The Profitable Advisor Podcast

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: 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: 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: 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: 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: Schedule a meeting with Dan: http://bookachatwithdan.com Read more and get additional financial resources here: http://renegadeadvisor.net

Women are different than men and what they value is different as well. That’s particularly true when it comes to financial services. For a long time, our industry has done a poor job at addressing the needs of women and have catered to men (and still do to a large extent). What can you do to change that and become an effective marketer to women? Let’s talk about target marketing and developing your strategy around a certain audience. It’s not earth-shattering to hear that it works, but enough people don’t do it well and we want to help you change that. We’ve discussed the reasons for focusing on a specific niche with your financial business, and women can and probably should be a priority for you. Women are positioned very well to benefit from the massive transfer of wealth that is happening with the Baby Boomer generation and will need help with managing that money. Many of these women will change advisors and move away from the person their husband had been working with to someone they’re more comfortable with. So let’s talk about how to make sure you’re marketing to women effectively and growing your business around this critical demographic. Here’s some of what we discuss in this episode: Want to schedule a meeting with Dan? Click here: http://bookachatwithdan.com Read more and get additional financial resources here: http://renegadeadvisor.net

Today we’re going to dive into a common dilemma faced by many financial advisors. What should you do when clients notice that cash is outperforming their portfolios? Do you give in to temptation? Do you shift everything to a guaranteed fix like an annuity, park it in cash, or adopt a market-timing attitude? The choices are numerous, and the pressure is real. Listen in as we explore the complex terrain of client expectations, market unpredictability, and the timeless wisdom found in historical market patterns. Dan will share his approach to communicating openly with clients, acknowledging their concerns, and encouraging a long-term perspective. Here’s some of what we discuss in this episode: What factors should financial advisors consider when deciding whether to recommend a shift to cash or other investment vehicles?How does age and risk tolerance play a role in determining the best course of action for clients?How can advisors communicate effectively with clients during periods of market volatility?While cash may outperform in the short term, abandoning equities or chasing returns is not a sustainable strategy. Want to schedule a meeting with Dan? Click here: http://bookachatwithdan.com Read more and get additional financial resources here: http://renegadeadvisor.net

As technology continues to improve and the next generations get more comfortable with doing their own planning, the financial advisor profession will likely begin to shrink in the coming years. That doesn’t mean there’s not a future in the industry, because those who remain standing will likely be very successful. What it does mean, however, is that people will need a good reason to work with an advisor instead of doing it on their own, and that’s where finding a market niche comes into play. We continue to hammer home this message because of how strongly we feel about industry shift, and we’ve brought on guests with different specialties to find out how successful advisors are leaning into their niche. Today’s guest has carved out an incredibly important focus, and that’s serving women more effectively. This is the largest segment of the population and women are set to inherit two-thirds of the $30 trillion being transferred by baby boomers. She educates financial professionals around the country on how tap into the women’s market and transform their practice, and she’s going to share a little of that wisdom with us in this episode. Here’s some of what you’ll get out of this episode: You can’t become exceptional by being a generalist so you need to find your differentiator. How the decision to introduce women’s events in her business changed the entire trajectory of the company. Why many advisors struggle to market properly and build a connection with women. Why she feels like the first meeting is where you should focus on changing your approach to give women a different experience. When you serve women with intention, you’ll organically grow through referrals. The coaching program she’s put in place to benefit advisors and what she helps you with. About our guest: https://lifewitharwen.com/ Take advantage of her free training: https://nextleveladvisors.co/becker-free-lessons/ Want to schedule a meeting with Dan? Click here: http://bookachatwithdan.com Read more and get additional financial resources here: http://renegadeadvisor.net

