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.
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.
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.
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.
The financial services industry has experienced colossal changes over the last decade. Today, advisors are on a collision course with commoditization like never before!
As a result, coasting is not an option moving forward. It’s either climbing or fading to irrelevance.
In this episode, Duncan MacPherson speaks with Chris Jeppesen, chief of advisory practices at First Trust, on why advisors need to shift their mindset and focus more on relationship and practice management to grow their business.
They discuss:
Insights into The Blue Square Method (and how it differs from The Advisor Playbook)
How to identify and address early symptoms of loyal fatigue in clients
How to effectively engage your team in a profound gap analysis
Four ways to be “always on” and fulfill your clients’ unmet needs
What elite, forward-looking professionals are doing to achieve scalable growth
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.
Aside from a prospectus, product brochure or statement, your business has become extremely virtual and complex. Adding tangible tools to your approach helps remind both your affluent clients and your prospective clients that there are two types of advisors – salespeople and consultants – and what the differences between the two are.
In this episode, Duncan MacPherson joins Cathi Durrell, owner of Lavish Cards, to discuss how one of the best strategies a fee-for-service professional can do to take their relationship management to the next level.
Cathi discusses:
Actionable strategies that lead to client loyalty, client engagement, and client advocacy
How greeting cards reinforce your image as a goal-based professional
What to do if you can’t find the time to send out personalized greeting cards
Unconventional card ideas to improve your branding
About Our Guest: 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 their clients. The entire crew at Lavish are committed to creating and supplying the highest quality greeting cards. In her spare time, Cathi enjoys travel and exploring “the back-roads” with Glen, in search of the next image for Lavish.
Over the last 18 months the best advisors have separated themselves from the rest, but how did they do it?
In this episode, Duncan MacPherson is joined by Chris Jeppesen of First Trust. They discuss what they’ve seen in the last 18 months, and what the best advisors and teams have done to separate themselves from their competitors. They also touch on what separates the best wholesalers from the rest.
Chris discusses:
What the last 18 months have revealed about the best advisors
What the fastest growing advisors are doing to propel themselves upward in the future
The type of adjustments elite teams have made in their approach toward clients
What is separating the best wholesalers from the rest
Since joining First Trust in 1997, I’ve met with thousands of brokers, advisors, and wealth managers learning the vital elements that have the most meaningful impact on delivering a consistent investment experience, scalable growth, and predictable revenue. I coach a select group of advisors and collaborate with business development areas of select firms with long-standing relationships with First Trust. I share what I’ve learned with thousands of advisors each year as a frequent guest speaker at financial advisor conferences across the country.
