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Welcome again to the 332nd episode of the Monetary Advisor Success Podcast!
My visitor on right this moment’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 consumer 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 apply with greater than 1,500 purchasers, and have managed the stability of transitioning the enterprise right into a fee-based monetary planning apply whereas nonetheless doing proper by the smaller or extra transactional purchasers who could have been with the agency for a decade or extra.
On this episode, we speak 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 by the messy multi-year strategy of refocusing to a distinct segment and rightsizing their consumer hundreds, 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 value 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 apply was going, but in addition the cultural match that she felt would higher assist 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 one more advisor in order that she might 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 girls retiring alone who needn’t simply an advisor however a considering associate, and the way Liz envisions to implement three tiers of service for the agency’s purchasers – Foundations (for legacy transactional purchasers who have interaction much less regularly), Stream (for ongoing purchasers who need monetary planning), and Flourish (a gaggle teaching program to assist purchasers really implement suggestions and obtain their monetary objectives).
And be sure to take heed to the tip, the place Liz shares how participating with a mindset coach by Limitless helped her discover the boldness 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 pieces prepared suddenly), how Liz was impressed to change into a mindset coach for different advisors and now’s planning to make use of that coaching to include mindset work and training for her personal purchasers, 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 purchasers.
So, whether or not you’re considering studying concerning 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 status 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.
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