In this episode of the Profitable Advisor Podcast, Stacey Brown Randall, a renowned expert in generating business referrals, joins Dan to discuss the importance of generating referrals without directly asking for them. Stacey emphasizes the power of referrals and why a different approach is needed to cultivate them effectively. Throughout the episode, Stacey provides valuable insights on building a referral system and maintaining meaningful connections with referral sources. She emphasizes the need for personalization and gratitude, highlighting the significance of staying top of mind with referral sources throughout the year. Stacey also shares strategies for creating multiple touch points and engaging with referral sources to establish strong and lasting relationships. Financial advisors looking to grow their businesses will find Stacey's expertise invaluable in generating consistent business growth through referrals. By implementing the strategies and ideas discussed in this episode, advisors can leverage the power of referrals without directly asking for them, ultimately increasing their referrals and business success. Additional Key Points From This Episode of The Profitable Advisor: About Stacey: Stacey Brown Randall is an expert in the art of obtaining referrals without resorting to direct requests. As an author and speaker, she stands as a beacon for change in an industry where direct asking for referrals is often seen as the norm. Notably, she is behind the seminal work Generating Business Referrals Without Asking. This highly regarded book lays out a unique yet highly effective five-step process to build an explosion of referrals within any industry. Stacey’s Website: https://www.staceybrownrandall.com Stacey’s Book: https://www.amazon.com/Generating-Business-Referrals-Without-Asking/dp/1683509269 Want to schedule a meeting with Dan? Click here: http://bookachatwithdan.com Read more and get additional financial resources here: https://www.advisorarchitect.com/

When you work with a number of advisors around the country, you get to see some of the common mistakes that people often make in this profession. As we spend time with some younger advisors, we’ve found that there are a few things that we keep pushing because of how important it is for the business. Today we’re going to share these three key mistakes and explain why we feel so strongly about each of these strategies. We’ll talk about investment philosophies, having the conviction to ask for 100% of your client’s money, and picking a target niche like we’re shifting towards for our business. If you aren’t doing each of these things, now is the time to start taking the steps to make it happen. Here’s some of what you’ll get out of this episode: Why so many people fail to have a clear investment philosophy and why that hampers your success. Why you continue to focus your energy on getting 100% of the money from your client. Pick a target niche because the generalist is getting replaced more and more thanks to technology. Want to schedule a meeting with Dan? Click here: http://bookachatwithdan.com Read more and get additional financial resources here: http://renegadeadvisor.net

If you listen to this show enough or read a lot of what we write, you know that we believe strongly in advisors striving to be the go-to for their given niche. If you’re not doing that, you’re going to be competing against larger corporations with a lot more money, and they’re going to own the generalist market. This is something that will continue to become a bigger and bigger issue, which is why we emphasize this time and time again. We’ve been rolling out guests on this show to get inside the minds of advisors who have found their niche and created a successful business around it. We’re going to continue that theme today but the focus is starting off with a powerful piece of marketing material. We’re talking about writing a book, which might seem overwhelming to many. But our guest today, Mike Capuzzi, wrote a book that really changed the way we do things in our office a few years ago, and we’re going to discuss the process he’s mastered for helping business owners write short books designed to get customers. Here’s some of what we’ll discuss on this episode: Mike’s background and how he started his consulting company and helping business owners publish. (5:15) Why having a book is so important for growth and long-term success. (9:16) How you need to structure a book. (13:02) Just writing the book isn’t the key to getting clients. This is… (20:35) The strategy for marketing and utilizing the book. (24:41) Leveraging the power of other people’s clients. (32:42) Get the Shook Magic Kit: https://mikecapuzzi.com/magic/ Want to schedule a meeting with Dan? Click here: http://bookachatwithdan.com Read more and get additional financial resources here: http://renegadeadvisor.net

The centers of influence model for advisors is great in theory but we’ve found that it’s often a one-way referral relationship. The idea of going after accountants and CPAs to bolster your business isn’t as beneficial as you might believe. That’s why we’ve been strong proponents of finding a target market niche and becoming your own center of influence. Whenever we’ve found someone who does this well, we’re quick to reach out to them and try to interview them to learn more about their process. That’s why we’re introducing you to Jessica Goedtel, CFP®, EA today. Don’t pay as much attention to her target groups because any niche can work. Instead, we want you to see the power of this approach and how she’s done it so well in a virtual environment. Here’s some of what we’ll discuss on this episode: How she decided to target legal sex workers. (3:17) How she uses her niches to drive more business. (5:37) The way she separates herself from other advisors. (8:53) What are the planning needs for the sex worker? (9:13) Her appointment process for virtual meetings. (19:40) The fee structure she uses for her planning business. (22:56) What criteria is good to use to identify a niche that might work for your business? (26:00) Why she felt it was important to be very niche oriented? (32:19) About our guest: https://www.pavilionfp.com/ Want to schedule a meeting with Dan? Click here: http://bookachatwithdan.com Read more and get additional financial resources here: http://renegadeadvisor.net

