Becoming An Elite Financial Advisor With Sten Morgan

In the podcast, I talk with Justin Goodbread who shares his four-point framework for maximizing the value of financial advisory firms. 

Key points include consistently knowing your company's value, understanding the potential worth of a best-in-class business, focusing on increasing value rather than just profitability, and having a strategic plan with actionable items. His application of these principles led to seven- and even eight-figure exits for his businesses. 

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A fascinating behind the scenes interview with an industry veteran, and Sten’s personal friend, Paul LaPiana of MassMutual. What’s the best path to take in this industry? What’s the future of financial planning? 

Discover how MassMutual has transformed its approach to financial planning, making it a core part of the advisor-client relationship. You’ll hear about the shift from traditional methods to a more dynamic, fee-based model. Enjoy this peak behind the scenes of a major company in our industry. 

Thank you to our guest Brian Mawhinney, VP- Head of Financial Planning & Practice Management at MassMutual.

Today we dive into the metaphor of map-making and its profound relevance to the financial advisory industry. Advisors, much like historical explorers, can guide their clients through the uncharted territories of financial planning. 

Here are the key takeaways:

1. Embracing Uncertainty: Navigating Without a Map

When was the last time you tried to find your way without a map? We discuss why the map maker has all the power. 

2. The Role of Financial Advisors as Mapmakers

Effective advisors are like historical explorers who document new paths. This willingness to embrace the unknown is crucial for guiding clients. 

3. Creating Clarity and Systems

Developing clear, understandable systems is essential. Advisors must ensure their processes are transparent and easy for clients to follow.

4. Building Relationships and Networks

Just as explorers relied on relationships, advisors need to build networks. These connections can provide vital resources and support for navigating complex financial landscapes.

5. Embracing Change and Innovation

Step outside your comfort zone, and innovate. Seeking mentorship, accountability, and collaboration will accelerate growth.

6. The Path Forward: Proactive Mapmaking

Proactive mapmaking involves creating clarity in processes, building relationships, and embracing uncertainty.

This episode is a goldmine of practical advice and strategies that can help you enhance your practice through college planning. 

We had the pleasure of chatting with Joel Wymer, a seasoned financial advisor from Kent, Ohio, who brought a wealth of knowledge on the ever-important topic of college planning. Whether you're a seasoned advisor or just starting out, this episode is packed with insights that can help you connect with clients and grow your practice.

Here are the key takeaways you won't want to miss:

The True Value of College Planning:

• Joel explains how a fee can be justified by the immense value provided. This initial engagement can lead to long-term relationships.
• Effective Marketing Strategies: Practical tips for attracting clients, such as hosting informational sessions at local libraries or schools, leveraging social media, and engaging with parent-teacher associations (PTAs).
• Gaining Knowledge and Expertise: In just ten hours you could study the intricacies of college costs and financial aid. This focused study can significantly enhance your ability to assist families.
• Tricks of great planning: Understanding the FAFSA form. Joel shares a personal story about how a simple mistake in filling out the FAFSA cost him tens of thousands of dollars in potential aid.
• Who to target: Business owners represent a valuable niche for college planning services. Many are unaware of strategies that could help them save significantly on college expenses for their children.

Ready to dive in? Listen to the full episode now and start transforming your approach to college planning!

Wholesalers can be a waste of time or they can help you grow your business, but how do you develop meaningful relationships with them while not wasting time in meandering meetings? 

Wes Young, a long-time member of our Elite Advisor Network coaching community, shares his wisdom after 20+ years in the business on how to maximize those relationships to help the wholesaler and you. 

Learn more about Wes at WesYoungLive.com

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In this episode of our “Niche Series,” Andy talks with advisor Mark Hansen to discuss the niche of financial advising for younger clients, particularly those in their 30s. 

Younger clients, especially those in their 30s, are at a pivotal point in their financial journeys. They’re experiencing life changes like starting families and increasing incomes, making financial guidance crucial.

