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Turning Legacy Business into a Goldmine: The Power of Aggregation
About the Guest(s):
Scott Leonard is the CEO of Terra Wealth Management with a distinguished career history including roles at Hartford Life, Protective Life, and Lincoln Financial. With 17 years on the wholesale side of the business, Scott brings a wealth of experience and insights into the financial planning and advisory industry.
Jeremiah Diamond is a founder and head of mergers and acquisitions at Terra Wealth Management. Having started as an independent financial advisor, Jeremiah is deeply knowledgeable in handling large client portfolios and developing strong, enduring relationships. His background encompasses extensive work in East Texas and a passion for serving his clients.
Episode Summary:
In this episode of Advisors Collective, hosts Josh, Scott Leonard, and Jeremiah Diamond dive deep into the importance of having a purpose-driven approach to financial advisory. They discuss the challenges they faced in the captive space and the transition to creating Terra Wealth Management—a hybrid structure offering both broker-dealer and RIA services.
The conversation starts with Scott's experience in the financial world, working his way through Hartford Life, Protective Life, and Lincoln Financial. It details his significant encounters, including meeting Jeremiah and the unique client cases they handled together. Jeremiah shares his journey from being an independent advisor to joining forces with Scott, driven by the desire for more flexibility and to make a deeper impact in the industry.
Key Takeaways:
- Power of Aggregation: Aggregating multiple lines of business under one umbrella can significantly increase the value of each advisor's book and offer more comprehensive services to clients.
- Importance of Relational Business: Transitioning from a transactional model to a relational one can create more meaningful and lasting client relationships.
- Succession Planning: A well-thought-out succession plan is crucial, especially for aging advisors looking to ensure that their clients continue to receive exemplary service.
- Teamwork and Philosophical Alignment: The importance of working with a team that shares your values and philosophies can't be underestimated. This partnership is essential for long-term success.
- Industry Challenges and Opportunities: The financial advisory industry is ripe for disruption, and there is a significant opportunity to innovate and provide better services through new business models like Terra Wealth Management.
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By Joshua MaukAbout the Guest(s):
Scott Leonard is the CEO of Terra Wealth Management with a distinguished career history including roles at Hartford Life, Protective Life, and Lincoln Financial. With 17 years on the wholesale side of the business, Scott brings a wealth of experience and insights into the financial planning and advisory industry.
Jeremiah Diamond is a founder and head of mergers and acquisitions at Terra Wealth Management. Having started as an independent financial advisor, Jeremiah is deeply knowledgeable in handling large client portfolios and developing strong, enduring relationships. His background encompasses extensive work in East Texas and a passion for serving his clients.
Episode Summary:
In this episode of Advisors Collective, hosts Josh, Scott Leonard, and Jeremiah Diamond dive deep into the importance of having a purpose-driven approach to financial advisory. They discuss the challenges they faced in the captive space and the transition to creating Terra Wealth Management—a hybrid structure offering both broker-dealer and RIA services.
The conversation starts with Scott's experience in the financial world, working his way through Hartford Life, Protective Life, and Lincoln Financial. It details his significant encounters, including meeting Jeremiah and the unique client cases they handled together. Jeremiah shares his journey from being an independent advisor to joining forces with Scott, driven by the desire for more flexibility and to make a deeper impact in the industry.
Key Takeaways:
- Power of Aggregation: Aggregating multiple lines of business under one umbrella can significantly increase the value of each advisor's book and offer more comprehensive services to clients.
- Importance of Relational Business: Transitioning from a transactional model to a relational one can create more meaningful and lasting client relationships.
- Succession Planning: A well-thought-out succession plan is crucial, especially for aging advisors looking to ensure that their clients continue to receive exemplary service.
- Teamwork and Philosophical Alignment: The importance of working with a team that shares your values and philosophies can't be underestimated. This partnership is essential for long-term success.
- Industry Challenges and Opportunities: The financial advisory industry is ripe for disruption, and there is a significant opportunity to innovate and provide better services through new business models like Terra Wealth Management.