Advisor Talk with Frank LaRosa

The advisor community is starting to question the NFT trend, which is gaining significant media attention as of late, and rightly so. For starters what is an NFT? The concept is confusing to many. Essentially an NFT, or Non-Fungible Token, is new category of commerce that trades crypto currency for a unique piece of digital content. So, why should this matter to financial advisors? Listen in as Elite Consulting Partners CEO Frank LaRosa and COO Dale Dempsey break down the NFT topic.

Key discussion points include:

*The rapid upward trajectory of NFT purchases, with some NFT acquisitions totaling millions of dollars.

*NFT client indicators including risk tolerance and excess capital to spend.

*How NFTs relate to block chain technology and the concept of 1 of 1.

*Industry implications of NFTs including their use as an alternative investment.

It's important for every financial advisor to realize that just because you don't fully understand NFTs doesn't mean you should dismiss the concept outright or be unwilling to learn it. The current popularity of NFTs is undeniable and it is only a matter of time until your clients start wondering how it impacts them. Get prepared now so you can talk about NFTs with your clients and guide them in the right direction. Because the fact is, as with any financial trend, you need to have the conversation with your client before someone else does.

Advisors today have 100% control of their businesses but make no mistake you can't have the glory of the practice and firm partner you want without being willing to put in the grind to make it happen, as Elite Consulting Partners CEO Frank LaRosa and COO Dale Dempsey explain in this episode. If you are an advisor who isn't happy with your firm partner, the fact is you need to be committed to doing the work to change your situation. Afterall, it has never been easier for an advisor to make a transition than now.

So, what does 'No Grind, No Glory' look like for a financial advisor? It means:

1) Putting in the hours necessary for your goal and making that time count, not just punching a clock.

2) Using hard work as training so that when opportunities arise you are prepared for the challenge.

3) Living in an abundance mindset and being willing to take the massive action necessary to achieve.

4) Being willing to bet on yourself and taking risks in order to make your goals a reality.

Given the transition opportunities available today, it is important that every financial advisor take stock of their current firm partner and decide if that is really where they want to be. If the answer is no, then take action and fix it. Whatever you are going through today passes. You have to have big, lofty goals in your life and be willing to work hard and execute for them to actualize. So, the big question is - are you ready to get to work?

Financial Advisors may not be giving credence to the crypto currency trend circulating social media, but it is still important to pay attention as Elite Consulting Partners CEO Frank LaRosa and COO Dale Dempsey discuss in this episode. Crypto currency has gained a following with younger people and make no mistake - they are sharing what they are learning with their parents. As a financial advisor, it is important that you protect your flank by staying knowledgeable about all financial trends - good or bad - so you can be of service to your clients.

Key points Frank and Dale cover related to crypto currency include:

1) The important role social media is playing in the perceived validity of crypto currency.

2) Crypto currency as a 'too good to be true' scam.

3) Why the crypto currency trend matters - whether you agree with it or not.

The best financial advisors stay up to date on any and all financial services trends that may influence their client's decision making. By being able to speak to the risk scenarios of crypto currency you prove yourself a resource, which is a vital component of managing your client's portfolio now and protecting its legacy for generations to come. 

Advisors contemplating a transition have many reasons for making a move; however, the financial upside is always at the top of the list. Given how hot the transition market is right now, with firms offering ever increasing transition deals to attract the right talent, it may be tempting for an advisor to make a move based solely on a large upfront payout. As Elite Consulting Partners CEO Frank LaRosa and COO Dale Dempsy explain in this episode, make no mistake - that large upfront number is not a deal it's a loan, and advisors need to consider that when evaluating their transition opportunities.

Key points Frank and Dale cover in their discussion include:

*transition deals as a reflection of a firm banking on an advisor's future success.

*how firms back into transition deal numbers and the potential impacts on future payout structures.

*is forgoing a transition deal possible and what the economics of making that move might be.

