Maximum Advisor

In this episode of the Maximum Advisor podcast, host Chip Munn is joined by Matt Thiel, President of Signature Wealth Strategies in High Point, North Carolina. The two talk about Matt’s amazing journey to an independent financial advisor practice (Signature Wealth Strategies) after 20 years at a large wirehouse.  Learn what motivated Matt to make the change to an independent practice and how it presented new options and opportunities. To learn more about the podcast and read the show notes, visit: http://maximumadvisor.com/032

This is the best of the Maximum Advisor Podcast for 2020, which has the key takeaways from Season 3. The theme for the season was knowing who you are as an advisor and how you can build a financial practice and business that can make an impact. To learn more about the podcast and read the show notes, visit: http://maximumadvisor.com/31

In this episode of the Maximum Advisor podcast, host Chip Munn sits down with Brittany Anderson, Director of Operations (aka Second in Command) for Sweet Financial Services. They discuss what the "Second in Command" role is in a financial practice, how they bring to life the leadership vision, influential books, and the value of hiring the right people. To learn more about the podcast and read the show notes, visit: http://maximumadvisor.com/030

In this week’s episode of Maximum Advisor Podcast, Chip Munn sits down with Joe Lukacs, coach to many successful financial advisors through his Magellan Network.

Joe Lukacs, or Coach Joe, starts by discussing his background working as a coach to financial advisors. It began while he was working in corporate sales and training for Wall Street brokerages. He performed so well in that role that he was asked for one-on-one career advice by financial advisors. That started his financial advisor coaching business over 25 years ago.

Chip and Joe discuss how financial advisors can meet their goals with a flexible mindset in this environment, which is very different from how financial advisors are accustomed to working.  

Joe suggests ways to keep and develop relationships in light of the new way of doing business, the virtual meeting. Chip and Joe agreed that advisors should not only accept this new standard way to do business but embrace it by investing in their workspace technology. Chip adds insight by discussing the effective work-from-home office he built.

Joe delivers tips to keep goals on target for the rest of this year and to prepare to succeed in 2021, all of which stem from his two-decades plus coaching financial advisors. Among the ideas he provides are a routine that focuses on self-development, monitoring information flow and sticking with goals. 

The future of the financial planning industry is poised for a “seismic shift,” one in which new and upcoming advisors have a unique opportunity to build their business. Both Chip and Joe discuss this opportunity and the expected impact it will have on the industry.

On this week’s episode of Maximum Advisor Podcast, Chip Munn sits down with Meg Bartelt, founder and Lead Planner of Flow Financial Planning. 

Chip and Meg start the segment by discussing Meg’s background in both the financial and tech worlds. Meg began her career as a technical writer based on the West Coast, eventually obtaining her masters in financial planning. Shortly after, she transitioned to working in fee-only RIA firms located in Norfolk, Virginia. 

Meg explains that she began to feel uninterested in the firm’s investment focus where the audience was largely retirees. A career shift and cross-country move to Washington State, Meg decided it was time to start her own firm, with her target market being women within the tech industry. In her own words, it was time to let the “Meg flag fly”. 

Meg describes the first couple of years laying the foundation of her firm, the support she received, and facing her own doubts. She says, “And it was really hard emotionally because, you know, as the metaphor goes, I was planting all these seeds, but I couldn't see anything growing yet.”

Four years in, and with a client wait list, Meg attributes her success to two important details: Surround yourself with a support system or as Meg puts it, “the right kind of people”, and the second piece of advice is to identify your niche market. As Meg explains, “I think we've just hit upon the niche market thing over and over. And really that has just been probably the single biggest influence on the success of my business.”

Meg and Chip close the segment by encouraging listeners to heed their intuition and align themselves with people who echo similar values. And just like Meg, don’t be afraid to let your flag fly high. 

On this week’s episode of the Maximum Advisor Podcast, Chip Munn is joined by Matt Halloran. Halloran shares with viewers what he’s learned in his 20 years of experience in the financial industry as an expert in branding and social media marketing. 

Chip and Matt start off the episode by discussing the importance of identifying your niche market and why you need to narrow down your audience even more, becoming, “hyper specific”. Matt explains, “Once you have that niche and you know their language and you know how to communicate to them and you know their needs, you can become that advisor really nationwide.”

Matt and Chip both agree podcasting can be a valuable asset when building a brand and reaching your niche audience. Matt describes the connection that comes when creating a podcast that is perfectly matched to your target market, “the greatest thing about podcasting is it allows you to build a relationship with somebody before they've ever seen you, because podcasting is wildly intimate.”

