Dan Cuprill is one of the founders of Matson & Cuprill, LLC, a wealth management firm based in Cincinnati, Ohio. Dan has had a long and illustrious career in the industry, in addition to his professional designations of Certified Financial Planner, Chartered Financial Consultant, and Chartered Life Underwriter. In this episode, Dan advises business owners to be focused on profit instead of growth, and shares some insight into how implementing systems and automation into your business can help you achieve your profit goals.

 

Key Takeaways:

[:20] John introduces his guest for this episode ― Dan Cuprill.

[1:00] Dan shares a little about his background, his wealth management firm, and how he decided he also wanted to help financial advisers further their businesses.

[3:40] Growth is not, in and of itself, the key to profitability ― it's a component, but also has a lot of costs and problems associated with it.

[7:03] Dan's Aha! moment came at a meeting with vendors, where he was told not to worry about his profitability, and to focus only on growth ― an idea that served the interests of his vendors, but not his business.

[9:04] The crucial question is, what is your business for? John believes that financial advisers are not good business people any more than anyone else!

[10:39] Everyone has their strengths, but the need for good accounting, profit, and marketing systems cannot be ignored.

[12:50] Intentional marketing is key ― Who is your target market? What's your message? What's the right media to deliver your message? Dan shares some pointers.

[17:15] Dan suggests updating your selling system from "caveman selling," to suit changing times, where consumers already have a lot of information.

[18:15] Automation of these systems has helped Dan in his business to serve almost 200 million people, with a support staff of less than 2 people.

[21:16] Dan makes use of different systems to grow his profit, always focusing on profit first.

[22:45] Dan's selling system has absolutely no selling!

[25:30] In a fee-based world, if the client is not totally committed to you, it's only a matter of time before they leave you.

[26:15] It's easy to make the mistake of thinking that every client is a good client. That's NOT the case!

[29:20] Acting in your own self interest means you will ultimately help other people get better, because you will benefit from that.

[32:46] Dan's business is client-centric, not product-centric, and it focuses on profits rather than revenue or growth; all business owner should be moving their businesses in this direction!

[35:34] Dan leaves us with some key advice and tips!

[37:03] Visit Dan's website, adivserarchitect.com, to find out more about what systems can do for your business, no matter what kind of business it is!

 

Mentioned in This Episode:

Financial Gravity

The Financial Gravity Podcast with John Pollock

The E-Myth book series, by Michael E. Gerber

The Financial Gravity Podcast Interview with Ron Saharyan from Profit First Professionals

Advisor Architect