The Profitable Advisor Podcast

Today we want to get back into the basics of what we do and revisit some of the core concepts every advisor should be following. We began this show years ago to really dive into each of these principles and share strategies for achieving success in each of these areas.

Whether you're a new advisor or someone who has been in the business for years, it's important to refocus on the foundational principles for running a profitable business. Get insights on why your vendor is not your friend, the importance of prioritizing profit over revenue, and the value of working only with ideal clients.

Here's some of what we discuss in this episode:

• Principle #1: Your vendor is not your friend.
• My financial goals when we started the business.
• Principle #2: Profit trumps revenue.
• Principle #3: Work only with ideal clients.

Schedule a meeting with Dan: http://bookachatwithdan.com

Read more and get additional financial resources here: http://renegadeadvisor.net

What separates the people who are successful from the those who are not? The answer can be found in the power of our brain and subconscious mind, which has always been a fascinating topic to me. So often, success is all about mindset rather than being born with incredible attributes or natural ability, and our guest today has written a lot about that in her Renegade Mindset book.

Nina Cooke joins us today to give us a better understanding of the psychological barriers that can hold financial advisors back and talk about ways to overcome them. In the competitive world of financial planning, success often hinges on more than just market knowledge and analytical skills. By developing a strong mindset, advisors can better support their clients in making sound financial decisions.

Visit renegademindset.net to download a free copy of Renegade Mindset and gain access to the course we created with Nina. Don't wait until the new year to start making changes—take action now and make mindset a daily practice.

Here's some of what we discuss in this episode:

• The 'knowing-doing gap' where people know they need to take action but fail to.
• How our childhood shapes our mindset.
• Understanding and mastering mindset is not only crucial for personal success but also for guiding clients.
• Daily mindset practice is the key to getting what you want
• Separating personal goals from business goals.

Schedule a meeting with Dan: http://bookachatwithdan.com

Read more and get additional financial resources here: http://renegadeadvisor.net

I recently got back from a visit with a friend who went through cancer recovery and is now doing great. It was amazing to see how he changed his life, from the lifestyle he lives to the passion he has for the things he's doing.

It took near-death experience to change his perspective on life, but it's not much different than what many business owners go through. Health concerns often force people to pull back on the amount of work they're doing to reduce the stress and strain. This is where the concept of a systems-based practice comes in. Finding ways to delegate tasks and optimize time is the way to maintain the business even when you're not around.

Nothing prevents us from establishing these systems earlier but getting a dose of reality forces us to live in the present. That's a lesson we can all benefit from. No matter what's happened in the past, move on and focus on what you can control. Happiness is a choice, and you have that option as an entrepreneur.

Today we're going to encourage you to ask crucial questions about yourself and your business. The goal is to prompt self-reflection and inspire action. We all have the freedom to choose where we live and work and we should all be taking full advantage of that freedom.

Here's some of what we discuss in this episode:

• Examples and stories of people that have been inspired this conversation.
• Why finding a great place to live is so important for happiness.
• How to establish a systems-based practice.

Schedule a meeting with Dan: http://bookachatwithdan.com

Read more and get additional financial resources here: http://renegadeadvisor.net

Have you ever heard of a benevolent dictatorship? This is a system where one person at the top makes decisions with kindness, care, and wisdom. While we might never see a benevolent dictator in government, this model can be incredibly effective in business. In today's episode, we're going to discuss why advisors need to lean into this effective form of leadership.

Time and time again, I see advisors struggle with decisive leadership, seeking feedback and approval from their staff members or spouses who don't work in the office. It's important to remember that everyone is motivated by self-interest and that your employees and loved ones will never view your business the way that you do. This doesn't mean that asking for ideas is a bad thing, but you shouldn't base any of your decisions on what you think their reactions are going to be.

Remember, it's impossible to do the right thing while making everyone happy. Be kind, but be stern, and make decisions with the best interest of the business at heart. Click play to learn more about how this model can be an absolute game-changer in your business.

Here's some of what we discuss in this episode:

• The benefits of benevolent dictatorship in business leadership
• Common challenges advisors face with decision-making and seeking approval
• The differences in perspectives between business owners and employees
• Making decisions based on business priorities rather than anticipated reactions

Schedule a meeting with Dan: http://bookachatwithdan.com

Read more and get additional financial resources here: http://renegadeadvisor.net

For those that don't know, I volunteer at a local animal shelter near my house and spend time walking the dogs there. While this non-profit does tremendous work in the community, it doesn't always operate very effectively as a business. That reminds me very much of the challenges that we see as advisors and there are some real insights that can carry over to what we have to deal with.

Today we want to share insights from his recent experiences at a local dog shelter and how they relate to the challenges faced by financial advisors. Let's discuss the importance of effective volunteer recruitment, the parallels between running a non-profit and a financial advisory practice, and the necessity of constant marketing and client qualification.

Here's some of what we discuss in this episode:

• The importance of effective recruitment and finding the right people.
• Marketing strategies to help you attract clients.
• Why you don't want to treat every prospect the same.