Matt leaves the audience with two pieces of advice. “The best thing you can possibly do is start brainstorming podcast topics. So there's number one, grab your yellow pad.” Encouraging listeners to write whatever comes to mind, he explains the next step, “Then flip that page and your second homework piece is going to be to start hyper focusing on what your ideal client is.”

Matt emphasizes how hyper focusing on your audience will allow you to properly identify and target the needs of a defined set of individuals within a highly unique demographic. Taking the time to redefine your audience will have a significant impact on your brand, leading to greater results and a more specific clientele base. 

In this week’s episode of Maximum Advisor Podcast, Chip Munn is joined by Steve Wershing, CFP, and president of The Client Driven Practice. Wershing began his career in the finance industry over 32 years ago and has held a variety of roles that have led to his expertise as a leader in organizing and running client advisory boards and referral coaching.

Chip and Steve discuss the importance of an advisory board and why it’s a crucial component to better understanding your client’s financial needs. Steve explains, “A client advisory board is a facilitated, ongoing conversation with about a dozen of your best target clients so that you can gain insight into their perspective on the experience that you provide and understand, therefore, how to improve it.”

Chip Munn is joined by this week’s guest, Dennis Moseley Williams. Dennis is an internationally known consultant, motivational speaker, author, and founder of DMW Strategic Consulting. Dennis is a limitless resource on the subject of the experience economy and its relevance to the financial services world.

Chip and Dennis kick off the segment by reviewing the definition of the experience economy and how it differentiates from the service aspect when relating to clients or customers. Dennis explains, “Experience is designed and staged to create time well spent, to create engagement, delight all based on personalization and ultimately a desire within the client to linger, to stick around, to spend more time with the business or business owner.”

Dennis encourages advisors to see every client encounter as a special event, a memory that will leave a lasting impression and poses the following set of questions; “How do you make it more fun? What can you do to transport them from one sense of reality to another? And lastly, what can you do just in the environment to make them want to linger? And how can you use time differently? Think well out in advance of these meetings, what can you put in people's hands that get them excited, that get them interested.”

Chip and Dennis close the episode by reviewing the five crucial phases that should be included in every customer experience; enticing, entering, during, exiting, and extending. By creating a multi-sensory experience, you leave your clients with a memory that won’t soon be forgotten or easily matched.

Dennis ends by encouraging advisors to identify what really drives their clients and to allow them to share both their hopes and fears as well as their concerns for the future. Dennis reminds listeners what the main goal of an advisor should be: “Where the purpose of the said job is to turn the lights on for other people to shine a light in the corner to let them see, to show them the way out of something they didn't think there was a way out of it.”

In this episode of Maximum Advisor, Chip is joined by Julie Littlechild, CEO & founder of Absolute Engagement. With over 25 years of experience in client engagement research, Julie is an expert at identifying current trends. She breaks down what it means for financial advisors and investors to effectively interact and communicate with clients, particularly during times where there may be heightened stress and uncertainty.

Chip and Julie begin the segment by discussing her background and how Absolute Engagement has changed over the years. Julie explains, "The business has morphed and changed to some extent over the years, really based on the needs that we saw, but our focus is very much on helping advisors integrate the voices of the client in their business so that they can communicate in a way that is personalized and meaningful and helps to drive deeper engagement and ultimately growth."

On this episode of Maximum Advisor, Chip is joined by Dave Grant, financial advisor columnist and founder of Retirement Matters. Dave shares how he accidentally found himself in the world of financial planning and how he overcame various obstacles that led him to create his company.

Dave begins this episode by sharing with listeners how his services started out heavily geared toward Illinois based teachers and slowly grew his clientele with a focus on retirement planning. Dave states, “I rebranded and then became more of a retirement income specialist. And then three years after that, this is where we sit today.”

Chip describes a recent article written by Dave where he details how at 37 years old, he is considered semi-retired. Dave clarifies that while he is still heavily involved with his clients, he has been able to tailor his business around his life, and not the other way around. “I was really trying to understand, how do I want to build a practice that supports my life versus building a job?”

Dave continues to explain why he hasn’t taken on more clients and how some financial advisors question his decision. “Some of them are like, you're crazy. Why would you not want to earn more money? Like, well, that's you, that’s fine. If you want to earn more money, that's great. Just realizing what you may be giving up for it.” Dave points out, “it's more important to have the time than the dollars.”

Chip and Dave end the segment by discussing the importance of advisors being able to identify their weaknesses. Dave closes by encouraging listeners, “You got to focus on your weaknesses, that is going to help you grow in the future.”

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