*what succession upside can be realized when utilizing a transition deal as part of a dual-monetization strategy.

There are tremendous opportunities for advisors considering a transition, but it is important to know what you are getting into. Everyone's situation is different and only you know what is right for you. Consider working with a transition consultant to evaluate your opportunities. Be candid with your consultant about your financial and career goals. Then let your consultant help you navigate the complexities of understanding the transition deals available. This is a strategy for success and ensures you realize not just your monetary goals, but your firm partner goals as well.

Health insurance is an important issue for financial advisors considering independence. Among the primary concerns are how to navigate the process of establishing health insurance and the ultimate cost. To-date the choices and resources for establishing health insurance for independent financial advisors have been limited at worst and confusing at best, but that has all changed with the launch of a new health insurance program by the Financial Services Institute (FSI). In this episode, Elite Consulting Partners CEO Frank LaRosa is joined by Chris Paulitz, Head of Strategic Initiatives at FSI, for an in-depth discussion of the organization's new health insurance program and the benefits the program offers to advisors.

Key discussion items related to the FSI health insurance program include:

*the history behind FSI's development of this proprietary health insurance program and how it is a game-changer for advisors.

*the qualifications for enrollment, most importantly that an advisor can register as an individual for major medical coverage for themselves and their families as long as they have a federal tax ID or CRD number.

*the financial savings the FSI health insurance program offers advisors and the specifics of the program itself.

*how to take advantage of the FSI health insurance plan, whether you are a sole practitioner or part of a team.

There is no doubt that financial advisors will sit up and take notice of the FSI health insurance program and want to learn more. For those advisors wishing to explore the new FSI health insurance option, or receive a rate quote, information is available at www.AdvisorHealthPlan.org. For those advisors interested in other FSI programs, among them life insurance, long-term disability, short-term disability, individual and group policies, and more, visit www.FSIbenefits.com and enter access code FSI4ME.

The best business relationships don't just happen, they are built upon years of common philosophy, networking, goals, and achievement. One such relationship that certainly fits that bill - and more - is that between Elite Consulting Partners CEO Frank LaRosa and his new Head of Business Development Kevin Frank, who joins in for this episode. Frank and Kevin have more than two decades of friendship and camaraderie behind them. Their collaborations early in their careers resulted in achievement and their vision for the future of financial services informs their actions in the now at Elite Consulting Partners. Join Frank and Kevin as they discuss the financial services industry, their unique philosophy on recruiting, and their shared purpose of realizing advisor hopes and dreams.

Specific topics covered include:

*how Kevin's career in the wholesaler space uniquely positioned him for achievement in recruiting, most recently at Cetera and now at Elite Consulting Partners.

*the power of engagement through questioning and listening and how these skill sets result in successful recruiting relationships between the consultant and advisor.

*understanding that there is no 'one size fits all' method to advisor recruiting and that building relationships with advisors founded on trust result in career decisions that are rewarding and fulfilling.

The conversation between Frank and Kevin is candid and their enthusiasm for the financial services industry and what recruiting can achieve for advisors is infectious. Listeners can be assured to tap into that same energy and ambition while taking away a new understanding that the opportunity is now for advisors considering their options for their future.

Wells Fargo's decision to leave the international space is a move that makes sense, as Elite Consulting Partners CEO Frank LaRosa and COO Dale Dempsey discuss during an episode which highlights the pluses and minuses for firms interested in considering international business. The fact is international financial services is a high-stakes game that is not right for every firm or advisor. In order to be successful, knowing who you are and aren't as an organization is a vital component of success.

Considerations for firms with an international business line include:

*time zone constraints.

*overcoming language barriers.

*managing to different laws and regulations.

*leveraging varying degrees of brand recognition.

The international space for financial services is most certainly a case of risk versus reward. A high level of depth, accuracy, and sophistication is needed in order for a firm and its advisors to achieve internationally. It simply isn't a space where dabbling can actualize results - you are either all in or all out. Learn directly from Frank and Dale where the industry goes from here and how advisors and firms interested in the international space can capitalize on the niche.

