Peter shares his journey from investment banking to wealth management and discusses how he is growing his firm to $1B AUM.

Chapters

00:00 Introduction and Background

02:28 Building Relationships and Cold Calling

07:08 The Benefits of Being Independent

12:47 Serving Labor Union Employees as a Niche

15:47 Growing a Wealth Management Practice

28:36 Marketing Challenges and Differentiation

30:36 Building Relationships and Providing Advanced Planning

33:59 Managing Money and Understanding Clients' Mindset

36:43 Adapting to Clients' Needs and Emotions

39:13 Open-Ended Questions and Client Conversations

43:40 Comprehensive Wealth Management Approach

47:24 Research, Education, and Newsletter

51:18 Networking and Business Growth

55:28 Succession Planning and Mergers/Acquisitions

58:32 Supporting Younger Advisors

Connect with Peter on Linkedin:

He emphasizes the role of a financial advisor as the client's first call for anything financial, and believes in maintaining objectivity and being on call at all times. He has built a team of assistants and other staff members to support his practice. Mike focuses on enhancing the value of his business and acquiring new clients, particularly business owners pre and post-sale. He differentiates his company by providing honest and direct advice, and uses his website and books to communicate his approach to potential clients.

Chapters

00:00 Introduction and Role of a Financial Advisor

03:06 Getting Started in the Financial Advisory Business

03:57 Benefits of a tough market w/ no clients.

05:11 Team Management and Business Growth

07:33 Investing in the Business and Differentiation

09:29 Bringing in New Clients through Marketing

11:37 The Effectiveness of Hiring Coaches

13:34 Challenges in Running the Business

15:28 Differentiating the Company from Other Advisors

18:33 Client Profiles and New Client Acquisition

20:20 Inbound and Outbound Client Acquisition

23:12 The Role of Books in the Business

25:49 Contact Information and Conclusion

26:39 The Efficient Advisor Podcast (1920 x 1080 px) (1).mp4

How to find Mike:

https://www.linkedin.com/in/michael-p-ross/