Welcome again to the 332nd episode of the Monetary Advisor Success Podcast!
My visitor on as we speak’s podcast is Liz Hand. Liz is the co-owner of Nice Wealth, a hybrid advisory agency based mostly in Canton, Ohio that oversees $146 million in belongings underneath administration for 522 shopper households.
What’s distinctive about Liz, although, is how she and her brother have taken possession of what was initially their father’s broad commission-based observe with greater than 1,500 shoppers, and have managed the stability of transitioning the enterprise right into a fee-based monetary planning observe whereas nonetheless doing proper by the smaller or extra transactional shoppers who might have been with the agency for a decade or extra.
On this episode, we discuss in-depth about how, to understand their imaginative and prescient for the way forward for a commission-based agency their father initially constructed, Liz and her brother have gone via the messy multi-year technique of refocusing to a distinct segment and rightsizing their shopper masses, how Liz and her brother realized within the course of of shopping for into the agency that they didn’t wish to proceed engaged on retirement plans and inspired their father to promote that portion of the enterprise to their former ONESCO department workplace and use the proceeds of that sale to cut back the buyout price for the portion of the agency they wished to purchase, and why Liz selected to alter the agency’s B-D relationship from ONESCO to Kestra based mostly not solely on a pricing construction that was a greater match for the place the observe was going, but additionally the cultural match that she felt would higher help them as advisors.
We additionally speak about why, earlier than shopping for into her father’s agency, Liz determined to change into the successor for an additional advisor in order that she may have a chance to search out her personal voice as an advisor unbiased of being her father’s household successor, how, as part of the method of fulfilling her imaginative and prescient for the agency, Liz has determined to focus the agency’s area of interest away from the Amish and Mennonite clientele that her father grew with over time and in direction of unbiased ladies retiring alone who needn’t simply an advisor however a pondering accomplice, and the way Liz envisions to implement three tiers of service for the agency’s shoppers – Foundations (for legacy transactional shoppers who have interaction much less ceaselessly), Circulation (for ongoing shoppers who need monetary planning), and Flourish (a gaggle teaching program to assist shoppers truly implement suggestions and obtain their monetary objectives).
And make certain to take heed to the tip, the place Liz shares how participating with a mindset coach via Limitless helped her discover the arrogance to implement the modifications she and her brother envisioned for the agency (and provides herself permission to iterate over time as a substitute of feeling stress to have all the things prepared ), how Liz was impressed to change into a mindset coach for different advisors and now could be planning to make use of that coaching to include mindset work and training for her personal shoppers, and why Liz feels that youthful, newer advisors attempting to determine their voice as an advisor would profit from becoming a member of extra trade associations, each to achieve extra perspective on completely different strategies of monetary planning, and to search out those that resonate most with them… in order that they are often extra of their very own genuine selves with shoppers.
So, whether or not you’re eager about studying in regards to the particulars of the succession plan that Liz, her brother, and her father agreed upon, how Liz overcame her personal private struggles whereas attempting to determine her repute as a educated monetary advisor, or how Liz envisions the way forward for Nice Wealth, then we hope you get pleasure from this episode of the Monetary Advisor Success podcast, with Liz Hand.