If you’re like us, there are things you do that you really wish you did differently. This manifests itself all different forms - diet, exercise, the amount of reading you do, or the changes in your practice you just can’t get around to doing. For whatever reason, these things are difficult to stop. As the old saying goes, “Old habits die hard.” But there is a science to changing your ways and breaking those habits you’ve fought to get rid of. Today, Dan wants to share his personal experience following a very specific behavioral technique and the success he’s seen because of it. This is something we’ve used with clients over the years and want to share it with you in this episode. Here some of what you'll learn in this episode: The story behind why Dan wanted to change a habit with wine and alcohol. (1:32) The app used to help plan out the week and encourages accountability. (3:46) Applying this approach to other habits you want to change. (8:34) How to implement changes in your practice. (9:56) Want to schedule a meeting with Dan? Click here: http://bookachatwithdan.com Read more and get additional financial resources here: http://renegadeadvisor.net

We had the opportunity recently to buy a practice, which we encourage advisors to do because it’s a great way to grow your business. But you have to go into this process knowing it won’t be a 100% fit. When you inherit another advisor’s practice, you’ll be getting clients that might have been a great fit for the previous owner but not so much for you. Part of taking over the new practice is taking the time to get to know them to find out how you’ll be able to help them. Some people in that group might end up being ones that you don’t want to work with long term, and you need to make those decisions. So how do you figure out if someone is a good fit for your practice? We’ve put together a short list of questions you should be asking every new prospect to determine whether or not you want to bring them on. The answers to these questions will help you identify some possible red flags that could come up down the road. By asking these now, you can filter out the clients that might not be ideal for your business and continue maximizing your growth and having the balance you strive for. Here are the questions we’ll discuss in this episode: Why do you feel you need an advisor? (3:01) What are you going to do the next time the market or your statements drop 15-20%? (6:38) What role do you want me to play in working with you? (8:25) Why these questions are so important for your business. (9:54) Want to schedule a meeting with Dan? Click here: http://bookachatwithdan.com Read more and get additional financial resources here: http://renegadeadvisor.net

Today we want to address something that we feel very strongly about and that’s the future of our profession. It’s time to start worrying about where we’re headed. We’re in a position much like Blockbuster was in 15 years ago. The world changes very rapidly and technology allows us to change the way we consume information and how we interact. If a business doesn’t evolve with the times, then it risks no longer being useful to consumers. The reason financial advisors might be in jeopardy is that we don’t offer anything that someone can’t get online. We came across a stat recently that said 20% of people use a financial advisor, which isn’t surprising because you don’t have to go through an advisor to build a financial plan like you had to decades ago. So what does this mean for the future? We still believe strongly that there will be financial advisors 30 years from now and the ones that remain will be very successful. In order to survive, you have to counter automation by becoming a specialist. The best type of specialization is finding a sector in the marketplace to zero in on. In this episode, we’ll give you some simple strategies to accomplish this along with telling you how we’re going to help three advisors become specialists this year. Here’s some of what we’ll discuss on this episode: • Why I feel so strongly about dogs. (1:10) • Why Dan is worried about the future of the profession. (4:57) • What will it take to survive in the financial industry? (6:59) • What do you need to learn about your specialty? (12:58) • How do you position yourself to be the expert for that profession? (14:11) • What to do if you’d like to be considered as one of three advisors we help accomplish this. (16:59) Want to schedule a meeting with Dan? Click here: http://bookachatwithdan.com Read more and get additional financial resources here: http://renegadeadvisor.net

