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 primarily based in Canton, Ohio that oversees $146 million in property 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 follow with greater than 1,500 shoppers, and have managed the stability of transitioning the enterprise right into a fee-based monetary planning follow whereas nonetheless doing proper by the smaller or extra transactional shoppers 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 means of 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 scale back the buyout price for the portion of the agency they needed to purchase, and why Liz selected to vary the agency’s B-D relationship from ONESCO to Kestra primarily based not solely on a pricing construction that was a greater match for the place the follow was going, but in addition the cultural match that she felt would higher assist them as advisors.
We additionally discuss 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 might have a possibility 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 through the years 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 shoppers – Foundations (for legacy transactional shoppers who interact much less regularly), Move (for ongoing shoppers who need monetary planning), and Flourish (a gaggle teaching program to assist shoppers truly implement suggestions and obtain their monetary targets).
And be sure to hearken to the tip, the place Liz shares how participating with a mindset coach by means of 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 an alternative of feeling stress to have every little thing prepared all of sudden), 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 shoppers, and why Liz feels that youthful, newer advisors making an attempt to determine their voice as an advisor would profit from becoming a member of extra trade associations, each to realize extra perspective on completely different strategies of economic 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 serious 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 making an attempt 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.