The Evolving Advisor Podcast

In this episode, Jeff and Randy discuss: 

• Randy’s background in accounting and how he transitioned to wealth management.

• The ingredients of a partnership that can endure.

• Promoting your firm to specialty markets.

• Growth and future goals at Randy’s firm.

Key Takeaways: 

• Seminars can be a great form of business development - but you have to be presenting what people are really looking for.

• Friendship and trust are key to a partnership - you have to be concerned about your parent more than yourself and in reverse.

• Serve first. Learn constantly.

• Keep a focus on your messaging especially during transition periods.

"As far as growth is concerned from a revenue or firm standpoint, those numbers will stay the same, but really, focusing on growing the people - growing the team - so it gets bigger and stronger. And so that in 10 years when we do want to slow down, I know our clients are in really, really good hands." —  Randy Siller

Connect with Randy Siller:

Website: SillerAndCohen.com

LinkedIn: linkedin.com/in/randypsiller

Connect with Jeffrey Concepcion: 

Website: https://www.stratoswealthpartners.com

Contact: https://www.stratoswealthpartners.com/contact

Twitter: https://twitter.com/Stratos_Wealth

Facebook: https://www.facebook.com/stratoswealthpartners

LinkedIn: https://www.linkedin.com/in/jeffconcepcion1/

In this episode, Jeff and Chandon discuss: 

• Chandon’s passion for the financial industry from a young age and his exposure to high and ultra-high net worth clients from early in his career.

• Being intimate and available for your clients with your service in your niche.

• Leveraging your team to increase your bandwidth.

• How Stratos was able to help with the transition to an individual firm.

Key Takeaways: 

• Build your book of business through referrals, your network, and the network of the firm you are working with.

• Being in front of clients is critical. Find ways to connect with those clients as often as you reasonably can. Be diligent in scheduling your time.

• It is critical to know your partner (if you choose to have a business partner) extremely well. It is also important to have the same goals in the business and be working toward the same thing.

• Focus on a discipline to deliver wealth management to your clients. Don’t try and be all things to all people.

"The touch is critical. Everybody says they do it and they service the heck out of their clients, but the execution of it is critical. One truly needs to stay focused on making sure that clients are touched, because if not, someone else will." —  Chandon Simonis

In this episode, Jeff, Lou, and Nancy discuss: 

• Deal Structures: Cash is King
• Thinking straight and not just falling in love with an opportunity. 
• Incorporating the risk of breakage. 
• What stands out when you look at a firm’s financials. 
• Why people buy and sell and looking at it as a process. 

Key Takeaways: 

• There is a risk in both ways - there is a risk if the owner is too involved in the business, but there is also a risk if the owner has no involvement in the business. 
• Look at the debt and see what is going on with the interest - this will tell you more information than just the P&L. 
• You need to be thinking about what makes you and your business attractive as the seller. 
• Not all investments and expenses are created equal. 

"When you take a look at the process of buyers and sellers, people need to reflect on the fact that actually is a process and not an event." —  Jeff Concepcion

In this episode, Jeff, Mindy, and Louis discuss: 

• The bedroom floor days of Diamond Consulting and its evolution to the strong advising company they are today.

• What teams and advisors are finding attractive as they explore independence.

• Freedom, flexibility, and control in advising.

• Building a family-based business.

Key Takeaways: 

• Jettisoning the tried and true transactional recruiting approach and beginning to forge my own approach can make all the difference. Know what is important to you and know what is going on.

• Advisors want to be educated and guided, not sold.

• When thinking of succession, the layout will look different for every advisor depending on what aspects they are willing to cede control of. And there are options for everyone out there.

• Begin with the end in mind. Rise above and work on the business, not just in your business, right from the start.

"She saw what advisors wanted and came to the realization that advisors consume information differently. Some would love to receive a phone call from us, others want to read something in their personal email boxes, others read the media, others want to review podcasts, others just talk to their friends. So, by doing that [creating a podcast], it increased the reach of our brand." —  Louis Diamond

In this episode, Jeff and John discuss: 

• Fundamental principles to acquire clients and grow your business.