Have you ever heard the political phrase, “Never let a good crisis go to waste?” That’s probably been attributed to a few different politicians through the years, but the underlying message is still the same. In a much more benign sense, a financial advisor can also take advantage of a crisis to market their services. When things get uneasy, people are looking for help putting their mind at ease. We know that emotions often drive decisions and inflation is a driver of emotion. That’s why inflation is providing advisors with the perfect opportunity to motivate people to act. For many years, retirees have been able to ignore inflation with their investment decisions. Now that inflation is up over 6%, you should be using this as the message to make sure people understand it could cause a retiree to run out of money if not prepared. If you aren’t sure how to capitalize on this moment, listen to the podcast today to get some direction. We’re also happy to sit down and discuss it with you directly if you want to book a chat. Here’s some of what we’ll discuss on this episode: (1:10)(5:13)(5:25)(10:55) Schedule a meeting with Dan: http://bookachatwithdan.com Read more and get additional financial resources here: http://renegadeadvisor.net

As we begin another new year, it’s natural to start thinking about goal-setting and ways that we can improve the business in 2023. Even if you don’t really care much for resolutions, putting some steps in place will allow you to measure and track your progress. We spent some time in recent weeks looking ahead to the new year and thinking about the areas of importance, and we’ll use this episode to share five useful action items that we will implement or have already implemented to help elevate your business in the new year. Here’s some of what we’ll discuss on this episode: (2:28)(5:13)(7:53)(9:13)(10:36) Want to schedule a meeting with Dan? Click here: http://bookachatwithdan.com Read more and get additional financial resources here: http://renegadeadvisor.net

As financial advisors, a lot of us don’t like to think of ourselves as someone who works in sales. But if you own any business, then you are in sales because without customers, you don’t get to do what you do. What we’ve learned through the years about sales is that what makes it work well is having a system, and we’ve tried many different types. Maybe the simplest system we’ve come across is the one by Dan Solin. Today we’re going to share a conversation we had with Dan which focused on his book Ask: How to Relate to Anyone. This interview is one we feel is mind-altering and can provide you with a great perspective on what it takes to be successful selling your business to clients. Here’s some of what we’ll discuss on this episode: (3:57)(5:47)(6:07)(17:03)(24:14) Learn more about our guest: https://danielsolin.com/ Get Dan's Book: https://www.amazon.com/Ask-Relate-Daniel-R-Solin/dp/0974876321 Schedule a meeting with Dan Cuprill: http://bookachatwithdan.com Read more and get additional financial resources here: http://renegadeadvisor.net

It’s that time of the year when you should start thinking about plans for the new year, but trying to set goals for an entire year isn’t the best approach. When you set goals for a year, it’s very easy to forget about them over the course of 12 months. But if you can break that down into three-month periods, it becomes much easier to track and you’ll find it will stay top-of-mind. Today we’ll share our approach to planning that we’ve found helps ensure we always hit our profit goal. We’ve been big believers for some time that established advisors should be setting profit goals instead of revenue goals because profitability is what we’re aiming for. So to help you hit those goals in 2023, we’ll give you five action steps for the new year. Here’s some of what we’ll discuss on this episode: (2:10)(4:28)(6:07)(8:49)(10:08) Schedule a meeting with Dan: http://bookachatwithdan.com Read more and get additional financial resources here: http://renegadeadvisor.net

So much of our efforts as financial advisors are focused around getting new clients. From marketing to selling, you have to be able to attract clients to have a business so it is an integral part of what we do. Sometimes, though, we make it so important that we’re willing to put up with a difficult relationship just to maintain a client. At some point, we have to make some tough decisions like when is it no longer worth it? No one wants to lose money, but there comes a point where the revenue you’re receiving pales in comparison to the grief you’re having to put up with. Today we’ll explain the situations where we determine it’s best to end a relationship with a client and why you should be considering doing the same. Here’s some of what you’ll learn on this episode: (3:10)(7:07)(8:48)(10:54) Schedule a meeting with Dan: http://bookachatwithdan.com Read more and get additional financial resources here: http://renegadeadvisor.net