#FA Success Ep 333: Scaling A Small-Enterprise-Proprietor Boutique To A $31M Retainer-Based mostly Valuation, With Jim Dew


Welcome again to the 333rd episode of the Monetary Advisor Success Podcast!

My visitor on at present’s podcast is Jim Dew. Jim is the Co-Founder and CEO of Dew Wealth Administration, an impartial RIA primarily based in Scottsdale, AZ, that gives virtual-family-office-style monetary planning on a month-to-month retainer foundation for 150 small-business proprietor entrepreneurs.

What’s distinctive about Jim, although, is how he has scaled his retainer-based boutique agency to greater than $7 million in income, a $31 million enterprise valuation, and is rising organically at a 40% progress charge, by offering a high-touch complete recommendation providing for his enterprise proprietor area of interest clientele.

On this episode, we discuss in-depth about how, regardless of not implementing an AUM mannequin, Jim’s agency was independently valued at $31 million of enterprise worth primarily based on the power and progress charge of their retainer-based pricing mannequin, how Jim arrived at his retainer-based mannequin that fees $4,000, $6,000, or $10,000 monthly to cowl the breadth of the ‘monetary quarterback’ providers he gives to his ideally suited goal consumer (enterprise homeowners with greater than $1M of EBITDA per yr), and why Jim and his agency not solely present a deep-dive monetary planning evaluation to prospects however have developed it to the purpose of charging an upfront charge of $25,000 to prospects simply to undergo it, after studying the laborious method in suggestions from present purchasers that making a gift of the evaluation without spending a dime was really undermining their perceived trustworthiness.

We additionally speak about how Jim has structured his virtual-family-office-style strategy not by delivering tax, authorized, and different providers in-house however as a substitute by frequently constructing an inventory of exterior tax, authorized, and different professionals that he and his agency don’t simply refer out to however have actively sought out and vetted primarily based on their credentials, training, expertise, and character and follow-through. Jim describes how he and his agency present what he calls a ‘time vitality protect’ for his or her busy business-owner purchasers by serving to them discover the suitable professionals they might want, managing the tasks with their professionals, and even fielding the inevitable enterprise pitches that come at their purchasers, and why Jim and his agency use Monday.com as a substitute of a standard CRM to each map out and handle workflows and duties for purchasers but in addition to maintain detailed details about their vetted professionals and COIs… whereas additionally making a dashboard in order that purchasers can monitor the progress of the entire providers that the agency gives them.

And make certain to take heed to the top, the place Jim shares how, after a few years of struggling to rent the suitable candidates for his agency, he realized that the recruiters he was utilizing weren’t delivering and determined to implement an ESOP to draw candidates in addition to hiring a director of operations who executed a marketing-esque hiring funnel to usher in extra advisor expertise, why Jim feels strongly about creating a distinct segment focus as a result of he realized that by turning into an professional in a selected area, it’s simpler to market and clearly talk providers and helps the suitable purchasers discover his premium providers, and why, despite the fact that Jim has obtained affords previously, he feels he received’t be promoting his agency anytime quickly regardless of its robust valuation a number of as a result of he believes his distinctive enterprise mannequin contributed the 10X progress of the agency previously 8 years and needs to proceed his legacy and impacting how monetary planning is offered for enterprise homeowners for the foreseeable future.

So, whether or not you’re excited about studying about why, as a result of Jim is a enterprise proprietor himself, he needed to work with enterprise homeowners to offer them the assist they should be profitable, how Jim’s spouse Mimi develops and helps the agency’s workforce tradition, or why Jim feels a retainer-based mannequin is extra suited to his purchasers as a result of they take pleasure in realizing precisely how a lot they’re paying every month and don’t have to fret about long-term contracts, then we hope you take pleasure in this episode of the Monetary Advisor Success podcast, with Jim Dew.

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