Schedule a meeting with Dan: http://bookachatwithdan.com

Read more and get additional financial resources here: http://renegadeadvisor.net

Today we want to get into something that's been a big part of our practice and should be an excellent opportunity for advisors in the future, especially if you're in your 30s or 40s. What we're talking about in this episode is buying a practice, which we believe is the quickest way to have instant revenue.

But it's not without problems, which we will also discuss. So we're going to share with you how the process works and breakdown our approach to buying another practice. There are plenty of financial considerations to sort through and weigh, and this episode will give you an idea of what we're paying the most attention to.

We want to provide you some insights because we've been involved in a number of these as the acquirer but we'll eventually be on the other side as the seller.

Here's some of what we discuss in this episode:

• Why buying another practice can create a great opportunity and could do so without a lot of risk.
• How you should structure the deal.
• What should you pay attention to when you're acquiring a book of business.

Schedule a meeting with Dan: http://bookachatwithdan.com

Read more and get additional financial resources here: http://renegadeadvisor.net

Are you a financial advisor dreaming of the day you can step back from the daily hustle and still ensure your practice prospers? Succession planning can be a challenge for advisors because few of us can really articulate what it is that we do on a daily basis that would allow someone to run the operation for us, and that makes it hard to step away.

This is something I've had to do recently with my son, Wes, and we've identified seven areas that he has to be a master in before the torch can be passed effectively. That's what we want to share with you in this episode. Let's go through these seven things you need to do if you're thinking about life after your business and hopefully shed some light on an area of planning that will be useful.

Here are some of the things we will discuss:

• Know your numbers
• What you need to know about each of your clients.
• Understand staffing and what your business requires.
• Have a marketing system in place.
• Your replacement needs to be trained and knowledgeable.
• Understand the requirements for compliance.
• Have a strong knowledge of your partner companies.

Schedule a meeting with Dan: http://bookachatwithdan.com

Read more and get additional financial resources here: http://renegadeadvisor.net

Fear is a very powerful emotion and it can hold us back from reaching our potential personally and professionally. I started thinking a lot more about this after a trip to Arkansas where I spent some time with business partners to share ideas on growth.

That's why I invited Nina Cooke, author of Renegade Mindset, back to the show to help us work through this issue that plagues so many advisors and business owners. Fear can be a formidable foe and Nina has helped many people overcome these barriers to find success. We'll dissect the roots of fear of failure and aim to arm you with the mindset needed to make bolder, more informed decisions.

Here's some of what we discuss in this episode:

• Why fear becomes such an easy excuse for business owners.
• Every advisor has to work through mistakes and failures to achieve success.
• How do we help people overcome this fear of failure?
• Are you going to be content by not trying new things and stepping outside of your comfort zone?

Get Nina's Book:

https://www.ninacooke.co.uk/

http://ninabook.org/

Schedule a meeting with Dan: http://bookachatwithdan.com

Read more and get additional financial resources here: http://renegadeadvisor.net

The very nature of the weather has always been like an investment portfolio in terms of unpredictability, and all the cold weather we've been dealing with to start 2024 has us thing about that. You could very easily use the weather to explain how a client's portfolio is going to work over time and how you can prepare for that.

That's the basis of today's discussion, which is about a habit that many advisors have. They sell off their software using products like Riskalyze, which seems to work very well up front but presents challenges with long-term retention. I've been asked why I don't use software like this so I want to provide you some insights on that in this episode.

Here's some of what we discuss in this episode:

• Why I have a problem with risk tolerance questionnaires.
• The problem that you face when using these programs to match their portfolio to risk tolerance.
• How we suggest approaching portfolio management and the conversations with clients about why you're building it that way.
• The price for the upward is the occasional negative.

Schedule a meeting with Dan: http://bookachatwithdan.com

Read more and get additional financial resources here: http://renegadeadvisor.net

As we turn the page on another new year, we hope you are excited about the start 2024 and focusing on hitting new milestones in your practice. Now, we know that people like making resolutions to start January, but resolutions are a bit silly when you think about it. If you want to make improvements personally or professionally, why wait for a new year to begin.

But we all go through these exercises and the results are almost always the same. Unless you truly want to make a change in your life, you'll abandon these resolutions each and every time. The reason so many people fail to accomplish their resolutions is they don't truly want change.

So let's talk about some things you can do to make your life better, not just this year, but every year moving forward. We'll share our own ideas and experiences that can hopefully help you both personally and professionally in 2024 and beyond.

Here's some of what we discuss in this episode:

• Where Dan stands on faith and how he's changed drastically through his life.
• Small steps you can take to improve your life each day as it relates to faith.
• Fitness tips that Dan has applied to his life that are easy to incorporate into yours.
• Develop a profit-based model to grow revenue and help you achieve the lifestyle you want.
• Focusing on niches, technology, staffing, and entrepreneurship for your business.

Schedule a meeting with Dan: http://bookachatwithdan.com

Read more and get additional financial resources here: http://renegadeadvisor.net