-add advisors offer to their clients does not lie in the rates of return or complex financial reports. It lies in the advisor-client relationship!
In this episode, Duncan MacPherson speaks with Tyson Ray, CFP®, CExP®, CIMA®, founding partner at FORM Wealth Advisors, about the concept of Total Relationship and how it can help you grow your business organically — while maintaining a sense of purpose.
They discuss:
Why relationship-based growth might be better than growing through acquisitions
Areas where financial advisors add significantly greater value than AI coaching
Strategies to improve relationship management (For example, Up or Down™ by Tyson)
Tyson Ray first learned about investing and the stock market during an economics class in his sophomore year at Badger High School, and at 16 years old, he decided to invest $100 into two different mutual funds. This was his first step on a path he continues to traverse today: using financial strategy to help make people’s lives better.
Over the past 25+ years, Tyson has sought to expand his knowledge and expertise through Yale School of Management, Investment Management Theory & Practice, CIMA Certification Registration Education Program, including obtaining the Certified Investment Management Analyst® (CIMA®) Certification and through the College for Financial Planning for the CFP® Certification, including obtaining CERTIFIED FINANCIAL PLANNER™ Certification. Tyson received his Certification in Business Exit Planning to better help entrepreneurs and business owners transition to selling their life’s work.