Andy and Mark explore the challenges and opportunities of targeting this demographic, emphasizing the importance of patience and long-term planning.

Mark shares his strategies for connecting with younger clients, and the need for clear guidance and structured financial plans.

This episode highlights the urgency of proactive financial planning and the potential for referrals within this age group. Listen now.

There are limited seats left for our next How To Charge LIVE event on October 28th & 29th. Get your seat now using code PODCAST at checkout for $300 off your ticket.

I’m excited to share some insights from my latest podcast episode with Brittany Anderson of Sweet Financial. This episode is packed with valuable lessons and practical strategies that you won’t want to miss. 

Brittany’s Unconventional Journey:

From jewelry sales to finance, Brittany’s path is anything but typical.

Discover how an entrepreneurial culture helped her thrive and rise to the top.

Embracing the Entrepreneurial Spirit:

Learn why fostering creativity and innovation within your firm can drive success.

Brittany shares how advisors can add value without starting their own companies.

Team Dynamics & Technology:

Explore the evolution of team structures and the role of technology in boosting productivity. Brittany highlights how AI and tech advancements can streamline operations and enhance client relationships.

Accountability & Motivation:

Dive into the challenges of holding team members accountable and motivating them effectively. Brittany’s tips on understanding individual motivations and creating action plans are game-changers.

Practical Strategies for Advisors:

• Forget traditional reviews; informal check-ins foster open dialogue and growth.
• Ensure everyone knows their role and how they contribute to the firm’s vision.
• Create a culture where team members feel comfortable sharing ideas and feedback.
• Empower team members with leadership potential to take on more responsibilities.
• Stay ahead by adopting new technologies that streamline processes and free up time for client-facing activities.

This episode holds insights for anyone in the financial advisory industry. Whether you’re a seasoned professional or just starting out, Brittany’s journey and advice will inspire you to rethink your approach to team management and leadership. Plus, her practical tips are easy to implement and can make a significant impact on your business growth.

Connect with Brittany:

Brittany’s LinkedIn

[email protected]

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In this episode, we discuss the details of our in-person training event, How To Charge LIVE, coming up on October 28th & 29th. 

The Magic of In-Person Training

Virtual training has its perks, but nothing beats the depth and focus of in-person events. Stepping away from daily distractions and spending dedicated time to focus can lead to profound growth and transformation.

Understanding Your Value

We’re sharing personal journeys on overcoming mental roadblocks about pricing and value. It’s all about seeing your expertise as valuable and moving away from just selling products. Learn how to build a sustainable business model that allows you to be compensated fairly for your expertise.

Building a Network of Idea Partners

You don’t need to be an expert in everything. Think of yourself as a project manager who curates the best ideas and resources from a network of specialists. This approach not only improves your service but also builds trust with clients, who appreciate comprehensive support.

Mastering Effective Communication

Elite Advisors are exceptional communicators. We discuss how to move away from static presentations to more interactive and inspiring discussions. Learn key phrases and communication techniques that can significantly improve client interactions, leading to quicker decision-making and stronger relationships.

Transformative Experiences

Hear anecdotes from past attendees who have experienced significant transformations. They leave our events feeling empowered and ready to implement new strategies.

Ready to attend How To Charge LIVE? Click here to get your seat at our next event on October 28th & 29th. Use code PODCAST at checkout for $300 off your ticket.

In today’s episode, Andy and I continue our conversation about effectiveness as a leader. 

We’re diving into the importance of self-awareness, adaptability, and intentionality. We discuss common leadership mistakes, such as defaulting to personal preferences and failing to recognize diverse team motivations. 

We also highlight the need for mentorship and constructive conflict resolution, and we talk about the balance between caring for team members and maintaining high standards.

Through our own experiences, we see the need for leaders to foster a supportive and engaging work environment by understanding and adapting to the unique needs of each team member. Ultimately, this can increase employee retention and growth.

Want to attend our next How To Charge LIVE event in October? Click here to purchase your ticket.