• The strategy to success, both organic and inorganic.

• Investing in your business at the expense of current cash flow.

• Key goals to execute and move forward in your business.

Key Takeaways: 

• Activity and discipline is at the core of whatever you are striving to achieve.

• Put business development in your calendar or you will get lost in the day to day struggles of the customers.

• You can’t dabble in anything - you have to commit to a strategy in order for it to work.

• To get to the next level, it can’t have anything to do with you. It needs to be relevant beyond you and your experience.

"Successful businesses always have to continue to innovate, or you risk being obsolete, but you're innovating around those core disciplines and activity levels." —  John Burns

In this episode, Jeff and Dan discuss: 

• Dan’s evolution from entry into the financial world to his current role as CEO at LPL Financial.

• The importance of culture, not just strategy.

• Being purposeful about spending your time with quality.

• Imaging a modernized independent model and creating additional models.

Key Takeaways: 

• Not only do you have to have a good strategy, but you also have to be good at executing it. But making sure your culture is aligned with it, is really important.

• Long-term strategy is the driver, and your journey is everything around that.

• There is a growing trend and need for advice in the financial industry, not just with the aging demographics.

• Advisors who have the highest level of success are able to solve the capacity constraints of the job.

"We only have so many moments, and we've got to be present for them, good, bad, or neutral. And make sure you make the most of them. And be extraordinary when we're there with them." —  Dan Arnold

In this episode, Jeff and Dan discuss: 

• Approaching life as if it is a jigsaw puzzle to be built.

• Accessing the business owner market initially and how it has grown.

• Coordinating with other professional advisors to best care for your client.

• How M&A factors into growth of the business.

Key Takeaways: 

• Intention and attention will get you where you are trying to get.

• Elevate your game to allow your business to grow, even if it means pushing yourself further than you think you can go.

• Use thinking-concern-action as a way to connect with other business professionals or referrals to help take care of your client.

• Hire before you can afford.

"Bring the puzzle pieces together, we’re not all the same and that is by design." —  Dan Whittenburg

In this episode, Jeff and Karl discuss: 

• Karl’s experience and lessons learned along the way to his current role as President and CEO of Emigrant Partners.

• Thinking about forms of liquidity and its relationship to private equity.

• The last ten years and what is coming up in the next ten years.

• Making your business more attractive to potential suitors.

Key Takeaways: 

• The vast majority of firms are not growing.

• It’s all relationship based. You need to invest in people.

• Be willing to bet on yourselves.

• Distribute equity and responsibility.

"When it comes down to decision making, those decisions are made by the people that built the business or are running the business and understand it most intimately, not by a private equity sponsor or a strategic partner who has designs of their own." —  Karl Heckenberg

In this episode, Jeff and Alisa discuss: 

• How WisdomTree has differentiated themselves on asset management and value adds.

• Remaining curious and taking on new tasks to help you expand your own career.

• Client requirements and customizations.

• Reaching minority advisors and finding new great talent.

Key Takeaways: 

• A good product is no longer enough to build solid relationships with clients.

• Create a customized client experience, bespoke not boilerplate.

• Think like an owner, not like an advisor. You sometimes have to give something up in order to grow your business further.

• It’s about relationships and people, not about the numbers.

"The people, the management, and how they are incentivized is really critical." —  Alisa Maute

In this episode, Jeff and Amelia discuss: 

• The story of CityWire and how it has expanded into the USA.

• The rapidly growing RIA community and their growth in the industry.

• What the Best-In-Class RIAs are doing that makes them stand out.

• Those things that may be holding a firm back from thriving.

Key Takeaways: 

• The independent RIAs are the future, this is where the growth is.

• For young females in the industry, find a female mentor that can help you grow and expand your skills in the industry.

• Ask questions. People want to teach and they want to help you.

• Treat your employees as business owners, not employees. Give them freedom to help your firm grow and evolve and expand.

"Challenge yourself. Do things you’re afraid of." —  Amelia Garland