In the wealth management world, there was plenty of good news to come out of 2020. For instance, many advisors have reported that it was one of their best years ever in terms of growth. And from the perspective of recruiting, advisor movement was the strongest ever.
Ultimately, advisors forged ahead with the intent of serving their clients and growing their businesses with the best of their abilities. And those who were motivated to find better ways to do so, chose to transition to options that offered them greater freedom, flexibility and control.
Because, despite the pandemic, as David Bahnsen of The Bahnsen Group shared, this period of time was when the most successful advisors were “living out their philosophy”—and exercising the freedom and control that being independent offers them. Or as David put it, “to be able to do everything exponentially,” with enhanced ability to market and brand themselves, create original content, and demonstrate competence and thought-leadership.
And it’s commentary like this that David shared on our show that we celebrate – advice from the top 10 independent business owners featured in the past year – in a special episode representing the 100th in our podcast series.
It’s a distillation of our conversations, demonstrating common threads weaved throughout—related themes and nuggets of wisdom that answer the threshold question: Why independence?
This hand-picked curation of top advice includes:
- The real benefits of independence when it comes to communication, marketing, customization, technology and client service—and ultimately the ability to offer conflict-free advice.
- Thoughts on wirehouse retire-in-place programs—and how these advisors found better solutions by going independent.
- The psychology behind “shrinking to grow”—and shifting from an “employee-advisor mindset” to a “fiduciary-entrepreneur mindset.”
- What the real value of independence is for clients—and why so many are actually “happy” to part with a big brand.
- Why an advisor would choose to turn down the big recruiting deal—and instead opt to play the long game.
- What it takes to compete against the big banks—and how the ability to “shop the Street” translates to better service for clients.
- The growth of supported independence models—and how these solve for an advisor’s desire for greater freedom and control when independence feels like “a bridge too far.”
- What it takes to build a business with the end in mind—and how to determine when or if it’s time to sell or bring on an investment partner.
- And, ultimately, how to shift your focus from “getting” to “giving”—a concept that helps deliver immense value.
The “Best of 2020” roster features:
David Bahnsen, Chief Investment Officer, Managing Partner at The Bahnsen Group
Melissa Bouchillon, Managing Partner at Sound View Wealth Advisors
Jeff Concepcion, Founder and CEO of Stratos Wealth Partners
Joseph Eschleman, President of Towerpoint Wealth, LLC
Elizabeth “Lizzie” Evans, Managing Partner at Evans May Wealth
Jason Fertitta, President/Partner at Americana Partners
Justin Berman, Principal and CEO at Berman Capital Advisors, LLC
Jon Kuttin, CEO of Kuttin Wealth Management
Lori Siegel, Founding Partner, Centrix Wealth Partners
Lee Korn, Financial Advisor, Principal at Opal Wealth Advisors
Plus, a special “bonus” message from Bob Burg, co-author of the bestseller Go-Giver series.
It’s a digestible download of independence from those who know it best—that is, those who are building successful independent businesses designed for the long-term. Whether you’re an employee advisor or independent, it’s an episode that offers valuable takeaways and actionable advice.
Listen to the podcast
Mindy Diamond is CEO of Diamond Consultants in Morristown, N.J., a nationally recognized boutique search and consulting firm in the financial services industry.
