The Evolving Advisor Podcast

In this episode, Jeff and Ron discuss: 

• Ron’s impressive career journey from wanting to quit the business to his innovating and pioneering path in financial advising.

• The dimensions of trust and how to move up the dimensions.

• The evolution of digital connection to the future of the financial advising industry.

• Putting yourself, your physical health, and your mental health as a priority.

Key Takeaways: 

• Think about the heirarching between customer, client, and advocate with those that you work with and serve. How are you moving your customers to become clients then to advocates?

• People crave connection. Even in times like these where we are so isolated, we need to find ways to connect with one another however we can.

• Complacency is the most common form of business cancer - you must be able to adjust and challenge yourselves to better yourself and your company.

• Balance leads to growth, growth leads to balance.

• Build whitespace into your calendar - thinking is something we should all spend more time doing.

"Reinvent yourself before your competition forces you to." —  Ron Carson

This Episode was recorded before the Covid-19 Pandemic.

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

• What the best firms are doing to keep pace with technology in the industry.

• The evolution of technology in the financial industry from tools, to solutions, to experience.

• Access to tools and technologies versus human contact to understand and interact with the technologies.

• When to bring in a CTO and having executive sponsorship of your technology.

Key Takeaways: 

• You have to understand how and when your client wants to be contacted and connected with and technology can help with keeping track of that.

• Even with all the technology we have, there is still room for the human touch.

• Even if you don’t yet have a CTO, you can empower your team to oversee your technology needs and drive investments in that direction.

• Technology is strategically important.

"In order to apply technology, you really need to understand the why of what you are doing." —  Tricia Haskins

In this episode, Jeff, Liz, and Peter discuss: 

• How Peter and Liz made their way into the financial industry and into their current roles at Raymond James and Silver Lane Advisors.
• Recognizing business ownership in the advising industry.
• Traits and characteristics of the best run firms.
• Understanding the value proposition between buyer and seller.

Key Takeaways: 

• Succession planning is at a critical stage in the advising industry.
• Time can be your enemy if you haven’t planned ahead on how to preserve your value to the next generation.  
• The team dynamic is invaluable, despite being intangible, to the strength of your firm. 
• Don’t make the concession on fees, you’ll regret it later. You do justify your value proposition.

"For this industry, who has done such a great job taking care of their own clients, it’s time to reflect inward." —  Liz Nesvold

Connect with Liz & Peter Nesvold:

Twitter: @FIGbankers  

Website: SilverLane.com & RaymondJames.com

Book: The Art of Distressed M&A and The Art of M&A Valuation and Modeling

LinkedIn: Elizabeth Nesvold & Peter Nesvold

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/

Jeff Concepcion, Stratos Founder & CEO

Dan Jacoby, Stratos CIO

Chad Roope, Fundamentum Portfolio Manager

In this episode, Jeff & Brent discuss: 

• Thoughts on the Corona Virus situation regarding your employees, clients, and community.

• How Brent went from Intern to a gun-slinging entrepreneur to a successful CEO.

• Different stages of business development evolution.

• Be a pro-active thought leader.

• Combining Organic and Inorganic Growth.

Key Takeaways: 

• What we do now, during this crisis, will go a long way with your clients and community.

• For the first $100MM just go out and get it.

• Speak anywhere that will have you, teach education courses, attend community events, etc.

• Be a pro-active thought-leader in the community or on social media.

"In the early days, throw a lot of seeds out, and do lots of things." —  Brent Brodeski

In this episode, Jeff and Sanjiv discuss: 

• Sanjiv’s career evolution with Fidelity to his current position as President of Fidelity Clearing and Custody Solutions.

• Meeting the end investor in creative ways.

• Types of investors and how they work with advisors.

• Growing through a great customer experience, not just acquisition.

Key Takeaways: 

• When you are close to the customer and dealing with them every day, you learn what channels and new technologies they will respond to.

• The way you make technology good business is lots of volume, lots of scale, and touching a lot of bases.

• Having multi-year plans gives you direction and expectations, but you need to keep the flexibility to make the exceptions and change as needed to the customers needs.

• The financial success is important, but what's probably more important is if you make people a little bit better than they might have been if they hadn't come into contact with you.

“That combination, of being able to respond quickly to customer needs and to invest steadily over time in good times and in bad times, is a powerful advantage.” —  Sanjiv Mirchandani

In this episode, Jeff and Kevin discuss:

• Kevin’s professional journey through accounting and into financial advising and now to CEO.

• The power of hiring to grow your business.

• What it takes to hire and bring on new, young talent in a financial business and supporting your team.

• Creative thinking about value add.

Key Takeaways:

• If you’re afraid to hire or don’t know if it’s the right thing – know that you’re making a 3-month decision and you’ll know if it’s the right thing at that point.

• Include the people you hire in your growth plans – they want to help, so let them, and reward them for it.

• Culture is everything in your company.

• The actual asset management is a commodity. As a financial advisor, you are information, you are counselors, you are peace of mind for your clients.

"Nobody makes you think more about your business than when you start giving away the money that you have that’s yours to somebody else. You’ve got to focus on everything." — Kevin Myeroff

In this episode, Jeff and Jon discuss: 

• Jon’s early experience working with clients in pro bono work and how it has aligned with his career.

• How the Foundation for Financial Planning assists those who may not otherwise have access to financial planning resources.

• Weaving personal finance lessons in throughout a child’s life.

• Most common financial challenges and solutions for those in vulnerable groups.

Key Takeaways: 

• A lot of coaching and mentoring in the programs provides good reinforcement and encouragement that can strengthen those in the program.

• Too many people don’t have a basic grounding in financial skills.

• The US financial landscape can be complicated with greater risk landing on the shoulders of the individual. Financial planning can assist with securing a financial future.

• Bringing in a financial advisor early, especially with medical diagnoses, can help to ensure plans are in place to best financial prepare you in the event of a challenge.

"My concern is that folks are not prepared for [the increased risk on the individual]. They don’t have the education, they don’t have the information, they don’t have an easy way to access an expert advisor." —  Jon Dauphiné

In this episode, Jeff and Randy discuss:

• The early stages of Carver Financial Services and the practices used to build the client base at his mega practice.

• The three types of seminars to consider if you are looking to leverage your time.

• The service model from a business standpoint.

• Randy’s new book, Ultimate Vacation, and Personal Vision Planning™.

Key Takeaways:

• If done correctly, seminars can leverage your time – it is easier to communicate your message in a group rather than one at a time.

• Follow up and make contact with clients and prospective clients often, more often than you think you need to.

• Are your clients team/firm clients, or individual clients? Are your clients receiving the best service possible from your practice?

• The key to success is focusing on your existing clients and letting them grow your business, rather than focusing on new clients and losing your existing clients.

"Service your clients and they will bring you new business – more business than you can deal with." — Randy Carver

In this episode, Jeff and Lou discuss:  

• Listening to the marketplace to find out wants, needs, and pain points.

• Streamlining processes and systems and delegating for growth.

• The struggles of growth years and the reward that comes after.

• Talent and cross-training.

Key Takeaways:  

• Advisors value choice, they want to grow their practice, but they want to do it meaningfully.

• Think about what you do that drives the needle, then think about what needs done that someone could probably do better than you.

• Businesses reinvest – in people, human capital, technology, structure.

• There is power and leverage in cross-training, especially for small and mid-sized firms.

"I want people cross-trained so that if someone's out, if someone leaves the firm, whatever the case may be, we have redundancy, but more importantly, scale." —  Lou Camacho