Financial advisors are well aware of their traditional competition, be it advisor vs. advisor or W-2 vs. independent. However, few advisors are aware of a new competitor lurking just in the shadows yet already working hard to take their piece of the client asset pie. In this episode, Elite Consulting Partners CEO Frank LaRosa and COO Dale Dempsey expose the newest competitor in the wealth management space - large payroll companies such as ADP and Paychex - and pull back the curtain on the tactics these large service providers are using to solidify their wealth management market position.

Specifically, Frank and Dale discuss:

*how large payroll firms are using their traditional service offerings as a loss-leader entry point to gain 401K business.

*the projected trajectory of payroll firms in securing wealth management assets as it is only a matter of time until they branch out beyond 401Ks.

*the impact of scale and pricing and how large payroll firms are using them as leverage to obtain client wealth management assets.

*the strategies a financial advisor can use now to protect themselves from the creep of large payroll firms andestablish themselves as a center of influence for their clients.

Being aware that competition from large payroll firms exists is just the first step for financial advisors. Regardless of what type of firm you are at, whether institutional or independent, Frank and Dale outline the actions you can take now that offer the solution to hidden competition from large payroll firms

Every financial advisor intends to grow their AUM and build their client list, but have they developed a solid marketing and branding strategy that delivers on generating consistent sales growth? Get out your pen and paper and get ready to take some notes as Elite Consulting Partners CEO Frank LaRosa is joined by Jeremiah Desmarais, CEO of the Advisorist for a strategic conversation that outlines specific marketing and branding actions advisors can use now to increase their AUM and take their practice's success to new levels.
 

Tactical guidance which Frank and Jeremiah share include:

*the importance of a digital marketing and virtual sales strategy in developing a funnel of qualified client leads.

*the role compliance has played in how an advisor traditionally approaches their marketing.

*why targeting a niche demographic on social media achieves the best results.

*how to become a 'power networker' and why your communication style matters.

*generating a unique sales and branding proposition that works.

The conversation between Frank and Jeremiah is dense with valuable insight for advisors ready to up their game - but it doesn't stop with this episode. For advisors interested in learning more, join Frank and Jeremiah at the Virtual Financial Advisor Summit on Wednesday, February 10th. This Free, 1-Day event - which is the largest annual gathering of advisors in the insurance and financial services space - takes place 100% online. Frank will be one of more than a dozen speakers teaching advisors the strategies that the Top 1% of advisors are using to retain, grow, and scale their business. Access your free ticket today at http://virtualfasummit.com/?utm_source=larosa - we look forward to 'seeing' you there.

Forming personal and professional relationships with colleagues whose opinion you respect - and with whom you can have a candid discussion - is paramount to success in all areas. In this episode, Elite Consulting Partners CEO Frank LaRosa is joined by long-time friend and collaborator Austin Philbin, Chief Administrative Officer of Dynasty Financial Partners, for a just such a discussion which encompasses life, family, business, and the connectivity between them all.

Topics which Frank and Austin dive into include:

*looking to the development of our children in both mind and spirit as a guidepost to fostering our own growth mindset.

*establishing productivity routines and focusing effort and energy in order to align goals and vision with activity.

*physical fitness as the 'secret sauce' for mental acuity.

*the dynamics of successful financial services teams and how the interplay between individual roles, group cooperation, and dynamic thinking lead to innovation and prosperity.

*a behind-the scenes look into Dynasty Financial Partners and the firm's approach to leading its advisors to success.

*what advisor independence actually means and the sources from which trends towards independence flow.

As with any conversation between old friends, Frank and Austin cover a lot of ground. Take advantage of this opportunity to join in on a no-holds-barred conversation between two industry leaders, confidants, and forward-thinkers and learn the optimal strategies that can guide you towards achievement, fulfillment, and abundance in all areas of life.